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
- Bitcoin trades close to $67,000 at the time of writing, early on Wednesday. Mt.Gox, defunct crypto exchange has made headlines in the past few weeks for paying Bitcoin to its creditors.
- Bybit exchange’s largest crypto trader noted that a third of all Mt.Gox Bitcoin became available to trade on Kraken early on Tuesday. However, Bitcoin absorbed the sell-off and held steady, sustaining recent gains. Crypto Today: Ethereum Spot ETFs debut on Nasdaq, NYSE Arca and CBOE, Bitcoin and XRP hold steady
- Ethereum is the underdog among top cryptocurrencies and fails to sustain above key resistance at $3,500, even as the US Securities & Exchange Commission (SEC) green flags the Spot Ether Exchange Traded Fund (ETF). This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday
- Ripple traders await the outcome of the lawsuit, while XRP continues to outperform Bitcoin and Ethereum, posting 6% gains on Wednesday. Ripple lawsuit could be impacted by Kamala Harris’ nomination, XRP gains 5%
Chart of the day
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.
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.
More from Ekta Mourya
