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The price of the leading cryptocurrency Bitcoin (BTC) has followed a volatile path in recent days, influenced by the false approval of multiple spot BTC ETFs in the United States.
BTC Price Movement
The US Securities and Exchange Commission (SEC) gave the green light to applications from BlackRock, Valkyrie, VanEck, Fidelity, Franklin Templeton, and other financial giants on January 10. Shortly after, the link containing the announcement on the SEC website was removed, leading to confusion and Bitcoin’s price dropping to as low as $45,000.
Moreover, Bitcoin experienced even greater volatility yesterday. The ETFs surged to $49,000, a price last seen at the beginning of 2022, with billions of dollars in cumulative volume. The impressive rally was short-lived, and Bitcoin fell by $3,000, retreating below $46,000.
Ripple’s Network Activity
The total value of liquidated positions exceeded $300 million on a 24-hour scale, causing serious losses to investors using excessive leverage. Ripple’s XRP recently reached a significant milestone, with the number of XRP wallets surpassing 5 million. This achievement followed a significant uptrend throughout 2023. At the beginning of last year, this number was around 4 million.
The increase in XRP wallets suggests growing interest and participation in the Ripple network, which could bolster investor confidence. On-chain metrics have also been solid recently, with the number of XRP transactions staying above the 4 million range since the beginning of 2024. Meme tokens based on Solana, dogwifhat (WIF), and Myro (MYRO), made headlines after significant gains, with the former skyrocketing by 115% over the past seven days and an astonishing 4,800% on a monthly basis. It crossed the $0.30 mark following a Bybit listing a few hours ago but later retreated to the $0.23 level.
