Bitcoin (BTC) Skyrockets Above $30K, Ripple (XRP) Developments, and Shiba Inu (SHIB) Milestones: Bits Recap Oct 23

TL;DR

• Bitcoin (BTC) Reached almost $31,000 due to optimism about a potential SEC-approved BTC ETF and Ripple’s legal wins.
• Ripple secured its third victory against the SEC, but a significant trial is slated for April next year.
• Shibarium surpassed 3.5 million transactions and launched an official LinkedIn account.

Bitcoin Taps a 3-Month High

The cryptocurrency market has recently flashed green, with numerous digital assets charting monthly peaks. Bitcoin (BTC) has been among the best performers, spiking to almost $31,000 (per CoinGecko’s data), a level unseen since mid-July this year.

Some of the probable reasons for that increase could be the broad optimism toward potential approval of a spot BTC ETF by the US Securities and Exchange Commission (SEC) and Ripple’s third win in a row against the regulator.

The cryptocurrency community cheered the reports last week,indicatingthat the watchdog has finally said “yes” to BlackRock’s intentions to launch such a product in the States. The jolly, though, was short-lived as the news turned out to be false.

Nonetheless, prominent figures like John Deaton (pro-Ripple lawyer) and Cathie Wood (CEO of Ark Invest) assumed that the SEC might have changed its hostile attitude towards the digital asset sector. The formernotedthat the Commission’s Chairman Gary Gensler did not criticize the industry after the fake reports, while the latterbelievesthe agency is warming up to the idea of approving a spot BTC ETF.

Wall Street analysts at JPMorgan and Bloomberg Intelligence alsothinkthat such a financial product could soon see the light of day in America. According to them, the due date would “most likely” be before January 10, 2024.

For more interesting BTC price predictions, feel free to check out our most recent video on the matter:

< width=”872″ height=”491″ src=” title=”These 5 Bitcoin Price Predictions Will SHOCK You (MUST WATCH)” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” allowfullscreen></>

Ripple vs the SEC

The never-ending legal battle between Ripple and the US SEC has again made the headlines over the past several days. The crypto firm secured a third victory in a row last week after CEO – Brad Garlinghouse – and utive Chairman – Chris Larsen – wereclearedof all charges brought by the regulator.

Despite the winning strake and Ripple’s upper hand, though, the war is not over. As CryptoPotatoreported, the lawsuit between the two entities is far from being entirely resolved as they are scheduled to face each other on a grand trial in April next year

Ripple’s first win occurredin mid-July when a US Federal Judge ruled that the organization’s XRP programmatic sales from years ago did not constitute an offer of investment contracts. The second happened at the beginning of October when the magistratesoverturnedthe SEC’s wish to appeal the initial order.

Shiba Inu Milestones

The popular memecoin, specifically its layer-2 blockchain solution Shibarium, recently reached another important achievement bysurpassing3.5 million total transactions. In addition, the number of wallet addresses has surged above 1.25 million.

The X (Twitter) user RagnarShib.eth has alsorevealedthat the team has rolled out an official LinkedIn account for Shibarium. Those willing to find out more about the L2 scaling solution and its most essential purposes could take a look at the video below: