in the latest episode market reportCointelegraph analyst and writer Marcel Pechman discusses Ripple’s partial victory over the SEC and its impact on the crypto market. While people traded on sentiment after the headlines, the altcoin gave up half of its gains the next day as investors could process what happened.
On July 13, the U.S. District Court for the Southern District of New York ruled that Ripple’s XRP (XRP) tokens are not securities and are only applicable to programmatic sales on digital asset exchanges. The issue of selling to institutional investors is still up in the air.
(embed) https://www.youtube.com/watch?v=a8jcOLHxc4w(/embed)
Additionally, former CFTC Chairman Timothy Massad said the SEC could appeal the judge’s decision. Therefore, Ripple’s initial victory could still be overturned.
In terms of price, Pechman said XRP’s decision doesn’t matter. The impact of spot Bitcoin (BTC) ETFs could be the main trigger over the next 18 months, although initially altcoins tend to underperform BTC.
Finally, Pechman breaks down how macroeconomic and regulatory issues may drive bitcoin prices to $29,000 — starting with bitcoin futures contango stalling around a neutral 7% level over the past week. Next, the show covered China’s Tether (USDT) premium, which hit its lowest level in six months, indicating too much demand to exit the cryptocurrency market.
Turning to fundamental analysis, Pechman highlighted the ongoing SEC case against cryptocurrency exchanges Binance and Coinbase, as well as how the macroeconomic environment has deteriorated following weaker-than-expected growth in China’s GDP. He also discussed the possibility of further rate hikes by the Federal Reserve in 2023.
Learn all this and more in the latest episode market report specifically for the new Cointelegraph Markets and Research YouTube channel.
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