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Dan Gambardello

Coinbase Faces SEC in Make-or-Break Battle

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Coinbase and the U.S. Securities and Exchange Commission [SEC] are set for a pivotal legal clash in a New York federal court, where they will present arguments regarding the SEC’s enforcement action against the cryptocurrency exchange. Scheduled for January 17, the court session will determine whether the SEC’s case should be dismissed based on Coinbase’s initial legal arguments.

Some even touted the significance of this legal battle as the next big thing after the widely debated January 10th deadline for the Bitcoin spot ETF. Popular analyst Dan Gambardello highlighted the detailed analysis of legal expert MetaLawMan, who deemed this courtroom confrontation as potentially the most significant legal development in the crypto industry.

Adding to the intrigue, attorney Jeremey Hogan provided insights into the motion to dismiss, expressing cautious optimism. Hogan pointed to a prior case involving Coinbase, where the judge dismissed a lawsuit against Uniswap for the sale of “scam tokens” in August 2023. The judge’s acknowledgment of Ethereum as a “crypto commodity” and her statement that “Congress and the courts” haven’t determined whether crypto tokens are securities or commodities bode well for Coinbase’s argument that the SEC is overstepping its enforcement authority.

Hogan remarked, “I’ll be very interested to see how this plays out! I’d still be surprised if she dismissed the lawsuit, but… you never know.”

Coinbase Is “Ready”

A victory for Coinbase in this legal battle could signify a strong rebuff to the SEC’s controversial “regulation by enforcement” strategy aimed at the crypto industry. While the Ripple case drew widespread attention, the current legal dispute involving Coinbase is seen as having far-reaching implications, potentially deciding the fate of the entire crypto sector.

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Coinbase Faces SEC in Make-or-Break Battle 2

Coinbase’s Chief Legal Officer Paul Grewal, in anticipation of the courtroom showdown, expressed readiness for what is considered one of the most impactful days in the history of the crypto industry. The outcome of this legal duel may shape the regulatory landscape for cryptocurrencies, establishing precedent and influencing future regulatory approaches within the rapidly evolving crypto space.

Bitcoin Analyst’s Market Insights: Potential Crash And Bullish Signals

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In a recent revelation, cryptocurrency trader and analyst Dan Gambardello shared insights, affirming that a potential crash in the cryptocurrency market would align with established market cycles. Gambardello anticipates that such a downturn could set the stage for Bitcoin (BTC) to surge to unprecedented heights, steering the market into the next bull run.

According to data from CoinMarketCap, the global cryptocurrency market cap exhibited a modest uptick of 0.18% within the past 24 hours, bringing the collective valuation to approximately $1.08 trillion at the time of reporting. However, Bitcoin (BTC) experienced a marginal 24-hour dip of 0.09%, with its trading price at $26,938.44.

From a technical vantage point, Bitcoin’s price recently broke free from a medium-term bearish trajectory. Following this breakthrough, the flagship cryptocurrency encountered a critical resistance level at $26,915. The outcome of the next 48 hours holds significant weight; a daily candle closure above this threshold could propel BTC toward the $27,915 mark.

Bitcoin’s Promising Trajectory

Conversely, failing to secure a daily candle above the $26,915 resistance level might trigger a sharp retracement in Bitcoin’s value. In this bearish scenario, the cryptocurrency could plummet to as low as $26,000 in the coming week. Persistent selling pressure may even drive BTC’s price down to $25,110.

In a twist of fortune, a promising bullish technical signal has recently emerged on Bitcoin’s daily chart. This indicator suggests that the odds are tilting in favor of the buyers, granting them a slight advantage over the bears in the next 48 hours. Over the past two days, the 9-day Exponential Moving Average (EMA) line has crossed above the 20-day EMA line, signifying a potential shift in short-term momentum.

Should this particular technical signal hold, Bitcoin’s price may swiftly transform the $26,915 resistance level into a solid support. The validation of this flag, coupled with sustained bullish sentiment, could signal a promising trajectory for BTC in the immediate future.

Related Reading:| Bitcoin’s September Showdown: Will it Survive the Storm at $25,500?

