• Bitcoin (BTC) fell back to $30,000 on Friday following a brief rally on Thursday after a judge’s ruling in SEC V. Ripple.
• The volatility triggered $245 million in liquidations across the entire crypto market in the last 24 hours, with most liquidations occurring across BTC, Ether (ETH), and XRP trades.
• XRP exploded 75% on Thursday after a judge delivered summary judgment ruling that most XRP transactions are not securities transactions.
Bitcoin Slides Back to $30k Amid $245 Million in Liquidations
Bitcoin’s rally on Thursday following a judge’s ruling in SEC V. Ripple has proven to be short lived. Bitcoin (BTC) quickly fell back to $30,000 on Friday as market hype surrounding the court’s recent ruling on XRP has begun to fade. The volatility has triggered $245 million in liquidations across the entire crypto market in the last 24 hours, according to CoinGlass .
Liquidation Triggered Across Multiple Assets
Most liquidations occurred across a combination of BTC, Ether (ETH), and XRP trades.
Judge’s Ruling On XRP
XRP exploded 75% on Thursday after a judge delivered summary judgment in its lawsuit against the U.S. Securities and Exchange Commission (SEC) after a three-year-long wait. The judge ruled that most XRP transactions, including those on secondary markets and exchanges, are not securities transactions. This ruling prompted exchanges like Gemini and Coinbase to immediately relist XRP.
Surrounding Crypto Market Impacted
While XRP briefly returned to crypto’s top 4 largest assets yesterday, it’s already back down to rank 5, having slid by 13% on the day. The surrounding crypto market also rallied yesterday, with Bitcoin touching a yearly high of $31,700, and ETH briefly racing above $2000. Assets like Cardano (ADA) and Polygon (MATIC), both of which rallied over 20% on Thursday, have also cooled off by 5% and 7.5% respectively. Both assets were named as securities in the SEC’s lawsuit against Coinbase last month and may be impacted by Judge Torres’s latest ruling on XRP . Despite the volatility , Bit