Markets
Cryptocurrency Market Reversal Saves XRP, Litecoin From Crash
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The cryptocurrency market is recovering faster than it fell, adding another 2.4% in 24 hours to $2.4 trillion. Bitcoin has risen 15% since Saturday, now testing $66K. Ethereum is looking to break above $3500. Among the major coins, XRP stands out, rising 12% in a day and 38% in 7 days, outpacing Solana with its more modest 3.4% increase in a day.
The move in XRP is truly exceptional, proving once again the importance of global support at $0.4. The coin has been underperforming the market for a long time, but the reversal in crypto sentiment has triggered a steroid-driven rally in the once-largest altcoin. In the latest rebound, the price has risen to $0.6, its highest since April. This is an attempt to return to the uptrend of the past two years. However, it could very well turn out that XRP needs a rest after the climb. And this high is appropriate, as we have seen prolonged consolidations here in November-December and March.
Another mature altcoinsLitecoin, has gained persistent interest from buyers, recording its ninth consecutive day of growth. At the beginning of the month, its price fell to $56, a historically important support area. Sentiment in the cryptocurrency market has changed at a critical time for Litecoin. However, the same can be said for XRP.
News Context
According to SoSoValue, on July 15, inflows into spot bitcoin ETFs totaled $301.4 million, surpassing the $300 million mark for the second day in a row. The positive trend continued for the seventh day in a row at $1.49 billion, and has increased to $16.11 billion since BTC ETFs were approved in January.
The market was shaken by the withdrawal of $6.1 billion in bitcoin by Mt. Gox, which led to a short-term drop of BTC below $63,000. According to Arkham data, the bankrupt Mt. Gox exchange transferred nearly 96,000 BTC to unidentified addresses. Later, the Kraken exchange reported receiving some Mt. Gox assets in BTC and BCH. Their distribution could take 7-14 days. In total, Mt. Gox will distribute 138,985 BTC worth approximately $8.74 billion.
Bloomberg analyst Eric Balchunas said that spot trading of ETH-ETFs in the United States will begin on July 23. According to him, “The SEC finally asked issuers to return final S-1 forms on Wednesday.”
Stripe, a payment service, now allows EU residents to purchase Bitcoin, Ethereum, and Solana via credit and debit cards. In 2018, Stripe abandoned digital assets, citing Bitcoin’s high volatility.
Jack Dorsey’s Block company, developer of the BitKey hardware wallet, has enabled users to purchase BTC via credit cards, bank transfers, and fintech solutions like Apple Pay, Google Pay, and PayPal.
Announced in February, the Chrome browser extension for major non-custodial exchange Uniswap has become available to all users. Market participants can create a new wallet or import an existing one. The extension works with 11 networks: Arbitrum, Avalanche, Base, Blast, BNB Chain, Celo, Ethereum, Optimism, Polygon, ZKsync, and Zora Network.