- Ripple’s partial legal triumph sparks a rally, catapulting Bitcoin and other leading cryptos to significant gains.
- As large Bitcoin holders continue to accumulate, the amount of Bitcoin sent to exchanges has been declining.
As Ripple emerges partially victorious from its legal bout against the U.S. Securities and Exchange Commission (SEC), Bitcoin and other major digital assets are experiencing a significant uplift. The leading cryptocurrency, Bitcoin, was recently trading at $31,328, a 3.2% rise within the past 24 hours and reaching a peak of $31,700, a one-year high.
Bitcoin’s Meteoric Rise amid Ripple’s Legal Triumph
The United States District Court for the Southern District of New York deemed that Ripple’s sale of XRP tokens via exchanges and algorithms did not equate to investment contracts. However, it did determine that the institutional sale of these tokens was in breach of federal securities laws. This ruling sent ripples across the crypto sphere, with XRP surging 96% at its peak and prompting a rally among other major cryptos, including Bitcoin.
From languishing between $30,000 and $31,000 for weeks, Bitcoin’s price surged, largely propelled by investor anxieties over potential banking errors to remedy inflation, and anticipation for a substantial price catalyst like the Ripple court decision.
Crypto algorithmic trading platform CoinRoutes’ co-founder and CEO, Dave Weisberger, hailed the Ripple case ruling. He noted its significance in delineating secondary market trading of utility tokens from SEC jurisdiction while preserving their jurisdiction over institutional fundraising. This has implications for crypto exchanges and investors and could provide some relief, especially for tokens like Cardano (ADA) and Solana (SOL) which were recently flagged by the SEC.
Other digital assets, such as Ether, the second-largest cryptocurrency by market value, have also seen remarkable gains, breaking past the $2,000 mark for the first time in three months before slightly retreating. Overall, it’s clear that Ripple’s partial legal victory has injected some much-needed vitality into the crypto market.
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The Changing Landscape of Bitcoin Ownership
Despite the exhilarating ascent of Bitcoin and other cryptocurrencies, there is a rather interesting trend unfolding behind the scenes. Large Bitcoin holders, or “whales,” are steadily accumulating more of the digital currency, while the volume of Bitcoin being sent to exchanges continues to decline.
Short-term holders, in particular, are demonstrating a lower propensity to sell, contributing to the current support for Bitcoin around the $30,000 mark. According to data analytics firm Glassnode, over 83% of these short-term holders are in profit, a substantial figure though reduced from the 99% seen at the start of July.
The activity of these short-term holders offers valuable insight into market sentiment and potential future price movements. With the recent Ripple ruling and ongoing inflation concerns, it will be interesting to see how these dynamics continue to evolve and influence the crypto market at large.
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