Crypto News Summary by U.Today By U.Today

U.Today – U.Today presents the three most important news of the last day.

XRP case: “it's wrong,” SEC says in new filing

Following Ripple's objection to the SEC's recent request to provide audited financial statements and contracts related to XRP sales, the regulatory agency responded. In its latest filing, the SEC refutes Ripple's argument that the SEC's motion is “ill-timed,” stating that seeking discovery-related remedies is not time-barred and is the standard course of action for securities law violations. The regulator also highlighted the importance of post-complaint events in determining remedies, refuting Ripple's claim that such information does not affect the court's decisions. The SEC concluded that the discovery requests are procedurally appropriate and highly relevant, stating that Ripple's procedural objections are invalid.

Shibarium heralds a new era in SHIB burns with a transformative combustion mechanism

Featured team member Lucie announced in her recent X post that Shibarium is entering a new era with a new transformative mechanism for SHIB burning. As stated in an article in the latest issue of SHIB magazine, the mechanism will transfer tokens to unusable blockchain wallets, with the goal of reducing the current circulating supply of Shiba Inu. According to the article, the mechanism is “designed to strategically reduce the supply of tokens” in order to potentially increase the value of SHIB and benefit the Shibarium ecosystem. This innovative recording method will be tested on the Shibarium testnet, also known as Puppynet. Instead of working in manual mode like before, it will now work automatically. While testing the new mechanism, the SHIB team will make several improvements to “improve efficiency and reliability.” Only after that, it will be launched on the Shibarium mainnet.

Arthur Hayes Predicts Crucial (BTC) Bottom to Watch

In a recent Substack post, Arthur Hayes, co-founder and former CEO of BitMEX, shared an important Bitcoin price prediction on when the largest crypto will bottom. Drawing conclusions from the global economic situation, Hayes pointed out how susceptible subdued inflationary pressures are to returning before long. Based on this, he forecast a 30% correction from the Bitcoin Exchange Traded Fund (ETF) spot high of $48,000. If this prediction comes true, Hayes sees BTC falling to the $30,000 and $35,000 price range. The price of Bitcoin has plummeted since the SEC approved the 11 BTC spot ETFs now trading on the market. . At the time of writing, Bitcoin is changing hands at $39,795, down 0.70% in the last 24 hours, according to CoinMarketCap.

This article was originally published on U.Today.