Bitcoin halts as crypto frenzy over Ripple-SEC decision cools

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Bitcoin prices fell from 13-month highs hit late last week. Dan Kitwood/Getty Images

Bitcoin and other cryptocurrencies were little changed on Monday, with digital assets muted after prices fell from 13-month highs hit late last week following a key court ruling in the United States. United States on crypto regulation.

Bitcoin price has essentially traded over the past 24 hours at $30,000, back into the $30,000-$31,000 trading range that has dominated for weeks now. The biggest digital asset jumped to nearly $31,750 last Thursday after a federal judge awarded token issuer Ripple a partial victory and set an important precedent by defining cryptos as securities. Bitcoin has since fallen.

The market is simply cooling after rebounding from the 200-week average, said Alex Kuptsikevich, analyst at broker FxPro. Failure to rally from current levels opens the door for a correction of the $27,000 area if risk aversion sentiment intensifies later in the week. Alternatively, a move above $32,000 would confirm the bullish sentiment and pave the way for $35,000 in the coming weeks.

Last week’s court ruling on the case between Ripple and the Securities and Exchange Commission gave crypto bulls hope that many tokens would not be classified as securities. This would be a positive development for many digital assets as well as brokers like Coinbase Global (ticker: COIN). In the days that followed, however, traders seemed to be digesting the complex decision which is only a partial victory for Ripple, and may not hold the vast implications initially envisioned.

Beyond Bitcoin, Ether, the second-largest token, was flat at $1,930. Smaller cryptos, or altcoins, were weaker, with Cardano and Polygon down 1% each. Memecoins were more mixed, with Dogecoin gaining 1% but Shiba Inu losing 2%.

Write to Jack Denton at [email protected]

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