Crypto Currency Predictions for 2024: Ripple’s Legal Battle and Bitcoin Halving
The first quarter of 2023 was exciting, but many setbacks halted the rapid rise. Even the BlackRock ETF application did not lead to a long-term recovery. The main reason for this is the Federal Reserve’s tight monetary policy deceiving the overly optimistic. However, there are at least two developments that are giving investors hope for 2024.
Crypto Currency Predictions for 2024
It seems that Ripple and the Securities and Exchange Commission (SEC) will conclude their legal battle in the second quarter of 2024, coinciding with the Bitcoin halving period. Unless a lengthy appeals process begins, this is likely what we will see. Although Judge Ripple Labs has achieved a partial victory, the legal battle is not over yet. A solution seems possible only from the second quarter of 2024.
A new date for the ongoing legal battle between Ripple and the SEC is emerging. Since the current dates for both parties have not previously overlapped, the most likely date for the trial is between April 22-26, coinciding with the potential dates of the Bitcoin halving.
As Judge Analisa Torres, responsible for Ripple, wrote in a letter dated August 23, the company will not be available until the second quarter of 2024. In addition, CEO Brad Garlinghouse and Ripple Chairman Chris Larsen will not be available from April 1 to April 14.
On the other hand, the SEC has provided specific dates when they are not available: April 15-19, May 1-7, and May 27-31, 2024. It is clear from these dates that the week of April 22-26 is almost inevitable. Otherwise, the trial could be postponed until June 2024.
Judge Torres is expected to rule in favor of Ripple regarding Ripple’s ODL (a kind of bridge between two fiat currencies for faster global transfers). After all, most people do not see this asset as a security.
Crypto Price Catalysts for 2024
Bitcoin halving is the biggest catalyst for price, and investors have witnessed this event raising prices for years. However, we have also become accustomed to a final period of decline before halving. If all this process is successfully overcome and prices start to rise after the 2024 halving, it will not be surprising.
In general, 2024 will host many significant events, most of which seem to favor cryptocurrencies.
- Bitcoin halving
- Ripple trial hearings
- Possible interest rate cuts by the Fed in the second quarter
- March will mark the deadline for all Spot Bitcoin ETFs, including BlackRock.
- We will see politicians making more pro-crypto statements before the November 2024 US elections. Additionally, the crypto-unfriendly Biden administration may lose the election, which could have a positive impact on end-of-year prices.
- Gensler’s position may be in jeopardy after the November elections.
- The influence of Genesis and other struggling crypto companies on the market is expected to weaken.
- The Grayscale ETF case is expected to be resolved by early 2024.
- Regulations will take shape in many regions around the world.
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