This Week's Crypto Recap: Ripple's Significant Win Leads to Bitcoin Surging to $28K

Bitcoin’s Rollercoaster Ride

The past week has been eventful for the cryptocurrency market, with Bitcoin experiencing significant price fluctuations. Last week, Bitcoin was trading at around $27,000 but reached $28.5K on Monday before falling back to $27K. However, just a few hours ago, the price surged back to $28K and is now attempting to break above this crucial level on its way to $30K.

Ripple vs. SEC Case Update

The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) took an interesting turn this week. The judge presiding over the case denied the SEC’s request for an interlocutory appeal against a previous ruling that stated secondary sales of XRP do not constitute an investment contract. This decision was seen as a victory for Ripple, causing XRP’s price to increase by around 10%. However, the price retraced afterwards.

This Week’s Crypto News Highlights

Here are some important crypto news stories you shouldn’t miss:

The Three Critical Things to Watch in Bitcoin’s Price in Q4 2023: As we enter the last quarter of the year, keep an eye on regulatory changes, macroeconomic factors, and market sentiment that could impact Bitcoin’s price.
BTC Exchange Reserve Plunges to 5-Year Levels: Bitcoin exchange reserves have reached lows not seen in five years as investors hold onto their BTC in anticipation of a bull market.
The Ripple v. SEC Case So Far: Get up to date with the latest developments in the lawsuit between Ripple and the SEC as the request for an interlocutory appeal is denied.
Bitcoin Will Surge to $750,000 By 2026: Arthur Hayes, former CEO of BitMEX, predicts that Bitcoin’s price will reach at least $750K in three years.
Alameda’s Secret Backdoor Discovered Months Before FTX’s Collapse: The secret backdoor for Alameda in the FTX platform was discovered before the recent collapse and is now being revealed in the ongoing trial against SBF.
Friend.Tech Targeted Again by Hackers: The decentralized social media platform Friend.Tech fell victim to another hacking incident, resulting in the theft of 234 ETH in under 24 hours.

Hot Take: Cryptocurrency Market Recap

The cryptocurrency market has been full of excitement and volatility over the past week. Bitcoin’s price has been on a rollercoaster ride, reaching $28K multiple times but facing resistance at that level. The Ripple vs. SEC case continues to be one of the most important legal battles for the industry, with recent developments favoring Ripple. As we look ahead to the next week, it remains to be seen if Bitcoin can establish itself above $28K and continue its upward momentum. Stay tuned for more updates and brace yourself for potential market surprises.

Market Data

Market Cap: $1.14B | 24H Vol: $37B | BTC Dominance: 47.9%

BTC: $27,990 (+4.1%) | ETH: $1,643 (-1.6%) | BNB: $212 (-1.5%)

This Week’s Crypto News You Can’t Miss

The Three Critical Things to Watch in Bitcoin’s Price in Q4 2023: As we enter the last quarter of the year, it’s worth looking at some of the most important things that might influence Bitcoin’s price. These include, but are not limited to, regulatory changes, macroeconomic factors, as well as market sentiment.

BTC Exchange Reserve Plunges to 5-Year Levels as Investor Cohorts Position for Bull Market: Bitfinex. Many traders seem to be positioning themselves for a bull run. Research shows that the BTC exchange reserves have plunged to lows not seen in five years, as short and long-term holders are currently in a HODL phase.

The Ripple v. SEC Case So Far: What You Need to Know. The case between the US Securities and Exchange Commission and Ripple saw a massive update this week, as the request for an interlocutory appeal was denied by the judge. Find out everything there is to know about the lawsuit so far.

Bitcoin Will Surge to $750,000 By 2026, Predicts Arthur Hayes. Arthur Hayes – the former CEO of BitMEX and one of the exchange’s founders – is back at it with another massive Bitcoin price prediction. He believes the cryptocurrency will hit at least $750K in 3 years.

Alameda’s Secret Backdoor Was Discovered Months Before FTX’s Collapse: Report. It turns out that the secret backdoor for Alameda in the FTX platform was actually discovered months before the collapse. This became clear recently as the trial against SBF is ongoing.

Friend.Tech Targeted Again: Hacker Steals 234 ETH in Under 24 Hours. The popular decentralized social media platform Friend.Tech was targeted by hackers once again. This time, the perpetrator was able to steal 234 ETH in a day.