The historic ruling in the Ripple case has led to a sharp rise in the cryptocurrency market. The leading cryptocurrency, Bitcoin (BTC), has managed to surpass critical resistance levels in a short period of time. Meanwhile, this surge in the crypto market has also resulted in a significant increase in volatility. According to Coinglass data, approximately $230 million worth of short and long positions were liquidated in the past 24 hours.
The Impact of the Rise in the Crypto Market
Following the historic ruling in the Ripple case, the cryptocurrency market gained strong momentum. XRP, which approached the $0.9 level yesterday evening and initiated a powerful rally, led the surge in the crypto market. In addition to the rise in XRP, high percentage value increases exceeding 20% were recorded in ADA, SOL, and MATIC.
On the other hand, the leading cryptocurrency Bitcoin (BTC), which surpassed the $31,500 price level yesterday evening, fell below $30,100 along with the value losses it has experienced since then. Ethereum (ETH), which exceeded $2,000 during the day, is currently trading at around $1,915 as of the time of writing.
Liquidations Exceeding $230 Million
The historic ruling in the Ripple case, along with other recent developments, has significantly increased volatility in the cryptocurrency market. According to Coinglass, approximately $230 million worth of short and long positions were liquidated in the past 24 hours.
Among the total liquidated amount of $230 million, BTC positions accounted for the largest share with approximately $55 million. Following BTC positions, ETH and XRP were the cryptocurrencies with the highest amounts of liquidations. Additionally, more than 70,000 traders had their short and long positions liquidated in the past 24 hours.
