Sunday, March 3, 2024

Bitcoin’s Consolidation Goes On While Ripple Surges 7%

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Bitcoin’s consolidation goes on while Ripple surges 7% on the day and the markets are trading flat so let’s read more today in our latest altcoin news.

Bitcoin’s consolidation goes on as the price failed to produce a meaningful and sustained movement in any direction. In the meantime, Ripple’s XRP is the only one that made a serious increase. Over the past 24 hours, Bitcoin’s price didn’t produce any meaningful gains and sustained the move in either direction while it is trading where it was during this time yesterday at $39,000.

source crypto
Source Quantify Crypto

This doesn’t mean that there was not any volatility. The reports came out that the Russian President Vladimir Putin admitted to progress being made while talking to Ukraine and this propped the market so Bitcoin’s price surged by about 3.6% in less than one hour and hit a high of $40.2K. The market was spread thin and the gains were erased with the hourly candle showing how much tension there really is on the market.

Source TradingView

All in all, BTC is up by 0.3% in the past day as the traders are looking for the next direction. The altcoin market is boring over the past day but there were a few exceptions. Most of the coins are like BTC and trading flat.  One of the altcoins however that was well-performing was Ripple. XRP is up by 7% in the past day and it is testing the $0.8 and it is also the best performer from the top 10. on the other end of the spectrum there was LUNA whcih cooled off from the major rally and it is now 8% down on the day. The best performing crypto from the top 100 is XIDO which had a 30% surge whereas the worst-performing one was ANC which got down by 9%.

As recently reported, Senator Cynthia Lummis has been working on the Responsible Financial Innovation Act since a year ago and it touches upon the taxation and securities rules relating to crypto. Lummis’ Bitcoin bill seeks to overhaul how crypto can be taxed within the US. Lummis’ state policy director Tyler Lindholm explained that the Responsible Financial Innovation Act is still being drafted and will provide clarity for the users and the industry. One of the biggest goals is to provide a guide about capital gains related to mining, staking, and spending.

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