Slowly but surely there are more and more indications that the world of crypto again in one bullmarkt arrived. There were also positive signals last week, but there were also signs that could at least signal a correction.
Ripple goes on the defensive
One of the companies that seems to be a leading force in the current market conditions is Ripple. To dhis lawsuit with the US Securities and Exchange Commission (SEC) seems to be slowly coming to an end.
Last week Ripple used the decision of the lawsuit against Voyager in are case with the SEC. The judge found that Voyager’s token was not an unregistered security at all and was even shocked by the opinion of the SEC. The latter has used the issuance of this VGX token as an argument why Binance’s acquisition of Voyager could not go ahead.
Yet the discussion about whether or not XRP is a security is exactly the reason why Ripple has been sued. Therefore, Ripple has now been able to use the judge’s decision in the Voyager case against the SEC.
Inflation is still high
Meanwhile, new inflation data has been released, with data from the US still an important indicator for the market. Overall inflation in the US fell slightly last March, but core inflation actually increased. Bitcoin (BTC) was not very sure which way it wanted to go after the news.
But the Federal Reserve still seems to want inflation to go back to 2%, which it’s nowhere close to. Despite the fact that many banks in the United States seem to be facing problems, it is therefore possible that it will continue to raise interest rates. Interest rate hikes have a slowing effect on the economy, because it becomes less attractive to borrow money.
The tough attitude may not only apply to the US, but also to Europe. The head of the Belgian central bank thinks that the European Central Bank (ECB) will also continue to raise interest rates.
Plan B: Bitcoin is back on track
Bitcoin has risen sharply in recent times amid the news surrounding the banking crisis. Dutch analyst Plan B thinks this signals the start of a new bull market. The Bitcoin halving is also getting closer, he thinks this will be an important growth factor. Not so long ago, many people were convinced that his stock-to-flow model would no longer be accurate. Now the model seems to be correct again.
