Can the cryptocurrency market continue to rise after Gensler's resignation?
As bitcoin approaches the $100,000 mark, the #cryptocurrency market is experiencing a surge of enthusiasm, especially after news that Gary Gensler has resigned as chairman of the U. S. Securities and Exchange Commission.
Gensler's resignation, known for his tough stance on the industry, has sparked a new surge of #optimism . He has been heavily criticized for aggressive enforcement actions, including lawsuits against key players such as Binance US, Kraken and Coinbase, which many believe stifle innovation and create uncertainty. His departure sparked rumors that the SEC may move to a friendlier approach to regulating #cryptocurrencies , easing investor fears and opening the door for future growth.
XRP holders, in particular, have benefited: their price #rose 49% to $1.16 during the week amid news of Gensler's departure. This gives Ripple renewed hope, as the ongoing SEC litigation has had a significant impact on its performance.
Other cryptocurrencies such as Dogecoin and Cardano also rose significantly, reflecting the market's optimism. The news caused the global market size to reach an all-time high of 3.35 trillion yen and investor sentiment to reach extreme levels of greed, indicating strong bullish momentum. Experts say the new SEC guidance could allow the crypto industry to see clearer and more lucrative regulations, reducing lawsuits that can cost the industry hundreds of millions of dollars in legal fees.
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