SEC vs Ripple: Big Win for Crypto

in the latest episode of market reportIn this article, Cointelegraph analyst and writer Marcel Pechmann discusses Ripple’s partial victory against the Securities and Exchange Commission and its impact on the crypto market. Although people traded on sentiment after the headlines appeared, altcoins gave away half of the gains the next day, as investors could process what happened.

On July 13, the United States District Court for the Southern District of New York ruled that Ripple’s XRP token (XRP) is not a security – but only intended for programmatic sale on digital asset exchanges. The question of sale to institutional investors remains an open issue.

Furthermore, according to Timothy Massad, former chairman of the Commodity Futures Trading Commission, the SEC may appeal the judge’s decision. Therefore, this initial victory for Ripple may yet be reversed.

According to Pechman, the XRP decision was a non-event in terms of value. Spot Bitcoin (BTC) Exchange-Traded Fund influence is likely to be the main trigger for the next 18 months, even if initially, altcoins underperform relative to BTC.

Finally, Pechman analyzes how macroeconomics and regulatory concerns could propel the bitcoin price to $29,000 – bitcoin futures premiums starting with stabilizing around the neutral 7% level for the past week. Next, the show covers the Tether (USDT) premium in China, which has reached its lowest level in six months, indicating excessive demand exiting the crypto markets.

Moving to fundamental analysis, Pechman highlighted the ongoing US Securities and Exchange Commission cases against crypto exchanges Binance and Coinbase, and how the macroeconomic environment has worsened following China’s weaker than expected GDP growth. They also discussed the possibility of further hike in interest rates by the US Federal Reserve in 2023.

Get all this and more in the latest episode of market report especially on new Cointelegraph Markets & Research Youtube channel.