Bitcoin and Ether continue to pull back as Ripple verdict is reassessed

Bitcoin and Ether experienced a pullback for the second consecutive day, partially prompted by investors reassessing the impact of Ripple’s recent court victory over the SEC in the XRP token case.

There is apprehension around a potential SEC appeal and interpretations of the judge’s ruling that certain tokens are not securities.

Bitcoin, having recently dropped below US$30,000, could potentially slide further.

Bitget analyst Fernando Pereira noted a pattern in Bitcoin’s pricing resembling early January’s precursory signal to a major price increase.

However, he anticipates a downward trend this time.

Bitcoin currently hovers near US$30,000, struggling to break away from this price point, according to André Franco, head of Research at MB.

Recent on-chain data indicates a decrease of 6,000 bitcoins in long-term investor holdings.

As of 9:25 a.m., Bitcoin, and Ether were down by 0.9% and 0.8%, trading at US$29,873.70 and US$1,890.66, respectively, according to CoinGecko.

Cryptocurrency expert Ricardo Pegnoratto noted that large-scale investors or “whales” transfer funds from exchanges to private wallets, demonstrating long-term confidence.

Whether this activity is speculative anticipation for the halving event next year or if other factors drive it remains.

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