The digital currency markets have seen some volatile action this week, and in the past 24 hours following the XRP fees, some coins have lost high value. At the time of writing, the entire crypto-economy is worth $ 629 billion. With XRP losing so much of its value, Bitcoin’s dominance index has risen above the 68% mark.
The US Securities and Exchange Commission recently filed a lawsuit against Ripple Labs Inc. and two of its executives. According to the US regulator’s complaint, Ripple Labs “raised over $ 1.3 billion through an unregistered, ongoing offering of digital asset securities.” Since then, the price of XRP has fallen like a rock, losing nearly 40% in the last 24 hours of trading sessions since the SEC announced. The XRP slump also dragged down a number of other crypto assets during the December 23rd trading sessions.
Bitcoin (BTC), on the other hand, has done well despite the regulatory measures against Ripple Labs. BTC is currently trading $ 23,796 per coin and is up 1.5% on the last day. Seven-day statistics show that BTC has gained more than 11% in the past three months of trading, over 29% in the 30 days, and up 120%. The market dominance of BTC compared to the more than 7,500 coins in existence is 68% today, which is higher than it has been for quite some time. Currently, BTC captures $ 442 billion of the $ 629 billion market cap for crypto-economy.
Ethereum (ETH) is trading for $ 612 per ether and the token is down after taking some losses early on Wednesday morning. The market capitalization of ETH is around 69 billion US dollars at the time of publication. Market statistics show that XRP trades for $ 0.33 per unit and is still down 30% since its first drop. XRP’s market cap has dropped to $ 15.4 billion, and the market is now below Tether’s total valuation (USDT) of over $ 20 billion.
Litecoin (LTC) is far 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 capitalization of around $ 7.25 billion. The crypto asset LTC is still up over 20% in the past seven trading days. Bitcoin Cash (BCH) is down over 6% today and is trading at $ 296 per unit at the time of publication. BCH has an overall market valuation of around $ 5.52 billion and the crypto asset is up 38% in the past 90 days.
While many analysts have been watching the crypto markets very closely, waiting for a major correction or a higher rally. Trader Crediblecrypto told its 87,000 followers that it expects Bitcoin (BTC) to climb higher before the next big correction. “I’m optimistic about BTC here,” he tweeted. “I don’t think this is THE fix everyone is waiting for. That’ll come a little later, IMO. “
BTC / USD chart from popular trader Crediblecrypto, released December 22, 2020.
Over the past 24 hours, onchain statistics from Cryptoquant and Glassnode show a number of aggregated inflows to exchanges such as Binance, Bithumb and Gemini. Since the XRP announcement, the inflow signals have been flashing in the beta warnings from Cryptoquant on Telegram.
However, Glassnode’s statistics from its weekly onchain report show that BTC’s “reserve risk” was “extremely low, even though the price has surpassed its all-time high”. The Glassnode report also discussed the entity-adjusted SOPR downward revision of the crypto-asset.
“BTC’s recent downward revision of entity-adjusted SOPR was indeed a signal of an approaching upward trend,” the report said. “The downtrend has now reversed, suggesting that the sideways movement of BTC below $ 20,000 is well behind us and the new support levels will remain above $ 23,000 for the time being.”
Meanwhile, XRP has taken the brunt of the last day’s losses, and the digital currency is also on the brink of delisting. For example, the OSL trading platform in Hong Kong stopped XRP trading, and the US crypto exchange Beaxy is doing the same. The sale of unregistered securities makes Ripple and the XRP cryptocurrency legally dubious and therefore puts Beaxy’s users at risk, “the exchange said on Wednesday morning. “In a constantly evolving regulatory landscape, Beaxy Exchange strives to adapt to developments as quickly as possible.”
Beaxy’s Operations Director, Naeem Master, further stated:
The SEC and Ripple Labs have been discussing the legal status of XRP for years. So the news of SEC charges against Ripple is not unexpected. However, Beaxy Exchange is obliged to comply with legal regulations as a matter of priority. In this case, it means stopping all XRP trading on Beaxy.
While some crypto assets have felt the brunt of the XRP storm, some digital currencies have done well. Peerplays (PPY) are up 198%, Zilliqa (ZIL) is up 16% and the population (PPT) is up over 14% today. XRP suffered the most losses, but coins like Golem (GNT -19%), Time New Bank (TNB -17%), Moosland (MOC -17%) and Iot Chain (ITC -16%) also saw decent percentage losses.
What do you think of the recent action in the crypto market after XRP suffered some deep losses after SEC fees? Let us know what you think on this matter in the comments section below.
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BCH, Beaxy Exchange, BTC, crypto assets, cryptoeconomics, Cryptoquant, ETH, stock exchanges, glass nodes, inflows, LTC, markets and prices, osl, Ripple Labs, SEC versus Ripple, Tether, USDT, XRP, XRP crash
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