Gate.io Blog Market Trends 16/04-23/04 | The SEC vs Ripple Case, Further Delays Anticipated

Market Trends 16/04-23/04 | The SEC vs Ripple Case, Further Delays Anticipated

25 April 10:37

Following suit from the previous week, red rained across the cryptocurrency market - with a majority of assets scorched by the flames of the red candlesticks. Sinking beneath the $40k region once again, Bitcoin has been plunged into the upper bounds of $39k and is trading below its 7-day SMA - which inevitably has paved the way for other assets in the top 100 to lag behind also.

Image Courtesy of CoinMarketCap

Positive Analysis

Of any asset residing in the top 20, Cardano has borne the brunt of mass criticism across the past year for its relatively static valuation and little momentum regarding project updates and so forth. Breaking the hegemony of this dry spell is a more positive crowd sentiment following the continual rollout of wallet upgrades and smart contracting capabilities. With the volume of new wallets being created rising from an average of 2000 per day to 8,130 - Cardano’s upcoming performance may be a testament to the bullish discourse surrounding it.

Image Courtesy of CoinMarketCap

Negative Discussion

The SEC vs Ripple case has long been a burgeoning pressure within the crypto world, with numerous stops and starts, rebuttals, and little to no progression in terms of ascertaining a final ruling. Once again, this trend has ensued. With documents being published by individual attorneys regarding a Joint Scheduling Order, further delays are anticipated in this perpetual battle.

Hot Spot

Drawing upon the aforementioned once again, Bitcoin has been subject to major setbacks regarding adoption. The current conflict in Ukraine has resulted in international outcry and people from across the globe pouring their funds into Bitcoin donation initiatives to support those left in Ukraine in rebuilding their lives and protecting their communities. With Ukraine imploring for donations to be made via digital currency, the recent revelation that Ukrainian citizens can no longer purchase BTC using their native currency whilst the country remains under martial law has come as a shock on an international scale.

With the purchasing of Bitcoin classified as ‘quasi cash-transactions’, Ukrainian citizens are now forbidden from purchasing BTC with hryvnias in a bid to curb ‘unproductive capital outflows’, yet they can purchase BTC using other currencies up to a spending limit of 100,000 hryvnias (or $3,400). With this news appearing ironic in light of President Zelensky’s previous outpour of support for crypto, with a regulation framework imposed, it is somewhat redeeming that this restriction is expected to only last whilst the country remains under martial law.

Author：Matthew W-D, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Market Trends 16/04-23/04 | The SEC vs Ripple Case, Further Delays Anticipated

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