Bitcoin Taps $30K Twice, Ripple (XRP) Takes Major Victory v. SEC Scored and More: This Week’s Crypto Recap

It's been a hell of a week. The price of Bitcoin has increased by 10%, and the entire market is painted green. Ripple's victory over the US Securities and Exchange Commission continues. There's a lot to unpack, so let's dive in!

First things first, after a relatively uneventful weekend all engines went on Monday. Again, the reason will surprise you. A report has emerged that the US Securities and Exchange Commission has approved BlackRock's proposal for a spot Bitcoin ETF.

As one would expect, the price instantly shot up, pushing over $30K on Binance. But suddenly, just as quickly as it went up, it began to collapse. The report was found to be false. BlackRock denied the claims and said the commission was still reviewing their application.

If this doesn't grind your gears, there's more!

Today, the price of Bitcoin took a sudden leg up and increased to $30K again. As of this writing, there are over $100 million worth of paid short positions (24 hours), putting short sellers off guard.

We also got a big update on the case between Ripple and the SEC. As you know, this is a lawsuit that has been looming over Ripple and XRP for years. Well, this week, the commission dropped all charges against the company's executives — Brad Garlinghouse and Chris Larson.

Some see this as a sign of capitulation, while others say it's too early to expect the SEC to drop the white flag. We've yet to see how things develop, but this most recent announcement sent the price of XRP over $0.50, ending the week up nearly 8%.

All in all, it's been a very dynamic week, and it's especially interesting to see how the next seven days unfold. Let's see if the market can sustain the most recent gains.

Market data

Market Value: $1.16B | 24H Volume: $85B | BTC dominance: 49.7%

BTC: $29,580 (+10.6%) | ETH: $1,04 (+4.2%) | BNB: $2123 (+3.9%)

SEC Drops Charges: Ripple's Garlinghouse and Larsen Vindicated in Landmark Case In what appears to be another big win for Ripple, the US Securities and Exchange Commission has dropped all charges against the company's executives – Brad Garlinghouse and Chris Larsen.

BTC Skyrockets to $30K in SEC-Approved Spot Bitcoin ETF False Reports. Bitcoin price went on a big rollercoaster this week. It spiked over $30K on false reports of an approved Bitcoin ETF, bounced back to $28K, and a few days later rose again to $30K.

ConsenSys founder Joseph Lubin is sued for breach of fairness covenant. The founder of ConsenSys – Joseph Lubin – is said to be facing a lawsuit for failing to fulfill his promises to investors. Former employees say Lubin promised equity in the company to trick them into accepting lower wages.

Binance Expands Fiat Services in Europe with New Partnership The world's leading cryptocurrency exchange – Binance – has expanded fiat services in Europe with a new partnership. Some of the new options include SEPA/SEPA Fast and Open Banking and more.

Elon Musk and Mark Cuban challenge SEC indoor tests. Elon Musk and Mark Cuban — two prominent billionaire entrepreneurs — are both skeptical of internal investigations at the U.S. Securities and Exchange Commission. Both support reform of the prosecutor's office.

SEC Chairman Gensler remains tight-lipped about Spot Bitcoin ETF approvals. The chairman of the United States Securities and Exchange Commission – Gary Gensler – is particularly bullish about approving the Bitcoin ETF space.