Is it the end of crypto winter?

READING TIME: 4 mins 34 secs

Diving deep into today's web3 currents:

🎉 Ripple Executives Free of Charges, XRP Rises

🐕 DOGE Steals the Spotlight With Outstanding Metrics

💌 LBRY: “This Will Be Our Last Post”

📈 Bitcoin’s Stability Suggests End of Crypto Winter?

The SEC has dropped its claims against Ripple executives, leading to a 5% price surge in XRP.

This move is seen as the SEC's approach to maintain control over cryptocurrency while foregoing the case against individual Ripple executives. Meanwhile, foreign exchange brand Travelex has announced a collaboration with the National Bank of Cambodia, allowing travelers at Singapore's Changi Airport to exchange Cambodia's national currency, the Khmer Riel. This partnership could potentially introduce Ripple and XRP into the Cambodian market, given Travelex's past engagement with RippleNet.

Dogecoin is outpacing industry leaders like Bitcoin, Cardano, and Ethereum in certain key metrics.

Recent data has shown a 10.32% increase in Dogecoin's daily active addresses, suggesting heightened interest and activity in its community. Additionally, Dogecoin has marked more than $1.18 billion in large whale transactions within a week. Recently, a significant transfer of 110 million DOGE was moved to the U.S. cryptocurrency exchange, Coinbase, catching attention. Despite fluctuations, Dogecoin remains a prominent player in the cryptocurrency space, with its community hopeful for a sustained rally.

Blockchain company LBRY has announced its closure due to debts amounting to several million dollars, owed primarily to the SEC, its legal team, and a private debtor.

The firm had initially intended to appeal a judgment in favor of the SEC but has since abandoned that pursuit. LBRY's recent statement revealed the resignations of its executives, employees, and board members who are now focused on fulfilling any remaining legal obligations. Despite the company's end, LBRY's blockchain remains operational as it is open-sourced and decentralized. The LBRY-powered video-sharing platform, Odysee, which had significant user engagement, also witnessed support from its community.

Bitcoin remains stable above $28,000, marking an 8% rise in the past week.

Denny Galindo from Morgan Stanley suggests the "crypto winter" may be ending soon, largely due to the upcoming "halving" event, which historically boosts Bitcoin's price. However, not all analysts share this optimism. Ruslan Lienkha from YouHodler and Andre Cronje from Fantom Foundation believe the struggling global economy and other macroeconomic factors could prolong the crypto winter. Recent metrics also show the decline in market capitalization of stablecoins, indicating some capital withdrawal from the crypto sector.


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