John Deaton Reacts to Fresh Rumors on Ripple v. SEC; Bitcoin Market Experiencing ’Deleveraging,’ Cardano on Verge of Overtaking Dogecoin: Crypto News Digest by U.Today

U.Today - Take a look at what’s happening in the world of crypto by reading U.Today’s top three news stories.

Ripple v. SEC nearing end? XRP lawyer reacts to fresh rumors

According to a recent X post by prominent crypto figure Andrew "AP_Abacus" Parish, who cites two SEC sources, the legal battle between the regulator and Ripple fintech giant could be nearing a conclusion. Parish then listed three expected outcomes, if the case is indeed very close to ending. First, XRP’s status could be reclassified as a commodity, which would shift its regulation from the SEC to CFTC. Second, Ripple’s fine could be reduced, and reduced "greatly"; back in 2024, the fine already dropped from the initial $2 billion to $125 million, and now the final number may go down even lower. Third, the case and its conclusion will set a precedent in the crypto industry, which will matter for years to come. The post by Parish did not go unnoticed by John Deaton, pro-XRP crypto lawyer; he reposted the update and commented on it with the eyes emoji. It is not certain what Deaton meant by that, but the suggestion is that he is carefully watching Ripple v. SEC developments.

Bitcoin (BTC) market "deleveraging": Bullish?

As stated by CryptoQuant’s community expert, who goes by @Darkfost_Coc, the 90-day open interest for Bitcoin has seen a major decline of 31.2% in recent days, plunging from $33.6 billion to $23.1 billion. This indicates that this shift has led to a "deleveraging" phase on the Bitcoin market, which historically has opened good short-term and medium-term opportunities for Bitcoiners. The most recent massive deleveraging events took place just before the approval of spot Bitcoin ETFs in the U.S. in January 2024 and during the recession lasting from Q4, 2022, to Q1, 2023. At press time, Bitcoin is changing hands at $81,759, down 1.8% over the past 24 hours, per CoinMarketCap. The crypto market is now in the "Fear" zone, with the Crypto Fear and Greed Index down to 25/100. The markets might be shaken ahead of the March 18-19 FOMC meeting in the U.S., as new monetary decisions might be taken.

Cardano (ADA) on verge of overtaking Dogecoin (DOGE)

In recent weeks, Dogecoin has faced increasing selling pressure and technical challenges that threaten its position on the crypto market. Valued at $0.1641 at press time, DOGE is trapped in a downward trend, with bearish formation and a death cross contributing to the asset’s decline. Meanwhile, ADA is gaining strength; even though ADA’s price action has encountered resistance as well, it has demonstrated resilience by maintaining important support levels. Currently, ADA is changing hands at $0.6925. Regarding market capitalization, Cardano is closing in on Dogecoin; Cardano’s market cap is now standing at $24.39 billion, while Dogecoin’s is at $24.42 billion, making the former a hair away from overtaking its dog-themed competitor. If Cardano continues its upward trajectory, it could soon surpass Dogecoin to become the eighth-largest crypto.

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