Friday morning in Asia, Bitcoin traded barely altered, but Ether declined along with the majority of the other top 10 non-stablecoin cryptocurrencies by market capitalization.
The U.S. Securities and Exchange Commission (SEC) is suing Ripple Labs Inc., whose payment network is powered by XRP, but XRP was the exception, surging on the basis of favorable developments in the case.
According to CoinMarketCap, during the 24 hours, Bitcoin traded 0.1% higher to US$16,684 while Ether dropped 1.25% to US$1,200.
As the U.S. lobby group Blockchain Association joined other organizations in filing amicus papers to help Ripple in its legal battle with the SEC, the price of XRP increased 1.7% to trade at US$0.38. The Blockchain Association claimed that the SEC’s excessively expansive interpretation of the securities rules will have disastrous implications on the sector (and even outside the sector).
Solana had the worst losses out of all the coins on CoinMarketCap’s list, dropping 4.6% to US$13.62, adding to two weeks of depreciation due to the demise of FTX.com. Investors in Solana are now worried about a reversal in policy by Binance Global Inc., the largest cryptocurrency exchange in the world.