Could the Crypto Market Soar Further After Gensler’s Resignation?

As Bitcoin nears the $100,000 mark, the crypto market is experiencing a surge of excitement, particularly following the news of Gary Gensler's resignation as SEC Chair.

Known for his stringent stance against the industry, Gensler’s departure has sparked renewed optimism. He was heavily criticized for his aggressive enforcement actions, including lawsuits against major players like Binance US, Kraken, and Coinbase, which many felt stifled innovation and created uncertainty. His exit has fueled speculation that the SEC may shift toward a more crypto-friendly regulatory approach, calming fears among investors and opening the door for future growth.

XRP holders, in particular, have benefitted from this development, seeing a 49% increase in its price over the week, reaching $1.16, as the news of Gensler’s departure unfolds. This has brought new hope for Ripple, as the ongoing SEC lawsuit had greatly impacted its performance.

Other cryptocurrencies like Dogecoin and Cardano have also seen significant gains, reflecting broader market optimism. The news has driven the global market cap to an all-time high of $3.35 trillion, with investor sentiment reaching extreme levels of greed, signaling strong bullish momentum.

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Experts predict that with the new SEC leadership, the crypto industry may see clearer and more supportive regulations, which could reduce enforcement actions that have cost the industry hundreds of millions in legal fees.

Analysts are particularly optimistic about XRP’s future, with some forecasting its price could reach $2 in the short term. Overall, the crypto market is poised for a period of significant growth, with many anticipating a major shift in the landscape under more crypto-friendly policies.

Kosta Gushterov