Ripple up 50% in SEC test news as cryptocurrency markets lose $40 billion: Briefing this week

The past seven days have been very painful in the cryptocurrency market with most of them trading well in the red. This has resulted in a loss of $40 billion of the total capitalization approaching $900 billion. The most visible of this is Ripple’s XRP which is up 50%. Let’s unpack.

Bitcoin is currently just under $19,000, down 5.7% in the past week. Seven days ago, it was trading around $19,500 and even managed to cross $20,000 on Sunday, but the bears quickly rose and pushed BTC back towards $18,500.

From there, the cryptocurrency made another attempt to recover, but the Fed’s decision to raise interest rates again sent the market south, and BTC once again found itself at roughly the same level of $18,500. Since then, the cryptocurrency has failed to recover.

Most altcoins are also drawing significant losses, with ETH in the lead, down more than 12% weekly. The merger appears to have failed to positively impact the price, at least for the time being. However, the most obvious external factor is XRP, which has managed to surge by a whopping 50% in the past seven days.

This was mostly because the lawsuit with the US Securities and Exchange Commission is about to make a decision, and the market appears to be pricing in a positive settlement. Earlier this week, Ripple Labs and the SEC submitted proposals for an immediate ruling, and a ruling could come as soon as the next few months.

Another significant event was the fact that Nasdaq introduced cryptocurrency services focused on institutional investors. Nasdaq remains one of the largest exchanges, and its involvement in cryptocurrencies is interpreted as a sign that big money is still interested in the asset class.

However, given the overall headwinds, general anxiety and uncertainty in the broader markets, it will be very interesting to see how the coming months unfold.

market data

Market capitalization: $940 billion | 24 hour volume: $81 billion | Bitcoin dominance: 37.4%

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

Nasdaq launches cryptocurrency service with focus on institutional investors. One of the world’s leading exchanges will officially enter the cryptocurrency market. The services giant recently announced that it will create a new unit dedicated to the growing cryptocurrency industry.

SEC aims to take over all Ethereum transactions in SPRK Suit (opinion) The US Securities and Exchange Commission may want to control all Ethereum transactions. This becomes clear after their controversy in a recent lawsuit filed against ICO 2018.

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

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

Kraken CEO Jesse Powell is stepping down after more than a decade. Jesse Powell, co-founder of major cryptocurrency exchange Kraken, will step down as CEO after leading the company for more than a decade. However, Powell is also the largest shareholder, and will continue to be the company’s chairman.

Bitcoin price dropped to $19,000 as the Federal Reserve announced a 75 basis point interest rate hike. The primary cryptocurrency by total market capitalization saw its price drop to $19,000 as the US Federal Reserve announced another rate hike – this time by 75 basis points. The entire market has undergone great fluctuations.

Schedule

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

Ripple up 50% in SEC test news as cryptocurrency markets lose $40 billion: A brief report appeared this week for the first time on CryptoPotato.

Leave a Comment