The past seven days have been particularly turbulent for the cryptocurrency market. The week of Christmas saw a big fluctuation in general and this time, Bitcoin was not the only cryptocurrency on the agenda.
Bitcoin has passed $ 26,000
However, the primary cryptocurrency started the week, earning about $ 1,500, but things went bad afterwards. BTC dropped more than $ 2,000 and reached a price of about $ 22,000. However, he managed to recover from there.
Bitcoin’s price seemed a bit unstable yesterday, but things quickly changed as it took a new rise above $ 25,000. Today, the cryptocurrency took another step up and hit an all-time high, breaking $ 26,000 on Binance.
SEC case affects the entire market
But the week looks like the past due to a landmark lawsuit filed by the United States Securities and Exchange Commission. The observer took Ripple, one of the biggest companies in its field, on its agenda.
A few days ago, the SEC filed official charges against Ripple, claiming it had made an offer of $ 1.3 billion in unregistered securities. The price of XRP reacted immediately, with a disastrous drop of more than 65%. Some exchanges took immediate action and removed the cryptocurrency from the list.
Since then, XRP has managed to improve a little, but it still has a long way to go. This has also been reflected by many altcoins as most have seen significant double-digit losses in the past few days.
Christmas day was positive
However, on Christmas Day, it brought hope as the Ethereum (ETH) price also rose above the $ 600 level as most altcoins managed to regroup and recover. In any case, it is very interesting to see how the market will evolve from here because it is obvious that the SEC is not afraid to go after the biggest players in the field.
Looking at other developments, Ledger suffered a massive personal information leak regarding users’ database. The company made several statements trying to somehow rectify the situation, but damage is involved. This once again highlighted the challenges facing the industry.