Bitcoin, which had a good start to October and rose to $28,500, then experienced a retreat.
At this point, BTC fell to $ 27,100 and currently remained stable at $ 27,600.
In addition, some altcoins attracted attention with their rise. Among these, XRP and Avalanche (AVAX) attracted the most attention.
XRP experienced an increase after two important developments for Ripple (the court rejected the SEC's appeal and received a license from Singapore), and AVAX experienced an increase after the establishment of the Stars Arena platform.
Speaking to Coindesk, David Janczewski, CEO of blockchain company CoinCover, evaluated the rise and situation of XRP.
“It's great to see the SEC's rejection of the Ripple decision appeal. This underscores the urgent need for clear and well-defined regulations.
“The rise in XRP shows that regulatory clarity is a catalyst for market confidence.”
AVAX price also saw an increase after the launch of Stars Arena, a new platform built on the Avalanche network.
AVAX price has risen by 13% in the last 24 hours, while on-chain data showed a nearly 40% increase in transactions since the beginning of this week.
YouHodler executive Ruslan Lienkha pointed out the development in AVAX and said that cryptocurrency prices in general could see an increase if developers take steps to become more compliant with regulatory expectations.
“Positive steps from developers will lead to an influx of capital for cryptocurrencies, such as wider adoption, increased institutional interest, more jurisdictions with transparent regulation, and better technologies.
At this point, the SEC currently has no acceptable reason to reject spot ETFs. Therefore, we expect the first approval of spot BTC ETFs to occur in Q4 or early 2024, with the BTC price rising to the $35,000-$40,000 region by the end of the year.”
*This is not investment advice.
