Aug 8 2024: Bitcoin’s price remained relatively stable on Thursday, trading at $56,934.9 by 01:48 ET (05:48 GMT). The cryptocurrency saw a slight increase of 0.2%, recovering from earlier lows of around $49,000, but still lagging behind pre-rout levels.
XRP experienced a significant surge, rising 18.2% to $0.6047. The token soared by as much as 26% after Ripple Labs, the issuer of XRP, was ordered to pay a $125 million fine by the Securities and Exchange Commission (SEC). This penalty was much less than the $2 billion initially sought by the SEC. The court’s decision also included an injunction requiring Ripple to register future sales of securities.
Ripple CEO Brad Garlinghouse hailed the ruling as a victory for the company, the industry, and the rule of law, although it remains uncertain if the SEC will appeal the decision.
Despite Thursday’s gains, XRP has not yet fully recovered from recent losses. Broader cryptocurrency prices, including Bitcoin, remained under pressure due to ongoing concerns about slowing U.S. economic growth and rising interest rates in Japan.
Bitcoin and other cryptocurrencies continue to face challenges as risk sentiment remains weak. Ethereum, the world’s second-largest cryptocurrency, fell 2.9% to $2,430.80, while ADA and SOL saw modest gains. Among meme tokens, DOGE rose 1%, while SHIB declined by 1.8%.
