Bitcoin
and other cryptocurrencies were little changed on Monday, with digital assets muted after prices fell back from 13-month highs reached late last week in the wake of a key court ruling in the U.S. over crypto regulation.
The price of
Bitcoin
essentially has traded flat over the past 24 hours at $30,000, back in the trading range between $30,000 and $31,000 that has dominated for weeks now. The largest digital asset jumped to near $31,750 last Thursday after a federal judge delivered a partial win to token issuer Ripple and set important precedent over defining cryptos as securities. Bitcoin has since tumbled back.
“The market is simply cooling off after rallying from the 200-week average,” said Alex Kuptsikevich, an analyst at broker FxPro. “Failure to rally from current levels opens the door for a correction to the $27,000 area if risk-off sentiment intensifies later in the week. Alternatively, a move above $32,000 would confirm the bullish sentiment and open the way to $35,000 in the coming weeks.”
Last week’s court ruling over the case between Ripple and the Securities and Exchange Commission gave hope to crypto bulls that many tokens would not be classified as securities. This would be a positive development for many digital assets as well as brokers like
Coinbase Global
(ticker: COIN). In the days since, however, traders appeared to be digesting the complex ruling—which is only a partial win for Ripple, and may not hold the broad-sweeping implications initially thought.
Beyond Bitcoin,
Ether
—the second-largest token—was flat at $1,930. Smaller cryptos, or altcoins, were weaker, with
Cardano
and
Polygon
down 1% each. Memecoins were more mixed, with
Dogecoin
advancing 1% but
Shiba Inu
shedding 2%.
Write to Jack Denton at jack.denton@barrons.com
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