Crypto News Digest by U.Today

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The latest news in the cryptocurrency world highlights three significant developments.

CEO Responds to SEC’s Appeal in Ripple Case
On October 2, the XRP community was taken aback by the SEC’s announcement to appeal the Ripple case. Ripple CEO Brad Garlinghouse quickly shared his thoughts on the matter. He criticized the SEC and its chair, Gary Gensler, for persisting in their case against Ripple, claiming that it has failed to protect investors and tarnished the agency’s reputation. Garlinghouse described the appeal as "infuriating" and "misguided," asserting that Ripple will continue to fight in court as necessary. As of now, the SEC has not clarified the exact issue it intends to appeal, which may include challenging the ruling from July 2023 that differentiated between institutional and programmatic sales, or the final judgment issued by the court in August.

SHIB Executive Comments on Market Dynamics
Lucie, the marketing lead for SHIB, took to social media to address community concerns regarding the current performance of "Uptober," which has not met expectations. In her recent post, she shared what she calls "market rule #1," applicable not just to October but to trading in general. This rule emphasizes the unpredictability of market forces, suggesting that asset values may rise immediately after selling or at unexpected times: "Market rule #1: It will pump the second you sell OR It pumps the moment you don’t expect it." Lucie concluded by noting that "Uptober" should be viewed as a potential period for unexpected gains. At the time of writing, SHIB had experienced a recovery, trading up 10.72% over the past 24 hours.

Significant Gains from Dormant Bitcoin Whales
On October 3, the Whale Alert service reported the reactivation of an ancient Bitcoin wallet dormant since 2014. This wallet, which contains 99 BTC, saw its value soar from $83,068 to around $6,097,440, marking a staggering gain of approximately 7,240%. This was the fourth dormant Bitcoin wallet to resurface this week. On October 1, another whale wallet holding 21 BTC since 2013 also came back to life, now valued at $1,307,996. On the same day, two additional wallets containing 41 BTC and 77 BTC were reactivated, valued at $2,611,481 and $4,902,160, respectively. The activity from these ancient wallets coincides with the beginning of October, a month often associated with Bitcoin gains, known as "Uptober." Currently, Bitcoin is trading at $61,632, reflecting a 2.51% increase in the last 24 hours.