● XRP, Doomed
May 2024, Complete Coin Market Analysis: Bitcoin, Ethereum, Altcoin Trends, and Essential Issues for Investors
After reading, you will definitely know the following 3 things:
- Latest prices and trends of major cryptocurrencies (Bitcoin, Ethereum, XRP, Altcoins)
- Developments in the Ripple (XRP) lawsuit and US SEC issues, and the impact of global credit rating downgrades on the market
- Policy changes related to the cryptocurrency market (Genius Act, etc.) and future market impact
1. Major Cryptocurrency Market Trends
– Bitcoin (BTC) up slightly by 1% today, trading around $104,000.
– Ethereum (ETH) down 2.35%, showing a weak trend around $2,423.
– Ripple (XRP) up 1.4%, fluctuating around $2.38.
Bitcoin is still maintaining its range, and investor sentiment remains unchanged.
Ethereum is experiencing additional weakness due to the recent correction, influenced by the failure to break through major resistance levels.
Despite the lawsuit issues, Ripple has shown a short-term increase, but the volatility is very high.
2. Major Altcoin Trends
– Solana (SOL): +1.61%, showing strength and maintaining market confidence.
– Chainlink (LINK): +1.24%, trending upward.
– Dogecoin (DOGE): Up significantly by 5%, driving volatility due to its meme coin characteristics.
– Cardano (ADA): Up slightly by 0.09%, generally moving sideways.
– DeFi coins (UNISWAP, etc.): Up slightly by 0.28%.
– Stellar (XLM): Up 0.7%.
– Avalanche (AVAX): Up 1%, successfully defending its price around 31,900 won.
– Shiba Inu (SHIB): Up significantly by 2.7%, with improved investor sentiment acting as a factor.
Altcoins are generally trending upward. Meme Coins are leading the strength within the market.
3. Ripple (SEC) Lawsuit and Changes in Investor Sentiment
– May 17, the SEC-Ripple lawsuit turns another phase.
– Lawyer John E. Deaton specifies the conditions for modifying the ruling: the SEC must withdraw its claim that XRP is a security or prove that XRP sales did not cause any harm.
– The SEC requested the lifting of the Ripple injunction and a reduction in civil penalties, but the court rejected it procedurally.
– Expert analysis: The SEC needs to resubmit a 25-page official motion.
– Immediately after the issue, the XRP price fell by more than 4%, worsening investor sentiment. The impact of the future lawsuit outcome on the market is very significant.
– Investors need to be cautious about XRP volatility in the face of uncertainty.
4. Moody’s Downgrade of US Credit Rating & Global Impact
– May 17, Moody’s downgrades the US credit rating for the first time ever.
– Reason: Increasing US debt and deepening interest burden.
– As a result, major cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP, and Dogecoin declined together by 2-4%.
– Moody’s forecast: The US debt ratio will reach 134% in 2035, and interest costs are expected to expand to 30% of federal revenue.
– Not only traditional markets but also the coin market are experiencing a contraction in investment sentiment, and risk aversion is intensifying.
– Key to the coin market: Bitcoin is expected to be a ‘digital gold’ amid global economic uncertainty, while high volatility risks are highlighted.
5. US Cryptocurrency Policy, Genius Act Introduced in the Senate
– May 15, Senate Majority Leader John Thune officially applied for a cloture vote on the ‘Genius Act’ (vote on the 19th).
– Purpose: To clarify the legal definitions and regulations for digital assets, stablecoins, etc.
– Main contents
· Regulation of large stablecoin issuers under the supervision of the Federal Reserve
· Stablecoins must be 100% collateralized by dollars and treasury bonds
· Strengthening consumer protection for technology and financial assets
· Strengthening the monitoring of major industry figures such as Elon Musk
– If the bill passes, it is expected to establish order in the US cryptocurrency market and accelerate entry into the institutional sphere.
– It can act as a positive signal for reduced volatility and increased investor confidence in the future.
6. Overall Context and Investor Considerations
– Mid-May accompanied by global macroeconomic headwinds (US credit rating downgrade), domestic and foreign regulatory changes, and increased volatility in the cryptocurrency market.
– After a short-term correction, major directionality may emerge in the medium to long term depending on policy and lawsuit outcomes.
– Market participants need to consider both a ‘core asset defense’ strategy centered on Bitcoin and Ethereum, and the volatility risks of XRP, altcoins, etc.
– A defensive perspective is needed immediately upon policy changes and adverse events, and diversification into assets with high intrinsic value is effective.
7. Reference: Economic Keywords to Remember from this Market Analysis
Cryptocurrency prices, Bitcoin price, Altcoin investment, Global economic headwinds, US cryptocurrency regulations
– Bitcoin is slightly bullish, Ethereum is bearish, and Ripple is showing high volatility due to lawsuit issues.
– Altcoins are generally rising, especially the meme coin market is active.
– SEC-Ripple lawsuit and Moody’s downgrade of the US credit rating have caused simultaneous contraction in investment sentiment and sharp fluctuations.
– The US ‘Genius Act’ introduced in the Senate has emerged as a medium- to long-term variable for cryptocurrency policy direction investment sentiment.
– The market is expected to become more volatile in the future depending on regulations and lawsuit outcomes.
[Related Posts…]
– Bitcoin Outlook and Global Economic Variables in 2024
– US Cryptocurrency Regulations, Commentary on the Main Contents of the Genius Act
Bitcoin Outlook and Global Economic Variables in 2024
US Cryptocurrency Regulations, Commentary on the Main Contents of the Genius Act
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– 리플(XRP) 끝내 무산…경우의 수는 세 가지
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