Cardano’s DeFi Flourishes, TVL Peaks Over 600M

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Cardano’s progress within the decentralized ecosystem has been experiencing rapid and remarkable expansion. Notably, when observing the Total Value Locked (TVL) metric in the context of Decentralized Finance (DeFi), the metric has surged to an unprecedented peak of 616 million ADA tokens, equating to a value of nearly $178 million.

Renowned cryptocurrency analyst and prominent YouTuber Dan Gambardello conveyed this significant development, suggesting that this occurrence could potentially be regarded as one of the most promising indicators of positive market trends in the entire cryptocurrency sphere.

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Despite being positioned 13th on DefiLlama, it’s steadily rising among the ranks of Total Value Locked in comparison to other chains, rising an impressive 9.43% surge within a span of 30 days.

Overall, Cardano’s DeFi ecosystem comprises 24 protocols, showcasing the platform’s comprehensive presence in the domain. First in the rank is Minswap [MIN], a Decentralized Exchange [DEX] that boasts a remarkable 160.29 million ADA [equivalent to $47.86 million] in Total Value Locked. This constitutes a substantial 26.65% of the overall locked assets.

Following closely are Indigo [INDY] and Liqwid [LQ] at the second and third positions. Both protocols have witnessed an impressive monthly growth of 9.45% [$40 million] and 10.05% ($20 million) in locked value, respectively.

In terms of market trends, Cardano, like several other leading cryptocurrencies, faced a recent value decline due to regulatory actions by the U.S. Securities and Exchange Commission [SEC] targeting platforms like Binance and Coinbase [NASDAQ: COIN].

Cardano’s Notable Network Activity

However, Cardano’s ecosystem has attracted the attention of sharks and whales, evident in the surge of ADA accumulation, reaching its highest level since September 2022. Remarkably, holders owning between 100,000 and $10 million worth of ADA tokens have collectively added over $116 million following the peak on May 21.

Simultaneously, Cardano has witnessed remarkable growth in transaction volume. With each passing week over the last six months, transaction volume has exhibited exponential growth, closely shadowing the rising price that’s approaching the $0.30 mark. A spectacular feat, over 67 billion ADA was transacted in consecutive weeks, reminiscent of levels last seen in September 2021, TronWeekly reported the other day.

Cardano Advocate- “The Recipe that Excites Me Of ADA…”

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Cardano proponent and founder of Crypto Capital Venture Dan Gambardello reveals the ideal characteristics of ADA that appeal to him and give him hope for the future of the token.

According to Gambardello, ADA underperforms in bear markets and outperforms in bull markets, and as such he hoped that it will ultimately begin to outperform the rest of the crypto market.

“This is the exact recipe that excites me about ADA. Perfect ingredients for any value investor. All this without even mentioning the fundamentals and defi season which is upon us,” he wrote.

Another ADA member backed up his comments, slamming the detractors with the words, “Yup. In the bear, they ramp up the FUD extra hard, in the bull reality comes knocking.”

The crypto YouTuber also conducted a Twitter poll featuring ADA and Bitcoin to attract the attention of his 242k followers.

The poll had only one topic “Which community will win – ADA or Bitcoin.” Out of 14,030 voters, 54.9% selected ADA, and the remaining 45.1% selected Bitcoin.

Gambardello also added his thoughts on the most recent Bitcoin ETF development in a separate tweet. He slammed people who are applauding BlackRock’s application to launch their own Bitcoin ETF with the SEC.

The Cardano fan came down hard on those hyping “the world’s largest asset firm” [BlackRock] and its endorsement of the flagship cryptocurrency.

Cardano Founder Scoffs At BTC Advocates

According to Gambardello, those BTC advocates are not praising BTC for “decentralization or freedom from the manipulative thieving banks” but for the fact that BlackRock is now holding a huge Bitcoin bag.

In response to BlackRock’s application for a spot Bitcoin ETF, diverse viewpoints on the potential impacts of the leading AUM’s involvement in the crypto space have sparked a heated debate within the community.

Charles Hoskinson, the founder of Cardano, is one of them, and he even got into a spat with Bitcoin maximalists over their unflinching support of the filing.

Such support, according to Hoskinson, is naïve because it may result in a significant influx of new capital that would ultimately drive down the price of Bitcoin.

Furthermore, he claimed that the support was an example of unethical behavior, abnormal mentality, and extreme avarice.