Bitcoin weaker on Japan hacking news, Ethereum & Ripple rally

Dhwani Mehta FXStreet

After consolidating in a $ 2000 narrow range almost throughout the last week, Bitcoin, the world’s most renowned cryptocurrency, started a new week on the back foot, confined within the familiar range near $ 11,500 levels, as the reports of the Japanese crypto exchange hacking incident weigh down on the sentiment.

Moreover, the latest news that the Japanese regulators are now stepping up measures to conduct inspections on other cryptocurrency exchanges also added to the downbeat tone around the spot.

Despite the subdued trading activity, Bitcoin.com’s weekly trading analyst, Eric Wall, wrote in his most recent report: “I believe we are about to break out from an extended period of consolidation. I’m opening a medium-sized long position (saving some of my trading balance in case we do get a chance at ~$8k).”

Meanwhile, Ripple and Ethereum ditched its counterparts Bitcoin and Bitcoin Cash and enjoyed solid gains amid a lack of fresh catalysts. Ethereum gained 5% to $ 1222, Ripple rose 5.56% while NEM, the 10th-largest cryptocurrency with a market capitalization of $7.6 billion, dropped 7%, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap advanced to $ 583 billion, with Bitcoin’s market cap testing the $ 200 billion figure.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD clings to daily gains near 1.3350

GBP/USD holds just in positive territory around 1.3350 on Friday as the Greenback keeps a vacillating price action. With Fed rate hike expectations easing and US markets closed for the Independence Day holiday, Cable remains on track to post solid weekly gains.

EUR/USD remains sidelined around 1.1440

EUR/USD holds on to its recent gains and consolidates around 1.1440 at the end of the week as the US Dollar lacks clear direction. In the meantime, trading conditions remain subdued, with volatility constrained by the closure of US markets for the Independence Day holiday.

Gold flirts with two-week highs, targets $4,200

Gold extends its recovery for a third straight day, advancing toward the $4,200 mark per troy ounce on Friday. The precious metal looks set to snap a four-week losing streak as softer-than-expected June US NFP data prompt investors to scale back expectations of further Fed tightening.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

The Iran war failed to trigger a recession. Can the US economy keep defying expectations?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.