In today’s crypto landscape, an appellate court has delayed the SEC’s 2020 lawsuit against Ripple while settlement discussions progress. Simultaneously, a recent report from Coinbase illustrates a grim outlook for the current cryptocurrency market, although it predicts a recovery by late 2025. Furthermore, Strive Asset Management is encouraging Intuit to acquire Bitcoin after successfully persuading GameStop to follow suit.
Court grants 60-day suspension of SEC, Ripple appeals case
An appellate court has approved a collaborative request from Ripple Labs and the Securities and Exchange Commission (SEC) to suspend an appeal in a 2020 SEC case against Ripple amid ongoing settlement discussions.
In a filing dated April 16 to the US Court of Appeals for the Second Circuit, the court accepted a combined SEC-Ripple motion to keep the appeal in abeyance — effectively pausing the case — for a duration of 60 days. As part of the ruling, the SEC is anticipated to present a status update by June 15.
The SEC’s lawsuit against Ripple and its executives, initiated in December 2020, was expected to start winding down after Ripple CEO Brad Garlinghouse declared on March 19 that the commission would be withdrawing its appeal against the blockchain company. A federal court held Ripple accountable for $125 million in an August ruling, leading both the SEC and the blockchain firm to file respective appeals and counter-appeals.
However, following the inauguration of US President Donald Trump and the change in SEC leadership from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dismissing various enforcement cases against cryptocurrency firms in what appeared to be a political realignment. Ripple committed $5 million in XRP to Trump’s inauguration fund, and Garlinghouse along with chief legal officer Stuart Alderoty participated in events endorsing the US president.
April 16 order sanctioning a motion to keep an appeal in abeyance. Source: PACER
Crypto in a bearish market, recovery anticipated in Q3 — Coinbase
A monthly assessment by the publicly traded US-based crypto exchange Coinbase indicates that while the cryptocurrency market has contracted, it seems to be preparing for a more promising quarter.
According to Coinbase’s monthly forecast for institutional investors dated April 15, the altcoin market capitalization decreased by 41% from its December 2024 peak of $1.6 trillion to $950 billion by mid-April. Data from BTC Tools reveals that this figure hit a low of $906.9 billion on April 9 and was at $976.9 billion at the time of writing.
Venture capital investment in crypto projects has reportedly dropped by 50%–60% compared to 2021–22. In the report, David Duong, Coinbase’s global head of research, pointed out that a new crypto winter may be upon us.
“Several intersecting signals could indicate the onset of a new ‘crypto winter’ as extreme negative sentiment has emerged due to the introduction of global tariffs and the possibility of further escalations,” he stated.
Duong referenced various indicators to signal when the cryptocurrency market is transitioning between bullish and bearish phases, including risk-adjusted performance and the 200-day moving average.
Another measurement was the Bitcoin (BTC) Z-score, which contrasts market value and realized value to detect overbought and oversold conditions. A Z-score illustrates how atypical current price performance is in comparison to historical data.
This metric “naturally accounts for crypto’s heightened volatility,” yet it reacts slowly. It tends to generate limited signals in stable markets. Coinbase’s model, which is based on this metric, concluded that the bull market concluded in late February, but has since classified the market as neutral.
Strive encourages Intuit to acquire Bitcoin after persuading GameStop
Strive Asset Management CEO Matt Cole has called on fintech company Intuit to incorporate Bitcoin (BTC) into its balance sheet in an open letter dated April 14 after successfully convincing game retailer GameStop to add the cryptocurrency to its assets.
Cole informed Intuit CEO Sasan Goodarz in the letter that Bitcoin represents the optimal means to safeguard the company’s long-term prosperity and protect against any potential upheaval brought by artificial intelligence.
He noted that the firm requires an additional safeguard as its primary tax preparation application, TurboTax, is susceptible to being automated by AI. Intuit is also recognized for its small business accounting software, QuickBooks.
“We believe an extra hedge is justified,” Cole wrote, proposing a Bitcoin “war chest” as “the best available option” since it would position Intuit with “sufficient strategic capital to endure the AI storm and operate from a position of power during the turbulence of the AI revolution.”
Cole had dispatched a comparable letter to GameStop CEO Ryan Cohen in February, recommending that it utilize its $4.6 billion in cash to purchase Bitcoin. GameStop announced in early April that it secured $1.5 billion, part of which would be allocated for Bitcoin.
Be the first to comment