The crypto market has quietly hovered above $2 trillion for two days. This might be a base formation followed by rising momentum as the market rebounds from the early August shock sell-off. Since BTC and ETH are tied to institutional holders, this sell-off is strongly related.
XRP returned to $0.60, its historical support line. Price rose 28% in a few hours on Wednesday night after the SEC's judgment. Price is back above 50- and 200-week averages and 40% above Monday's low.
Binance listing boosts Toncoin over 10% in 24 hours. At $6.38, the currency is back to its August 2nd highs and rebounding quicker than other big rivals.
Bitcoin and Ethereum's performance should be monitored despite these high-profile positive headlines. They may establish the bitcoin market's mood and indicate worldwide risk appetite, signaling stock sentiment changes.
The court imposed a $125 million punishment against Ripple, 94% less than the SEC's first proposal. This benefits Ripple, the industry, and the law. Ripple CEO Brad Garlinghouse claimed the SEC no longer opposes XRP.
Bitcoin won't be affected by the next US president, according to BitMEX co-founder Arthur Hayes. Due to conventional banking sector reluctance, he believes no government would construct initial cryptocurrency reserves.
Over the previous 30 days, CryptoQuant CEO Ki Yoon Ju determined that long-term investors in the first cryptocurrency had added 404,448 BTC ($23 billion) to their wallets. He believes organizations, huge enterprises, and governments in numerous nations will invest in digital gold in Q3.
The CryptoQuant CEO said miners' surrender is virtually complete, the hash rate is nearing an all-time high, and it will likely stay constant. Each BTC costs $43,000 to mine in the US.
Jump Trading successfully withdrew 11,500 ETH worth $29 million from Lido Finance's liquid staking platform. The business and Jump Crypto's activities contributed to the market drop, according to some analysts.
