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Ripple Soars 50% on SEC Trial News While Crypto Markets Shed $40 Billion: This Week’s Recap

Ripple Soars 50% on SEC Trial News While Crypto Markets Shed $40 Billion: This Week’s Recap

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The last seven days were quite painful for the cryptocurrency market, with most of it going well in the red. This resulted in a loss of $40 billion from a total capital closer to $900 billion. The most obvious outlier here is Ripple’s XRP, which rose a whopping 50%. Let’s dismantle.

The price of Bitcoin is currently just under $19,000, down 5.7% from last week. Seven days ago, it was trading around $19,500 and even managed to pull above $20,000 on Sunday, but the bears quickly intercepted and pushed BTC back towards $18,500.

From there, the cryptocurrency made another attempt at recovery, but the Fed’s decision to raise interest rates again moved the market south, and BTC was found again at roughly the same level at $18,500. Since then, the cryptocurrency has not recovered.

Most altcoins are also making significant losses, with ETH leading the way, down more than 12% weekly. It seems that the merger did not have a positive effect on its price, at least for now. However, the most obvious anomaly is XRP, which managed to gain a whopping 50% in the last seven days.

This happened mainly because the lawsuit with the US Securities and Exchange Commission is nearing a decision and it seems that the market is pricing in a positive resolution. Earlier this week, both Ripple Labs and the SEC filed motions seeking an immediate ruling, and a ruling could come in the next couple of months.

Elsewhere, another notable event was Nasdaq’s launch of cryptocurrency services focused on institutional investors. Nasdaq remains one of the largest exchanges, and its commitment to crypto studies is being interpreted as a sign that big money is still interested in the asset class.

However, given the macro headwinds and the general restlessness and uncertainty in the broader markets, it will be very interesting to see how the next few months play out.

Market data

Market cap: $940 billion | 24H Vol.: $81 M | BTC dominance: 37.4%

BTC: $18,701 (-5.7%) | ETH: $1,289 (-12.4%) | ADA: $0.45 (-3%)

Nasdaq launches cryptocurrency service aimed at institutional investors. One of the world’s leading exchanges is officially entering the cryptocurrency market. The services giant recently announced the creation of a new unit dedicated to the growing cryptocurrency industry.

SEC Seeks to Seize All Ethereum Transactions in SPRK Suit (statement). The US Securities and Exchange Commission may seek to seize all Ethereum transactions. This becomes clear after their claims in the recent lawsuit filed against the 2018 ICO.

Michael Saylor sees Bitcoin trading at $69,000 in the next four years. Michael Saylor, one of Bitcoin’s most vocal proponents and CEO of intelligence firm MicroStrategy, said he sees BTC trading at $69,000 in the next four years. It’s also worth noting that his company recently bought another $6 million worth of cryptocurrency.

JPMorgan CEO Opposes Crypto Again, Calls Bitcoin a Decentralized Ponzi Scheme. Jamie Dimon, CEO of multinational investment bank JP Morgan, reiterated his negative stance on the broader cryptocurrency industry, saying he is a major critic and that Bitcoin is a decentralized Ponzi scheme.

Kraken CEO Jesse Powell is stepping down after more than a decade. Jessee Powell, founder of major cryptocurrency exchange Kraken, is stepping down as CEO after spearheading the company for more than a decade. However, Powell is also the largest shareholder, and he continues to be the chairman of the company’s board.

Bitcoin falls to $19,000 after Federal Reserve announces 75 BPS interest rate hike. Based on the total market capitalization of the primary cryptocurrency, its price fell to $19,000 after the US Federal Reserve announced another interest rate hike – this time by 75 basis points. The entire market is going through a lot of volatility.


This week we have chart analysis of Ethereum, Ripple, Cardano, Solana and Binance Coin – click here for full price analysis.

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