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Bitcoin Dips Below $30K to Lowest Since Late June as Altcoins Pare Gains From XRP Lawsuit
Ripple's XRP, Solana's SOL and Lido Finance's LDO lost more than 4% in the last 24 hours.
Updated Jul 18, 2023, 2:59 p.m. Published Jul 17, 2023, 7:35 p.m.
Cryptocurrency markets continued to pull back from last Thursday's big gains, with bitcoin (BTC) slipping about 2% over the past 24 hours alongside more sizable declines in the altcoin sector.
Bitcoin fell to as low as $29,679 Monday afternoon and had bounced modestly at press time to $29,900. Ether (ETH), the second largest cryptocurrency by market cap, dropped to $1,880, also about a 2% decline over the past 24 hours.
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Smaller cryptocurrencies – or so-called altcoins – have suffered even steeper declines. Ripple's XRP, which led Thursday's breakneck surge after a partially favorable court ruling in a lawsuit involving the U.S. Securities and Exchange Commission (SEC), tumbled 4.4% in the last 24 hours. SOL and XLM, the native token's of the Solana and Stellar networks, respectively, also shed more than 4% over the same period.
Ripple is now lower about 15% from Thursday's high, though still well above its pre-court ruling level. Solana is off about 10% from its Thursday high and XLM down about 25%, though both also remain higher over the past week.
Among the day's worst performers is LDO, the governance token of liquid staking protocol Lido Finance, which has nosedived almost 12%.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
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