Crypto Today: Mt.Gox concern dissipates as Bitcoin holds steady, XRP rallies, Ethereum is the underdog


  • A third of Mt.Gox Bitcoin hit Kraken and failed to usher a correction in BTC price, per Bybit’s top trader. 
  • XRP outperformed Bitcoin and Ethereum as traders turned optimistic with Spot Ether ETF approval. 
  • Bitcoin held steady close to $67,000 and XRP posted 6% gains on Wednesday, while Ethereum struggles under $3,500. 

Bitcoin, Ethereum, XRP updates

Chart of the day

DYDX

DYDX/USDT daily chart 

DYDX trades at $1.333 at the time of writing. The token is likely to extend gains by 23.85% and rally to $1.644, the 23.6% Fibonacci retracement of the decline from the March 26 top of $3.713 to the July 5 low of $1.005. 

DYDX could find support at the July 5 low in case of a correction. 

Market updates 

  • Spot Ethereum ETF observed $1 billion trade volume during the first day of the investment product arriving on exchanges. 
  • Bitstamp announced that it will start distributing Bitcoin and Bitcoin Cash to Mt.Gox creditors on July 25.
  • Analysts note that Ethereum ETF volume falls short compared to trading volumes on centralized exchanges like Binance, Crypto.com and Bybit.

Industry updates

  • Personal finance app Fold is planning a public listing on Nasdaq through a merger with special-purpose acquisition company Emerald Acquisition Corp. 
  • Polymarket partnered with Moon Pay as the platform recorded $206 million election bets this month. The partnership is focused on supporting bank transfers and credit cards for crypto betting. 
  • Mt.Gox transferred $2.47 billion in Bitcoin to new wallets, likely gearing up for distribution and payback to creditors. 

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