Cryptocurrencies up after Bitcoin ETFs, Ripple ruling fade

Bitcoin added 0.44 per cent to $29,919.68, according to CoinMarketCap data

Bitcoin rose on Thursday, along with most other top cryptocurrencies, but the crypto has lost much of its support at the $30,000 level. Investors said buying fervour for Bitcoin has waned following recent gains caused by exchange-traded fund (ETF) applications and Ripple’s favourable court ruling in the case brought by the US Securities and Exchange Commission. Ether retreated.

Bitcoin added 0.44 per cent to $29,919.68, according to CoinMarketCap data. The world’s biggest cryptocurrency wavered near the $30,000 support price earlier during the morning, but is 1.45 per cent lower during the last seven days.

Crypto has been comparatively flat following a series of good news, commented Nick Ruck, the COO of ContentFi Labs. The Bitcoin exchange-traded fund news has been priced in and the market is waiting to see the financial products in action.

The world’s biggest asset manager, BlackRock and a number of other U.S. financial institutions began filing applications for Spot Bitcoin exchange-traded funds from mid-June, helping drive Bitcoin’s price above $31,500 at one time during the past week.

Ruck said that the U.S. court ruling last week in favour of Ripple Labs and its XRP token also helped drive the price gains, but the case is not the end of the regulatory battle because the Securities and Exchange Commission can appeal the case to a higher court.

This case also did not finalize whether XRP and other tokens are securities, but instead added more regulatory confusion on how and when a token can be regarded a security in some cases but not others, he added.

Adrian Wang, the CEO of Metalpha, agreed the hope around XRP and exchange-traded funds seemed to have run out of steam. He commented that XRP had only a partial win as the district court said “institutional sales of the tokens violated federal securities laws.”

Nevertheless, Ripple was the biggest gainer among the top cryptocurrencies Thursday. It climbed 8.02 per cent to $0.8275 and added to a weekly jump of 75.85 per cent.

Other advancers included Cardano, which rose 5.81 per cent to $0.3224 and is up 12.04 per cent for the week. Solana increased 4.67 per cent to $26.53 for a weekly gain of 20.62 per cent.

Ether was the main decliner, with the second biggest cryptocurrency dropping 0.37 per cent to $1,892.30.  However, it is still 1.17 per cent higher in the last week and has added 57 per cent for the year to date.

The total crypto market cap increased 0.01 per cent in the last 24 hours to $1.2 trillion, with trading volume shedding 3.50 per cent to $31.11 billion.