Crypto Today: Bitcoin recovers even as German government BTC transfers continue, Ethereum and XRP looking up
- Bitcoin trades above $57,000 on Monday even as investors remain fearful amid mounting pressure of German BTC transfers.
- Ethereum trades above the psychologically important $3,000 level as ETH traders anticipate Spot ETF approval by the SEC.
- XRP hovers around $0.42 as pro-crypto attorney predicts final ruling in SEC vs. Ripple lawsuit as early as July 13.
- Bitcoin Fear and Greed Index shows market participants are fearful, signaling a buying opportunity for sidelined traders.
Bitcoin, Ethereum and Ripple updates
- Bitcoin rallied past key support at $57,000 and sustained above this level on Monday, even as the German government’s Bitcoin transfers kept mounting. Data from crypto intelligence tracker Lookonchain shows that the German government transferred over $55 million in BTC early on Monday, contributing to the selling pressure on the asset.
The #German government transferred 1,000 $BTC($55.8M) out again 15 minutes ago, of which 500 $BTC($27.9M) was deposited to #Coinbase and #Bitstamp.
— Lookonchain (@lookonchain) July 8, 2024
The #German government currently holds 38,826 $BTC($2.17B).https://t.co/h2JlBVFPsL pic.twitter.com/NS5pkMixrj
Bitcoin found sellers after Elliott Wave Zig Zag pattern
- Ethereum sustained above the $3,000 level on Monday, adding over 4% value as anticipation surrounding the Spot ETH Exchange Traded Fund (ETF) approval by the Securities and Exchange Commission (SEC) brews. Ethereum records another day of heavy liquidations as Mt. Gox bearish pressure persists
- Ripple made a comeback above the $0.40 support, trades at $0.42 on Monday as pro-crypto attorney Fred Rispoli predicts a ruling in the SEC vs. Ripple lawsuit by the end of July. Pro Ripple attorney predicts SEC vs. Ripple lawsuit could end on July 31
Chart of the day
NOT/USDT daily chart
Notcoin (NOT) added nearly 18% to its value on Monday, rallying above resistance at $0.0168, the 38.2% Fibonacci retracement level of the decline between the June 2 top of $0.0294 and the July 5 bottom of $0.0091. NOT is likely primed for a 25% decline in its price, erasing gains from the past two days.
NOT could dip into the Fair Value Gap between $0.0132 and $0.0136, marking over 25% decline from the current price.
The Relative Strength Index (RSI) reads 58.13, climbing above the neutral level at 50.
Market updates
- Polygon beat Bitcoin and Ethereum in active addresses in the past 24 hours. Per a recent tweet by co-founder Mihailo Bjelic, the active addresses count is as follows
Polygon: 1.18 million
Bitcoin: 594,000
Ethereum: 365,000
- Over $13 million in TRON was withdrawn from crypto exchanges, the largest withdrawal in over a month. This signals traders are likely accumulating the token of the social platform.
$13.1 million worth of $TRX was withdrawn from exchanges yesterday. This is the largest in over a month, signaling accumulation. pic.twitter.com/kq8mUV6xgr
— IntoTheBlock (@intotheblock) July 8, 2024
- Nate Geraci, president of The ETF Store, says the Spot Ether ETF may be launched in the week of July 15 in a recent tweet on X.
Will be *shocked* if spot eth ETFs not trading w/in next 2 weeks...
— Nate Geraci (@NateGeraci) July 6, 2024
Later next week a possibility, but think week of July 15th more likely.
Interestingly, price of eth ↓ 20%+ since "surprise" 19b-4 approvals in late May.
Industry updates
- Top five meme coins by market capitalization, Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF) and Bonk (BONK), erased their value in double-digits in the past 24 hours per CoinGecko data.
- A recent CoinShares report shows that Solana funds attracted inflows of $16.3 million against Ethereum’s $10.19 million.
- BitStamp said in a statement that according to its agreement with the Mt.Gox trustees, the exchange has 60 days to distribute the tokens and is working with investors to make them whole as soon as possible.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
