Important Ripple v. SEC Lawsuit Update, Bitcoin (BTC) Price Swings, and More: Bits Recap June 3

TL;DR

• Bitcoin’s price fluctuated between $67,000 and $70K, settling at the upper mark. It’s up 8% monthly but below its all-time high, with potential for a substantial rally.
• Ripple’s current trial stage against the SEC over sealing financial documents continues after a new filing from the company.
• Shibarium, Shiba Inu’s layer-2 solution, surpassed five million blocks and 417 million transactions, aiming to foster the development of the meme coin.

BTC’s Ups and Downs

The leading cryptocurrency in terms of market capitalization witnessed mild volatility in the past few days, hovering from $67,000 to around $69,100. It consolidated around $67,700 over the weekend before climbing to its current level of over $69K (per CoinGecko’s data).

BTC is up 8% monthly but is still well below the all-time high of over $73,500 registered in mid-March. Multiple analysts believe the asset is gearing up for another substantial rally, naming some important factors as catalysts.

The X user Quinten claimed that the price of the asset may start a bull run after the US presidential elections (scheduled for November this year). He based his forecast on BTC’s historical ascents following previous campaigns. 

KALEO – a crypto analyst with over 600,000 followers on X – was bullish, too, envisioning a price jump above the $100,000 milestone sometime this summer.

Ripple v. SEC

The legal battle between the entities escalated last week after Ripple filed a reply letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. The company sought to seal and redact some evidence and financial documents a few months ago, but the SEC opposed the move. 

“The Court should deny Ripple’s request to conceal financial and securities sales information because that information constitutes “judicial documents” as it is at the heart of the arguments the parties have presented in support of their remedies motion and could, therefore, tend to influence the Court’s remedies decision,” the agency stated in May.

The watchdog insisted that such information could give more clarity about Ripple’s XRP sales from years ago and contribute to the outcome of the legal process. According to the firm, though, historical contracts have “no continuing relevance” because it has enforced certain amendments on its XRP sales procedures.

The case’s potential resolution might significantly impact the price of Ripple’s native token. Those willing to learn why, feel free to check our dedicated video below:

Shiba Inu Advancements

The popular meme coin also made the headlines as of late, with its layer-2 scaling solution – Shibarium – blasting through another huge milestone. As CryptoPotato reported, the total blocks processed on the network exceeded the five million mark.

The number of total transactions on Shibarium currently stands at over 417 million, while wallet addresses surpassed 1.8 million.

The blockchain solution aims to foster the development of the Shiba Inu ecosystem by improving speed, lowering transaction fees, and boosting scalability. Last month, it underwent two upgrades to allow compatibility with popular self-custody wallets and enhance the overall user experience.