Crypto Market Update: XRP Trading Surges In South Korea, BTC Holds $28K Level, And Big Eyes Coin Nears $50M Target

Cryptocurrency has had an eventful start to 2023, with some tokens reaching new heights while others face scrutiny. Stablecoins have faced particular scrutiny due to the aftermath of the crypto winter.

XRP, previously known as Ripple Labs, has been in the news recently due to its SEC lawsuit. The platform was accused of selling unregulated securities to the public, valued at over $1.3 billion. Despite this, XRP's value recently increased by more than 20% as South Korean exchanges rapidly traded the coin.

Another notable achievement in the cryptocurrency world is that Bitcoin (BTC) has finally reached its $28,000 threshold. In addition, Big Eyes Coin (BIG) has reached $33 million in presales towards its $50 million target.

Bitcoin Surges Amidst Positive Sentiments

Bitcoin's journey over the past year has been a tumultuous one, with the token plummeting from its all-time high of over $64,000 to just over $16,000, causing many investors to suffer massive losses. Sentiments for the token were bearish until recently when the collapse of two of the largest crypto-funding banks caused a surge in Bitcoin's value.

Investors flocked to the decentralised crypto market, which provides better security and easy access to their assets, causing the token's value to soar overnight to over $28,000.

This sudden surge has brought optimism among investors and analysts who believe that Bitcoin will break into its $30,000 threshold, and some even predict a possible $100,000 mark by the end of the year if the token continues to perform as it currently is. Many crypto analysts had predicted this surge in value, and it has finally become a reality in 2023.

XRP Trading Soars in South Korea

XRP had come under scrutiny after the SEC filed a lawsuit against the platform, alleging that it had sold unregulated securities worth over $1.3 billion to the public. The lawsuit cast a dark cloud over XRP, and its future seemed bleak. The uncertainty caused a significant drop in the value of XRP, with investors wary of the outcome and their financial security.

However, as the case draws to a close, the SEC let it slip that XRP may likely become a commodity, just like Bitcoin and Ethereum. This statement had an immediate effect on the South Korean market, with more platforms now trading in XRP tokens, including Bithumb, UpBit, and Korbit, which traded 37%, 18%, and 50% XRP volumes, respectively. These exchanges usually have Bitcoin and Ether as their key trades, making this anomaly an exciting development for XRP investors.

The statement by the SEC has a two-pronged effect. Firstly, it could potentially decimate the SEC's case and cause XRP to win. Secondly, the ultimate ruling could introduce bullish results for the token, pushing the value up to $1, which investors would find very lucrative.

This push to $1 is entirely plausible, considering the over 20% growth the coin experienced practically overnight. If XRP wins, which is highly likely, the token will rally and reach this mark.

Big Eyes Coin's BIG Growth and Unique Features

Big Eyes Coin, the cryptocurrency that has been making headlines since its presale, has been exceeding expectations and surprising investors with its incredible growth. The platform boasts a range of features that are unique and not found on other platforms, offering users lucrative opportunities to make gains.

Currently, Big Eyes Coin is experiencing significant growth as it approaches its investment milestones, having raised $33 million of its $50 million goal in presale.

One of the notable features of the platform is its NFT collection of Big Eyes Loot NFTs. Users can collect, mint, and trade these NFTs, earning good foundational rewards that can be used in other site areas. Additionally, users can access various Loot Boxes with a value ranging between $10 and $10,000, which hold rewards between $500 and $1 million, as well as receiving a 250% bonus by using the code BULLRUN250.

Apart from offering investors lucrative opportunities, Big Eyes Coin is also committed to environmental conservation. The platform has pledged to donate 5% of its total earnings to an ocean conservation project, which sets it apart from other cryptocurrencies.

XRP's Potential as a Commodity

The possibility of XRP being classified as a commodity has been beneficial for the token, as investors see the potential for a bull run. The outcome of the XRP lawsuit remains uncertain, but the SEC's recent statement indicating that XRP may become a commodity has provided a glimmer of hope for investors.