Crypto Today: Bitcoin advance propels market, Ethereum and XRP extend gains amidst altcoin push

Bitcoin, Ethereum and XRP updates

• Bitcoin trades above $65,000 on Wednesday, with the largest cryptocurrency sustaining recent gains as sentiment among crypto traders remains positive. Consistent positive inflows to Bitcoin Exchange Traded Funds (ETFs) catalyzed gains in the asset. Bitcoin rally catalyzes gains in Ethereum, Solana, and XRP, as traders digest Donald Trump incident.
• German government’s Bitcoin transfers and suspected sales netted over €2.6 billion per a Decrypt report. As the German government’s transfers end, Bitcoin notes a decline in selling pressure, likely leaving room for price discovery. 
• Ethereum ETF is likely to be approved on July 18, according to Eric Balchunas, Senior ETF analyst at Bloomberg. Ethereum traders keep their eyes peeled for the update, as ETH trades at $3,461. Ether spot ETF inflows will push ETH to beyond $5K: Bitwise
• XRP tested $0.63, the highest level in nearly 99 days. XRP Ledger’s native token has been rallying since the one-year anniversary of Judge Analisa Torres’ ruling in the SEC vs. Ripple lawsuit. Ripple extends gains as XRP holders anticipate end of SEC lawsuit, settlement

Chart of the day

LDO/USDT daily chart 

Lido DAO (LDO) could extend gains by over 15% to the upper boundary of the Fair Value Gap (FVG) at $2.309. The on-chain indicator Moving Average Convergence Divergence (MACD) shows green histogram bars, suggesting underlying positive momentum in LDO’s uptrend. 

LDO could find support at $1.711, the July 16 low. 

Market updates

• SEC Commissioner Hester Pierce says the agency is open to reconsidering whether Ethereum ETFs could stake the altcoin.

• Asset manager Grayscale announces the launch of a private placement investment product, Grayscale Decentralized AI Fund. The fund focuses on Near Protocol (NEAR), Render (RNDR), Filecoin (FIL), Bittensor (TAO), among other assets.

• Bitcoin ETF net inflow is $423 million, the highest in the past 27 days, per on-chain data. 

Industry updates

• BitMEX co-founder Arthur Hayes announced the Maelstorm Fund’s Bitcoin Developer Grant program and invited developers to apply for the grant, supporting developments in crypto.

• Hong Kong’s financial regulator, alongside the Financial Services and Treasury Bureau, jointly published the results of their research in crypto, proposing a stablecoin regime.
• Crypto trader sentiment remains positive as US Presidential candidate Donald Trump picks J.D. Vance as his Vice President. Analysts at QCP Capital note that Vance holds Bitcoin and markets have “found a strong bid to bring Bitcoin above $65,000.”