Crypto Today: Bitcoin, Ethereum, XRP sustain recent gains, German government transfers $360 million in BTC
- Bitcoin sustained above $57,500 despite German government transfer of over $360 million in BTC.
- Ethereum trades above the key psychological level of $3,000 amidst Ethereum and Solana ETF optimism.
- XRP holds above $0.43, adding nearly 0.50% to its value as traders await final ruling in SEC vs. Ripple lawsuit.
Bitcoin, Ethereum and Ripple updates
- Bitcoin holds steady above the $57,000 level despite consistent pressure from German government’s BTC transfers. Data from crypto tracker Arkham shows that the government moved more than $360 million in BTC early on Tuesday, adding to the selling pressure on the king coin. Bitcoin price struggles around $58,500 as German Government transfers weigh
- Ethereum sustains above the psychologically important $3,000 level on Tuesday amidst anticipation of the approval from the Securities and Exchange Commission (SEC) of Spot ETH Exchange Traded Funds (ETFs). Issuers file amended Ethereum ETF S-1s as ETH shows recovery signs
- Ripple added 0.5% to its value and hovers around $0.43 on Tuesday. XRP traders await the end of the SEC’s lawsuit against the payment remittance firm and Ripple’s stablecoin RealUSD (RLUSD) launch, slated for end of 2024. Ripple on-chain activity picks up as XRP hovers around $0.43
Chart of the day
BONK/USDT daily chart
BONK is trading at $0.00002624 at the time of writing. The meme coin is likely to extend its gains by another 14% and climb to $0.00003006, the 50% Fibonacci retracement of the meme coin’s drop from the March 4 top of $0.000048 to the April 13 low of $0.000012.
The Relative Strength Index (RSI), a momentum indicator, reads 55.46, above the neutral level. This signals there is positive momentum in BONK’s uptrend.
Market updates
- Data from Soso value shows that the total net inflow of Bitcoin Spot ETFs was $295 million on July 8, the highest level in 21 days. This supports the case for Bitcoin’s recovery after the recent correction.
- Cboe BZX filed form 19b-4 for the 21Shares Core Solana ETF and VanEck Solana Trust, market participants await Solana ETF approval by the regulator.
- Shiba Inu announced Block Travel accepts SHIB as payment for flights and hotel bookings in recent tweet.
SHIB takes flight in the travel industry! Block Travel, a global travel agency, now accepts $SHIB for flights, hotels & more! ✈️ Let us know your dream Shiba travel destinations in the comments!
— Shib (@Shibtoken) July 8, 2024
Read about it below https://t.co/PLkfxDo4WX
Industry updates
- A report from Forbes shows that Argentina has a higher rate of crypto adoption compared to any other country in the Western Hemisphere. Out of 130 million crypto traders across the world’s 55 largest exchanges, 2.5 million are from Argentina.
- A Layer 2 solution was launched, leveraging Arbitrum Orbit tech stack, called OEV Network mainnet. API3 launched the Layer 2 project to enable DeFi protocols to reclaim the value they lose to liquidations.
The solution to oracle extractable value is here!
— API3 (@API3DAO) July 9, 2024
@OEVNetwork is officially live and integrated with the API3 Oracle Stack.
Every lending protocol, on every API3 supported chain, now has a built-in solution to recapture protocol MEV.
It pays to upgrade your oracle. pic.twitter.com/I0rSpTUb6l
- Digital trust network Nodle proposes using smartphones as nodes to create a DePIN solution for real-world use cases. This is a part of the Elastic Chain network.
.@NodleNetwork’s dePIN infrastructure will allow other ZK Chains to fight misinformation across the Elastic Chain by cryptographically verifying digital content using @clickdeepreals. https://t.co/ewKSJzIN4e
— ZKsync (∎, ∆) (@zksync) July 8, 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.
