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Ethereum reached a new all-time high above $4,400

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The Ethereum blockchain is slowly moving towards a Proof of Stake migration after the Altair upgrade.

Ethereum, the second largest cryptocurrency by market capitalization, hit a new all-time high earlier today. The reason for the rise was the Altair upgrade as the network slowly moved towards the migration to Proof of Stake.

Ethereum, the original coin of the Ethereum network, hit a New all-time high of $4,416 earlier in the day. This is the first time that Ethereum has reached a new all-time high since it traded above $4,300 earlier this week.

Earlier this week, Ether broke the $4,300 level, breaking the all-time high of $4,200 in May 2021. However, ETH fell towards the $4k mark as the broader cryptocurrency market faced a correction weeks later or rose.

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The correction was short-lived as ETH, BTC and others resumed their upward movement yesterday. Ethereum’s latest rise to a new all-time high has been driven by The successful launch of the Altair upgrade on the blockchain.

The Altair upgrade is essential to Ethereum’s desire to become proof of the stake protocol. Altair is the first upgrade to the Ethereum Beacon Chain since its launch in December last year. The beacon chain is crucial as it provides proof of stake to the Ethereum blockchain.

Thanks to the Altair upgrade, the Ethereum network now has proof of stake and proof of working threads running parallel to each other. Although both chains have validators, the business chain directory handles transactions because it is still prevalent at this point.

However, once the Ethereum network is fully integrated with the Beacon Chain by next year, the blockchain will completely transform into a proof of stake model. Ethereum developers hope to solve some pressing issues such as scalability and high gas fees by moving to the Proof of Stake protocol.

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Ripple is filing a final submission against the SEC as the landmark case draws to a close

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The most talked about crypto case involving the US Securities and Exchange Commission (SEC) and Ripple is coming to an end after a two-year battle.

On Dec. 2, the SEC and Ripple both filed redacted responses to each other’s opposition to motions for summary rulings.

Ripple argued in his move document that the SEC had failed to prove that its offering of XRP between 2013 and 2020 was an offer or sale of an “investment contract” and therefore a security under federal security laws.

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Ripple concluded the document by saying that “the court should grant the defendant’s request and should reject the SEC motion.”

This is Ripple’s “final submission,” Ripple General Counsel Stuart Alderotti said on Twitter on Dec. 3, asking the court to “make” a ruling in its favor.

He also stated that Ripple is proud of the defense it filed “on behalf of the entire cryptocurrency industry,” noting that Ripple “always played it straight with the court,” and took a subtle swing at the SEC saying that “the same cannot be said for our opponent.”

In another Twitter post, Alderoty continued to criticize the SEC on Dec. 5, referring to it as a “reversion regulator,” citing two statements suggesting they are on ends with each other.

Ongoing legal dispute Between the SEC and Ripple It began in December 2020 when the Securities and Exchange Commission initiated legal action against Ripple claiming that it raised $1.3 billion by offering Ripple’s native cryptocurrency XRP as an unregistered security.

Related: Investors are increasingly confident in Ripple’s victory over the SEC: CoinShares

Earlier November 30 on Twitter threadThere are only three cases left to be resolved in SEC vs Ripple, former federal prosecutor James Phelan said.

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This includes summary motions for judgment, expert challenges, and seal issues related to the Expert Reports, Hinman documents, and other materials on which the SEC and Ripple have relied in their motions.

Hinman documents refer to the speech given by William Hinman at the Yahoo Finance All Markets Summit in June 2018, where He stated that ether (ETH) was not a security.

Phelan believes that Justice Torres will not handle the three big cases “separately,” and instead will decide “everything together, and once she rules on the motions for summary judgment, a ‘big written judgment’ will be rendered — likely” on or before March 31. ) 2023.”