Bitcoin briefly hit a weekly high of more than $28,000 last Tuesday on a court ruling that required the U.S. SEC to evaluate asset manager Grayscale’s Bitcoin ETF application

Bitcoin rose on Monday morning but stayed below the $26,000 resistance level, giving up much of last week’s gains from a favourable court ruling on Grayscale’s spot Bitcoin ETF application. Ether also remained range-bound at nearly $1,650, while other crypto currencies traded mixed, with XRP leading the advancers and Dogecoin the decliners.

Bitcoin rose 0.30 per cent during the past 24 hours to $25,958.25 and traded 0.46 per cent lower for the week, as per CoinMarketCap data. The token lost control of the $26,000 support level on Friday and wavered near the level over the weekend.

Bitcoin briefly hit a weekly high of more than $28,000 last Tuesday on a court ruling that required the U.S. SEC to evaluate asset manager Grayscale’s Bitcoin ETF application, but soon gave up all the gains after the Securities and Exchange Commission delayed all pending exchange-traded fund applications on Thursday.

While investors might be looking at the Grayscale vs. SEC developments, it feels like the recent price action is linked to activity from the FTX wallets, triggering fear of a potential dump as some (or all) of these assets would be liquidated into fiat for expenses, repaying investors, said Justin d’Anethan, head of Asia-Pacific business development at Keyrock.

Both Bitcoin and Ether’s prices are below their 50-day moving averages of $28,299 and $1,789, indicating bearishness in the prices, Markus Thielen, head of research & strategy at Matrixport, said in a Monday report by Matrixport.

In the past month, the world’s leading stablecoin USDT has shed $1 billion in market capitalisation and consistently traded below the 1:1 peg with U.S. dollars, as per CoinMarketCap data.

Ether added 0.17 per cent to $1,635.19 and was 1.27 per cent lower over the past seven days.

Most other crypto currencies traded mixed over the past 24 hours and moved no higher than 1 per cent. The exception was XRP, which led the advancers by adding 1.07 per cent during the last 24 hours to $0.5048, but remained 3.46 per cent lower for the week.

Dogecoin led the losers, declining 0.62 per cent during the last 24 hours to $0.06315 and stayed flat for the seven-day period.

Toncoin, the native token of Ton network, soared 23.86 per cent during the last week, strengthened by the network’s launch of its new smart contract programming language Tact on August 22.