As a seasoned crypto investor with a decade-long journey under my belt, I must say that the news of the day has been quite intriguing. The Ripple saga seems to be reaching its climax, and while it’s not over yet, the reduction of penalties from an initial $2 billion request by the SEC is certainly a sigh of relief for many, including me. I’ve learned that in this volatile market, even the most anticipated outcomes can take unexpected turns.
U.Today offers a summary of yesterday’s significant cryptocurrency happenings, highlighting the top three news articles.
Ripple CEO reacts to court’s final judgment
The recent verdict in the ongoing Ripple-SEC case has sparked discussions across the crypto community. As reported earlier by U.Today, on August 7, U.S. District Judge Analisa Torres announced the final judgment in this prolonged legal battle. In this decision, Ripple was instructed to pay the SEC $125 million as a civil penalty, significantly less than the initial $2 billion demand. Upon the release of the verdict, Rippe’s CEO, Brad Garlinghouse, shared the news on his Twitter account, highlighting that the court acknowledged the SEC had exaggerated their position. In his post, Garlinghouse expressed that he and his team appreciate the court’s ruling, describing it as a win for Ripple, the industry, and legal precedent. Closing his statement, Garlinghouse mentioned that the SEC’s resistance against XRP holders has been removed.
Shiba Inu‘s Shibarium to introduce burn mechanism
Yesterday, it was announced by the official management of the Shibarium Network via their handle that they are initiating a hard fork, introducing a fresh version of Bor, the network’s fundamental component. This event took place today, August 9th, at 9:15 a.m. UTC. Noteworthy is that this new Bor version incorporates a burn feature. This burn feature will be linked to base transaction fees directly, whereby 70% of these fees will be transformed into SHIB tokens and subsequently removed from circulation. By doing so, the total number of SHIB tokens in circulation could decrease, potentially boosting the token’s value. The leftover portion of the base fees will be directed towards improving the ecosystem. It is worth mentioning that Shibarium underwent a previous hard fork back in May, at block height 4504576. That hard fork resulted in faster transactions and more consistent gas fees.
TON skyrockets 100% in volume amid $100 billion exchange listing
Following Binance‘s latest announcement, they have now made it possible to trade Toncoin (TON) starting from August 8. Users can already deposit and withdraw Toncoin funds. This listing has created new transaction options: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. The announcement caused a 15% increase in the price of TON to $6.28. Additionally, Toncoin’s trading volume nearly doubled. Currently, the token is being traded at $6.45, marking a 2.46% rise over the past day, according to CoinMarketCap. The token now holds an eighth place in their top 10 cryptocurrencies list, with a market cap of $16.2 billion.
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2024-08-09 19:20