Bitcoin Falls Below $30,000, Crypto Prices Crash After Altcoin Frenzy Over XRP Decision

Cryptocurrency prices cooled Friday afternoon after Thursday’s big rally on the apparent court victory of Ripple Labs and its XRP token.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell below $30,000, down more than 5% from a high of around $31,800 at one point on Thursday.

Ether (ETH) also slumped after its bullish Thursday to change hands at $1,900, a 4% decline. The second-largest crypto by market value had already surpassed $2,000 to hit a three-month high.

XRP was trading at around $0.69, down 25% from yesterday’s high of $0.93. The token briefly toppled Binance’s BNB as the fourth-largest cryptocurrency by market capitalization, but fell back to fifth in the rankings after today’s price drop.

Other major altcoins were mostly lower, including ADA and MATIC — tokens for smart contract platforms Cardano and Polygon, respectively — each lost more than 5% on Friday afternoon, though they were still higher in the last two days. The CoinDesk Market Index, a measure of the performance of crypto markets, is down around 4% in the past 24 hours.

“[Bitcoin is] is still trading as a consolidating instrument,” wrote Craig Erlam, senior market analyst for forex market maker Oanda, in an email to CoinDesk. The break above $31,000, he said, doesn’t look “particularly compelling at this point.”

The sudden price drop caught traders betting higher prices off guard, with $155 million in long positions liquidated, according to data from CoinGlass. This was the largest long liquidation in a month.

UPDATE (July 14, 19:20 UTC): Prices updated through history. Addition of liquidation data.

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