Bitcoin Flirts With $27K as Ripple (XRP) Shocks With Unexpected Volatility: This Week’s Crypto Recap

The past seven days were relatively eventful within the cryptocurrency market, especially compared to the previous periods. Almost all of the coins are trading in the green, while the total market capitalization sits at around $1.120 trillion.

Bitcoin’s price is currently trading at around 1.1% more compared to where it was this time last week. Clearly, that’s not much of an excitement, isn’t it? Well, the cryptocurrency did have its ups and downs and it seems that we’re currently in the “ups” period for the past seven days. It had plummeted toward $26K earlier in the week but managed to recover (despite the major hiccups on Wednesday) to where it’s currently trading at.

On Wednesday, the BTC price shot up to around $26,750 (from $26K) only to drop miserably to that level once again. Fortunately for the bulls, yesterday and today, the bulls took control.

Most of the other cryptocurrencies are performing better. Ethereum (ETH) is up around 4%, TRX – about 6%, Solana – around 2.6%, and Chainlink, which is clearly the best performer from the major coins, is up almost 15%.

But there’s one altcoin that stands out in a surprising move today.

Ripple’s XRP shot up by nearly 10% today, increasing to almost $0.55. The move came without a warning and with no clear trigger. The price has since retraced, leaving millions worth of liquidated futures positions.

Ripple’s case with the United States Securities and Exchange Commission has been ongoing and most recently, the SEC Chair Gary Gensler was put under pressure during a Congressional hearing, where he failed to provide precise answers to a multitude of questions.

Meanwhile, speaking of the SEC, the Commission delayed its decision on multiple applications for a spot Bitcoin ETF, including the one filed by BlackRock – the world’s largest asset manager. But in all fairness, that was to be expected, given its stance on the matter so far.

In any case, the week turned out to be positive, as a whole, and it’s very interesting to see if the next seven days have something exciting in store.

Market Data

Market Cap: $1.12B | 24H Vol: $49B | BTC Dominance: 47%

BTC: $26,800(+1.1%) | ETH: $1,666 (+4%) | BNB: $215 (+1.9%)

This Week’s Crypto News You Can’t Miss

SEC Chair Gensler Talks Crypto Regulation and Spot Bitcoin ETF in Congressional Hearing. The Chairman of the US Securities and Exchange Commission – Gary Gensler – continues to bash crypto companies, accusing them of recklessly commingling funds. He also failed to provide direct answers to a number of legal questions when grilled by Rep. Torres.

Crypto Companies Eye European Expansion While Some Plan to Make an Exit. Cryptocurrency-focused companies are considering expanding to the EU because of the more favorable regulations. eToro, Galaxy Digital, and Ark Invest are among those who are exploring these options.

MicroStrategy Resumes Shopping Spree by Buying 5,445 More BTC. The largest corporate holder of BTC – MicroStrategy – has acquired more of it. Now holding almost 160K BTC, the company recently purchased 5,500 bitcoins worth around $150 million.

SEC Delays Review of Spot BTC ETFs: BlackRock, Invesco, and Bitwise Await Approval. The United States Securities and Exchange Commission has delayed a number of applications for a spot Bitcoin ETF. These include filings from BlackRock, Valkyrie, Invesco, and Bitwise.

Gemini Withdrew $282 Million in Crypto from Genesis Before Bankruptcy: Report. According to recent reports, the popular US-based cryptocurrency exchange, Gemini, managed to withdraw some $280 million from their company’s bank – Genesis Global Holdco, in secret prior to its collapse.

Kraken Looks to Move Into The Stock Market: Report. One of the best-known cryptocurrency exchanges in the US, Kraken, is looking to move into the stock market, according to an insider with reported knowledge of the matter. The platform looks to offer stock exchange trading services for the very first time in its history.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Chainlink – click here for the complete price analysis.