Bitcoin anchors highest level since the beginning of the year

Bitcoin hit a “peak” encouraged by Ripple Labs’ victory against the US Securities and Exchange Commission (SEC) at a trial in a New York Court.

The cryptocurrency market is gradually recovering this year. (Source: Reuters)

Judge Analisa Torres ruled in favor of Ripple, declaring that the XRP token issued by the company is not a security.

Judge Analisa Torres ruled that Ripple Labs Inc. did not violate securities laws when it sold XRP tokens on public exchanges. The ruling marks the first victory for a cryptocurrency company in a case brought by the SEC, creating a wave of optimism among cryptocurrency investors that many other cryptocurrencies may also not be considered securities.

The move sent bitcoin trading at its highest price since June 2022, reaching $31,818, before falling back to around $30,091 at 3:09 a.m. on July 15, Vietnam time. XRP, which was recently ruled to be legally sold on public cryptocurrency exchanges, jumped 73% on July 13 and maintained almost all of that gain on July 14.

However, investor excitement was dampened by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 employees in recent weeks. The layoffs are ongoing and could result in the exchange losing more than a third of its staff.

The cryptocurrency market has been slowly recovering this year, after a sharp price drop last year and a series of bankruptcies at major cryptocurrency companies, including cryptocurrency exchange FTX.

The FTX collapse has added momentum to regulatory efforts globally to rein in the sector, particularly to protect small investors lured by the desire for quick profits.

Source: https://baoquocte.vn/bitcoin-neo-muc-cao-nhat-ke-tu-dau-nam-234744.html