The post Bitcoin’s Roller-Coaster Week: From Plunge to Recovery Amid Political Upheaval and Ripple’s Legal Triumph appeared on BitcoinEthereumNews.com.

Last week, the world of cryptocurrency experienced significant fluctuations, predominantly driven by major market events. The outcome of the US presidential election and the result of Ripple’s legal battle with the SEC remained hot topics. Bitcoin initially saw a sharp decline followed by a remarkable recovery, marking another volatile period for crypto investors. Discover the dramatic shifts in the cryptocurrency market last week, including Bitcoin’s recovery and the implications of the US presidential election. Bitcoin: From Sharp Decline to Promising Recovery Over the past week, Bitcoin (BTC) experienced a significant drop, attributed mainly to a market crash in Japan. This decline saw BTC plummet to $49,000, a reduction caused by a loss of liquidity amounting to $400 billion. The broader crypto market felt the ripple effects of this collapse, with many investors experiencing substantial losses. US Presidential Elections Add to Market Turbulence As the US presidential elections progressed, nominee Kamala Harris from the Democratic Party garnered increasing support, a development closely watched by market participants. Harris’s known opposition to cryptocurrencies brought a layer of uncertainty to the markets. Additionally, notable figures like Elon Musk voiced concerns about biases in AI systems from companies like OpenAI and Google, which added to the market’s apprehensions. However, Musk’s AI, Grok, was reported to have propagated misinformation during the election phase. Ripple’s Legal Battle with the SEC: A Landmark Decision One of the most notable events last week was the conclusion of Ripple’s dispute with the Securities and Exchange Commission (SEC). Judge Analisa Torres ruled in favor of Ripple, rejecting the SEC’s demand for a $2 billion penalty and instead imposing a $125 million fine, with no additional repayments required. Both parties retained the right to appeal the decision. The judgment significantly boosted interest in Ripple’s XRP token, with legal expert Fred Rispoli advocating…

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Filed under: News - @ August 11, 2024 7:10 am