{"id":178153,"date":"2023-10-20T23:24:00","date_gmt":"2023-10-20T17:54:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178153"},"modified":"2023-10-20T23:24:00","modified_gmt":"2023-10-20T17:54:00","slug":"this-week-in-coins-solana-explodes-25-bitcoin-reclaims-30k-on-etf-hopes-and-ripple-wins-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/this-week-in-coins-solana-explodes-25-bitcoin-reclaims-30k-on-etf-hopes-and-ripple-wins-crypto-news\/","title":{"rendered":"This Week in Coins: Solana Explodes 25%, Bitcoin Reclaims $30K on ETF Hopes and Ripple Wins – Crypto News"},"content":{"rendered":"
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It was a good week for holders of virtually all leading cryptocurrencies, including Bitcoin, Solana, and XRP.<\/p>\n

After many weeks<\/a> of inertia and slow movement, Bitcoin (BTC) finally rebounded with some bullish price action, adding 10% over the last seven days to change hands at $29,523 as of this writing. The rest of the market rebounded with it.<\/p>\n

Bitcoin\u2019s rally began on Monday<\/a>, following last Friday\u2019s news that the U.S. Securities and Exchange Commission would not be appealing a court verdict that labeled the regulator\u2019s rejection of crypto asset manager Grayscale\u2019s ETF application \u201carbitrary and capricious<\/a>.\u201d<\/p>\n

The world\u2019s favorite cryptocurrency also received another boost\u2014of around 10%<\/a>\u2014on Monday when Cointelegraph tweeted fake news that Wall Street titan Blackrock had been approved to launch a U.S. Bitcoin spot ETF.<\/p>\n

BlackRock CEO Larry Fink responded to the price pump that day, saying during an appearance on FOX Business: \u201cIt\u2019s just an example of the pent-up interest in crypto. I think the rally today is about a flight to quality<\/a>.\u201d A marked change of tune from 2017 when Fink called Bitcoin an \u201cindex of money laundering<\/a>.\u201d<\/p>\n

Later in the week, BlackRock submitted<\/a> an amended prospectus for its ETF application. Changes to its filing include acknowledgment of competition in the race for ETF approval and detailed explanations on the product\u2019s pricing and reporting mechanisms. On a related note, a report released by JP Morgan that day<\/a> (Wednesday) called it \u201cmost likely\u201d that a spot Bitcoin ETF could get approved before January 10.<\/p>\n

By Friday, the news had pushed Bitcoin\u2019s price to briefly reclaim $30k<\/a>, a level not seen since summer, according to CoinGecko<\/a>.<\/p>\n

The wider market: Solana, Ethereum, and Bitcoin Cash<\/h2>\n

While Bitcoin generally acts as the industry\u2019s pace-setter (typically when BTC rises, other coins and tokens rise with it), this week, the market leader\u2019s gains were far outpaced by some of its rivals.<\/p>\n

Closest contender Ethereum (ETH) didn\u2019t manage to catch up with it this week. Ethereum rose 3.4% to enter the weekend trading at $1.602.<\/p>\n

Ripple\u2019s XRP<\/a> blew up this week, but not quite as much as Bitcoin. XRP grew 6.7% to $0.515669 off the back of news that the SEC had voluntarily dismissed<\/a> charges against Ripple execs, CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The SEC sued them alongside the company in December 2020 for allegedly violating securities laws with sales of XRP.<\/p>\n

The biggest rallies this week came from two altcoins: Solana (SOL<\/a>) and Bitcoin Cash (BCH). Bitcoin Cash blew up 11.6% and currently trades at $239.40, while Solana mushroomed a staggering 25% to hit $26.89 at the time of writing.<\/p>\n

SOL\u2019s impressive rally appears to have been spurred by news that the FTX estate has decided to stake roughly $122 million<\/a> in Solana held in the bankrupt exchange’s crypto wallets rather than liquidate it.<\/p>\n

Finally, there were no significant losses among the top thirty cryptocurrencies by market capitalization. The only red candle this week was from Cosmos Hub\u2019s ATOM, which fell 3.8% to $6.36.<\/p>\n

Edited by Stacy Elliott<\/a>.<\/i><\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

It was a good week for holders of virtually all leading cryptocurrencies, including Bitcoin, Solana, and XRP. After many weeks of inertia and slow movement, Bitcoin (BTC) finally rebounded with some bullish price action, adding 10% over the last seven days to change hands at $29,523 as of this writing. The rest of the market […]<\/p>\n","protected":false},"author":2,"featured_media":114412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-178153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178153"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178153\/revisions"}],"predecessor-version":[{"id":178155,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178153\/revisions\/178155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/114412"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}