In a recent analysis, YouTube analyst Crypto Capital Venture delves into the potential consequences of the judge’s ruling in favor of Coinbase against the SEC. The outcome of this legal battle has the potential to ignite an altcoin run, with assets like ADA experiencing a significant surge of up to 100%.
Crypto Capital Venture highlights some crucial events that have unfolded in the lead-up to this decision. Just 22 days after the SEC permitted Coinbase to go public, Gary Gensler, a representative from the SEC, testified that the exchanges trading these assets lack the necessary regulatory framework from both the SEC and CFTC. This statement has added to the overall uncertainty surrounding the cryptocurrency market.
Additionally, the judge overseeing the Ripple case ruled that XRP is not a security. This ruling has left the market in a state of unease due to the lack of clarity. Interestingly, the news of the ruling caused XRP to experience a 100% pump in July 2023, only to plummet back to its previous levels soon after.
While the overall crypto market, including Bitcoin (BTC), is still far from reaching bull market numbers, there is hope for improvement. The Bitcoin halving, which involves reducing the reward for mining by half, is drawing closer. Historically, this event has led to price improvements in the cryptocurrency market.
Therefore, the analyst believes that crypto is entering a more bullish phase in 2024. The bearish market sentiment experienced during XRP’s pump in July serves as evidence for this assertion.
Taking a closer look at the Cardano (ADA) chart, Crypto Capital Venture speculates that ADA may experience a similar 100% pump, mirroring XRP’s previous performance. The positive sentiment around spot Bitcoin ETFs receiving approval further supports this possibility.
Although there is speculation regarding consolidation of ADA until March, the analyst believes that the judge’s ruling is expected during that timeframe. While it remains uncertain how the decision will play out, the market is currently in a favorable position for the finalization of this crucial ruling.
The judge’s upcoming decision on Coinbase’s case against the SEC has the potential to create a significant impact on the altcoin market. With the possibility of a 100% surge in assets like ADA, based on the uncertainty and previous market behavior, there is growing anticipation within the crypto community. As the cryptocurrency market progresses into 2024, the analyst believes that the overall sentiment is leaning towards a more bullish direction. While the outcome remains uncertain, the prevailing market conditions suggest a favorable environment for the finalization of the judge’s decision.