The Federal Reserve recently decided to pause interest rate hikes. This was one of several factors affecting the cryptocurrency market. The SEC continues its campaign to bring crypto into its jurisdiction. Liquidity plummets as investors withdraw their funds in anticipation of further regulatory action. Crypto expert Alex Sirois shares seven altcoins where regulatory headwinds won’t outshine macro tailwinds in the near term.
Leading altcoin Ethereum (ETH) ranks first
Apart from SEC Chairman Gary Gensler’s belief about ‘securities’, what’s true for Bitcoin also applies to Ethereum. Not surprisingly, Gensler believes Ethereum is a security. Ethereum is a crypto that is vital to the overall landscape and serves as a precursor to other minor coins and tokens. What investors need to understand about Ethereum is that former SEC Director William Hinman does not believe Ethereum is a security.
Thus, while Etheruem fell with the broader sector, its recovery was even more impressive. Gensler is facing significant backlash, and his harsh tactics led to a congressional bill to have him removed from his post in the SEC. Whether that happens or not, I think Etheruem will stand the test of time. This is a crypto to buy now.
We continue the list with Solana (LEFT)
Solana’s current woes are mostly directly tied to the SEC’s regulatory assault. The lawsuits filed led to a sharp drop in SOL prices on June 5 and June 6. Then, on June 9, Robinhood announced that it would delist Solana and the two cryptocurrencies just below it. The SEC is determined to take everyone to court to bring all cryptocurrencies under its jurisdiction. Investors should maintain their belief that the release of the Hinman document and the timing of this volley are correlated. If Solana investors liquidate their holdings in Robinhood, it is possible for them to reinvest in Solana elsewhere. With enough like-mindedness, Solana’s price is likely to rise.
Next altcoin on watchlist: Polygon (MATIC)
cryptocoin.comAs you follow, Polygon lost about a quarter of its value last week. It’s the same here. SEC regulatory oversight reached a fever pitch that led Robinhood to delist MATIC. Polygon is also a uniquely inexpensive option among top cryptocurrencies. Still useful in scaling the Ethereum network and establishing internet-like connectivity across the crypto industry. Investors now have the opportunity to vote with their dollars. These dollars have more power than a few weeks ago.
Should investors believe that the SEC simply wants to regulate it while allowing crypto to grow? I say no. Because it poses an existential threat to the status quo, they are more likely to prefer to regulate it out of existence. Polygon is currently at the center of the arguments against this view.
An Ethereum Killer altcoin: Cardano (ADA)
According to Frank Corva, a well-known name in the cryptocurrency space, Cardano’s recent decline is most likely over. Corva describes the recent price crash as little more than a fear-based response to bad news. He argues that the worst is over. He also notes that it will take several years of litigation before Cardano’s fate is decided. Cardano is still being built with a slow, evidence-based approach. This approach is likely to yield benefits in the long run. Nothing has changed with this token and I continue to rise.
SEC scourge Ripple (XRP)
XRP is at the center of many important forces that fluctuate among cryptocurrencies. The SEC filed a lawsuit in December 2020 claiming it was a security. Documents related to former SEC Director William Hinman are at the center of the case. These documents were sealed and therefore could not be accepted as evidence in a court of law. Ripple vs. these documents. Being admitted to the SEC lawsuit was a big win. Also, the price of XRP unsurprisingly soared on the news. However, the SEC’s recent filings have effectively erased those gains. Here again, there is fear. XRP continues to hold the upper hand in the court battle. There is still a chance of winning his case. One of the best cryptos to buy for investors looking to buy fear.
A meme-coin, Dogecoin (DOGE), also entered the list.
Dogecoin remains as worthless as ever in terms of its real-world utility. However, it proves once again that it feeds on chaos. Its value has dropped much less in the past week compared to other major cryptocurrencies. However, Dogecoin is also subject to the power of the so-called whales, which has a significant impact. These whales are selling, largely due to macro factors tied to the Fed’s recent rate hikes. However, with the disappearance of these factors, many anticipate a new comeback with this token.
The general uptrend in the crypto industry will likely continue to support speculative assets to a greater extent. There are fewer speculative tokens than Dogecoin for investors to consider this move as highly leveraged ways to play. DOGE, in particular, has had a relatively smaller drop recently than most of the tokens on this list. Therefore, I think that Dogecoin could paradoxically offer stronger protection against more headwinds. This makes it a worthy token right now.
The opinions and recommendations in the article belong to the experts and are definitely not investment advice. We recommend that you do your own research before investing.
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