Crypto Today: Bitcoin, Ethereum hold steady, BlackRock quashes XRP ETF hopes
- Bitcoin and Ethereum sustain above key support levels ahead of $4.3 billion options expiry on Friday.
- Solana extends gains by 5% while XRP holds steady despite crushed hopes of ETF traders.
- BlackRock executives’ statement came on July 25, other ETF issuers and asset managers disagree.
Bitcoin, Ethereum and XRP updates
- Bitcoin hovers close to $67,000 even as $4.3 billion in Bitcoin options expire on Friday. Data from Deribit shows that twice as many long contracts are expiring as shorts. The put/call ratio is 0.61.
- Ethereum is hovering close to support at $3,200 as the altcoin failed to rally despite the success of the Ethereum Spot ETF, consistent inflows and institutional demand for the investment product.
- XRP, Solana and altcoins have gained from investor optimism in response to Spot Ether ETF approval this week. The altcoin held steady above key psychological support at $0.60.
Chart of the day
SOL/USDT daily chart
Solana could rally towards its target at $210.18, the March 18 peak for SOL. The asset is likely to face resistance at $183.76 and $188.89, as seen in the SOL/USDT daily chart.
The green histogram bars on the Moving Average Convergence Divergence (MACD) indicates underlying positive momentum in Solana’s uptrend.
SOL could find support at $155, and $148.56, key support levels for the altcoin.
Market updates
- 61,000 Bitcoin options expired with a Put Call ratio of 0.62, notional value of $4.1 billion.
- 490,000 Ethereum options worth $1.6 billion expired early on July 26, Ether continues to struggle under resistance at $3,500.
- US Presidential candidate Robert F. Kennedy Jr. said that if elected, he would urge the federal government to buy Bitcoin until the value of BTC holdings matched the size of the United State’s Gold reserves.
- BlackRock executive spoke at a Bitcoin conference on July 25 and noted that investors have little interest in ETFs other than Bitcoin and Ethereum. Find out more about this here: Solana, XRP ETFs may not hit the market, BlackRock doesn’t see possibility
Industry updates
- Data from Jupiter Slorg shows that meme coins launched by thirty celebrities on the Solana chain noted a drawdown of nearly 94% from their all time high.
Below is a chart of the 30 celebrity tokens launched on Solana in June.
— Slorg (@SlorgoftheSlugs) July 25, 2024
Every single one is down.
Place you bets accordingly. pic.twitter.com/g9QaM0ZP98
- Russian bill legalizing Bitcoin mining and allowing cryptocurrencies to be used for international trade is expected to take effect on September 1. Crypto advertising remains banned.
- AAVE announced that voting is now live to approve a new Aave V3 ETH market for Lido Finance.
Voting is now live to approve a new Aave V3 ETH market for @LidoFinance which would be the first custom deployment on Aave V3.https://t.co/dEig34S8N5
— Aave Labs (@aave) July 24, 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.
