Crypto Trends in July 2023
Let’s check out the most important news and trends on the crypto market in July.
Ripple’s Victory against the SEC
Ripple scored a major victory in its years-long legal battle with the SEC. US judge Analisa Torres delivered a verdict that despite the SEC’s allegations, Ripple is not a security. The news spread like wildfire through the crypto market, and XRP witnessed a massive price rally of over 70% in less than an hour. The price fell somewhat during the following weeks, but the news managed to propel interests in XRP to new highs. However, the SEC’s appeal still may have a slim chance of overturning the verdict.
New Crypto Regulations
In the wake of the EU MiCA regulation, more and more jurisdictions are introducing crypto regulations in hope of setting clear rules regarding cryptocurrencies. In the US, the Financial Innovation and Technology for the 21st Century Act aims to prescribe operating rules and financial requirements for companies planning to issue cryptocurrencies, with special focus on stablecoin issuers. Also, the US Congress is considering the adoption of the Crypto Asset National Security Enhancement Act of 2023, which will regulate the use of DeFi protocols and require them to add KYC measures to prevent illegal activities and money laundering.
Possible Bitcoin ETF Approval on the Horizon
Against all odds, the US SEC has accepted six proposals for Bitcoin exchange traded funds (ETFs) in the US for review. If approved, these Bitcoin ETFs will introduce multi-billion dollar capital from traditional financial institutions and investment funds into the crypto market. The companies that filed Bitcoin ETFs include major investment giants like BlackRock and Fidelity.
DISCLAIMER
This content does not constitute investment advice, financial advice, trading advice or any other type of advice and should not be considered as such; zondacrypto does not recommend buying, selling or owning any cryptocurrency. Investing in cryptocurrencies involves a high degree of risk. There is a risk of losing invested funds due to changes in cryptocurrency exchange rates.