[CryptoButthead.com , msch , July 14, 2023] Bitcoin and them other cryptocurrencies went on a wild ride after Ripple smacked down them securities regulators on July 13. It’s like the rebels takin’ on the Empire, y’know?
Bitcoin, bless its heart, surged by a hefty 4.3% in just 24 hours. It reached a market value of $31,594.31 and a jaw-droppin’ $613.8 billion market cap. Dang, that’s higher than a possum climbin’ a tree! Last time we saw prices like this was back in June 2022, a real blast from the past.
But that ain’t all! Ethereum, that fancy cousin of Bitcoin, joined the party too. It gained a whopping 6.9% in just one day and strutted its stuff with a $239.8 billion market cap. It even flirted with that fancy $2,000 price point. Talk about shootin’ for the stars!
Now, y’all might be wonderin’ what caused this crypto shindig. Well, Ripple went toe-to-toe with them U.S. Securities and Exchange Commission, and guess what? They came out on top! The courts ruled that Ripple’s XRP sales ain’t no securities. That’s right, XRP surged by a mind-bogglin’ 73% in just one day, makin’ it the 4th largest cryptocurrency ’round these parts.
It don’t stop there, folks! Big players like Coinbase and Gemini done hopped on the XRP train after hearin’ ’bout this legal victory. They’re even thinkin’ ’bout listin’ XRP on their platforms. Yessiree, that’s gonna boost the price of that XRP token higher than a cornstalk in the summer!
But that ain’t all the good news. There’s a bunch of other cryptocurrencies jumpin’ on the joyride. Cardano, Solana, and Polygon, the ones caught up in them unrelated SEC cases, all saw hefty gains. It’s like the whole crypto world’s gettin’ a taste of victory, and they’re lovin’ it!
Stellar, a distant cousin of Ripple with its own independent project, went ahead and joined the party too. It saw gains of a jaw-droppin’ 62.4%. The whole crypto market itself gained a respectable 6.5% in just one day, makin’ it worth a whopping $1.3 trillion. Now that’s a whole lotta zeroes, pardner!
But hey, every party’s gotta have a few spills, right? There were some liquidations goin’ on in the crypto world, amountin’ to a total of $238.37 million. That’s a whole mess of money, lemme tell ya. Bitcoin, Ethereum, and XRP had the most liquidations.
Binance and OKX, them exchanges with fancy names, were responsible for ’bout two-thirds of all them liquidations. They sure made some folks feel like a rattlesnake bit ’em, huh?
Now, don’t y’all worry ’bout this bein’ just a flash in the pan. These here events are like findin’ gold in a dried-up riverbed amidst this bear market we’ve been draggin’ our boots through. Even though we ain’t sure what it means for Ripple in the long run, cryptocurrency investors got themselves some newfound hope.
Shoot, even the stock prices of digital asset holders like Neptune Digital Assets Corp. and Coinbase skyrocketed. They were dancin’ ’round like a bunch of hillbillies at a hoedown! Looks like Gary Gensler might be packin’ his bags soon if he keeps messin’ with the crypto market and givin’ ’em silly rulings.
So folks, remember, it’s better to be a Butthead than a barron or a fool. This Ripple win could be the changepoint we’ve all been waitin’ for in the crypto market. The FOMO effect hasn’t even started yet, so hold on tight to them digital wallets, ’cause we might be in for one wild ride!
For now Booker and Ash wish you a great weekend … we’ll read again at the next showdown.
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