• This week on the cryptocurrency market has been a disaster, as Bitcoin’s price plummeted by 7.6% in the past 24 hours alone and the total market capitalization dropped to below $1.1 billion.
• Ethereum, BNB and Ripple’s XRP have also seen considerable losses over the last seven days ranging from 5-20%.
• The SEC has received approval for its request to file an interlocutory appeal against Ripple Labs, which is causing further uncertainty in the market.
This week was a bloodbath for cryptocurrencies as Bitcoin’s price plummeted by 7.6% in the past 24 hours alone, bringing its total losses to above 11% for the week and leading to a wave of liquidations worth over $1 billion in terms of leveraged positions. The volatility wiped off both short and long open interest, and the market is left crumbling. The total market capitalization dropped to below $1.1 billion, losing over $130 million in just 24 hours.
Ethereum is down by 10%, BNB – by 9.7%, while Ripple’s XRP crashed by close to 20% in the past seven days. Out of the top 100 cryptocurrencies, only RUNE and TON are currently trading in green; every other altcoin is seeing considerable losses ranging between 5-25%.
SEC vs Ripple Labs
The decline of XRP might be linked with news that the Securities Exchange Commission (SEC) received approval for its request to file an interlocutory appeal against Ripple Labs – meaning that legal proceedings will continue between these two parties for some time yet with no certain outcome at present.
The situation on cryptocurrency markets has had a significant impact on traders both short-term and long-term: not only were many leveraged positions liquidated during this crash but also bearish sentiment across all cryptos has pushed prices down even further despite any potential upside developments or news releases from individual projects or exchanges/trading platforms alike.
It remains unclear where things go from here but what’s certain that crypto markets are still highly volatile and unpredictable so traders should take precautions when entering into any trades – both short-term or long-term – as well as be aware of possible risks associated with them before doing so