Crypto News Digest by U.Today By U.Today

U.Today – U.Today presents the top three news stories over the past day.

XRP case: ” is wrong” claims SEC 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 has fired back. In its latest filing, the SEC refutes Ripple’s argument that the SEC’s motion is “untimely,” asserting that seeking remedies-related discovery is not time-barred and is the standard course of action for securities law violations. The regulator also stressed the importance of post-complaint facts 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 both procedurally proper and highly relevant, stating that Ripple’s procedural objections lack validity.

Shibarium announces new era in SHIB burns with transformative burning mechanism

Lucie, prominent team member, announced in her recent X post that Shibarium is entering a new era with a transformative new mechanism for SHIB burning. As stated in an article of the latest issue of the SHIB Magazine, the mechanism will transfer tokens to unspendable blockchain wallets, aiming to reduce the current circulating supply of Shiba Inu. Per the article, the mechanism is “designed to reduce token supply strategically” in order to potentially increase SHIB’s value and benefit the Shibarium ecosystem. This innovative burn method will be tested on the Shibarium testnet, also known as Puppynet. Instead of operating in manual mode like it did previously, it will now operate automatically. While testing the new mechanism, the SHIB team will be making several improvements to “enhance 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, BitMEX cofounder and former CEO, has shared a major Bitcoin price prediction as to when the largest crypto will test its bottom. Drawing conclusions from the world economic situation, Hayes noted how susceptible the abated inflationary pressures are to returning in no time. Based on this, he forecasted a 30% correction from the spot Bitcoin Exchange Traded Fund (ETF) high of $48,000. If this prediction comes true, Hayes sees BTC dropping to the $30,000 and $35,000 price range. The price of Bitcoin has plummeted since the SEC approved the 11 spot BTC ETFs that now trade on the market. At the time of writing, Bitcoin is changing hands at $39,795, down 0.70% over the past 24 hours, per CoinMarketCap.

This article was originally published on U.Today