Crypto Today: Bitcoin, Ethereum, XRP sustain recent gains, German government transfers $360 million in BTC

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. 

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. 

• 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.