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Bitcoin Stabilizes Around $42K, Ripple's Legal Battle With SEC Escalates, Shiba Inu Sees Increased Token Burn Rate

According to CryptoPotato, Bitcoin experienced significant price swings in January, stabilizing around $42,000. Ripple is engaged in an escalating legal battle with the SEC, which has demanded certain financial documents. Shiba Inu has seen a significant increase in its token burn rate, with over 9 billion assets destroyed since January 1, 2024.

Bitcoin's price spiked to as high as $49,000 on January 11 and dropped to a low of $38,600 on January 23. The rapid swings could be attributed to the historic approval of the first spot Bitcoin ETFs in the US and the confusion surrounding the process. BTC bulls pushed the asset’s value to approximately $42,000, a mark that has been evident in the past three days. Many experts predict a bright future for Bitcoin, with some suggesting that those investors waiting for a price crash toward the $30K level will be disappointed.

The legal battle between Ripple and the SEC escalated in recent weeks after the SEC insisted that Ripple hand over its financial statements for 2022 and 2023 and its post-complaint XRP sales contracts. Ripple labeled those records untimely and unrelated to the case, causing the regulator to re-file its motion. Ripple’s attorneys asked to present a sur-reply letter seeking to correct a significant factual mischaracterization made by the SEC. The US magistrates greenlighted their wish at the end of last week. The two organizations are scheduled to meet at a grand trial on April 23.

Shiba Inu, the second-largest meme coin by market capitalization, has witnessed a severe spike in its burn rate since the beginning of 2024, with over 9 billion tokens already destroyed. Most recently, the metric exploded by 4,200% on a daily scale. The mechanism aims to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time. Last week, the team behind Shibarium, Shiba Inu’s layer-2 blockchain solution, introduced an essential update designed to minimize the burden of manual token burning and automate the entire system.