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Bitcoin (BTC-USD) changed hands in the red in Friday afternoon trade, erasing all of its gains from Thursday’s massive rally as attention turned to altcoins after Ripple Labs clinched a long-awaited victory in court.
The digital token slipped 4.2% to $30.05,000 at 4:24 p.m. ET after peaking at $31.7k in the previous session when a US District Court judge ruled that Ripple’s XRP (XRP USD) is not a security with respect to sale to the general public.
That’s a big deal, because the Securities and Exchange’s three-year-old lawsuit against Ripple has raised the prospect that cryptos are in fact securities subject to close regulator oversight.
“This is a great result for Ripple and the cryptocurrency as a whole, as it solidifies a new path forward for investors seeking clarity in digital assets,” said Joe Endoso, chief operating officer of private investment platform Linqto.
Note that the judge on Thursday ruled that XRP (XRP-USD) is a security when sold directly to institutions but a commodity when sold to the public. While this marks a major turning point for the crypto industry, there is likely still a long way to go before full regulatory clarity.
Intraday losses have been rife among risky assets, from cryptos to stocks. Two of the three major US stock indices ended the session lower, with the Dow Jones posting a small gain. According to data from CoinMarketCap, the total crypto market capitalization fell by 4.2% to $1.21 trillion.
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