
WASHINGTON (dpa-AFX) - Overall crypto market capitalization recorded strong overnight gains in the backdrop of the court verdict in the long-drawn legal dispute between Ripple Labs and the Securities and Exchange Commission. XRP, the cryptocurrency issued by Ripple Labs surged close to 22 percent in the past 24 hours while the wider crypto market added more than 2 percent during the same period.
Overall crypto market capitalization has increased to $2.05 trillion from the level of $1.98 trillion a day earlier.
Bitcoin touched a 24-hour high of $58,465.80. It is currently trading at $58,190.33 implying overnight gains of 3.5 percent, weekly losses of 9.3 percent and year-to-date addition of close to 38 percent. At this level, the leading cryptocurrency is 21 percent away from the all-time high.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $45 million on Wednesday versus net outflows of $149 million a day earlier. 2nd ranked Ethereum (ETH) recorded overnight gains of 2.8 percent. Though Ether has shed 21.6 percent in the past week, it has recorded gains of 8.6 percent in 2024. Ether is currently changing hands at $2,478.90, around 49 percent below the all-time high.
Ether Spot ETF products in the U.S recorded net outflows of $24 million on Wednesday versus net inflows of $98 million a day earlier.
4th ranked Solana (SOL) added 6.1 percent overnight to trade at $158.38. SOL has added more than 55 percent in 2024.
5th ranked BNB (BNB) added 2.9 percent overnight. BNB is currently changing hands at $493.58 implying year-to-date gains of 58 percent.
The massive overnight surge helped 7th ranked XRP (XRP) rise to $0.6096 recording weekly gains of 1.3 percent and an addition of more than 40 percent over the 30-day horizon. XRP is the highest-ranking crypto to trade in the green zone on a weekly basis. Nevertheless, the cryptocurrency is still grappling with losses of 0.90 percent on a year-to-date basis. XRP's rally came in the wake of the long-awaited verdict in the dispute with SEC and a penalty that was far lower than the $2 billion that the SEC had claimed.
In a keenly awaited ruling, Judge Analisa Torres of the U.S. District Court of the Southern District of New York on Wednesday held Ripple Labs liable for violating Section 5 of the Securities Act. The court noted that the violations were not isolated and spanned eight years and involved forty-one counterparties. Accordingly, Ripple Labs has been permanently restrained and enjoined from violating Section 5 of the Securities Act.
The court also imposed a civil monetary penalty of $125 million. The court however denied the SEC's request for disgorgement and prejudgment interest on the ground that the pecuniary-harm requirement was not satisfied.
The ruling assumes significance as the SEC had in March 2024 moved the court seeking a final judgement against Ripple Labs that permanently enjoins it from future violations of Section 5 of the Securities Act of 1933 and from conducting an unregistered offering of XRP in Institutional Sales. It had also asked the court to order Ripple labs to pay approx. $876 million in disgorgement, $198 million in prejudgment interest and $876 million in civil penalty.
8th ranked Toncoin (TON) also rallied 12.3 percent in the past 24 hours to trade at $6.29.
9th ranked Dogecoin (DOGE) gained 4.5 percent on an overnight basis to trade at $0.1021.
10th ranked Cardano (ADA) rallied 2.4 percent overnight and is currently changing hands at $0.336.
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