Here’s why Bitcoin (BTC), XRP and the crypto market are falling!

The parent cryptocurrency fell more than 3% in one day. It fell below the psychological bar of $30,000 overnight from Sunday to Monday. This drop in price led to the fall of the crypto market, in particular that of Ether and XRP. What could explain this trend? Is the market currently in the red? Here are the explanations of BFM Crypto.

Presence of selling pressure in the crypto market

The price of Bitcoin (BTC) fell 3% today, hitting $29,000. In the night from Sunday to Monday, it fell below the symbolic bar of $30,000, and could even post a correction of 5%. Market dynamics during the summer months tend toward volatility with lower trade flows. However, the most important cryptos in the market have been remarkably quiet lately, says a market note from the eToro platform.

According to BFM crypto, the fall of the mother of cryptos could be related to the selling pressure in the market. Moreover, the fall accelerated at the time of the Asian markets, more precisely in China, according to an analyst. In addition, traditional markets are also falling and investor confidence is getting worse, he adds. Along with bitcoin (BTC), Ether (ETH) also saw a 3% drop in price. Ripple’s token, XRP, also fell 6% in one day.

A badly decided case according to the SEC

As a reminder, a US court decision in favor of Ripple caused the XRP token to explode by more than 70% on July 13. Indeed, the American judge Analisa Torres ruled on the qualification of XRP. Faced with this, the crypto sector hailed Ripple’s victory against the SEC.

However, it should be pointed out that XRP has been labeled as a security for institutional investors. The asset thus falls under SEC regulation. In a document, the American regulator indicated that she could appeal the decision of the American judge. The SEC claimed the case was “badly decidedstating that much of the judge’s decision supports the SEC’s assertions in this case.