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"Ethereum Struggles to Defend Crucial $3,137 Support Level Amid Mounting Pressure on Bulls"

The Crypto Basic

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Amid a broader market pullback, #Ethereum is testing a crucial support level. Will the price of ETH hold steady for a potential bounce? 

Read more on: https://thecryptobasic.com/2025/01/23/ethereum-teeters-on-3137-support-will-bulls-hold-the-line/
#Crytponews 

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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With Bitcoin returning above $100,000, Binance’s Changpeng Zhao has outlined a golden rule that holders must adhere to in order to lock in good returns. The flagship cryptocurrency reclaimed $100,000 on Thursday, extending its recent top form. Notably, the rally has induced ecstasy in the crypto community, replacing the fears and panic seen in the market a few weeks back when Bitcoin dumped below $80,000. Changpeng Zhao, the co-founder of Binance, acknowledged this mood shift in a recent X post, advising enthusiasts on how to stay profitable in the crypto market. He stated that Bitcoin is easy if you “just don’t panic sell.” Don’t Just Panic Sell: CZ CZ’s tweet was particularly directed to those who could not withstand the market volatility in the past few months and chickened out of their holdings. According to him, holding above the fears, doubts, and uncertainties (FUD) is crucial, as panicking in the face of adverse market conditions would ensure you sell at a loss. Remarkably, the former Binance CEO remained exceptionally calm during Bitcoin’s price slump from its all-time high of $109,300 in January to $74,000 last month. He has often encouraged investors to remain calm and leverage the dips to buy more. With Bitcoin regaining bullish momentum, CZ has reinstated the benefits of not panicking and just holding. To him, it is easier to make staggering returns on the pioneering cryptocurrency and the crypto market cap at large if you keep to this simple but golden rule. Why People Don’t Hold: CZ Meanwhile, in a parallel tweet on May 9, he further highlighted why holding is tedious for some people. In the piece, he emphasized that the lack of girth to HODL is due to investors not understanding blockchain technology and finance. The prominent industry leader noted that buying Bitcoin based on recommendations without an in-depth knowledge of its underlying technology and future trajectory results in lower conviction to hold during downsides. To cure this, CZ recommended personal research and knowledge seeking... #CryptoNewss

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The U.S. SEC and Ripple file a joint motion requesting an indicative ruling to enforce the parties’ settlement agreement. In an unexpected turn of events, the parties filed a motion in a New York federal court yesterday, informing the court of their settlement. SEC Approves Settlement with Ripple The filing comes hours after the SEC officially announced a settlement with Ripple and two of its executives, Chris Larsen and Brad Garlinghouse. The SEC’s commissioners expectedly approved the settlement terms, which require Ripple to pay a fine of $50 million instead of the initial $125 million order and also vacate the permanent injunction imposed on the company’s future XRP sales. This approval has been pending for over a month. However, the SEC approved the decision yesterday following a closed-door meeting at the commission. Parties Ask Judge Torres for Indicative Ruling Following the approval, the parties jointly filed a settlement agreement letter in the New York federal court. In the filing, the SEC and Ripple asked Judge Analisa Torres for an indicative ruling. This ruling would determine whether the judge, upon a future joint motion, would vacate the permanent injunction she imposed in her final judgment last year and release the $125 million held in escrow. Of this amount, the parties want $50 million allocated to the SEC, with the $75 million balance returned to Ripple. Next Steps to Full Resolution Meanwhile, famous defense lawyer James K. Filan highlighted the next steps in resolving the lawsuit. Following the parties’ latest filing, the next steps will hinge on whether Judge Torres grants the indicative ruling to dismiss the injunction and release the fine held in escrow. If granted, the SEC and Ripple will file a motion with the Second Circuit asking for a limited remand to have Judge Torres enforce these orders. Once approved, Judge Torres will have jurisdiction over the case for a limited time.... #Crypto

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#shiba⚡ Inu community burn portal, Shib Torch, successfully removes over 1 billion SHIB tokens from circulation through incineration. Prominent Shiba Inu community figure Shibarium Updates (@shibizens) alerted the community about the milestone via a recent tweet. Shibarium Updates disclosed that Shib Torch had burned 1,003,331,701 (1 billion) Shiba Inu tokens. At the current price of $0.00001330 per token, the dollar equivalent of these tokens is worth $13,334. The overall burn from Shib Torch represents a tiny fraction of Shiba Inu’s total supply of 589.5 trillion tokens. Nonetheless, its impact on Shiba Inu’s price is expected to be seen in the long term. As Shiba Inu’s supply declines, its price might experience a spike in the future. How Much Shib Torch Burned in Previous Months The latest update on Shib Torch’s overall burn comes less than two months after The Crypto Basic reported the total burn to be around 713.12 million. At the time, the burn rate saw a 7-day increase of 10.02%. The latest update indicates that the automated burn portal has burned 290,203,437 (290.2 million) SHIB since March 18, 2025. According to Shibarium Updates, the amount of Shiba Inu tokens burned through Shib Torch represents a 4.97% surge from the figure recorded last week. This rising burn rate indicates growing community engagement on Shibarium. Shiba Inu Burn Process It is common knowledge that Shib Torch burns Shiba Inu tokens using a fraction of the fees obtained through Shibarium transactions. Notably, users are required to pay a base fee in BONE to facilitate transactions on Shibarium. However, those who want validators to prioritize their transactions, especially during network congestion, can do so by paying an extra cost, a priority fee, which is allocated to the validator. On the other hand, the base fee is split into two: 70% for burning SHIB and 30% as the platform’s fee... #Crypto

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