2023-07-15 02:33:53
Affected by the U.S. court’s ruling that Ripple’s sale of XRP on the exchange is not an illegal security, the overall market ushered in a rapid rise. However, Bitcoin’s selling pressure emerged in the early morning, and XRP, which once fell below $30,000 once more and had a strong rally, also ushered in a correction of regarding 25%.
(Previous summary: Ripple won the lawsuit, don’t be too happy! The lawyer warned that “the verdict is still beneficial to the SEC” and will appeal once more soon)
(Supplementary background: The whole line is rising! Ethereum breaks through 2020 US dollars, XRP wins the lawsuit, pushing SOL, MATIC, ADA.. up by more than 20%)
The cryptocurrency market was affected by the good news yesterday that a U.S. judge judged that Ripple’s sale of XRP on the exchange was not an illegal security. Except that XRP once soared by nearly 100%, leading all tokens previously listed as securities by the SEC, such as SOL, In addition to Matic and ADA synchronous pull-ups.
The price of Bitcoin also hit a new high in a year yesterday, reaching a maximum of 31,800 US dollars, while Ethereum broke through 2,030 US dollars.
Bitcoin once once more fell below $30,000
But it is a pity that the follow-up of the market is weak. The price of Bitcoin began to plunge around 1:00 a.m. today (15th), and began to fall rapidly from around 31,200 US dollars. down 3.3%.
The price of Ethereum also fell below $1,900 at one point, with the lowest reported at $1,898. Before the deadline, it was currently at $1,929, a drop of 4.1% in the past 24 hours.
Bitcoin price crashes in the early morning
According to coinglass Data Displaywith the overall decline of the market, the 24-hour network-wide liquidation amount reached 191 million US dollars, of which long position liquidation was 151 million US dollars (accounting for 80%), Bitcoin liquidation ranked first with 47 million US dollars, and Ripple (XRP) ranked first with $21 million came in third.
The entire network 24 hours liquidated 191 million US dollars
Ripple’s positive sentiment has weakened, and XRP has fallen sharply
As for the recent market hotspot XRP, it has also fallen sharply from the high of $0.938 on the 14th. Before the deadline, it was reported at $0.71, a rapid correction of nearly 25%; other related tokens listed as securities by the SEC $SOL, $Matic, $ADA also All receive callbacks synchronously.
Ripple price retreats nearly 25%
As for the follow-up development of the legal battle between Ripple and the SEC? A number of lawyers said that the SEC and Ripple’s judgment does not mean that Ripple has won a big victory. The court still ruled that Ripple’s sales/fundraising behavior to entities violated securities laws and constituted unregistered investment contracts and sales. .
Lawyers for blockchain software company ConsenSys also tweetedExpress opinionalthough the SEC seems to have failed on the surface, there are still factual confirmations for the securities part, so the probability of appeal is very high.
I’d be very surprised if the SEC didn’t immediately appeal to the Second Circuit.
Andrew Kang, co-founder and partner of Mechanism Capital, a blockchain investment institution also on twitterHe published his opinion that Ripple seems to have exhausted its benefits in the short term, implying that the high point has passed.
Andrew Kang Twitter
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1689403686
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