Ripple claim victory with $125 million fine as market volatility steadies
HEIGHTENED trading activity in the crypto markets over the past week seems to be slowing down, as seen by negligible overnight movement in the CoinDesk Large Cap Select Index.
Bitcoin is trading sideways this morning, holding around $57,000, while Ethereum has posted another decline overnight, dropping 3% to $2,400.
The big news of the morning is XRP, which has rallied 17% overnight. This surge follows the conclusion of a four-year-long trial between the Securities and Exchange Commission (SEC) and Ripple, the issuer of XRP.
A judge has imposed a $125 million fine on Ripple and issued a ban on future securities law violations. The SEC had initially requested a $2 billion fine. Ripple has labelled this outcome a victory, with CEO Brad Garlinghouse stating that the court’s decision to reduce the fine by 94% shows that the SEC had "overplayed their hand" adding "The SEC’s headwinds against the whole of the XRP community are gone".
In the Markets
Total crypto market cap
$2 trillion (-0.93%)
What Bitcoin did yesterday
Daily high $57,669 | Daily low $54,598
Bitcoin market capitalisation
$1.13 trillion (+0.9%)
Bitcoin volume
$41.2 billion (-12%)
CoinDesk Large Cap Select Index
+0.52%
The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market.
SP500
-0.77%
Fear and Greed Index
42 (Neutral)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
Bitcoin’s market dominance
57.27
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
Bitcoin Relative Strength Index (RSI)
60.2
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
Post Script…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
