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Ethereum Spikes 25% in 3 Days: Bitcoin Calms Around $35K (Market Watch)

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ETH continues with its impressive recovery since the weekend drop by adding 25% of value in three days. On the other hand, BTC sits calm around $35K.

After the enhanced volatility in the past few days in which BTC displayed several multi-thousand dollar moves, the cryptocurrency has calmed around $35,000. Some altcoins have charted more significant gains, with ETH reclaiming $2,100 and DOT surging 6%.

ETH Above $2,100; DOT Reconquers $16

The alternative coins mimicked BTC’s performance in the past several days with adverse price movements on Saturday and recovery sessions on Sunday and Monday.

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Ethereum was a prime example of this as it dumped to just over $1,700 at the start of the weekend. However, the second-largest crypto started regaining traction rapidly and has added more than $400 of value since then. As a result, ETH reached a weekly high of around $2,175 earlier today.

While Binance Coin, Cardano, and Dogecoin have either stalled or slightly decreased in the past 24 hours, the rest of the larger cap alts are in the green.

Ripple (2%), Uniswap (3%), Litecoin (4%), Solana (3%), and Chainlink (2.5%) have marked minor gains, while Polkadot and Bitcoin Cash have added the most value.

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DOT is up by 6% to above $16, while BCH has jumped by 9% to north of $520.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Compound has seen the most gains in a day after a 20% surge to $320. Bitcoin SV, on news that Craig Wright has won a legal case in the crypto sphere, has jumped by 19% to $160.

Elrond (17%), Kusama (17%), Aave (13%), ETC (13%), Cosmos (11%), NEM (11%), XDC (11%), and Zilliqa (10%) are all up by double digits.

The crypto market cap also continues to recover and is now well above $1.4 trillion.

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Bitcoin Stalls Around $35K

The primary cryptocurrency led the charge south during the weekend as it dumped to just north of $30,000. The bulls stepped up at this moment, though, and didn’t allow a drop below that coveted level twice in a week.

Just the opposite, the asset started to reclaim some of its lost value. Ultimately, BTC added more than $5,000 in a few days and broke above $35,000 briefly yesterday.

Yet, the bears hadn’t given up yet and pushed it south to around $34,000. Nevertheless, bitcoin bounced off and jumped to a four-day high of $35,500 before calming around $35,000 once more.

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Its market capitalization still stands around $650 billion while its dominance has lost some ground and is down to 46%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Ethereum

Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet

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Jaden Smith joins the crypto-celebrity list with two tweets in a row

The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.

The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.

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Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.

With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.

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Ripple

Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple

Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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