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7 December 2023
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Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’

Bitcoin (BTC) fell below $26,000 on Dec. 29 as fresh fallout from Ripple’s threatened lawsuit with the United States Security and Exchange Commission was felt throughout crypto markets.

Cryptocurrency market overview. Source: Coin360

BTC price dips as Coinbase halts XRP trading

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD hitting lows of $25,830 during Tuesday trading.

$27,000 support failed to hold overnight, sparking a retest of lower levels that now center on $26,000. On the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.23 thanks to major U.S. exchange Coinbase opting to suspend trading from next month. The SEC’s lawsuit against the token threatens to classify XRP as an unlicensed security and make trading it legally impossible.

“There is going to be a rangebound construction, after which 2021 will most likely break out again,” Cointelegraph Markets analyst Michaël van de Poppe summarized about Bitcoin’s short-term perspectives in a video update on Monday.

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