Bitcoin's rally on Thursday following a judge's ruling in SEC V. Ripple has proven to be short lived.
Bitcoin (BTC) quickly fell back to $30,000 on Friday as market hype surrounding the court’s recent ruling on XRP has begun to fade.
The volatility has triggered $245 million in liquidations across the entire crypto market in the last 24 hours, according to CoinGlass.
Most liquidations occurred across a combination of BTC, Ether (ETH), and XRP trades.
XRP exploded 75% on Thursday after a judge delivered summary judgment in its lawsuit against the U.S. Securities and Exchange Commission (SEC) after a three-year-long wait.
The judge ruled that most XRP transactions, including those on secondary markets and exchanges, are not securities transactions. This ruling prompted exchanges like Gemini and Coinbase to immediately relist XRP.
While XRP briefly returned to crypto’s top 4 largest assets yesterday, it’s already back down to rank 5, having slid by 13% on the day.
The surrounding crypto market also rallied yesterday, with Bitcoin touching a yearly high of $31,700, and ETH briefly racing above $2000.
Assets like Cardano (ADA) and Polygon (MATIC), both of which rallied over 20% on Thursday, have also cooled off by 5% and 7.5% respectively. Both assets were named as securities in the SEC’s lawsuit against Coinbase last month and may be impacted by Judge Torres’s latest ruling on XRP.
Despite the volatility, Bitcoin dominance remains above 50%, according to TradingView.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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