Last week was again one with surprising developments. The market is more polarized than ever with many people still expecting a deeper price correction for bitcoin (BTC) and other coins. But there was not all bad crypto news.
Consolidating Crypto Prices (But Red)
For starters, most coins are still stuck in between support and resistance. Although last week was redder than this week, we immediately returned the profit that many coins made in recent days. The dojis and hammer–candlesticks that are now forming close to the support line look quite unpleasant.
Bitcoin is in uncharted waters, according to analysts. It has for the first time in the history of the coin the 200 weekly moving average broken, which previously supported even during every bear market. Yet this important indicator is now resistanceso it will also take a while before this line again support is.
At the time of writing, bitcoin is trading at a price of $18,900 on crypto exchange Coinbase. On the Dutch crypto exchange Bitvavo, the bitcoin euro price is now €19,487. In short, this week as well, BTC seems to be closing in the red again tonight, which would be the second red week in a row.
Ripple and SEC don’t want to fight anymore
Meanwhile, the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple is still raging after more than a year and a half. But this week, both sides called for the judge to make a ruling. Apparently not only Ripple but also the SEC itself is done bickering.
So there will be a verdict ‘soon’ about whether Ripple and the indicted top people are guilty or not. John Deaton, an avid lawyer who has been involved in the lawsuit since the beginning, emphasizes however that a final judgment may take longer than many of us hope. He cites Ripple CEO Brad Garlinghouse. At Messari’s conference, Garlinghouse stated that a judgment could take two to nine months.
Brad said something #XRPHolders don’t want to hear. He said a decision from the judge could be anywhere between 2-9 months. He clearly has asked is lawyers. No way it only takes 2 months. The earliest will be end of March. I think it could take until late April / early May. https://t.co/zU2WS8ZuVK
— John E Deaton (216K Followers Beware Imposters) (@JohnEDeaton1) September 21, 2022
Most Ethereum Miners Bankrupt – Cardano Vasil is Live
Meanwhile, Ethereum (ETH) has had the merge upgrade. Many miners were not exactly happy with this and decided to fork the Proof-of-Work version that Ethereum has since left behind. But the fork has not been a success so far. According to one of the miners, even 90% of the miners will go bankrupt.
Cardano (ADA) also has a lot on the agenda. This week, the Cardano network has had the Vasil upgrade, which should allow for faster and cheaper transactions. Cardano founder Charles Hoskinson is very optimistic about the change. Some say the move is even bigger than Ethereum’s merge upgrade.