Bitcoin Dips Below $30K to Lowest Since Late June as Altcoins Pare Gains From XRP Lawsuit

Bitget App

Trade smarter

Bitget

News

Markets

Bitcoin Dips Below $30K to Lowest Since Late June as Altcoins Pare Gains From XRP Lawsuit

Coindesk2023/07/17 19:52

By:Krisztian Sandor

Ripple's XRP, Solana's SOL and Lido Finance's LDO lost more than 4% in the last 24 hours.

Cryptocurrency markets continued to pull back from last Thursday's big gains, with bitcoin () slipping about 2% over the past 24 hours alongside more sizable declines in the altcoin sector.

Bitcoin fell to as low as $29,679 Monday afternoon and had bounced modestly at press time to $29,900. Ether (), the second largest cryptocurrency by market cap, dropped to $1,880, also about a 2% decline over the past 24 hours.

Smaller cryptocurrencies – or so-called altcoins – have suffered even steeper declines. Ripple's , which led Thursday's after a partially favorable court ruling in a lawsuit involving the U.S. Securities and Exchange Commission (SEC), tumbled 4.4% in the last 24 hours. and , the native token's of the Solana and Stellar networks, respectively, also shed more than 4% over the same period.

Ripple is now lower about 15% from Thursday's high, though still well above its pre-court ruling level. Solana is off about 10% from its Thursday high and XLM down about 25%, though both also remain higher over the past week.

Among the day's worst performers is , the governance token of liquid staking protocol Lido Finance, which has nosedived almost 12%.

Edited by Stephen Alpher.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.

Bitget VIP•2025/04/25 06:05