Leading cryptocurrencies ushered in a strong rally Wednesday after Ripple Labs’ announced victory in the SEC lawsuit and dovish signals from Federal Reserve Chair Jerome Powell.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +3.53% | $86,130.95 |
| Ethereum (CRYPTO: ETH) |
+4.49% | $2,032.82 |
| Dogecoin (CRYPTO: DOGE) | +4.38% | $0.1763 |
What Happened: Bitcoin surged to a 10-day high of $87,443.27 late evening, before profit-taking pulled it back to the $86,000 region.
Ethereum reclaimed $2,000 after ten days, with the second-largest cryptocurrency soaring 4.5% over the previous day.
The bullish cryptocurrency-specific catalyst was Ripple CEO Brad Garlinghouse’s announcement that the SEC won’t seek further appeals in the four-year-long legal case. The news also sent XRP, the coin at the center of the dispute, rallying nearly 10%.
The northward movement liquidated $355 million from the cryptocurrency market over the last 24 hours, with short positions accounting for $258 million.
The …
Full story available on Benzinga.com