There have been several lawsuits by the US Securities and Exchange Commission against Ripple XRP. Due to this complaint, we have witnessed a further fall in the price of Ripple during the last 24 hours. Ripple prices have fallen more than 30 percent in one day due to a complaint by the US Securities and Exchange Commission. Ripple fell 10.91 percent, Orchid fell 5.44 percent, and Xerox dropped 2.31 percent, making the cryptocurrencies losers.
The news of the discovery of a new type of coronavirus in the UK is one of the reasons for this devaluation.
The news comes amid falling prices of other assets such as some altcoins, oil price, US Treasury Bond Interest Rates, Gold price, FTSE 100 Index European, and Nikkei Index 225 Japan.
What was the behavior of Bitcoin in the face of the Ripple event?
Meanwhile, Bitcoin price stabilization coincided with the continuation of the fall of Ripple. Bitcoin is hovering around $ 23,000 after hitting $ 24,000 and falling to $ 22,800.
According to the CoinTelegraph, the price of Bitcoin was corrected after breaking the $ 24,000 resistance for a short time. On 24 December it fell to about $ 22,800, but on December 26, it reached the price of 24,685.
According to market analysts, two options have caused us to witness these events in the market. They are the fear of the Ripple investor community, and the unstable conditions of this cryptocurrency.
Following the volatility and anxious outlook of the Altcoins market, we have seen an increase in the dominance of Bitcoin in the cryptocurrency market. Historically, in December we saw structures that created price peaks, and after this period, the Altcoins performed well.
What has been the price of bitcoin versus the price fluctuation of altcoins?
In addition to Ripple, the US Securities and Exchange Commission has also sued Brad Garlinghouse and Chris Larsen. Many have expressed that if the commission wins in court, we should be concerned about the destruction of the Ripple deal.
The top ten coins performed poorly in the market while the bitcoin price fluctuated. Like other market currencies, Ethereum followed in the footsteps of Bitcoin price fluctuations. Despite the resurgence of the cryptocurrency, Ethereum still performs worse than Bitcoin.
Ethereum, for example, has fallen 5.3 percent in the past 24 hours.
In recent months, we had the peak of the bitcoin market. Huge investments from institutional investors such as Grayscale has played a significant role in that. Gary Skill has previously announced that he has added another $ 285 million to his bitcoins.
What were the reasons for Bitcoin’s upward jump?
The price of Bitcoin on December 26, 2020, was able to break the resistance of $ 25,000. The current price of this cryptocurrency has been accompanied by a slight correction. It is trading in the range of $ 24,832 now.
According to CoinDesk, the price of Bitcoin has continued its upward trend with a jump of 6%. The price of bitcoin has grown by 240% since the beginning of 2020.
The growing interest in bitcoin and the influx of institutional investors and big names into the field, have led to the extraordinary performance of bitcoin. This is the conclusion of many experts and analysts.
Some of the reasons have accelerated the rise in bitcoin price. The $ 25 million investment by SkyBridge Capital, the $ 100 million investment in Massmutual Company, and the billions of dollars of GrayScale are some of them. Earlier, Guggenheim Capital announced that it would invest a maximum of 10 percent of its $ 5 billion investment in gold in bitcoin.