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Why is Bitcoin Going Up? Ripple’s Legal Victory Sparks Bullish Sentiment
Bitcoin (BTC) has been making headlines once again as its value soars past the US$32,000 mark. The recent surge is a result of a pivotal court ruling in the long-standing legal battle between the Securities and Exchange Commission (SEC) and Ripple Labs over the sale of XRP tokens. This article explores the reasons behind Bitcoin’s current increase in value, delving into the implications of the court verdict and its impact on the cryptocurrency market.
The Ripple vs. SEC Verdict: A Game-Changer
The Securities and Exchange Commission accused Ripple Labs of promoting XRP as an unregistered security, leading to a legal dispute that spanned over several years. However, on June 13, a federal court delivered a significant verdict, declaring that trading XRP on public cryptocurrency exchanges did not qualify as offering securities under federal law. This ruling marked a crucial turning point in the case and had a profound effect on the crypto market.
The Bullish Effect on Bitcoin
The aftermath of the court ruling was instantly felt in the cryptocurrency market, with Bitcoin experiencing a notable surge in value. As of writing, Bitcoin’s price has risen by 4% in the past 24 hours, surpassing the US$32,000…
