According to the YouTube analyst known as Crypto Capital Venture, a ruling in favor of Coinbase by the judge against the SEC could potentially trigger a surge in altcoins, with assets like ADA potentially seeing gains of up to 100%.
Crypto Capital Venture delves into the events leading up to this decision, highlighting that just 22 days after the SEC allowed Coinbase to become public, Gary Gensler of the SEC stated that the exchanges trading these assets lack the necessary regulatory framework at the SEC or CFTC.
Simultaneously, in the Ripple case, a judge ruled that XRP is not a security, causing uncertainty in the market due to the lack of clarity. Notably, when looking at the daily charts of Ripple (XRP), there was a 100% increase in July 2023 followed by a decline back to previous levels. Despite this, Bitcoin (BTC) and the overall crypto market are still far from reaching bull market numbers. However, with the impending Bitcoin halving event, where mining rewards are halved, prices are expected to improve as historically seen during such events.
The analyst points out that the sentiment in the crypto market is increasingly bullish as we enter 2024, particularly in contrast to the bearish sentiment during XRP’s surge in July. Moving on to analyze the chart of Cardano (ADA), the analyst speculates a potential 100% increase similar to that of XRP, especially with the positive outlook on spot Bitcoin ETF approvals. Although ADA may consolidate until March, a ruling is anticipated around that time.
While the outcome remains uncertain, the analyst believes that the market is in a favorable position to reach a decision. For more insights, check out our article on the Altcoin season index signal that has recently been triggered. Stay updated by following us on Google News.