Cryptocurrency market update: Bullish shoots sprouting again – Bitcoin and Ethereum in the green

Bitcoin is trading at $5,290.77 following a 3.16% decline from the same time on Thursday.
Green shoots sprouting everywhere as the bulls move in to reverse the trend.

John Isige FXStreet

The crypto market suffered another bloodshed on Friday. The current slump in the prices come after the market corrected lower on Wednesday. The losses on Friday are as a result of the investors reacting to the allegations by the New York Attorney General’s office that Bitfinex exchange covered by a shortfall of $850 million by using funds from Tether (USDT) reserves. Apparently, the matter has been under investigation since 2018. However, Bitfinex has come out guns blazing that it is going to vigorously oppose the claims and any future actions of the AG’s office.

More on the story: Bitfinex exchange promises to vehemently fight allegations of Tether (USDT) $850 million cover-up

Meanwhile, according to CoinMarketCap, Bitcoin is trading at $5,290.77 following a 3.16% decline from the same time on Thursday. In spite of the selloff, Bitcoin daily trading volume is still on the rise from yesterday’s $15 billion to the current $17 billion. Similarly, the market cap has gone up slightly to $93 billion from $92 billion in the same period. Bitcoin dominance seems to be on the rise again and has clocked 54.7%.

Ethereum, on the other hand, at -5.28% in the last 24-hour is trading at $155.45. The largest altcoin recently failed to defend the support at $170. However, the price found a pit stop above $160 yesterday before the losses today sent it to the zone close to $150.

A look at the intraday charts, we see green shoots sprouting everywhere as the bulls move in to reverse the trend. Some of the biggest gainers on the day are Bitcoin Gold, Monero, EOS and XRP.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Ripple and Stellar outlook: XRP and XLM await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

Crypto Market Overview: Bitcoin recovery eases – HBAR and LDO test key resistance zones

Bitcoin edges below $66,000 extending the previous day's losses. Hedera and Lido DAO sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally. CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.