- Bitcoin hovers around key support at $65,000, early on Thursday, institutional demand helps sustain recent gains.
- Ethereum suffers a correction, dips to $3,100 on July 25, despite optimism surrounding ETF approval by the regulator.
- XRP sustains above psychologically important $0.60 level.
Bitcoin, Ethereum and XRP updates
- Bitcoin is trading at $66,198 at the time of writing, sustaining above key support at $65,000. As Bitcoin supply on exchanges shrinks, the asset has room for extending gains further. Combined with steady institutional demand, Bitcoin has bullish potential in July. Bitcoin price struggles at $64,000 amid positive exchange inflow and Mt. Gox transfer concerns
- Ethereum suffered a steep correction that pushed the altcoin closer to $3,000 support. The altcoin failed to recover from its decline despite the optimism surrounding the Spot Ethereum ETF by the Securities & Exchange Commission (SEC). Crypto Today: Mt.Gox concern dissipates as Bitcoin holds steady, XRP rallies, Ethereum is the underdog
- Ripple and SEC have a closed-doors meeting scheduled for July 25. The cross border payment remittance firm could see a resolution of the lawsuit soon. XRP hovers around $0.62, above key psychological support. Ripple lawsuit to move forward with closed-door meeting on July 25, XRP hovers around $0.62
Chart of the day
OP/USDT daily chart
Optimism (OP) could sweep liquidity in the Fair Value Gap (FVG) between $1.532 and $1.581 before resuming a rally towards the lower boundary of the FVG at $2.274. A correction in Optimism is likely since the momentum indicator Moving Average Convergence Divergence (MACD) signals waning positive momentum in Optimism’s price trend.
The green histogram bars are consecutively smaller and closer to the neutral line, as seen in the OP/USDT daily chart.
Market updates
- Santiment data shows that Synthetix.io (SNX), dYdX (DYDX), Osmosis Zone (OSMO) are the top DeFi related coins by notable development activity in the past 30 days.
Here are crypto's top DeFi-related coins by notable development activity in the past 30 days.
— Santiment (@santimentfeed) July 24, 2024
Directional indicators represent each project's ranking rise or fall since last month:
1) @synthetix_io $SNX
2) @dydx $DYDX
➡️ 3) @osmosiszone $OSMO
➡️ 4)… pic.twitter.com/aPT9GiYlfZ
- Shibarium, Shiba Inu’s Layer 2 partnered with BadIdea AI to enhance their bridge for cryptocurrencies. The project integrates AI with blockchain to secure addresses and improve user experience for Shiba Inu users.
- In Q2 the $450 million Metis Layer 2 project fund supported the launch of the Liquid Staking Blitz. The fund brough Artemis and Enkin, two other projects into the fold, per Messari Research.
Industry updates
- Russian lawmakers passed a bill legalizing Bitcoin mining, and acceptance of crypto payments for international trade.
- Solana and NEAR protocol are connected via a bridge that went live early on July 25.
The first bridge connecting @solana & NEAR Protocol is live
— NEAR Protocol (@NEARProtocol) July 25, 2024
Explore all that NEAR has to offer without ever leveraging centralized services.
Powered by @wormhole. Built by @crownyio. https://t.co/Jq7LSzC788
- Fireblocks announced the launch of a Web3 startup toolkit, on July 25.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.