Bitcoin’s (BTC-USD) remarkably tight trading range with a $30,000.00 support line is at risk of breaking down. On July 13, BTC-USD surged above $31,500 only to give up those gains.
The stock market’s modest selling on Friday, July 14, 2023, pulled BTC lower. Long-term holders need not fret above the volatility. Coinbase Global (COIN), a cryptocurrency platform, doubled its stock price from $50 to over $105.31. Aside from the short-squeeze against bears who have a 19.58% short interest, the relisting of Ripple Labs’ XRP (XRP-USD) is significant.
The SEC lost its suit against Ripple. A judge’s ruling could pave the way for more altcoins to not be considered securities. This re-awakens the prospects of more crypto-holding opportunities. Coinbase, which faced falling transaction volumes, would benefit the most. It increases the customer’s confidence that the SEC will not shut down other cryptos.
Coinbase Still has Headwinds
The SEC versus Coinbase is not over. The SEC accused it of illegally operating an exchange, broker-dealer, and clearing house. Bundling those three services has serious conflict of interest issues. In addition, it attracts high counterparty risks.
Watch Ripple
Watch Ripple’s efforts to work with global banks to replace SWIFT. Crypto does not have the cost efficiency to achieve that. After the relisting, watch XRP prices. It is a measure of the market’s confidence in the re-listed cryptocurrency.
