Crypto Prices Sail Way Upward
– A partial victory for Ripple in its fight with the U.S. Securities and Exchange Commission (SEC) led to a significant increase in bitcoin and other major digital assets.
– Bitcoin reached a one-year high of $31,700, while XRP rose 96% to its highest level since March 2022.
– The Ripple ruling has positive implications for other tokens identified in the Coinbase and Binance lawsuits, such as Cardano (ADA), Solana (SOL), and Polygon (MATIC).
– Ether, the second-largest cryptocurrency, surpassed $2,000 for the first time in three months.
– The CoinDesk Market Index, a measure of crypto market performance, increased by 6.1%.
A Calm Among Short-Term BTC Holders
– Bitcoin’s recent stability has reduced the motivation for short-term holders to sell their assets, resulting in support around $30,000.
– Glassnode reports that over 83% of short-term bitcoin holders are in profit, indicating positive investor sentiment.
– Short-term bitcoin supply and the profitability of holders are important indicators of investor motivations.
Important Events
– EcoFin Meeting at 3:00 p.m. HKT/SGT (7:00 UTC)
– European Commission releases Economic Growth Forecasts at 5:00 p.m. HKT/SGT (9:00 UTC)
– Michigan Consumer Sentiment Index (July) at 8:30 p.m. HKT/SGT (12:30 UTC)
Headlines
– Ripple and the crypto industry achieved a partial win in the SEC court fight over XRP, with the court ruling that programmatic sales did not violate federal securities laws.
– Argentina’s first bitcoin futures contract has officially gone live after approval from the country’s National Securities Commission.
– Zero-Knowledge Rollup (ZKM) is developing a hybrid rollup combining Optimistic and Zero-Knowledge rollups to make Ethereum a universal settlement layer.
– Alex Mashinsky, CEO of Celsius Network, has been arrested as the SEC, CFTC, and FTC sue the bankrupt crypto lender.
– Ethereum tops a new crypto ESG ranking, while Bitcoin is criticized for its heavy energy usage.
Hot Take
The recent ruling in the Ripple case and the positive market response indicate growing confidence in the regulatory clarity for cryptocurrencies. This could pave the way for further adoption and investment in the crypto market. However, it remains to be seen whether this rally is sustainable or if further catalysts are needed for a speculative bull market. Overall, the foundations for a potential bull market have been laid.
Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content. Cora’s contributions serve as a valuable compass for both seasoned and novice individuals seeking to navigate the dynamic landscape of cryptocurrencies. With a keen eye for detail and a commitment to accuracy, she empowers informed decision-making in the ever-evolving crypto space.
