Bitcoin reached its highest level since June 2022 on 14 July, nearing a 13-month peak at $31,818. This comes after a US judge ruled XRP was not a security and thus Ripple Labs did not breach securities law by selling the token on public exchanges. The verdict stimulated optimism among crypto investors, resulting in a 73% rise in XRP’s value on 13 July, and a resumption of its trading on several major exchanges like Coinbase and Bitstamp. However, investor excitement was tempered by news of layoffs at Binance and Coinbase limiting its staking service for retail customers in California, New Jersey, South Carolina and Wisconsin.