The market’s in flux, but exciting changes are afoot. Dive in to see where things stand! 🌟
Crypto Market Overview
Market Cap and Volume
Market cap: Down 3.4%
Trading volume: Down 6.8%
Since midnight, we’ve seen an inflow of 1,148 BTC.
Yesterday, two inflows totaled 2,254 BTC.
Current sentiment: Fear (68)
Recent trend: Selling
Bitcoin (BTC): Down 2.43%
Ethereum (ETH): Down 7.48%
Bitcoin’s Recent Performance
Bitcoin's Current trading price $64,242
Liquidations
In the past 24 hours, 7,420 traders were liquidated, totaling $292 million.
The most significant liquidation was $160 million within 4 hours.
Support Levels
Bitcoin’s price has held at the $6,380 support level, showing resilience.
Post-ETF Performance
After the launch of Bitcoin’s ETF, the price fell by 21-22%.
It took about 29 days for Bitcoin to recover and see a price increase.
Crypto Analyst @ki_young_ju the price drops are likely due to market sentiment, not Mt. Gox sales. After Mt. Gox repayments, global time zones have passed. Kraken's Bitcoin volumes are normal. No immediate dump occurred.
Charles Edwards have suggested that the market might have performed better if the ETH ETF hadn't launched in 2024.
Ethereum’s Situation
Price Trends
Ethereum is currently down 7.68% from $3,469, trading at $3,209.
A whale recently made $173M profit by dumping 10K ETH on Kraken, adding Ethereum market pressure
ETF Impact
Analysts predict significant price action for Ethereum once its ETF gains momentum.
The expected price rally could see Ethereum rise from $3,500 to $7,000-7,500.
Michaël van de Poppe also suggested Ethereum ETF hit $1B inflow, but prices aren't soaring. Historical data shows initial drops post-ETF launch. Expect a price rally soon, as Ethereum is undervalued and poised for growth.
If Ethereum falls to $2,800, it could be a good buying opportunity.
US Market Influence
Stock Market Trends
The US market has seen a downturn, with the S&P 500 down 2.3% and the Nasdaq down 3.64%.
This has impacted the cryptocurrency market as well.
Companies’ poor earnings reports have led to increased selling pressure.
WazirX Update
WazirX is exploring options for recovery and will conduct a customer poll for future actions.
Users are anxious about withdrawing funds, and WazirX is working to address these issues.
The website has received 195 inquiries regarding its bounty program and withdrawal issues.
Other Crypto Updates
HSBC Australia will block payments to crypto exchanges starting July 24, citing scams. This follows similar moves by other major banks. Industry experts worry it limits Australians' access to the digital economy.
Ferrari will start accepting crypto payments at European dealers by the end of July. This follows a successful US rollout. Payments will be converted to fiat to avoid volatility. More regions will be added by year-end.
Investment Strategy
Don’t panic over short-term price movements.
The crypto market faces challenges but could rebound. Ethereum’s ETF might drive growth.
Assess the market calmly and make informed decisions based on thorough research.
