Digital currency markets have seen volatile action this week and in the last 24 hours following XRP charges a number of coins have lost a lot of value. At the time of publication, the entire crypto economy is valued at $ 629 billion and because XRP has lost so much value, the Bitcoin Dominance Index has passed the 68% mark.
Most recently, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc. and two of its executives. According to the US regulator’s complaint, Ripple Labs “has raised more than $ 1.3 billion through an unregistered and continuous offering of digital asset securities.” The price of XRP has since fallen like a rock, losing nearly 40% in the last 24 hours of trading sessions since the SEC announcement. The plunge in XRP also brought down a number of other crypto-assets during trading sessions on December 23.
Bitcoin (BTC), meanwhile, is doing well despite regulatory action against Ripple Labs. BTC is currently trading $ 23,796 per coin and is up 1.5% in the last day. Seven-day statistics show that BTC has gained over 11%, over 29% for the 30-day period and 120% in the last three months of trading. The dominance of the BTC market over the more than 7,500 coins in existence is 68% today, which is higher than for some time. Currently, out of the crypto-economy’s market cap of $ 629 billion, BTC captures $ 442 billion.
Ethereum (ETH) is trading at $ 612 per Ether and the token is down after suffering losses in early morning trading sessions on Wednesday. ETH’s market cap hovers around $ 69 billion at the time of publication. Market statistics show that XRP is trading $ 0.33 per unit and is still down 30% since its initial fall. XRP’s market cap has fallen to $ 15.4 billion and the market is now below Tether’s overall valuation (USDT) of over $ 20 billion.
Litecoin (LTC) was hit much less than most other crypto assets in the economy today after the XRP announcement. LTC trades $ 109 per coin and has a market cap of around $ 7.25 billion. The LTC crypto asset is still up more than 20% in the last seven trading days. Bitcoin Cash (BCH) is down over 6% today and is trading at $ 296 per unit at time of publication. BCH has an overall market valuation of around $ 5.52 billion and crypto assets have grown 38% in the past 90 days.
While many analysts are watching the crypto markets very closely and expecting a big correction or a higher rally. The merchant Crediblecrypto told his 87,000 subscribers that he expected bitcoin (BTC) to climb higher before the next big correction. “I’m bullish on BTC here,” he tweeted. “I don’t think this is THE correction everyone is expecting. This will come a little later IMO. “
Over the past 24 hours, on-chain statistics from Cryptoquant and Glassnode show a number of aggregate entries to exchanges such as Binance, Bithumb and Gemini. Since the announcement of XRP, beta alerts from Cryptoquant on Telegram have flashed the entry signals.
However, Glassnode’s statistics from the weekly channel report indicate that BTC’s ‘reserve risk’ has been ‘extremely low despite the price surpassing its previous all-time high.’ Glassnode’s report also discussed the crypto asset entity’s downward correction to the SOPR.
“BTC’s recent downward correction in the entity-adjusted SOPR was indeed a sign of an approaching uptrend,” the report notes. “The downtrend has now reversed, suggesting that BTC’s sideways move below $ 20,000 may well be behind us, with new support levels remaining above $ 23,000 for now. “
Meanwhile, XRP has taken the brunt of the losses over the past day and the digital currency is also in danger of dropping from the list. For example, the Hong Kong OSL trading platform had suspended XRP trading and the American Beaxy crypto exchange do this as well. Selling unregistered securities makes Ripple and the XRP cryptocurrency legally dubious and therefore endangers Beaxy users, ”the exchange said Wednesday morning. “In a constantly changing regulatory landscape, Beaxy Exchange strives to adapt as quickly as possible to changes.”
Beaxy’s COO Naeem Master further said:
The SEC and Ripple Labs have debated the legal status of XRP for years. News of the SEC’s accusations against Ripple is therefore not unexpected. That being said, Beaxy Exchange has an obligation to operate with regulatory compliance first. In this case, that means stopping all XRP trading on Beaxy.
While some crypto assets have taken the brunt of the XRP storm, a number of digital currencies have performed well. Peerplays (PPY) gained 198%, zilliqa (ZIL) jumped 16% and populous (PPT) is up over 14% today. XRP suffered the most losses, but coins like the golem (GNT -19%), time new bank (TNB -17%), mossland (MOC -17%) and the iot chain (ITC -16% ) also suffered decent percentage losses. .
What do you think of the recent crypto market action after XRP suffered heavy losses as a result of the SEC fees? Let us know what you think of this topic in the comments section below.
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