Crypto Today: Bitcoin could trigger $4 billion short liquidations on crossing $73,000, XRP rallies, ETH lags

Bitcoin, Ethereum and XRP updates

• Bitcoin trades close to $70,000 early on Tuesday. The sentiment among traders is bullish per IntoTheBlock data. Over 80% of wallet addresses holding Bitcoin are profitable at the current price level, raising concerns of “selling pressure” on the asset. 
• Analyst Quinten Francois notes that nearly $4 billion in shorts are set to be liquidated if Bitcoin price crosses $73,000. 

• Ethereum fails to rally to key resistance at $3,500, struggles at $3,100 on Tuesday. 
• Ripple traders are awaiting a settlement/outcome in the US Securities & Exchange Commission (SEC) lawsuit. 
• Ripple gears for showdown with SEC, final ruling in lawsuit likely this week
• XRP extends gains by nearly 5%, stays above key psychological resistance $0.60. 

Chart of the day

DOGE/USDT daily chart 

Dogecoin (DOGE) trades at $0.1294 at the time of writing. DOGE is likely to collect liquidity at the support at $0.1169. This marks a nearly 9% decline in the meme coin’s price. 

DOGE could extend gains by nearly 24% and rally to its target at $0.1601, the 50% Fibonacci retracement level of the decline from the March 28 top of $0.2288 to the July 5 low of $0.0913. 

Dogecoin faces resistance at the Fair Value Gaps (FVG) between $0.1358 to $0.1348; and $0.1583 to $0.1621. 

Looking down, the meme coin could find support at the July 5 low of $0.0913. 

Market updates

• Solana has surpassed Ethereum in total transaction fees on the weekly timeframe, per Blockworks data.

Total Economic Value per Blockworks data

• Binance Launchpool supports DeFi BNB assets in their Web3 wallet, per an official announcement on X. This means decentralized BNB assets would count towards user holdings for rewards. 

• Glassnode data shows that over 65.8% of the Bitcoin supply has been inactive for over one year, over half of the supply was “inactive” for over two years.

Industry updates

• One Trading, a regulated crypto exchange in Europe, received greenlight by the Dutch financial regulator. Authorities granted the exchange an Organised Trading Facility (OTF) License for their crypto derivatives platform. 

• Ethereum celebrates its ninth anniversary on July 30, Vitalik Buterin tweeted on X:

• Compound Finance’s security advisor explains why two proposals were cancelled to resolve a situation, promoting a staking product.