Digital currency markets have seen this week and in the past 24 hours after XRP costs, a number of coins add a lot of value. At the time of publication, the entire crypto economy is estimated at $ 629 billion and because XRP lost so much value, bitcoin’s dominance index is up above 68%.
Recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc. and two of his executives. According to the US regulator’s complaint, Ripple Labs has “raised more than $ 1.3 billion through an unregistered, ongoing offering of digital assets.” Since then, the price of XRP fell like a rock, lose almost 40% during the last 24 hours of trading sessions since the SEC announcement. The XRP plunge also pulled down a number of other crypto assets during the December 23 trading sessions.
Bitcoin (BTC) on the other hand, it is doing well despite regulatory action against Ripple Labs. BTC currently trades at $ 23,796 per coin and is up 1.5% for the past day. Show seven-day statistics BTC has won more than 11%, more than 29% in the 30 day period and 120% in the last three months of trading. BTCThe market dominance compared to the 7,500+ coins out there today is 68%, which is higher than it has been in a long time. Currently, of the $ 629 billion cryptoeconomy market cap, BTC captures $ 442 billion.
Ethereum (ETH) is trading at $ 612 per ether and the token is down after taking some losses during Wednesday’s early morning trading sessions. ETHThe country’s market capitalization hovers around $ 69 billion at the time of publication. Market statistics show that XRP trades at $ 0.33 per unit and is still down 30% since the first fall. The market capitalization of XRP has fallen to $ 15.4 billion and the market is now below (USDTtotal valuation of more than $ 20 billion.
Litecoin (LTC) is much less affected than most other crypto assets in the economy today after the XRP Announcement. LTC trades for $ 109 per coin and has a market cap of approximately $ 7.25 billion. The crypto asset LTC is still up more than 20% in the last seven trading days. Bitcoin cash (BCH) is down more than 6% today and is trading at $ 296 per unit as of publication. BCH has a total market valuation of approximately $ 5.52 billion and the cryptocurrency is up 38% in the last 90 days.
While many analysts have been watching crypto markets closely and are waiting for a major correction or higher rally. The trader Crediblecrypto told his 87,000 followers he expects bitcoin (BTC) to climb higher for the next big correction. “I am optimistic BTC here, ”he tweeted. “I don’t think this is THE correction everyone is waiting for. That will come a bit later IMO. “
For the past 24 hours, onchain statistics have been from Cryptoquant and Glassnode show some aggregated inflows to exchanges such as Binance, Bithumb and Gemini. Since the XRP announcement happened, Cryptoquant’s beta warnings on Telegram have flashed the influx signals.
However, Glassnode’s stats from the weekly onchain report indicate that BTC‘s’Reserve risk“Is” extremely low despite the price exceeding its previous record high. Glassnode’s report also discussed the downward correction of the crypto asset’s Entity-Adjusted SOPR.
“BTCIndeed, the recent downward correction in Entity-Adjusted SOPR signaled an impending upward trend, ”notes the report. “The downward trend has now reversed, which suggests that BTCThe sideways move below USD 20k may well be behind us, with new levels of support remaining above USD 23k for now. “
Meanwhile, XRP taken on most of the losses of the past day and the digital currency is also being scrapped. For example, the trading platform had OSL in Hong Kong suspended XRP trading and the American crypto exchange Beaxy does this too. The sale of unregistered securities delivers Ripple and the XRP cryptocurrency legally questionable and therefore endangers Beaxy’s users, ”the exchange said Wednesday morning. “In a constantly changing regulatory landscape, Beaxy Exchange strives to adapt to developments as quickly as possible.”
Beaxy’s Head of Operations, Naeem Master further stated:
The SEC and Ripple Labs have debated XRPlegal status for years. So the news of SEC charges against Ripple is not unexpected. That said, Beaxy Exchange has an obligation to work with regulatory compliance as a priority. In this case it means that all trade in XRP on Beaxy.
While some crypto assets have taken the brunt of the XRP storm, a number of digital currencies have performed well. Peer plays (PPY) have gained 198%, zilliqa (ZIL) is up 16% and populous (PPT) is up more than 14% today. XRP suffered the most losses, but currencies such as golem (GNT -19%), time new bank (TNB -17%), mossland (MOC -17%) and iot chain (ITC -16%) also showed significant percentage losses.
What do you think of the recent crypto market action after that XRP suffered deep losses after the SEC allegations? Let us know what you think about this topic in the comments below.
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