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Cryptocurrency News: Cryptocurrency prices surged Thursday after Ripple Labs scored a major win in its court case against the Securities and Exchange Commission. Bitcoin vaulted to its highest level in a year on the news while ethereum soared near its $2,000 level. Crypto exchange Coinbase (COIN), bolted more than 25% Thursday after sliding in early trade.
The SEC sued Ripple in December 2020, accusing the crypto and blockchain solutions provider of offering its XRP token as an unregistered security. On Thursday, a judge in the Southern District of New York ruled XRP is a security when used for institutional sales but not when it’s sold to the broader public. XRP rallied roughly 75% near 82 cents following the ruling.
On Monday, London-based Standard Chartered raised its bitcoin forecast to reach $50,000 this year and expects it to bolt to a new all-time high of $120,000 by the end of 2024, Reuters reported. “Increased miner profitability per BTC means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” the firm wrote. Standard Chartered guided bitcoin to hit $100,000 by the end of 2024 in an April report, but says there’s now additional upside to that forecast.
Cryptocurrency outlook picks up amid bank crisis. The markets lifting bitcoin might surprise you.
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Bitcoin rocketed as high as $31,809 Thursday following the Ripple news – its highest level since early last May. BTC held above its $30,000 level the past two weeks after diving below $25,000 on June 15 for the first time since mid-March. The world’s largest cryptocurrency bolted 90.8% so far this year.
Ethereum bolted to $1,990 late Thursday and briefly reclaimed its $2,000 level intraday. ETH traded around $1,900 since June 22 after tumbling below $1,700 on June 15 for the first time since March. Ethereum peaked at $2,139 on April 16 – its highest level since last May – following its Shanghai upgrade to a proof-of-stake network on April 13. The No. 2 crypto soared 66.5% year-to-date.
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Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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7/13/2023 The market rally kept running with JPMorgan leading big earnings Friday. Nasdaq 100 special rebalance news also is on tap.
7/13/2023 The market rally kept running with JPMorgan leading big earnings…
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