Bitcoin and the rest of the cryptocurrency market made significant gains after Ripple scored a victory against securities regulators on July 13.
As of 8:30 pm UTC, Bitcoin (BTC) had gained 4.3% in 24 hours, reaching a market value of $31,594.31 and a market capitalization of $613.8 billion. That change represents a high in more than a year, as the asset has not seen comparable prices since June 2022.
Meanwhile, Ethereum (ETH) gained 6.9% in 24 hours for a market capitalization of $239.8 billion. Its price briefly exceeded $2,000.
Those gains were likely influenced by the outcome of a legal case between Ripple and the US Securities and Exchange Commission in which courts ruled that Ripple’s XRP sales are not securities. XRP itself gained 73% in 24 hours to reach a market capitalization of $42.6 billion, making it the fourth largest cryptocurrency today.
At least two major crypto exchanges, Coinbase and Gemini, have decided to list or are considering listing XRP following Ripple’s legal victory. Those decisions could further support the XRP token price.
Three coins named in unrelated SEC cases against Coinbase and Binance are also among the biggest gainers today: Cardano (ADA) is up 19.5%, Solana (SOL) is up 17.3%, and Polygon (MATIC) is up. 17.8%. Those gains may be driven by more general optimism that cryptocurrency firms may win cases against regulators.
Several other assets have also seen gains. Stellar (XLM), which has early ties to Ripple but is otherwise an independent project, returned 62.4% gains. The entire crypto market has gained 6.5% in 24 hours for a total market capitalization of $1.3 trillion.
Liquidations reach $236 million
Meanwhile, the crypto market recorded $238.37 million in liquidations over a 24-hour period. That total includes $52.01 million of long payoffs and $186.36 million of short payoffs. About 66,800 merchants were liquidated in total.
Settlements for July 13, 2023, via CoinGlass
Three assets saw the most liquidations. Bitcoin saw $55.67 million in liquidations, Ethereum saw $37.81 million in liquidations, and XRP saw $47.97 million in liquidations.
Binance was responsible for $85.88 million in liquidations, while OKX was similarly responsible for $68.74 million in liquidations. Together, those two exchanges were responsible for roughly two-thirds of all settlements in the cryptocurrency market.
Several other exchanges, including Bybit, Huobi, and CoinEX, were responsible for the rest of those selloffs, as shown below:
Exchange settlements for July 13, 2023, via Coinglass
The events of the day represent rare positive news amid the latest bear market for the crypto industry. Although the broader implications of the Ripple case are still unclear, the latest developments seem to have generated optimism among cryptocurrency investors.
This post Crypto Markets Are Booming After Historic XRP Failure; BTC and ETH break critical barriers at 31k and 2k
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