Cryptocurrency market update: Bitcoin upside limited at 10,800 – Ethereum and Ripple test key support areas
|- Cryptos are shunning volatility choosing a more stable look into the new week’s trading.
- ICE’s Bakkt is beginning the testing of Bitcoin futures contracts today.
The cryptocurrency market is oddly calm on July 22; the first day of the week’s trading. Led by Bitcoin, cryptos are shunning volatility choosing a more stable look into trading this week, unlike the previous weeks.
Bitcoin is trading at $10,450 after correcting lower from highs around $10,685. Declines are beginning to build in addition to the 1.6% intraday correction on the day. It is likely that the price will test lower levels towards $10,000 before Bitcoin can experience another rebound heading to $11,000.
As reported by FXStreet Bakkt a subsidiary of the Intercontinental Exchange (ICE) is beginning the testing of Bitcoin futures contracts today. The official launch of the product launch later this year is expected to give Bitcoin a boost as more institutional investors enter the crypto market.
Ethereum, on the other hand, has lost 2.57% of its value in the last 24 hours. The break above $230 over the weekend session failed to make headway towards $240. Instead, the price dipped back under $230 and is currently seeking support at $220. The prevailing trend is strongly bearish, which means that Ethereum could test lower levels towards $200 before a significant correction can take place.
Ripple, the third-largest crypto is fighting to stay above $0.32. This comes after recovery from $0.28 key support. After opening the session on Monday at $0.3305, XRP/USD has thinned 1.64% on the day to exchange hands at the current market value, $0.3251. The trend is bearish according to the cryptocurrency live rates. The ability of Bitcoin to stay above $0.32 is key for correction above $0.35 and eventually $0.40.
Read More: Litecoin market overview: LTC/USD upside capped at $100
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