Crypto News
This week’s biggest news in the cryptocurrency world includes Ripple battling with the SEC, as well as Bitcoin and Ethereum navigating through market fluctuations.
Jun
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Highlights of the Week in the Cryptocurrency Market
Highlights
A compilation of the most newsworthy titles for this week.
Ripple’s response to SEC reflects a mania.
- We are seeing Bitcoin facing challenges in the market as it strives to achieve a notable increase in value.
Bitcoin is currently facing obstacles in the market as it strives to make significant gains in value.
Altcoins and Ethereum replicate the erratic movements of BTC.
This week, the world of cryptocurrency saw significant developments in the broader market. Ripple Labs responded to the SEC’s opposition to keeping certain documents related to key remedies sealed, adding a fresh twist to the ongoing XRP lawsuit. However, the lack of significant upward momentum for Bitcoin (BTC) and Ethereum (ETH) continued to be a common concern for many crypto investors. The past seven days in the crypto market also saw a mix of trading sessions for other cryptocurrencies.
XRP Lawsuit
The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a new turn this week. Ripple responded to the SEC’s motion against sealing important documents related to remedies. In their response to the SEC, Ripple Labs cited two main reasons why sealing these documents is still necessary.
However, lawyer Bill Morgan, who supports XRP, has taken action to counter the fear, uncertainty, and doubt (FUD) surrounding the sale of XRP through ODL (On-Demand Liquidity) this week. He is also disregarding the potential impact of Ripple’s lawsuit and XRP’s escrow on its price. In addition, large holders of XRP have been actively accumulating more coins despite the slow market and concerns raised by the lawsuit.
Bitcoin (BTC)
The leading cryptocurrency had a challenging week as its value struggled to surpass $70K. While there was a brief moment of it reaching $70K, it quickly fell back to around $67K. This coincided with the expiration of crypto options on Friday, May 31.
Furthermore, recent market data has shown a remarkable increase in the amount of BTC being withdrawn from exchanges, totaling $2.5 billion. As a result, Bitcoin has gained significant interest this week.
Ethereum & Other Crypto Developments
Similarly to Bitcoin, Ethereum and other alternative coins have mirrored a volatile pattern in prices this week. Despite hype around an Ethereum Exchange Traded Fund (ETF), Ethereum has struggled to stay above $3,800, coinciding with options expiring on May 31. Additionally, popular alternative coins SOL, XRP, and DOGE experienced slow growth over the past week.
Dogecoin(DOGE),