Bitcoin Plunges After Recovering US$26,000, Ether Falls; XRP only winner in the top 10 cryptos

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Bitcoin plunged Monday morning in Asia after reclaiming the US$26,000 support level over the weekend. Ether also retreated, but held above US$1,700. XRP was the sole winner among the top 10 non-stable cryptocurrencies, while Polygon led the losers. US-based crypto exchange Bakkt has reportedly joined other trading platforms in removing Polygon, Solana and Cardano after the US regulator labeled them as illegally issued financial securities. U.S. stock markets are closed Monday for a public holiday, but they could gain in the coming week as economic data on Friday showed slowing inflation, while China’s first visit in nearly five years to a senior US diplomat could be positive for capital. markets.

Bitcoin, immersion in ether; XRP increases

Bitcoin fell 0.97% in the past 24 hours to hit $26,308 as of 07:00 HK, but held on to a weekly gain of 1.58%, according to data from CoinMarketCap.

The world’s largest cryptocurrency broke above the US$26,000 level on Saturday to hit a seven-day high of US$26,769. The token had dropped to three-month lows by the end of last week.

Ether fell slightly by 0.82% to US$1,716, recording a weekly loss of 2.18%.

With the exception of XRP, the other top 10 unstable cryptocurrencies have been trading lower in the past 24 hours. Polygons Matic led the losers, falling 3.22% to US$0.5971 and down 5.88% over the past seven days.

New York-based crypto exchange Bakkt has suspended trading in Polygon, Solana and Cardano tokens and plans to delist them, according to Fortune on Friday. Trading platforms such as Robinhood and eToro have also decided to remove several cryptocurrencies after the United States Securities and Exchange Commission (SEC) filed lawsuits this month against Coinbase and Binance.US and has named a long list of cryptocurrencies as securities issued and sold without an SEC. approval.

Bitcoin and other cryptocurrencies were affected by increasingly shifting sentiment towards crypto as traders could limit their risk taking in the crypto market due to limited upside catalysts and especially given the legal risks in the United States, said Wael Makarem, senior market strategist at trading platform Exness. Group, in the comments sent by e-mail.

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The legal actions might scare off some market investors, but could be relatively positive for Bitcoin’s dominance over other cryptocurrencies. In this regard, Bitcoin also gained ground against Ethereum, Makarem said.

The Bitcoin balance on crypto exchanges hit a three-month low of 2,281,978.198 tokens on Sunday, according to blockchain data tracker Glassnode, reducing some selling pressure as investors normally move tokens to exchanges when they plan to sell.

XRP was the only top 10 non-stable token to show gains in the past 24 hours, rising 1.01% to $0.4859 but losing 6.34% for the week.

FinTech company Ripple Labs, whose crypto payment platform is powered by XRP, on Friday announced a partnership with Columbia’s central bank to explore the use of blockchain technologies in the country’s digital payment system.

Total cryptocurrency market capitalization fell 0.53% to US$1.07 trillion in the past 24 hours, while crypto trading volume fell 18.47% to 19.69 billion US dollars, according to data from CoinMarketCap.

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