SEC Veteran Weighs in on Ripple Lawsuit Appeal Deadline Speculation; DOGE, SHIB Dominate Crypto Market With 5-Month High in Social Activity: Crypto News Digest by U.Today

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As a seasoned crypto investor with a decade-long journey under my belt, I find this weekend’s news particularly intriguing. The Ripple lawsuit saga continues to unfold, and as someone who has weathered numerous market storms, I can say that the uncertainty surrounding the appeal process is reminiscent of the early days of Bitcoin itself. I’m not a lawyer, but it seems the dates on the filing are causing a stir, with former SEC official Marc Fagel assuring us that it shouldn’t matter much in the grand scheme of things.

U.Today presents the top three news stories over the past weekend.

SEC veteran weighs in on Ripple lawsuit appeal deadline speculation

The Ripple-SEC case developments are ongoing, as the regulator submitted the Pre-Argument Statement (Form C) with supporting documents last Friday. Yet, some keen XRP community members have observed that the filing date is Oct. 16, while the court stamp shows it was received on Oct. 17, leading to questions about how this could influence the appeal timeline. To reiterate, the SEC’s appeal revolves around Ripple’s sales of XRP via exchanges, distribution of XRP to employees and others, as well as XRP transactions by Ripple executives Brad Garlinghouse and Chris Larsen on these platforms. Former SEC official Marc Fagel has commented on this matter, expressing that the discrepancy in dates should not impact the case proceedings, particularly since the SEC insists their filing was timely delivered. In his words, “Though they prepared the materials on Wednesday morning (as proven), it’s unclear why it took so long for it to appear on the court docket; however, this delay seems immaterial.

DOGE, SHIB dominate crypto market with five-month high in social activity

According to a recent report by Santiment, a firm specializing in on-chain analytics, popular meme coins like Dogecoin and Shiba Inu are currently seeing a significant spike in interest, reaching their highest level of conversation in the past five months. This surge in popularity follows Bitcoin‘s recent climb towards $69,000, sparking speculation that it may soon reach $70,000. As investors become more optimistic about Bitcoin, there has been a growing focus on high-risk, speculative meme coins, leading to increased discussion rates. Last week saw particularly high levels of social engagement with these meme coins, as evidenced by their price increases; Dogecoin rose approximately 30%, while Shiba Inu gained 8%. This trend seems to be part of the redistribution of Bitcoin profits into other cryptocurrencies, particularly benefiting meme coins.

$2 billion in Bitcoin in seven days: Here’s what’s going on

As per the latest update from Arkham Intelligence, institutional investors have significantly increased their interest and confidence in Bitcoin over the past week, with total ETF purchases reaching approximately $2 billion – the highest inflow since March. Notable contributors to this surge include BlackRock, Fidelity, ARK Invest, and Bitwise, with BlackRock leading the way by investing a staggering $1.14 billion into Bitcoin holdings. Other ETF players have also increased their investments substantially, such as Fidelity ($319 million), ARK Invest ($306 million), and Bitwise ($150 million). Following a decline of over 30% from its all-time high in March, Bitcoin’s price is now rebounding into a new bullish phase.

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2024-10-21 19:11