A new legal case involving the cryptocurrency exchange Coinbase has concluded with a decision that could influence the future of the crypto industry. According to a post by Altcoin Daily, the US appeals court ruled in favor of Coinbase, stating that the sale of crypto assets on secondary markets does not violate the Securities Exchange Act.
Did the Platform Score a Victory Against the SEC?
The platform’s victory against the SEC has the potential to impact global sentiment for Ripple and its native token XRP. This positive ruling is expected to bring more clarity, allowing for a broader range of services and offerings in the cryptocurrency space.
Considering the ongoing concerns surrounding regulatory uncertainty, this legal triumph represents a significant step towards ensuring the smooth integration of crypto assets. Meanwhile, Coinbase’s victory is also influencing the trajectory of digital assets like Bitcoin, with some analysts predicting Bitcoin could reach $170,000.
Bitcoin Correction Limited to 20%
The recent market trend of Bitcoin (BTC) indicates a deviation from the expected 20% correction. This suggests a potential shift in market dynamics. Experts believe the absence of this correction could signal a trend towards higher valuations.
Predictions for BTC range between $80,000 and $100,000. Similarly, the expected movement in BTC dominance (BTCD) is stirring thoughts about altcoin performance. A significant increase is anticipated when BTC dominance encounters resistance around 57%.
Turning to the Ethereum-Bitcoin (ETH/BTC) pair, the current stance reflects stability. In fact, the movement is dependent on BTC’s actions. If BTC experiences a significant rally, ETH/BTC may abandon its current position. Proximity to the upper limit indicates a potential valuation for Ethereum in the range of $7,000 to $9,000, with Ethereum’s market cap also approaching $1 trillion.
Bitcoin Price Shows Signs of Reversal
Bitcoin’s price had corrected to $60,500 before reaching the $72,000 level. According to Cryptoquant’s data, a significant $2.7 billion profit realization caught analysts’ attention as one of the key factors behind the Bitcoin price drop. This suggests a possible end to the ongoing price correction in the market.
During the correction phase, short-term investors’ tendency to avoid losses reduced selling pressure. Additionally, factors such as the notable correlation between USDT’s market value and Bitcoin prices, along with new USDT issuance, also created a positive sentiment in the market.
Another significant factor contributing to this positive sentiment was the substantial inflow of Bitcoin to accumulation addresses, reaching historic highs. This indicates an increase in long-term investor interest in Bitcoin. Likewise, changes in the behaviors of long-term investors, with weakening distribution patterns and an increase in accumulation tendencies, suggest growing confidence in Bitcoin’s future.
