Bitcoin (BTC) reaches 50% market dominance for the first time in 2 years while XRP Tumbles 8%, erasing Price Gains from ‘Hinman Emails’ in Ripple Lawsuit. However, there’s hope in meme coins. Recently launched Big Eyes Coin (BIG) is buying back tokens, they have already bought back $200,000 in the first 24 hours to increase the token’s liquidity. The coin is now live on the LBank exchange along with Uniswap, OKX and Poloniex.
XRP Slumps 8%, Bids Adieu To Hinman Gains
XRP prices plunged 8.5% as digital asset markets experienced a sudden sell-off. The token hit a monthly low of 46.18 cents after briefly reaching 56 cents on Tuesday. Bitcoin and Ethereum also dropped to 3-month lows below $25,000 and $1,700, respectively, following the Federal Reserve’s interest rate decision. The decline in XRP’s value coincided with Ripple’s ongoing lawsuit with the SEC, which accused the company of selling unregistered securities. XRP drives parts of Ripple’s products and the XRP Ledger network, although the company has distanced itself from it in spite of the lawsuit.
XRP surged recently due to the release of emails from William Hinman, former director of the SEC’s Division of Corporation Finance. Traders were optimistic that Hinman’s speech would challenge the SEC’s classification of XRP as a security, potentially benefiting Ripple Labs in their lawsuit against the SEC. Speculation about the lawsuit’s outcome has sparked optimistic price predictions for XRP, with some experts suggesting it could reach anywhere from $10 to $30 in the next few months.
BTC Hit 50% Market Dominance: The King Stands Tall
Bitcoin’s ticker dropped to $30,0075, but its dominance in the crypto market crossed 50%. According to TradingView, Bitcoin dominance peaked above 50% on June 19 at 6 p.m. UTC but is now at 47.8%. This means Bitcoin accounts for half of the $1.1 trillion crypto market. Coingecko reports Bitcoin’s current valuation at $631 billion.
Michael Saylor, co-founder of MicroStrategy and a prominent Bitcoin supporter, predicts Bitcoin’s dominance will surpass 80% due to regulatory pressure, potentially affecting stablecoins and other crypto assets. Saylor explains the limited institutional investment in crypto due to confusion caused by numerous cryptocurrencies posing as substitutes for Bitcoin. He highlights Bitcoin’s universal recognition as the industry’s digital commodity, designated as such by SEC Chair Gary Gensler. The SEC classifies 68 cryptocurrencies as securities.
As per Coinmarketcap, Bitcoin currently trades at $30,0075, with a 4.10% increase in the past 24 hours. Despite high fear in the crypto market, Bitcoin’s value has surged.
Big Eyes Arrives At The LBank Platform
Pre-sale for the Big Eyes Coin (BIG) began in August 2022 and finished on June 3rd, 2023, raising $47 million. BIG, a meme coin based on the ERC-20 token standard of the Ethereum Network, is currently operational on DEXs like Uniswap, OKXs, and CEXs like Poloniex and LBank. Additionally, the coin is currently concentrated on the Big Casino’s launch, which will feature 4000 P2E games.
According to Poloniex, the coin’s price is currently 0.000023279 and has tremendously increased 26.21% over the past 24 hours. In order to increase the market cap and liquidity of the project, the team revealed on June 16 that they had purchased $200,000 worth of Big Eyes back. The most recent development demonstrates how much BIG values its community and the long-term viability of the project.
BIG is poised to transform the world of cryptocurrency gaming with its huge selection of 4,000 casino games like 819 Casino and a roster of thrilling play-to-earn (P2E) games after making a successful debut on top-tier exchanges. The sole use of BIG tokens for all game entries and payments distinguishes this platform from others. The token’s trading volume, price stability, adoption, and possibility for major exchange listings are all significantly impacted by this novel strategy.
Bitcoin reached 50% market dominance while XRP experienced an 8% decline. However, the newly launched Big Eyes Coin (BIG) is buying back tokens and has gained a listing on prominent exchanges. BIG aims to revolutionise cryptocurrency gaming with its extensive selection of casino games and play-to-earn options.
Big Eyes Coin (BIG)
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