Following the judge’s decision that the sales of XRP by Ripple did not constitute an investment contract, the cryptocurrency market experienced a sharp rise. The leading cryptocurrency, Bitcoin (BTC), soared to levels of $31,400 after recording significant gains within hours.
Bitcoin (BTC) Surpasses Critical Resistance Level
The cryptocurrency market, including XRP, witnessed a sharp increase after the historic decision in the Ripple case. Bitcoin (BTC), the leading cryptocurrency, reached price levels of $31,400 instantly after the value appreciation it recorded in a matter of hours.
The cryptocurrency market gained strong momentum within hours. XRP, which witnessed a rapid surge, reached price levels of $0.84, recording an average increase of 80%. The total market capitalization of the cryptocurrency ecosystem surpassed $1.26 trillion, according to CoinMarketCap (CMC) data.
Will BTC Reversal Occur?
Meanwhile, Whale Alert drew attention to the large-scale BTC transfers recorded within hours after the historic decision in the Ripple case. Sharing up-to-date data on the large-scale transfers carried out by addresses holding significant amounts of cryptocurrency assets, known as “whales” in the crypto ecosystem, Whale Alert highlighted two different transactions that took place in the evening.
According to the data shared by Whale Alert, a total of 1,857 BTC worth approximately $57.2 million was transferred from an unknown address to the cryptocurrency exchange Coinbase. Shortly after, in another transaction, 1,846 BTC worth $57 million was transferred from another unknown address to Coinbase. As a result, Coinbase recorded over 3,000 BTC entries, totaling over $100 million, within hours.
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