Bitcoin closes below $30,000, XRP rises 8% from the previous day

Macroeconomics and financial markets

In the US NY stock market on the 18th, the Dow Jones Industrial Average rose 366 dollars (1.0%) from the previous day to 34,951 dollars, and the Nasdaq Index closed at 108 points (0.76%) higher.

Microsoft, which has partnered with open AI “ChatGPT”, has announced the provision of interactive artificial intelligence (AI) for companies, and IT giant Meta (formerly Facebook) has announced the expansion of its partnership with Microsoft and large-scale language model “Llama 2” by utilizing the cloud computing platform.

Earnings of financial giants are also supporting the market.

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, the Bitcoin price fell 0.37% from the previous day to 1 BTC = 30,056 dollars.

Bitcoin closes below 30000 XRP rises 8 from the previous

BTC/USD daily

It fell to $29,500 at one point, and the closing price on the 18th fell below the $30,000 level.

Crazzyblockk, an analyst at data analytics firm CryptoQuant, said that “short-term interest in Bitcoin is declining.”

The festive mood has subsided following the verdict of the Ripple trial, which was in dispute with the Bitcoin ETF (exchange-traded fund) applied for by BlackRock, the largest asset management company, and the US SEC (Securities and Exchange Commission). A series of bad news from last year and a prolonged bearish trend suggest that the market is still in a state of skepticism.

Coinbase CEO Bryan Armstrong, who faces a lawsuit from the SEC for violating securities laws, will hold closed-door discussions with Democrats in the U.S. House of Representatives on Tuesday, Bloomberg reports, on multiple topics including crypto regulation, digital asset legislation and national security issues.

The SEC shook up the cryptocurrency industry by filing a lawsuit against Coinbase in June this year, declaring many major altcoins such as Cardano (ADA), Solana (SOL), and Polygon (MATIC) as securities.

connection:Coinbase CEO to meet with Democrats

On the other hand, XRP, which soared in response to a district court ruling that it did not fall under the securities and investment contracts claimed by the SEC, immediately after the surge, sold more than 10% in a reactionary fall, but it rose 8% compared to the previous day. BTC was down 0.37% from the previous day and ETH was down 0.01% from the previous day.

According to coindesk, David Lawant of Falcon X, an institutional cryptocurrency exchange, said that after Ripple’s partial victory and the relisting of XRP on U.S. exchanges, crypto funds (virtual currency) that had been holding off buying and selling could now add XRP to their portfolios, which may be creating buying pressure.

If the institutional investors and market makers who withdrew after filing the lawsuit return, liquidity can be expected to recover.

In the bullish trend of 2021, Bitcoin (BTC) and Ethereum (ETH) soared to several times the record highs of the “first cryptocurrency bubble” recorded from December 2017 to January 2018. XRP, which had been fighting with the SEC over securities issues, peaked at half the price level without renewing its 2017 high.

connection:What is an exchange traded trust “Bitcoin ETF” | Why the application of BlackRock attracts attention

connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?

Click here for a list of market reports published in the past

The post Bitcoin closes below $30,000, XRP rises 8% from the previous day appeared first on Our Bitcoin News.

Source link

About The Author

Scroll to Top