Bitcoin, Ethereum, Dogecoin Mixed As SEC Plans To Appeal XRP Ruling: Analyst Says Solana Could Replicate – Benzinga

Major cryptocurrencies experienced mixed trading on Wednesday evening as investors eagerly awaited the release of July’s Consumer Price Index (CPI) in the United States. The CPI serves as a significant indicator of inflation and is set to be disclosed on Thursday.
 

What Happened: The Securities and Exchange Commission (SEC) is planning to appeal a recent court decision related to Ripple Labs. 

The decision was seen as a setback for the SEC’s efforts to regulate cryptocurrency markets. 

In a letter submitted on Wednesday, the SEC requested that the U.S. District Judge Analisa Torres in Manhattan allow a federal appeals court to review her July 13 ruling. Judge Torres had previously stated that the sale of Ripple’s XRP digital token on public exchanges complied with federal securities laws.

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Currently, the global crypto market capitalization stands at $1.18 trillion, a 0.38% decrease in the last day.

Stocks experienced a decline on Wednesday as investors eagerly anticipated upcoming inflation data. The S&P 500 saw a decline of 0.7%, while the Nasdaq Composite slipped 1.17%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe said “no party for Bitcoin,” yet as it appears to be stuck range bound.

No party for #Bitcoin, yet. pic.twitter.com/Cg6vs5L8LN

— Michaël van de Poppe (@CryptoMichNL) August 9, 2023

Crypto trader Benjamin Cowen thinks Solana’s ability to bounce back strongly from a period of heavy capitulation at the end of 2022 sets it apart from its competitors.

According to Cowen, SOL experienced a significant low earlier this year, followed by a notable high before surpassing its previous peak. Drawing a parallel, Cowen suggests that Solana’s price trajectory resembles that of Cardano (ADA) in 2019.

On-chain analytics firm Santiment has revealed that Ethereum’s top 10 addresses have been consistently expanding and accumulating a larger portion of the total available coin supply. Over the past 5 years, these addresses have seen their ownership rise from 11.2% to an impressive 34.6% of Ethereum. This represents a significant increase of 27.86 million ETH, which is currently valued at an astounding $51.6 billion.

📈 #Ethereum has been seeing its top 10 addresses expand and accumulate more and more of the total available coin supply. In 5 years, the top 10 largest addresses have gone from owning 11.2% to now 34.6% of $ETH. The 27.86M $ETH added is worth $51.6B.  https://t.co/utI8W6DkRX pic.twitter.com/klgb7pus7K

— Santiment (@santimentfeed) August 9, 2023

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