A Busy Week For Crypto In Review

It's been one wild week for crypto. In this article we are going to review it all on a more top level and see how $BTC and crypto has reacted to it all so far and what might be next to come.

Ripple XRP Not A Security

One of the biggest news events that happened last week was the case of Ripple XRP vs the SEC in which it's said XRP won but also the SEC has some wins in it as well. The biggest event from it however which is now "law" is that XRP is not a security. It means it can never be ruled as such and starts to pave the way for a vast amount of other cryptos to now be listed as not security's. This is extremely bullish and soon the house should be passing laws that make it clear that nothing transaction token wise on an exchange is considered a security and does not have to be listed with the SEC.

I wrote in more detail on this here XRP Win Lawsuit vs SEC

EUs First Spot BTC ETF

The EU just locked in their first ever spot ETF for Bitcoin. This might be a clear example now that the ones waiting for the SEC at the moment here in the USA (Which I state below in the next section) will in fact pass and open the flood gates of capital to the crypto space.

Again if only 5% of the money from these large brokers gets released into Bitcoin which is really not far fetched we will see bull market levels again of $70,000 and that hype will most likely spark more into the $130,000 range for bitcoin. (This of course is speculation and of my own opinion)

SEC and Spot ETFs

Blackrock, Fidelity, VanEck, WidsomTree and Invesco Spot ETF applications have been sent to the SEC and the SEC has acknowledge them. The SEC now has until end of July to approve it or reject it. I believe the deadline is currently towards the front end of July 21st. However the SEC could of course reject it and try to delay it more. To be fair though it really feels like the SEC got it's butt handed to them and even the former SEC chairman says the ETFs should be approved.

Those grand days and vision that the clown Gary G. has of blocking bitcoin and crypto are over and to be fair he most likely feels extremely defeated. Instead of going down in history as the guy that brought regulation to crypto he's instead a class clown with not only all of the people in the USA but around the world. Even worse even the majority of the house and other government agencies have cracked down on him.

If only he would have picked the path of real regulation and adoption his life would of been that of a hero or at least someone to look up to. Instead now he's bottom of the barrel. That's a hard pill to swallow Mr. G

Australian First Spot BTC ETF

This isn't an approval yet but it's a sent in Spot Bitcoin ETF that was sent in however this goes to show us there is now a world wide effort to lock in a spot BTC ETF. This worldwide effort is now going to start pumping into the worlds first digital asset Bitcoin before any other so called world asset such as the all too talked about CBDC which might never see the light of day.

Overall all of this is extremely blushing for crypto but right now in particular a select few such as Ripple and Bitcoin. However as injections of money and wealth come in that money will see itself flow into other altcoin assets.

As we saw with the XRP win yes over 60% increase in XRP values happened but a lot a flood of money went into other crypto assets.

Posted Using LeoFinance Alpha