A New York court dealt a major blow to the Securities and Exchange Commission.
The court ruled that XRP was not a financial security, pushing cryptocurrencies higher.
AltSignals token sale gained steam, with 52% of stage 2 tokens being sold.
Cryptocurrencies received another dose of good news on Thursday when a judge made her ruling in the SEC vs Ripple case. As a result, the XRP token soared by more than 70% while Bitcoin moved closer to the year-to-date high. Investors also allocated funds to token sales, with the second stage of AltSignals gaining traction.
SEC vs Ripple case
A major concern among investors was about regulations in the US. As you recall, the SEC made several allegations when it filed a major lawsuit against Ripple Labs and its executives. The allegations were that Ripple violated capital raising laws and that the XRP coin was a token.
On Thursday, the judge overseeing the case delivered a positive result for Ripple. She ruled that Ripple Labs violated some laws and that XRP was not a financial security. That was a major blow to the Securities and Exchange Commission (SEC), which has become highly combative in the recent past.
The ruling could have major implications for how the SEC regulates digital currencies. Instead of blanket lawsuits, the SEC could now put pressure on lawmakers to come up with regulations specific for the industry.
Another implication is that financial services companies could add Ripple into their ETF proposals. This is notable since XRP is one of the biggest cryptocurrencies in the world with a market cap of over $43 billion.
Falling US inflation
Another important catalyst for cryptocurrencies, including AltSignals, is that America’s inflation is falling. Data published by the Bureau of Labor Statistics showed that the headline consumer inflation plunged to 3%, the lowest level since March 2021.
If this trend continues, it means that consumer inflation will move to the Fed’s target of 2.0% in the next few months. There is also a possibility that inflation will move below 1% in 2024.
Falling US inflation is a good thing for cryptocurrencies because of its impact on the Federal Reserve. The Fed has been hiking interest rates at a rapid rate in the past few months. Therefore, there is a possibility that the rate hiking cycle is about to end. Cryptocurrencies tend to do well in those market conditions.
AltSignals token sale continues
These two events could lead to a strong rally in the crypto market. Ripple’s XRP surged by more than 70% on Thursday while Stellar jumped by over 40%. At the same time, more investors allocated their funds to AltSignals, which has now raised over $1.17 million in its second stage of the token sale.
It has sold about 52.3% of all tokens in this stage and the developers will boost the price by 12.05% in the next stage.
AltSignals is a company that hopes to use artificial intelligence to provide accurate predictions in the crypto, futures, and forex market. The ecosystem will be powered by the ASI token.
Unlike many other token sales, AltSignals is already a profitable company with thousands of customers from around the world. Its platform has excellent user reviews, as you can read here. Therefore, the developers hope to boost its performance using AI. You can buy the AltSignals tokens here.