Market Summary 29/12: Bitcoin, Ethereum, Ripple…

It is yet to reach its next expected target, which is at $30,000, even as bulls strive to push it towards that target.

But due to bitcoiners who sold to make profits, the price descended again to $25,772.

However, the descent was short lived as investors flock back to buy, causing the price to rebound back to $27,000.

Monday's retracement made many analysts foresee a Bull Pennant—an apprehensible upside technical structure happening on the shorter-timeframe charts.

The cryptocurrency consolidated sideways with $30,000 as its primary upside target.

Although some other analysts say that it could fall below $20,000, expectations continue to rise towards reaching $30,000.

This is due to a couple of reasons, the first being that if the stimulus package is released, it will pressure the U.S. dollar lower further, benefiting Bitcoin in the process.

The growing acceptance of bitcoin by financial institutions, with Greenpro Capital raising $100million to invest in bitcoin.

Ethereum News

The SEC disapproved of a proposal by BOX Exchange Inc. proposing using the Ethereum blockchain to record and publish end-of-day securities ownership balances.

Inaccurate information being published to the blockchain was the primary concern for the regulator. BSTX intended to use an "omnibus wallet" for non-BSTX stock transaction data, which the SEC feared could not stay up to date.

Ripple News

Coinbase has announced that it will suspend the trading of XRP. The announcement came as a result of the SEC's lawsuit against Ripple.

They said that the cryptocurrency would be fully suspended on Tuesday, Jan. 19, 2021, at 1 p.m. E.T. They noted, however, that users' XRP wallets will "remain available for receive and withdraw functionality after the trading suspension."
The platform would still support the upcoming airdrop of Spark tokens to XRP holders.
Coinbase is now the largest and most popular exchange to act on XRP and OKCoin previously also announced its XRP suspension Monday, effective on Jan. 4.

A prominent crypto lawyer, Jake Chervinsky, said that a leadership shuffle at the U.S. Securities and Exchange Commission (SEC) would most likely not impact the agency's case against Ripple.

There has been some hope that the leadership change might favor Ripple since the incoming leadership is a bitcoin supporter. Chervinsky commented"

Even without Jay Clayton, most Commissioners have still voted to approve every action the Enforcement Division's proposed.

There's no reason to believe he was a swing vote on this. Anyway, it'd be a real shock for the SEC to bring a case & then abandon it weeks later".

In conclusion, as the year comes to an end, the expectation remains high for most cryptocurrencies.