Bitcoin gains push Ethereum, XRP higher amidst crypto market gains

Bitcoin sustains above $65,000 on Wednesday, as Ethereum and XRP rally.
Ethereum ETF approval hopes push the largest altcoin higher, XRP traders await SEC vs. Ripple lawsuit settlement.
XRP tests $0.63, the highest level in 99 days, in the ongoing rally.

Bitcoin, Ethereum and XRP updates

Bitcoin trades above $65,000 on Wednesday, with the largest cryptocurrency sustaining recent gains as sentiment among crypto traders remains positive. Consistent positive inflows to Bitcoin Exchange Traded Funds (ETFs) catalyzed gains in the asset. Bitcoin rally catalyzes gains in Ethereum, Solana, and XRP, as traders digest Donald Trump incident.
German government’s Bitcoin transfers and suspected sales netted over €2.6 billion per a Decrypt report. As the German government’s transfers end, Bitcoin notes a decline in selling pressure, likely leaving room for price discovery.
Ethereum ETF is likely to be approved on July 18, according to Eric Balchunas, Senior ETF analyst at Bloomberg. Ethereum traders keep their eyes peeled for the update, as ETH trades at $3,461. Ether spot ETF inflows will push ETH to beyond $5K: Bitwise
XRP tested $0.63, the highest level in nearly 99 days. XRP Ledger’s native token has been rallying since the one-year anniversary of Judge Analisa Torres’ ruling in the SEC vs. Ripple lawsuit. Ripple extends gains as XRP holders anticipate end of SEC lawsuit, settlement

Chart of the day

LDO/USDT daily chart

Lido DAO (LDO) could extend gains by over 15% to the upper boundary of the Fair Value Gap (FVG) at $2.309. The on-chain indicator Moving Average Convergence Divergence (MACD) shows green histogram bars, suggesting underlying positive momentum in LDO’s uptrend.

LDO could find support at $1.711, the July 16 low.

Market updates

SEC Commissioner Hester Pierce says the agency is open to reconsidering whether Ethereum ETFs could stake the altcoin.

NEW: SEC Commissioner Peirce tells me Ethereum ETFs being able to stake could be open to reconsideration

"I think certainly something like staking, or any feature of the product ... those are always open for reconsideration as far as I'm concerned" pic.twitter.com/SFUTPcX80z
— Zack Guzmán (@zGuz) July 17, 2024

Asset manager Grayscale announces the launch of a private placement investment product, Grayscale Decentralized AI Fund. The fund focuses on Near Protocol (NEAR), Render (RNDR), Filecoin (FIL), Bittensor (TAO), among other assets.

We’re pleased to announce the launch of our newest private placement investment product, Grayscale Decentralized AI Fund. Available to eligible accredited investors.$NEAR $RNDR $FIL $LPT $TAO

See important disclosures or speak directly to a team member: https://t.co/gYetdms280 pic.twitter.com/OvNhec95io
— Grayscale (@Grayscale) July 17, 2024

Bitcoin ETF net inflow is $423 million, the highest in the past 27 days, per on-chain data.

$BTC #ETF Net Inflow July 16, 2024: +$423M!

• This is the largest inflow in the past 27 days. Overall, the net inflow has been strongly positive for 8 consecutive trading days!

• #BlackRock (IBIT) saw a large inflow of $260M, the highest level in the past 26 days.

Follow… pic.twitter.com/qRH3CWam0s
— Spot On Chain (@spotonchain) July 17, 2024

Industry updates

BitMEX co-founder Arthur Hayes announced the Maelstorm Fund’s Bitcoin Developer Grant program and invited developers to apply for the grant, supporting developments in crypto.

Announcing the @MaelstromFund #Bitcoin Developer Grant Program. As loyal followers of Lord Satoshi, we are doing our part to spread the word. Please apply on our website, link below, if you would like to submit a proposal.https://t.co/3xOdyrjTzS
— Arthur Hayes (@CryptoHayes) July 17, 2024

Hong Kong’s financial regulator, alongside the Financial Services and Treasury Bureau, jointly published the results of their research in crypto, proposing a stablecoin regime.
Crypto trader sentiment remains positive as US Presidential candidate Donald Trump picks J.D. Vance as his Vice President. Analysts at QCP Capital note that Vance holds Bitcoin and markets have “found a strong bid to bring Bitcoin above $65,000.”

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