- A third of Mt.Gox Bitcoin hit Kraken and failed to usher a correction in BTC price, per Bybit’s top trader.
- XRP outperformed Bitcoin and Ethereum as traders turned optimistic with Spot Ether ETF approval.
- Bitcoin held steady close to $67,000 and XRP posted 6% gains on Wednesday, while Ethereum struggles under $3,500.
Bitcoin, Ethereum, XRP updates
- Bitcoin trades close to $67,000 at the time of writing, early on Wednesday. Mt.Gox, defunct crypto exchange has made headlines in the past few weeks for paying Bitcoin to its creditors.
- Bybit exchange’s largest crypto trader noted that a third of all Mt.Gox Bitcoin became available to trade on Kraken early on Tuesday. However, Bitcoin absorbed the sell-off and held steady, sustaining recent gains. Crypto Today: Ethereum Spot ETFs debut on Nasdaq, NYSE Arca and CBOE, Bitcoin and XRP hold steady
- Ethereum is the underdog among top cryptocurrencies and fails to sustain above key resistance at $3,500, even as the US Securities & Exchange Commission (SEC) green flags the Spot Ether Exchange Traded Fund (ETF). This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday
- Ripple traders await the outcome of the lawsuit, while XRP continues to outperform Bitcoin and Ethereum, posting 6% gains on Wednesday. Ripple lawsuit could be impacted by Kamala Harris’ nomination, XRP gains 5%
Chart of the day
DYDX/USDT daily chart
DYDX trades at $1.333 at the time of writing. The token is likely to extend gains by 23.85% and rally to $1.644, the 23.6% Fibonacci retracement of the decline from the March 26 top of $3.713 to the July 5 low of $1.005.
DYDX could find support at the July 5 low in case of a correction.
Market updates
- Spot Ethereum ETF observed $1 billion trade volume during the first day of the investment product arriving on exchanges.
- Bitstamp announced that it will start distributing Bitcoin and Bitcoin Cash to Mt.Gox creditors on July 25.
- Analysts note that Ethereum ETF volume falls short compared to trading volumes on centralized exchanges like Binance, Crypto.com and Bybit.
Industry updates
- Personal finance app Fold is planning a public listing on Nasdaq through a merger with special-purpose acquisition company Emerald Acquisition Corp.
- Polymarket partnered with Moon Pay as the platform recorded $206 million election bets this month. The partnership is focused on supporting bank transfers and credit cards for crypto betting.
- Mt.Gox transferred $2.47 billion in Bitcoin to new wallets, likely gearing up for distribution and payback to creditors.
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
COTI price surges on Central Bank of Israel CBDC project participation
COTI (COTI) price retraces by 1.2% at $0.1125 at the time of writing on Wednesday after breaking above a descending wedge pattern last Friday, leading to an 8% rally over the subsequent four days.
Bitcoin price could react to potential clash between Kamala Harris and Donald Trump at July Bitcoin Conference
Bitcoin price struggles around $66,000 on Wednesday. US spot Bitcoin ETFs experienced minor outflows on Tuesday, coinciding with the continued movement of Mt. Gox funds for repayment, which could exert downward pressure on Bitcoin's price.
Solana hovers around $180, resists sell-off despite $22 million SOL transfer
Solana whale transferred nearly 124,000 SOL tokens to Binance on Monday. The $22 million transfer could contribute to selling pressure on Solana, raising concerns among traders.
PEPE price poised for a rally after retesting trendline support
Pepe price breaks out of the descending channel pattern, signaling a change in market structure from bearish to bullish. On-chain data shows that PEPE's Long-to-Short ratio is 1.66, suggesting a bullish bias.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.