SEC vs Ripple: Huge win for crypto

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In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses Ripples’ partial victory against the Securities and Exchange Commission and its impact on the crypto market. Although people traded on emotion after the headlines broke, the next day when investors could process what had happened, altcoins gave back half of the gains.

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

Additionally, according to a former chairman of the Commodity Futures Trading Commission, Timothy Massad, the SEC may appeal the judges’ decision. Therefore, this initial victory for Ripple could still be undone.

According to Pechman, the XRP decision was a non-event in terms of price. The impact of spot Bitcoin (BTC) exchange-traded funds is likely the main trigger for the next 18 months, although initially altcoins tend to underperform BTC.

Finally, Pechman analyzes how macroeconomics and regulatory concerns could drive Bitcoin price up to $29,000 starting with the Bitcoin futures premium stagnating around a neutral 7% level last week. Next, the show covers the Tether (USDT) premium in China, which hit its lowest level in more than six months, indicating excessive demand to exit the crypto markets.

Moving on to fundamental analysis, Pechman highlights the US Securities and Exchange Commission’s ongoing cases against crypto exchanges Binance and Coinbase, and how the macroeconomic environment has deteriorated following growth in gross domestic product. of China weaker than expected. He also discusses the chances of the US Federal Reserve raising interest rates further in 2023.

Get all this and more in the latest episode of The Market Report exclusively on the new Cointelegraph Markets & Research YouTube channel.

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