Bitcoin Dips Below $25K, Ripple (XRP) Plummets 5% Daily as Market Pulls Back
Bitcoin slid to $25,000 on Monday, after a period of flat trading over the weekend at roughly $25,800.
Other digital assets followed suit, with XRP down 6% on the day to just $0.47.
The drop marks Bitcoin’s lowest price level since mid-June when the asset reeled from back-to-back U.S. government lawsuits against two of the world’s largest crypto exchanges, Coinbase and Binance.
The asset rallied when BlackRock filed for a Bitcoin spot ETF days later, and again when Grayscale won its lawsuit against the SEC in August, though excitement around both events appears to have faded.
Likewise, XRP has now lost all gains made since Ripple bested the SEC in court, with the asset now trading for the same price it did on July 12 – a day before the ruling.
According to CoinGlass, over $150 million in crypto trades have been liquidated over the past 24 hours, including over 41,000 traders.
The largest single liquidation was on a BTC/USD trade for $8.96 million.
Telegram’s Toncoin (TON) also slid by 6.5% to just $1.63, its lowest price since last month.
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