Spot ETF approvals could send prices soaring once again. The SEC, on the other hand, might contribute to another major selloff. This is because the U.S. regulator is reportedly planning to appeal the recent Ripple ruling.
In the SEC v. Terraform Labs/Do Kwon case, the SEC has filed a pleading discussing Judge Torres’s decision in SEC v. Ripple in which it states that “SEC staff is considering the various available avenues for further review and intends to recommend that the SEC…According to recent reports, the SEC is seeking a review based on rulings made in the Terra lawsuit. In other words, there is a considerable chance that the SEC’s request might be approved.
Such an outcome, as well as an unfavorable judicial outcome for the crypto market, could send prices tumbling once again.consolidation . The SEC situation has already caused some price weakness and we recently observed significant outflows from whales. This may suggest that the potential price impact in case of negative news might be somewhat cushioned.
Sell pressure may already be slowing down. A recent Glassnode alert revealed that Bitcoin exchange deposits have now dipped to a 3-year low. Although this may confirm a drop in sell pressure, it could just be a pause. More sell pressure could occur in case of an unfavorable outcome.
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