Unlike the previous trading week, which saw fireworks in the face of massive price crashes to multi-month (and year) lows, this one started a lot calmer and went through fewer fluctuations even though it was just as eventful, if not more.
The weekend was expectedly dull as BTC spent it sitting around $84,000 aside from some volatility experienced on Sunday evening after a whale opened a short position and some community members attempted (unsuccessfully) to liquidate them. The first actual breakout attempt came on Tuesday when BTC plunged toward $81,000 but managed to defend that level.
It went on the offensive on Wednesday and especially on Thursday. First, the US Federal Reserve said it will not change the key interest rates, which was expected but created some fluctuations in the crypto market.
The most important news, which was also anticipated by some, came hours later when Ripple CEO Brad Garlinghouse announced that the lawsuit against the SEC is now over as the regulator had decided to drop its latest appeal.
Bitcoin reacted with an immediate surge that pushed it beyond $87,000 during the Thursday morning Asian trading session, marking a two-week peak. However, the asset failed to maintain its run and dropped to $84,000 almost immediately.
It has remained there as of press time, with a market cap of $1.650 trillion and dominance over altcoins at 58.5%. The weekly scale reflects a slight decline for BTC, while SOL, ADA, DOGE, and PI have plunged hard. In contrast, BNB and TRX have posted notable gains, while TON has risen by 24% following Durov’s passport retrieval.
Market Data
Market Cap: $2.832T | 24H Vol: $80B | BTC Dominance: 58.5%
BTC: $83,850 (-1.11%) | ETH: $1,957 (+1.85%) | XRP: $2.37 (+0.7%)
This Week’s Crypto Headlines You Can’t Miss
Plunge to $44K or Surge to $112K: Bearish and Bullish Bitcoin Price Predictions. Bitcoin’s price stagnation continues for a few weeks, which adds more fuel to the fire of analysts expecting a big move ahead. One such analyst, Ali Martinez, outlined two scenarios—one forecasting BTC dumping to $44,000 and another predicting a surge beyond $110,000.
They Knew? These Wallets Loaded Up on XRP Before Ripple’s SEC Win. Ripple’s victory over the SEC after a four-year legal battle benefited some more than others. XRP whales had piled up substantially in the months leading up to the resolution.
Ripple CEO Pushes for XRP in US Reserves, Keeps IPO Option Alive. Following the landmark SEC announcement, Garlinghouse appeared on Bloomberg to discuss Ripple’s future. He believes an IPO in the U.S. remains a possibility and advocated for XRP to be included in the US crypto strategic reserve.
How Much Do US Interest Rates Really Matter to Crypto? Despite no changes to interest rates in recent FOMC meetings, previous instances show that the central bank’s decisions have significant impacts on BTC’s immediate price movements. However, what are the long-term implications? Find out more here.
Has Bitcoin Really Entered a Bear Market? Analyst Weighs In. Prominent industry figures like CryptoQuant’s CEO, Ki Young Ju, suggested earlier this week that the BTC bull run may have ended, at least for the near future. Another analyst discussed his thoughts on this claim and provided metrics supporting his perspective.
Binance Maintains Over 100% Reserves for 29 Straight Months. Following the FTX incident, the transparency of reserves became crucial for crypto exchanges, with Binance demonstrating its reliability. Recent data indicates that the exchange has maintained over 100% reserves for more than two years now.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Toncoin, and Solana – click here for the complete price analysis.
The post Ripple Wins SEC Case, Fed Refuses to Lower Interest Rates, BTC Price Holds Steady: Your Weekly Recap appeared first on CryptoPotato.
