“Is the price of BTC falling to make a move higher?”
Right after reaching $31,800 following the victory of Ripple (XRP) in the much-anticipated Summary Judgment, the price of the cryptocurrency king Bitcoin (BTC) unfortunately plunged again to the level of $29,940 on July 14, 2023.
There is no denying that XRP has doubled from its current price before, but it should be noted that Stellar (XLM) managed to gain 107% in less than 24 hours while Cardano (ADA) also rose massively.
However, $473 million worth of positions were liquidated after hours of Judge Analisa Torres announcing XRP is not a security.
Through observation, massive liquidity of short including long has been triggered on 13 and 14 July 2023, where the last time such an event happened was last month which is between 5 to 10 June 2023.
Among the reasons for the move across the crypto market to see a retracement is due to market sentiment shrinking ahead of the announcement of the XRP and Securities and Exchange Commission (SEC) lawsuit decision.
In addition, the SEC may use the Summary Judgment in the second appeals court following the United States (US) regulator still believing that the digital asset is a security.
It can even be seen that crypto prices that make drastic jumps will slide back after some of the hype wears off.
As of this writing, BTC price has plunged by 0.24% to $30,253 in the last 24 hours with a market cap of $587 billion but is still up 0.63% over the past week.
