A Solid Blow
Even when there is nothing much happening in terms of price action, you can always count on some element of drama within the Crypto space. The ongoing assault saw Gary Gensler playing his trump card last week. Choosing to sue both Binance and Coinbase is most definitely an all-or-nothing move. A move that now provides an element of assurance for Crypto investors.
Most are unlikely to interpret this as an assuring event. However, there is a rather significant silver lining to this cloud. Gensler has chosen to pull out the heavy artillery early on in the battle. This creates a level of confidence for , as they are no longer dreading a death blow because it has already been dealt. On top of that, these lawsuits will go on for months and even years.
The door has been left open, and this is often when markets tend to surprise market participants. The Crypto market has been dealt a heavy blow, and yes, future uncertainty is likely to be a deterrent for institutional investors, as well as certain retail investors. However, I doubt whether the market is simply going to sit in limbo for a few years. As mentioned in a recent post. I expect the year to end higher than the current local top.
In all fairness, BTC has only lost approximately 2% as a result of Gary’s shenanigans. I know the focus is on Binance, Coinbase, and . However, similar events have managed to dislodge BTC a lot more than a couple of percentage points. There has also been a strong response from those being named, and the mood is extremely positive, regardless of the allegations. There is not an air of hopelessness.
Growth Amid Challenge
bull markets always have to rise from a position of deep despair, and yet somehow they always do. Much of the despair is now behind us, and even though we could suddenly experience significant volatility, there is a level of maturation that has played out regarding a bearish season. Look how suddenly rose to prominence during 2020, along with the broader Crypto market. Is it possible that we are about to see this dynamic again fairly soon?
A sudden awakening to is something I still envision taking place, and without warning. DeFi, in terms of , already experienced more than a 400% surge as a result of the BINANCE and COINBASE drama. WEB3 and certain aspects of DeFi remain viable catalysts for renewed interest in Crypto, in my opinion. This is likely to trigger without warning, and most likely, when very few are expecting it. This is the rather unpredictable, yet predictable way of the market.
Markets tend to range before renewed interest, which is usually followed by a fresh bull market. Sudden spikes of volatility also tend to occur during this period. This tends to add even more confusion and despondency, which ultimately goes on to prepare the stage for an unexpected breakout and sudden adjustment in relation to the “trajectory” and mood of the market.
This dynamic has just played out in an isolated event regarding and the LEO token. LEO had been ranging at pretty low levels for some time. The adjustment in relation to tokenomics and ad revenue created a renewed interest and buzz. This was then followed by a sudden breakout which caused the token to appreciate by approximately 100%. It’s important to note that this took place at the same time as the SEC “surprise attack”.
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Final Thoughts
This is the nature of markets and how they often tend to take participants by surprise. I am not suggesting that this happens next week or next month. I am however expecting things to improve as the year draws nearer to a close. I see this as a continuous period of accumulation with a strong likelihood of significant adjustment taking place in early 2024. However, once things eventually do begin moving, it’s likely to be rather swift.
This is generally a time when those who have been watchful and in accumulation mode are rewarded. as they have their foot in the door, and are ready for the next bull market to begin its ascent! Regardless of your views, just ensure that you are not caught sleeping. All the best, catch you in the next one!
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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto
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