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SEC vs. Ripple: Huge win for crypto

Ripple’s Partial Victory and its Impact on the Crypto Market

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discussed Ripple’s partial victory against the Securities and Exchange Commission (SEC) and its effects on the crypto market. The headlines caused people to trade based on emotion, however, the following day, altcoins gave away half of the gains as investors had time to process the news.

On July 13, the United States District Court for the Southern District of New York determined that Ripple’s XRP (XRP) token is not a security for programmatic sales on digital asset exchanges. However, the question of sales to institutional investors is still an open case.

Former chair of the Commodity Futures Trading Commission, Timothy Massad, stated that the SEC could appeal the judge’s decision, thus overturning Ripple’s initial win. Pechman noted that the XRP decision had little to no effect on the price. He believes that the spot Bitcoin (BTC) exchange-traded fund will be the main trigger for the next 18 months, even though altcoins tend to underperform relative to BTC.

Crypto Exchanges and Macroeconomic Environment

The Market Report on the new Cointelegraph Markets & Research YouTube channel recently discussed how macroeconomics and regulatory concerns might drive Bitcoin’s price to $29,000. The show started by examining the Bitcoin futures premium which has stagnated around a neutral 7% level for the past week. After that, the focus shifted to the Tether (USDT) premium in China, which hit its lowest level in over six months, suggesting excess demand to exit crypto markets.

In terms of fundamental analysis, Pechman highlighted the U.S. Securities and Exchange Commission’s ongoing cases against crypto exchanges Binance and Coinbase, and how the macroeconomic environment has been impacted by China’s weaker-than-expected gross domestic product growth. He also discussed the odds of the U.S. Federal Reserve further increasing interest rates in 2023.

With all this and more, the latest episode of The Market Report is a must-watch for those interested in Songbird Crypto, RenQ Crypto, QNT Crypto, STX Crypto, Russia Crypto, Tellor Crypto, Suku Crypto, and AI Latest Crypto.

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