Bitcoin (BTC) was up 3% at $31,341, while Ethereum (ETH) was above the 2000 level. Meanwhile, Ripple XRP token is up more than 68% at $0.7949.
A US district judge ruled Thursday that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a decision that sent the token's value soaring by as much as 68% in recent years. 24 hours.
โCryptocurrencies experienced an increase in value following a federal judge's decision in the SEC's lawsuit against Ripple Labs, which was seen as a victory for the industry in terms of defining values,โ ZebPay Trade Desk said.
โThe weakening of the US Dollar Index (DXY) further bolstered the strength of the crypto market. Typically, a decline in the DXY corresponds to more positive sentiment towards assets like Bitcoin,โ ZebPay added. Other tokens like Solana and Cardano, which have also faced SEC scrutiny, saw notable gains of around 31% and 26% respectively in the last 24 hours.
The total volume in DeFi is currently at $4.07 billion, 5.85% of the total 24-hour volume of the crypto market. Volume across all stablecoins is now at $61.56 billion, representing 88.58% of the total 24-hour volume of the crypto market. The market capitalization of Bitcoin, the world's largest cryptocurrency, surpassed the $600 billion mark on Friday. Bitcoin dominance is currently at 48.49%, down 1.42% on the day, according to CoinMarketCap. BTC volume in the last 24 hours stood at approximately $25.72 billion, increasing 75.85% in the last 24 hours.
โThese market gains have been triggered by a ruling by a US court that is partly in favor of Ripple. The court has stated that trading XRP between retail investors cannot be termed a sale of โsecuritiesโ. The SEC continues to stand against the ruling and will probably appeal again, but overall this has set a strong precedent for the industry and has resulted in a massive price rally," Part Chaturvedi, investment leader at CoinSwitch Ventures, said.
Rajagopal Menon, Vice President of WazirX, said: "The main market oscillators point to neutral sentiment. The Relative Strength Index (14), one of the key indicators, stands at 66, with a neutral outlook. Stochastic %K (14, 3, 3) and the average directional index (14) is at 71 and 35, respectively, further indicating a neutral market."
"The MACD level (12, 26) at 664 indicates a sell. The Fast Stochastic RSI (3, 3, 14, 14) is at 53 with a neutral indicator, while the Williams percentage range (14) at โ17 indicates sale, Meno added.
Crypto Cart: Fast Look (Source: coinmarketcap.com, data as of 12:20 p.m. IST Jul 14, 2023)
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are my own. These do not represent the views of The Economic Times)
