Ethereum Slides, Big Eyes Coin High On Presale Success, Court Ruling Swaying In Ripple’s Favour
4 min read 29 Mar 2023, 06:38 PM ISTThe SEC alleges that Ripple (XRP) raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
PremiumThe cloud of controversy hovering over the cryptocurrency industry continues with the US Securities and Exchange Commission’s heavy crackdown seemingly increasing following the collapse and bankruptcy of $32 billion FTX in November last year.
But in a case that dates back well before the FTX crash, has created a clear rift between the cryptocurrency industry and the SEC.
The United States Securities and Exchange Commission and Ripple Labs Inc. have been in an exchange of arguments since 2020 when the US regulator filed a lawsuit against Ripple and two of its executives, Christian Larsen, the company's co-founder, and Bradley Garlinghouse, the company's current CEO.
The SEC alleges that Ripple (XRP) raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. Ripple immediately contested the charge as it stands as an example of "sensible crypto" in its own right.
The SEC uses the Howey Test to discern what is and is not a security, and Ripple's Chief legal officer Stuart Alderoty has said the company is confident that XRP does not meet any of the Howey criteria, adding there is 'no common enterprise' or group undertaking whose efforts affect the value of XRP.
In the latest development around the case, it was another quiet session, with a more optimistic outlook for Ripple and XRP. Ripple President Monica Long shared the market optimism of a Ripple win while CEO Garlinghouse said the business will not be affected if the SEC wins the case, as they could move offshore.
Hopes of a Ripple victory supported a bullish week as XRP jumped in its prices while Ethereum (ETH) was marginally sluggish in daily trading as Big Eyes Coin (BIG) impressed investors with its successful presale.
Ethereum – Price Dip Ahead of Shanghai Update
Ethereum (ETH) slipped below the $1,800 mark as it fell by 0.28% in overnight trading and 1.08% in weekly trading to trade at its current price of $1,766.16.
Experts suggest that it is imperative that ETH holders and bulls defend critical support at $1,680 to fight the further decline in its price as the Shanghai upgrade is drawing close. The Shanghai upgrade aims at making Ethereum accessible and scalable, which has prompted several ETH whales holding between 1,000 and 10,000 ETH to accumulate a large amount of the altcoin ahead of the upgrade.
Ripple – Bullish Movement Over Hopes of a Ripple Win
Investors’ expectations that Ripple would win the legal battle against the SEC have supported a 2.07% jump in Ripple’s (XRP) price in daily trading while investor confidence in XRP has seen its price surge by 22.46% over the past week.
At the time of writing, XRP was trading at $0.4682 from a 24-hour low of $0.4438 while holding a market capitalization of $24 billion and a 24-hour trading volume of $1.4 billion.
Big Eyes Coin – BIG Purchase With 250% Bonus
Big Eyes Coin (BIG) is an ERC-20 token built on the Ethereum network and is a project that aims to shift its community’s wealth into the Decentralized Finance (DeFi) ecosystem.
The project launched its Initial Coin Offer (ICO) in August of last year and was adjudged the most successful presale in the last two years. Since its launch, Big Eyes Coin has raised over $32.5 million in presale tokens and will go live on the market after reaching its $50 million presale target at the end of stage 15.
The project is community-driven and constantly carries out giveaways to crypto traders. In its latest promotion, Big Eyes Coin has the bonus code, BULLRUN250 which offers crypto users a 250% bonus for the purchase of BIG tokens or Loot Boxes.
Big Eyes Coin Loot Boxes is the project’s rewards feature which offers an ROI of 5000% per loot box and features the Saver Tin, Cute Box, Kitty Vault, Super Saiyan Box, and Excali-Paw Master Chest. Each loot box drop presents a maximum return of $500, $5000, $25,000, $100,000, and $1,000,000 worth of BIG tokens, respectively.
The spin results are always random and buyers will always get their money back if a loot box spin does not result in any prize.
The current circumstances surrounding the cryptocurrency industry begs the question, is the "Ripple Show" just a witch-hunt by government authorities? Or does it not approve of the spreading use of digital currency?
Find out more about Big Eyes Coin (BIG):
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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