Bitcoin Slides Back to $30k Amid $245 Million in Liquidations

Bitcoin (BTC) quickly fell back to $30,000 on Friday as market hype surrounding the court’s recent ruling on XRP has begun to fade.

The volatility has triggered $245 million in liquidations across the entire crypto market in the last 24 hours, according to CoinGlass.

• Most liquidations occurred across a combination of BTC, Ether (ETH), and XRP trades.
• XRP exploded 75% on Thursday after a judge delivered summary judgment in its lawsuit against the U.S. Securities and Exchange Commission (SEC) after a three-year-long wait.
• The judge ruled that most XRP transactions, including those on secondary markets and exchanges, are not securities transactions. This ruling prompted exchanges like Gemini and Coinbase to immediately relist XRP.
• While XRP briefly returned to crypto’s top 4 largest assets yesterday, it’s already back down to rank 5, having slid by 13% on the day.
• The surrounding crypto market also rallied yesterday, with Bitcoin touching a yearly high of $31,700, and ETH briefly racing above $2000.
• Assets like Cardano (ADA) and Polygon (MATIC), both of which rallied over 20% on Thursday, have also cooled off by 5% and 7.5% respectively. Both assets were named as securities in the SEC’s lawsuit against Coinbase last month and may be impacted by Judge Torres’s latest ruling on XRP.
• Despite the volatility, Bitcoin dominance remains above 50%, according to TradingView.