- Bitcoin extended gains, battling rising selling pressure from Mt.Gox transfers.
- Ethereum and XRP remain correlated with Bitcoin post price rallies on Tuesday.
- Ethereum rallies amidst optimism for the anticipated Spot Ether ETF approval by the US SEC.
- Meme coins PEPE, WIF, FLOKI rallied in double-digits in the last 24 hours, per CoinGecko data.
Bitcoin, Ethereum and XRP updates
- Bitcoin resists sell-off even as news of Kraken exchange users gearing to receive Mt.Gox transfers makes headlines. The largest asset by market capitalization sustained above key support and trades above $63,800 on Tuesday. Bitcoin holds the $62,000 level as US spot Bitcoin ETFs registered inflows
- Ethereum traders await news of the US Securities & Exchange Commission (SEC) approval of the Spot Ether Exchange Traded Fund (ETF). Ethereum ETF launch could push Ether to new all-time high, on one condition.
- Ethereum (correlation coefficient with Bitcoin is 0.94) and XRP (correlation coefficient with Bitcoin is 0.53) remain highly correlated with Bitcoin and prices are influenced by BTC market movers.
- XRP extends gains as Ripple spends $1 million to support pro-XRP attorney John Deaton in the campaign against Senator Elizabeth Warren.
Memecoin updates
- Coingecko data shows meme coins rallied in double-digits in the last 24 hours.
- The chart below shows the returns on top meme coins, as seen on Coingecko:
Coingecko data on meme coins
- Meme coins added 12% to their market capitalization and climbed to $52.9 billion on Tuesday.
- The 24-hour trade volume exceeds $9.66 billion.
Chart of the day
BONK/USDT daily chart
BONK trades at $0.00002678 at the time of writing. The meme coin has been in an upward trend since June 23, forming higher highs and higher lows. BONK could extend gains by 12% and rally to $0.00003006, the 50% Fibonacci retracement of the decline from March 4 top of $0.000048 to the April 13 low of $0.000012.
The Moving Average Convergence Divergence (MACD) indicator supports BONK’s recent gains, the green histogram bars above the neutral line show underlying positive momentum in BONK’s uptrend.
BONK could find support at the upper boundary of the Fair Value Gap in the chart above, at $0.00002536.
Market update
- Crypto community reports Kraken exchange has emailed users and notified successful receipt of creditor funds (Bitcoin and BitcoinCash) from Mt.Gox trustee. The exchange is expected to distribute funds within seven to fourteen days.
- Genesis Trading is suspected of executing bankruptcy liquidation procedures as the entity transfers 600 Bitcoin to Coinbase exchange. The $37.72 million transfer was tracked by on-chain tracker Arkham Intelligence.
- Vitalik Buterins raises concerns on how investors are interested in projects that gain spillover capital from casinos, focused on “some kind of infrastructure.”
Vitalik on warpcast
Industry update
- Terra announced that the deadline for filing bankruptcy claims for Terraform Labs Pte Ltd. and Terraform Labs Limited has been set at 21 GMT on August 10, 2024.
1/ Important Notice for the Terra Community:
— Terra Powered by LUNA (@terra_money) July 15, 2024
The General Bar Date for filing claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set to August 9, 2024, at 5:00 p.m. (ET).
- Cyber security platform Cyvers Alerts reports suspicious transactions in Lifi protocol. Warns users in an official tweet.
ALERT@lifiprotocol, Our system has raised suspicious transactions involving your https://t.co/3LzbDK99Ed
— Cyvers Alerts (@CyversAlerts) July 16, 2024
We recommend users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae
More than $8M have been drained so far from users and mostly stablecoins!… pic.twitter.com/zsj9DZWnpU
- Eric Balchunas highlights how Bitcoin ETFs are in “two steps forward” mode or sustained inflow of funds.
the Bitcoin ETFs are in "two steps forward" mode after one step back in June with another +$300m yesterday and $1b for week. YTD net total (the most imp number in all this) has crossed +$16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go. pic.twitter.com/0V7wE9D5OU
— Eric Balchunas (@EricBalchunas) July 16, 2024
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto community brace for presidential election, upcoming debate stirs attention
Polymarket odds on Monday reflect growing anticipation toward the upcoming US presidential election in November, with Trump leading in the prediction market. Meanwhile, Bernstein analysts predict that this year's election may decide the fate of the crypto industry in the United States.
Ethereum ETFs record another week of heavy outflows as whales shed their holdings
Ethereum ETFs posted a net outflow of $98.1 million last week following ETH's price struggles. The US spot ETH ETFs, led by Grayscale ETHE’s $111 million exodus, dominated the negative flows after recording outflows for all its trading days in the week.
Crypto products post heavy outflows amid August decline in US unemployment rate
Digital asset products record highest outflows since March, totaling $725.7 million. US Bitcoin ETFs saw the highest outflows following the release of lower-than-expected macroeconomic data. Ethereum ETFs saw further outflows of $98 million, while Solana ETFs recorded minor inflows.
XRP dips to $0.52, Ripple reserve on Binance down by whopping 167 million since July
Ripple (XRP) reserve on one of the largest crypto exchanges, Binance, declined by 167 million in a time frame of five weeks. This is a key development for XRP holders since a decline in the asset’s reserves on exchanges implies there are fewer XRP tokens to sell.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.