The post Crypto News Today : Institutional Investors Fuel Crypto Rally; Bitcoin and XRP PriceSurge appeared first on Coinpedia Fintech News
The total crypto market cap edged 2 percent higher towards $2.1 led by Bitcoin (BTC) and Ripple Labs-backed XRP. Following the heightened crypto volatility, more than $215 million was liquidated from the crypto industry in the last 24 hours, mostly involving long trades.
According to the latest crypto data, Bitcoin price rallied nearly 4 percent in the past 24 hours to trade at about $57.1k on Thursday during the early European session. On the other hand, XRP price pumped over 18 percent to trade around 61 cents at the time of this report.
Top Reasons Crypto Rebounded Today
Rising Demand from Institutional Investors
Institutions are buying the dip!In less than 2 days, #Cumberland received 372M $USDT from #TetherTreasury and transferred it to #Coinbase, #Kraken, #OKX, #Binance and #Forwarder.https://t.co/yYuVGPsQjXhttps://t.co/1gyDg1hMJn pic.twitter.com/mH55k0x6PG
— Lookonchain (@lookonchain) August 8, 2024
Amid the heightened fear of further crypto capitulation in the midterm, institutional investors have turned greedy and accelerated their accumulation rate in the recent past. According to the on-chain data analysis provided by Lookonchain, institutional investors have been increasing their purchasing power through depositing stablecoins in different centralized crypto exchanges.
Specifically, Cumberland, a leading provider of liquidity for crypto assets to institutional investors, deposited $372 million, received from Tether’s treasury, to different CEXs led by Binance, Kraken, OKX, and Coinbase.
The US spot Bitcoin ETFs registered a net cash inflow of about $45 million while the spot ETH ETF recorded an outflow of about $24 million.
Meanwhile, Metaplanet announced that it has secured ¥1 billion, for a 0.1 percent APR loan, to fund additional purchases of Bitcoin.
Final Ruling on SEC vs Ripple Case
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
The final ruling by US District Judge Analisa Torres on the SEC vs Ripple case has shed much-needed light on the entire crypto industry. Although the ruling much focused on XRP sales, Ripple’s CEO Brad Garlinghouse indicated that it was a major victory for the entire industry.
