Bitcoin Dips to $30k: $245 Million Liquidated in 24 Hours

• Bitcoin’s rally on Thursday, following a judge’s ruling in SEC V. Ripple, was short-lived and the price quickly fell back to $30,000.
• The volatility triggered $245 million in liquidations across the entire crypto market in the last 24 hours.
• XRP briefly returned to crypto’s top 4 largest assets yesterday, but has already slid by 13% with other assets like Cardano (ADA) and Polygon (MATIC) cooling off by 5% and 7.5% respectively.

Bitcoin Slides Back to $30k

Bitcoin (BTC) quickly fell back to $30,000 on Friday as market hype surrounding a recent court ruling on XRP has begun to fade. This caused $245 million in liquidations across the entire crypto market in the last 24 hours.

SEC V. Ripple Ruling

The ruling occurred after a three-year-long wait with the judge deciding that most XRP transactions including those on secondary markets and exchanges are not securities transactions. This prompted exchanges such as Gemini and Coinbase to immediately relist XRP causing its price to jump 75%.

Impact On Other Assets

XRP returned briefly returned to crypto’s top 4 largest assets yesterday however it soon slid by 13%. Other assets such as Cardano (ADA) and Polygon (MATIC) also cooled off by 5% and 7.5%, respectively. Both of these assets were named as securities during the SEC’s lawsuit against Coinbase last month which may have been impacted by Judge Torres‘ ruling on XRP.

Yearly High Reached

Despite all this volatility Bitcoin touched a yearly high of $31,700 while Ether raced above $2000 for a brief period of time before falling back down again.

Conclusion

The overall effect from this recent court ruling is still yet to be seen with prices continuing to fluctuate over the next few days as traders digest all this new information..