Altcoins witnessed an extraordinary surge in value following Ripple’s recent legal triumph against the SEC. The US District Judge Analisa Torres ruled that Ripple did not violate federal securities laws when selling XRP on crypto exchanges. This declaration dealt a blow to Gary Gensler and the SEC, as XRP was legally declared not a security for secondary transactions.
Ripple’s victory had an immediate impact, propelling XRP prices by more than 80%. However, this rally had unintended consequences as bears and short speculators incurred substantial losses, totaling a staggering $273 million.
The crypto market has experienced a surge in liquidations, with nearly $273 million being liquidated in the past 24 hours. Coinglass reports that the majority of these liquidations, approximately $215 million, were short positions, affecting over 80,000 traders.
The largest liquidations occurred in Bitcoin (BTC), Ripple (XRP), and Solana (SOL) short positions. Meanwhile, altcoins enjoyed significant gains due to Ripple’s partial success in its legal battle against the SEC.
Cryptocurrencies targeted by the SEC as alleged securities demonstrated strong performance during the Asian trading session on Friday. Ethereum (ETH) experienced an 8% surge, surpassing the significant psychological threshold of $2,000, a level not seen in three months. Bitcoin (BTC) had a more modest gain of 3.5%, reclaiming the resistance zone just above $31,000.
Ethereum (ETH) exceeded the psychological barrier of $2,000, registering an 8% increase, while Bitcoin (BTC) saw a more moderate 3.5% gain, reaching slightly above $31,400. Altcoins such as Cardano (ADA), also considered a security by regulators, surged by 27% to $0.365, reaching levels not seen since late April. Solana (SOL) recorded a 34% increase, briefly touching $29 before a slight retreat.
As the crypto market experiences unprecedented volatility, the aftermath of the altcoin rally and the resulting liquidations serves as a stark reminder of the risks involved. Traders and investors must carefully navigate the market, armed with knowledge and risk management strategies, to ensure long-term success in this rapidly changing landscape.
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