Bitcoin Taps $30K Twice, Ripple (XRP) Scores Major Win v. SEC, and More: This Week’s Crypto Recap

It’s been one hell of a week. Bitcoin’s price is up by a whopping 10% throughout it, and the entire market is painted in green. Ripple’s streak of wins against the US Securities and Exchange Commission continues. There’s a lot to unpack, so let’s dive in!

First things first, after a relatively boring weekend where nothing much happened, it was all engines go on Monday. And yet, the reason will astound you. A report came out that the United States Securities and Exchange Commission had approved BlackRock’s proposal for a spot Bitcoin ETF.

As one would expect, the price instantly skyrocketed, pushing above $30K on Binance. But suddenly, it started crashing just as quickly as it went up. It turned out that the report was fake. BlackRock denied the claims and said that the Commission is still reviewing their application.

If this doesn’t grind your gears, there’s more!

Today, Bitcoin’s price took a sudden leg upward and increased toward $30K once again. This had apparently caught short sellers off-guard, as there are more than $100 million worth of liquidated short positions (24h), at the time of this writing.

We also got a major update on the case between Ripple and the SEC. As you might know, this is a lawsuit that’s been looming over Ripple and its XRP for years now. Well, this week, the Commission dropped all of its charges against the company’s executives – Brad Garlinghouse and Chris Larsen.

Some see this as a sign of surrender, while others say it’s too early to expect the SEC to be waiving the white flag yet. We’ve yet to see how the case will develop, but this most recent announcement sent XRP’s price above $0.50, ending the week with an increase of around 8%.

All in all, it was a very dynamic week, and it’s particularly exciting to see how the next seven days will shape up. Let’s see if the market will be able to retain the most recent gains.

Market Data

Market Cap: $1.16B | 24H Vol: $85B | BTC Dominance: 49.7%

BTC: $29,580 (+10.6%) | ETH: $1,04 (+4.2%) | BNB: $2123(+3.9%)

SEC Drops Charges: Ripple’s Garlinghouse and Larsen Vindicated in Landmark Case. In what seems to be yet another major victory for Ripple, the United States Securities and Exchange Commission has dropped all charges against the company’s executives – Brad Garlinghouse and Chris Larsen.

BTC Skyrockets to $30K on False Reports About Approved Spot Bitcoin ETF by the SEC. Bitcoin’s price went on a massive rollercoaster this week. It spiked above $30K on false reports of an approved spot Bitcoin ETF, retraced to $28K, and then surged to $30K again a few days later.

ConsenSys Founder Joseph Lubin Faces Lawsuit Over Equity Promise Breach. The founder of ConsenSys – Joseph Lubin – is reportedly facing a lawsuit for failing to keep up with his promises to investors. Former employees claim that Lubin promised equity in the firm to entice them into accepting lower salaries.

Binance Expands Fiat Services in Europe with New Partnerships. The world’s leading cryptocurrency exchange – Binance – has expanded its fiat services in Europe with new partnerships. Some of the new options include SEPA/SEPA Instant and Open Banking, amongst others.

Elon Musk and Mark Cuban Challenge SEC’s In-House Trials. Elon Musk and Mark Cuban – two majorly popular billionaire entrepreneurs – both question the internal trials at the US Securities and Exchange Commission. Both of them are advocating for a reform in the prosecution approach.

SEC Chair Gensler Remains Tight-Lipped About Spot Bitcoin ETF Approvals. The Chairman of the United States Securities and Exchange Commission – Gary Gensler – remains particularly tight-lipped about potentially approving a spot Bitcoin ETF.