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Bitcoin price is falling due to cautious investors selling after US data and Fed statements. BTC almost lost 9,000 dollars and quickly eroded after the last attempt at 72,000 dollars. Losses for altcoins were much greater, with declines reaching up to 30%. So, are things really that bad?
The Future of Cryptocurrencies
An important development occurred that should positively affect the short and medium-term future. SEC officially closed the investigation it started on Ether on June 19. Consensys lawyer Laura Brookover announced the big news on her social media account. Carol Goforth, a professor at the University of Arkansas School of Law, confirmed that the SEC investigation would not continue. However, this does not mean a final decision for the Ether ecosystem.
Conor O’Neill says the latest move will set a precedent for regulators worldwide. This means that the great regulatory pressure on Ethereum will be lifted. More importantly, we are talking about a relieving move for most altcoins in a similar way. Conor said the following about the future.
“Barring a catastrophic event, it is hard to see any scenario that would significantly prevent the price of Ethereum from increasing from its current level. The final decision will have a long-term positive impact on ETH price.”
Will Altcoins Rise?
The SEC sued many altcoins, including Solana, Cardano, and Polygon, by labeling them as securities and accusing exchanges of selling them without permission. However, with the latest decision, they also have to undertake the challenging task of distinguishing these from Ethereum. Or they should abandon the Howey test and remove their hands from the throats of altcoins. Because Ether was also claimed to be a security according to this test.
O’Neill specifically says that initiatives in the DeFi field and Ethereum layer2 solutions can breathe a sigh of relief due to the SEC’s retreat. Many of these offer staking services and have strong similarities and relationships with Ethereum.
In summary, things do not seem that bad. A new, strong wave of rise may start thanks to the investigations opened against exchanges resulting in favor of crypto investors (with the support of the latest ETH move). And of course, the Fed should start cutting interest rates at some point this year.
