Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
- Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday.
- Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened.
- Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Bitcoin, Ethereum and Ripple update
- Bitcoin trades at $59,922 on Binance, erasing nearly 4% of its value on the day. The largest crypto asset by market capitalization is likely affected by German government transfers and Bitcoin miners' activity. The German Government transferred another 832.7 BTC on Tuesday, while on-chain data shows that Bitcoin miners have increased their selling activity at the beginning of this week, adding to traders’ woes. Bitcoin price struggles around $61,000 as German government transfers, miners activity weigh
- Ethereum trades at $3,301, down nearly 4% on the day despite the optimism surrounding the anticipated approval of the Spot Ether ETF by the US Securities and Exchange Commission (SEC). Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
- XRP trades at $0.4829, while the altcoin erased nearly 1% of its value on the day, it held on to its gains from the past seven days. The altcoin is holding steady above key support at $0.48 and eyes a comeback above the psychologically important $0.50 level. Ripple escrow unlocks one billion XRP on Monday as altcoin ranges above $0.47
Chart of the day
LDO/USDT daily chart
Lido Dao (LDO) is in a state of decline and the Ethereum staking token is likely to extend losses by nearly 6% to the Fair Value Gap between $1.667 and $1.849. Once LDO sweeps liquidity in the FVG, it could resume its rally towards the upper boundary of another FVG, at $2.309, as seen on the daily chart. This would mark over 30% gains in LDO.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars below the neutral line, supporting a thesis of downward correction in LDO price.
Market updates
- Ethereum, Bitcoin, and Tron network collected the highest volume of fees, in that order, per Lookonchain data. Ethereum collected a fee of $2.728 billion, Bitcoin is at $1.302 billion and the Tron network earned a fee of $459.39 million.
- Analysts at K33 believe that the upcoming Ethereum spot ETF could catalyze ETH’s relative strength. However, the altcoin is at risk of a price drop after the launch event.
- In a recent tweet, Ethereum co-founder Vitalik Buterin identifies prediction markets and community notes as the two flagship technologies of the 2020s.
Industry updates
- Polkadot developer responds to recent criticism of the project. Fabian Gompf, CEO of the Web3 Foundation that developed Polkadot, notes that the recently released financial statements of the project are expenses born by on-chain funds that are determined by community voting.
- Bittensor blockchain allegedly halted after reports of an exploit, per ZachXBT. The last block was added over 12 hours ago per the explorer. There is no official announcement on the X handle, but the community’s discord administrator shared a notice with users, explaining that an investigation is underway.
- Chainlink announced Fidelity International and Sygnum’s partnership to provide on-chain data for Fidelity’s $6.9 billion money market fund, in an official tweet on X.
Crypto market capitalization is down nearly 3% on Wednesday, at $2.359 trillion.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
