This Week in Crypto
July 21, 2023
As the market prepares for major news coming next week in regards to the US Federal Reserve’s announcement of a potential interest hike, the overall crypto market has lost its sense of confidence with the price of Bitcoin (BTC) falling below the $30,000 level. Today, we are taking a look at some of the major headlines that we believe our community should pay particular attention to.
Key Takeaways
- Shining the light on XRP vs US SEC lawsuit
- Market analysis reveals crypto is still undervalued
- US Republicans aim for new regulations
- Revealing upcoming MXC zkEVM airdrop
XRP vs US SEC Lawsuit Explained
The result of a three-year-long battle between Ripple (XRP) and the US SEC is in, and it appears that Ripple managed to come out on top. As the news has spread that the court ruling has declared XRP, not a security, the price of XRP has soared more than 70%. However, did Ripple really win the lawsuit?
A further dive into the lawsuit suggests that there is more than what the mainstream media has focused on. While the court did declare XRP a non-security asset, it has determined that the sale of more than $700M USD worth of XRP to institutional investors did constitute an illegal offering of unregistered securities. All in all, it is a tie. However, as Ripple managed to promote the result and have positive price actions, public opinion points out that it is a win for Ripple.
Market Analysis Shows Crypto Still Undervalued
How is the crypto market really doing? The data suggests that while the confidence in the market is at a neutral level, the overall market is potentially undervalued. The MVRV is sitting at 1.4, suggesting that the market value is 40% higher than the current realized value. By looking at this value alone, traders can contemplate that there is still enough room within the market for potential price growth.
However, traders should take note that looking at a single variable does not constitute a full technical analysis and use this information to only understand where the current market truly sits.
US Republicans Aim for New Regulations
In the US House of Representatives, the Republicans are proposing new, more structured regulations for crypto assets. Named “Financial Innovation and Technology for the 21st Century Act”, the new regulation aims to provide further clarity on the standing of crypto in a legal sense, and also uniquely targets DeFi protocols. While some say that the regulation may be potentially harmful to DeFi and the currently popular ETH LSD products, some also welcome the regulation as much-needed guidance.
While it may take some time for the regulation to enter voting and take effect, traders who focus primarily on DeFi and ETH LSD should pay particular attention.
Revealing the Upcoming MXC zkEVM Airdrop
The MXC zkEVM Mainnet is currently live and thriving! With the MXC Bridge, Swap, Name Service, and NFT Marketplace seeing a new influx of users on a daily basis, users can look forward to the upcoming MXC zkEVM Airdrop.
The airdrop is aimed at rewarding users on the MXC zkEVM Mainnet and the Wannsee Testnet and will allow users to participate in various degrees of usage of the available platforms and dApps in exchange for airdrop tokens.
Don’t miss out! Start exploring the MXC zkEVM Mainnet now!
