Bitcoin flirts with $27k as Ripple (XRP) shocks unexpected volatility: This week’s crypto recap

The past seven days have been relatively uneventful in the cryptocurrency market, especially when compared to the past. Almost all coins are trading in the greenback, while the total market capitalization sits at around $1.120 trillion.

Bitcoin price is currently trading up around 1.1% compared to this time last week. Obviously, this is not much fun, isn't it? Well, cryptocurrency has come out. Wow, we think so. It fell to $26K earlier in the week but managed to recover (despite Wednesday's major setbacks) back to where it currently trades.

On Wednesday, the price of BTC shot up to $26,750 (from $26,000). Fortunately, the bulls dominated yesterday and today.

Most other cryptocurrencies are doing better. Ethereum (ETH) rose by 4%, TRX – by 6%, Solana – by 2.6%, and the best performer of the major coins, Chainlink, rose by almost 15%.

But there is one altcoin that stands out in a surprising move today.

Ripple's XRP is up nearly 10% today, to around $0.55. The move came without warning and without any obvious trigger. The price then bounced back, leaving millions worth of futures positions.

Ripple's case with the United States Securities and Exchange Commission has continued, and SEC Chairman Gary Gensler recently pressed them in a congressional hearing, refusing to answer a number of questions.

Meanwhile, speaking of the SEC, the commission delayed its decision on several applications for a spot Bitcoin ETF, including one filed by BlackRock – the world's largest asset manager. But in fairness, this was to be expected given the state of affairs so far.

Either way, the week turned out to be positive overall, and it's exciting to see that the next seven days have something exciting in store.

Market data

Market Value: $1.12B | 24H Volume: $49B | BTC dominance: 47%

BTC: $26,800 (+1.1%) | ETH: $1,666 (+4%) | BBNB: $215 (+1.9%)

You can't miss this week's Crypto News.

SEC Chairman Gensler Talks Crypto Regulation and Spot Bitcoin ETF in Congressional Hearing. US Securities and Exchange Commission Chairman Gary Gensler – continues to fire crypto companies for recklessly raising money. When questioned by Representative Torres, he was unable to provide direct answers to certain legal questions.

Crypto companies see European expansion as some plan to exit. Cryptocurrency-focused companies are considering expanding to the European Union due to more favorable regulations. Etoro, Galaxy Digital and Arc Invest are among those exploring these options.

Micro Strategy starts the trading session by buying 5,445 more BTC. BTC's biggest corporate owner – MicroStrategy – got even more. The company, which now has about 160K BTC, bought 5,500 bitcoins for around $150 million.

SEC Delays Review of Spot BTC ETFs: BlackRock, Invesco and Bitwise Await Approval The United States Securities and Exchange Commission has delayed several applications for spot Bitcoin ETFs. These include filings from BlackRock, Valkyrie, Invesco and Bitwise.

Gemini Spent $282 Million in Crypto Before Genesis Bankruptcy: Report According to recent reports, Gemini, the popular US-based cryptocurrency exchange, managed to secretly withdraw $280 million from its corporate bank – Genesis Global Holco, before it collapsed.

Kraken Looks To Enter The Stock Market: Report Kraken, one of the most popular cryptocurrency exchanges in the US, is looking to move to the stock market, according to an insider reported to have knowledge of the matter. The platform looks set to offer stock exchange trading services for the first time in its history.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana and Chainlink – click here for the full price analysis.