On Friday, July 21, the crypto market witnessed bearish moves across most cryptocurrencies, except for Bitcoin, which experienced a minor loss of 0.21 percent. Bitcoin continued to trade below the $30,000 mark for the second consecutive day, settling at $29,878. In the past 24 hours, Bitcoin’s value dropped by $116.
Bitcoin remains below $30,000 due to factors like profit-taking by the crypto bearish market and the strengthening US dollar. At one point, BTC hit its lowest level in a month, touching $29,500. Currently, BTC faces immediate resistance at the $30,000 level, with support at $29,600. Tether, Ripple, and Cardano were among the few cryptocurrencies that experienced losses on this day.
Following the federal district court ruling that partially favored Ripple against the SEC, the crypto startup industry is cautiously optimistic about the implications. Rebecca Rettig, Polygon Labs’ chief legal and policy officer, sees a “turning tide” for favorable regulatory conditions in the crypto sector. However, she advises against celebrating prematurely, as ongoing proceedings may still have unresolved aspects.
The SEC has the option to file an appeal, but Rettig deems it unlikely at this stage, as it requires a “very high bar to reach” with an “interlocutory appeal.”
Republican lawmakers are currently leading efforts to establish new US crypto bearish market industry rules. They remain hopeful that Ripple’s recent court victory against the SEC will bolster their legislation. The federal judge’s ruling on certain offerings of Ripple’s XRP token indicates SEC overreach. Besides, it could come off as a highlight of the need for regulatory clarity in the crypto space.
House Republicans, led by Patrick McHenry and Glenn Thompson, are using the court decision to promote a bill aiming to provide clear rules on crypto firm regulation by the SEC and the Commodity Futures Trading Commission. The bill seeks to address the current regulatory confusion and grant the CFTC new regulatory powers under the proposed plan.
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