Ripple Soars 50% on SEC Trial News While Crypto Markets Shed $40 Billion: This Week’s Recap

The past seven days have been quite painful in the cryptocurrency market as most are trading well in the red. This resulted in the loss of $40 billion from the total capitalization, which is close to $900 billion. The most obvious outlier in this is Ripple’s XRP, which soared 50%. Let’s unpack

The price of Bitcoin is currently just below $19,000, down 5.7% in the past week. Seven days ago, it was trading around $19,500 and even managed to break above $20,000 on Sunday, but the bears quickly intercepted and pushed BTC back towards $18,500.

From there, the cryptocurrency made another attempt at a recovery, but the Fed’s decision to raise interest rates again sent the market south, and BTC once again found itself around the same level at $18,500. Since then, the cryptocurrency has not been able to recover.

Most altcoins are also seeing significant losses, with ETH leading the way, down more than 12% on the week. The merger doesn’t seem to have had a positive impact on its price, at least for now. However, the most obvious outlier remains XRP, which managed to rise 50% in the past seven days.

This happened mostly because the trial with the US Securities and Exchange Commission is nearing a decision and the market appears to be pricing in a positive settlement. Earlier in the week, both Ripple Labs and the SEC filed motions for an immediate decision, and a decision could come as soon as the next few months.

Elsewhere, another significant development was Nasdaq launching cryptocurrency services focused on institutional investors. The Nasdaq remains one of the largest exchanges, and its participation in crypto is interpreted as a sign that money is still interested in the asset class.

However, given the macro headwinds and general malaise and uncertainty in the broader markets, it will be very interesting to see how the coming months play out.

Market data

Market Cap: $940 Million | 24 Hour Flight: $81 Million | BTC Domain: 37.4%

BTC: $18,701 (-5.7%) | ETH: $1,289 (-12.4%) | ADA: $0.45 (-3%)

Nasdaq launches cryptocurrency service focused on institutional investors. One of the world’s leading stock exchanges will officially enter the cryptocurrency market. The services giant recently announced that it will create a new unit dedicated to the growing cryptocurrency industry.

SEC Is Seeking To Take Authority Over All Ethereum Transactions With SPRK Suit (Opinion). The US Securities and Exchange Commission could be seeking authority over all Ethereum transactions. This is clear after their argument in a recently filed lawsuit against a 2018 ICO.

Michael Saylor sees Bitcoin trading at $69,000 in the next four years. Michael Saylor, one of Bitcoin’s most vocal advocates and CEO of intelligence firm MicroStrategy, said he sees BTC trading at $69,000 within the next four years. It’s also worth noting that his company recently bought another $6 million worth of the cryptocurrency.

JPMorgan CEO Calls Out Crypto Again, Calls Bitcoin Decentralized Ponzi Scheme. Jamie Dimon, CEO of multinational investment bank JP Morgan, reiterated his negative stance on the broader cryptocurrency industry, saying he is a major critic and that Bitcoin is a decentralized Ponzi scheme.

Kraken CEO Jesse Powell is stepping down after more than a decade. Jessee Powell, the co-founder of leading cryptocurrency exchange Kraken, is stepping down as CEO after leading the company for more than a decade. However, Powell is also the largest shareholder and will remain chairman of the company’s board.

Bitcoin falls to $19,000 as Federal Reserve announces 75 BPS rate hike. The leading cryptocurrency by total market cap saw its price drop to $19,000 as the US Federal Reserve announced another rate hike, this time by 75 basis points. The entire market experienced high volatility.

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This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana and Binance Coin – click here for the full price analysis.