BitcoinWorld

Bitcoin News

Bitcoin Remains Flat As The Majority Of The Top 10 Cryptocurrencies Decline

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. 

On Thursday, the company announced it was suspending withdrawals and deposits for Solana-based versions of popular stablecoins USDT and USDC, only to change its mind a few hours later.

Avatar photo
My Name is Will. I'm a News/Content Writer and SEO Expert. I have good way of using good English construction to write credible articles ranging from News Articles to Creative Writing all around Cryptocurrency Industry. I have actively worked and still working with Crypto startups and have maintained credibility in the Cryptocurrency space.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.