Crypto today: Bitcoin, Ethereum could extend rally ahead of Spot Ether ETF approval, market is optimistic
- Bitcoin trades at $65,708, sentiment among traders is positive ahead of the upcoming conference of July 25.
- Ethereum hovers around $3,500 early on Friday, and Galaxy’s staked Ether holdings hit $3.3 billion ahead of the ETF approval.
- Ripple whales dump 200 million XRP in July, retail investors accumulate while XRP reels from mass sell-off.
Bitcoin, Ethereum, XRP updates
- Bitcoin trades close to $65,000 on Friday, as BTC traders gear for volatility from options expiry. The sentiment among traders is positive, as seen on cryptoeq.io. Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry
- Ethereum trades at $3,449, as Ether traders await Spot Ethereum ETF approval by the US Securities & Exchange Commission (SEC). Ethereum traders need to be careful as supply on exchanges is rising consistently, 19.56 million on July 19, at the time of writing. Santiment data shows the steady rise in Ethereum exchange supply.
 [21.11.21, 19 Jul, 2024]-638570039274359151.png)
Ethereum supply on exchanges vs. price
- XRP erased recent gains and suffered nearly 2% correction on Friday. Traders await the end of the SEC vs. Ripple lawsuit, and whales shed their holdings. Data from Santiment shows that whales sold nearly 200 million XRP in July. Ripple seven-day gains capped at 23% as whales sell 200 million XRP in July
Chart of the day
SEI/USDT daily chart
SEI trades at $0.3606 at the time of writing. The token could extend gains by 18.15% and rally to the lower boundary of the Fair Value Gap (FVG) at $0.4253. The momentum indicator Moving Average Convergence Divergence (MACD) shows underlying positive momentum in SEI.
SEI could find support at $0.3250, as seen in the chart above.
Market updates
- Binance maintained its lead as one of the dominant centralized exchanges, per CoinGecko’s Q2 report. Binance’s market share is 45%.
2/ Despite the slump, Binance maintained its lead with a 45% market share.
— CoinGecko (@coingecko) July 19, 2024
Bybit climbed to the second spot, increasing its share to 13% in June, overtaking Upbit in Q2.
- Cyvers Alerts data shows that the lending protocol Rho was allegedly exploited affecting the project’s USDC and USDT pools. The wallet address of the attacker holds about $7.6 million in funds across chains.
ALERT@RhoMarketsHQ has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform!
— Cyvers Alerts (@CyversAlerts) July 19, 2024
Root cause of this incident seems to be an oracle access control by a malicious actor!
Affected pools are $USDC, $USDT. Currently,… https://t.co/3mgkGam7Pe
- Crypto exchange BitForex informed users that it will reopen for withdrawals post a five-month outage. The exchange was under investigation by the police in a province of China.
Industry updates
- Legendary stock trader Peter Brandt identifies a chart pattern that suggests Bitcoin will outpace gold in the next ten years, shares it in an official tweet on X.
This is not @PeterSchiff day. And next 10 years will be cruel as well.
— Peter Brandt (@PeterLBrandt) July 19, 2024
The $BTC / $GC_F ratio chart is forming a channel that might become the right shoulder of an inv. H&S pattern projecting ratio of 150 to 1, meaning BTC will outpace Gold by 5X @RaoulGMI what do you th ink? pic.twitter.com/Yg3NxFfb0x
- Mt.Gox transfers 36% of Bitcoin for creditors to exchanges, $5.8 billion in funds left, as of July 19.
- Messari CEO steps down from the firm to focus on crypto policy and issues of national importance, per an announcement.
Ryan recently let us know of his decision to step back from an operational role as the CEO of Messari so that he can focus his time fully on crypto policy and national issues of importance to him. Messari would not be the company it is today, or what it will be in the future,…
— Messari (@MessariCrypto) July 19, 2024
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.
