In a recent reflection, DeFiance Capital's founder Arthur Cheong emphasized that Ripple's win against the SEC might signal a significant change, potentially ending the bearish phase.

In a tweet On Friday, DeFiance Capital’s founder, Arthur Cheong, indicated that the ongoing bear market might have come to an end due to Ripple’s recent legal victory against the U.S. SEC. secured a partial win This victory was highlighted in the legal battle against the U.S. Securities and Exchange Commission that took place last Thursday.

Cheong presented several key elements strengthening his hopeful outlook, first pointing to improving economic indicators, notably the reduction in the Consumer Price Index (CPI) and favorable real interest rates. He posited that potential interest rate reductions could be more probable in the coming year, suggesting possible easing actions.

Another crucial point he raised was the increasing acceptance of cryptocurrencies as a legitimate asset class, particularly among institutional investors. He cited Blackrock’s application for a Bitcoin ETF on June 15 as concrete evidence of this trend.

As one of the largest asset management firms globally, Blackrock’s involvement indicates a burgeoning institutional interest in the cryptocurrency market. A well-followed account on crypto Twitter, WhaleWire, mirrored Cheong’s views, predicting substantial inflows of capital from institutions and investors.

Now that #Ripple 'With Ripple’s victory in the SEC case, as we anticipated, it's expected that significant sums will flow into the market from institutional investors.'

For years, XRP was largely overlooked due to uncertainty surrounding its status, but with clearer guidelines now established, that uncertainty has largely dissipated.

— WhaleWire (@WhaleWire) July 13, 2023

In other news, the SEC has Acknowledging the recent developments regarding Bitwise’s Bitcoin ETF, particularly following their refiling on June 28, was vital. On Thursday, Bitwise also announced that its Crypto Industry Innovators ETF had surpassed $100 million in assets under management. announced Cheong pointed out that the SEC's setback in this instance puts it in a weaker position when classifying tokens, emphasizing that XRP was often viewed as the most likely to be deemed a security. This ruling could have significant repercussions for other entities facing the SEC's regulatory scrutiny.

Taking a contrary position, a Twitter user named @NandoNFTs suggested that the SEC might consider escalating the matter all the way to the Supreme Court in order to maintain its credibility.

Looking closely at the market dynamics, Cheong noted many short-term players have departed, which leaves a base of long-term holders less likely to sell soon. Nonetheless, he acknowledged some potential selling pressures might arise from coins with set unlocking schedules. speculated that Additionally, Cheong pointed out a critical under-investment in cryptocurrencies beyond the two heavyweights, Bitcoin and Ethereum, indicating substantial potential for catching up among other digital currencies.

Lastly, Cheong expressed excitement about Hong Kong’s welcoming regulatory stance towards cryptocurrencies, believing this will pave the way for Asian financial institutions to engage more fully and legitimately in the crypto sector. This shift could foster increased investment and participation from that region.

While Cheong’s perspective is optimistic regarding the cryptocurrency market's future, the final outcomes of Ripple’s legal challenges and their effects on market trends remain uncertain, as the landscape is often unpredictable.

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Cindy, a dedicated journalist at Metaverse Post, delves into topics spanning web3, NFTs, the metaverse, and AI, emphasizing interviews with key figures in the Web3 space. Having engaged with over 30 top executives, she shares their invaluable insights with our readers. Originally hailing from Singapore, Cindy currently resides in Tbilisi, Georgia, and possesses a Bachelor’s degree in Communications & Media Studies from the University of South Australia, boasting a decade of journalism and writing experience.

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