In the somewhat neverending saga between the Securities and Exchange Commission and Ripple Labs, the case finally came to a head in a near 3-year ordeal which shook up crypto markets. The court ruled that XRP being sold to the public did not constitute it being a security and marked a huge win for crypto.
This was not just a momentous victory for Ripple Labs, but for the near hundred alternate coins which had recently been targeted as part of the SEC’s witch hunt. The outlook on the potential outcome of the cases filed against Binance and Coinbase is now very positive, which has given a great boost universally.
How accessible is crypto currently?
With such great news boosting the crypto community, the interest has peaked again and there are many buyers in the market, with many of them buying for the first time. Luckily, there are mounds of options in terms of choosing a reliable crypto wallet, both single and multi-asset that support multiple chains.
Something that is becoming more common and is generally advised these days is using cold wallets, these being hardware wallets where your coins and tokens are stored, thus completely removing the risk of online hacks. Ledger Nano have released various versions now and are very accessible for the newcomer.
Where does crypto go from here?
It’s a very common question in crypto spaces. It’s always difficult to predict the future and especially amid the mass financial doubt and the nearing digital currencies that will be adopted in some of the largest economies worldwide.
First things first, the fact that the most spoken about case in crypto has resulted in a crypto-victory can simply mean that not only can crypto be useful, but risk of implosion is at all time lows, so buyers do not have to overcome the sense of fear they may lose their investments through actions out of their control.
How did the markets react to the ruling?
Upon the announcement of the win for Ripple Labs, markets had a tremendous boost, with XRP jumping over 60% on the day and other coins followed suit, averaging around 15-20% gains which is a great day by anyone’s judgement.
Bitcoin is without doubt a winner in the midst of all of this and nears a 13-month high, which is great considering the bear market is still ongoing. While the $31K top was rejected, crypto fanatics are still optimistic about seeing another bull run soon.
What about CBDC’s?
The Central Bank of Digital Currency has been looming for what seems like years and surprisingly, much of the public are unaware of the potential outcomes from this adoption. What is for certain is that the central banking system will have complete control over this and things such as spending caps, caps on balance and other rules set out may anger people across the globe.
The rolling out of the digital currency has been going smoothly thus far, with many residents of Caribbean nations already having their own accounts linked to their national ID. Russia is the biggest economy that’s likely to roll out their own version and this will be a great stress test for the world to see.
The Crypto Campaign
What is for certain is that the availability of crypto across the globe was slowed and in many areas halted in the fear that the SEC would rule some coins as securities and thus any exchanges offering these coins would be held liable for providing a ‘non-security’ to the public for sale.
Now that the case between Ripple Labs and the SEC is over, we’re likely to see a vast increase in the amount of crypto advertisements and partnerships and the outcome of the ongoing cases with Binance and Coinbase will surely dictate how intertwined crypto will be with mainstream society in the near future.
The UK set sights on becoming a digital hub
The UK government recently confirmed that they are aiming to become a digital hub, opening the door for crypto-based businesses. What this also means is that some chains will be regulated in full and therefore can be integrated properly in e-commerce and retail stores. The CBDC for the UK is not all that far away from its testing phase.
It’s no secret the possibilities of blockchain technology can unlock many avenues for society, due to the fact that all transactions are visible on the blockchain and transactions do not require central authorities to process transactions. While this presents many positives, there is always the chance that the regulations may scare off investors and business owners, so the implementation is vital.
Looking forward to 2024
With all the positives coming out from crypto news, the overall outlook should be met with a great sense of optimism and 2024 is looking like a bullish one for the crypto fans out there. However, the bear market is not quite over, so caution is advised over the next few months.
