Markets
Crypto Market Reversal Saves XRP and Litecoin from Collapse
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The cryptocurrency market is recovering faster than it was falling, adding another 2.4% in 24 hours to $2.4 trillion. Bitcoin has risen 15% since Saturday, now testing $66K. Ethereum is attempting to cross $3500. Among the major coins, XRP stands out, rising 12% in a day and 38% in 7 days, taking out Solana with its modest 3.4% rise in a day.
The move in XRP is truly extraordinary, proving once again the importance of the 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 rally in the once-largest altcoin. In the latest bounce, the price has climbed to $0.6, its highest level since April. This is an attempt to return to the uptrend of the past two years. However, it may well be that XRP needs to rest after the rally. And this rally is appropriate, as we saw prolonged consolidations here in November-December and March.
Another mature altcoinLitecoin has gained persistent interest from buyers, recording its ninth consecutive day of growth. Earlier this month, its price dropped to $56 — a historically important support area. The 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, spot bitcoin ETF inflows totaled $301.4 million on July 15, surpassing $300 million 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 worth of bitcoin by Mt. Gox, which led to a short-term drop in BTC below $63,000. According to data from Arkham, the failed exchange Mt. Gox transferred nearly 96,000 BTC to unidentified addresses. Later, exchange Kraken reported receiving some of the assets from Mt. Gox in BTC and BCH. The distribution of these could take 7 to 14 days. In total, Mt. Gox will distribute 138,985 BTC worth ~$8.74 billion.
Bloomberg analyst Eric Balchunas said that spot trading of ETH ETFs in the US will begin on July 23. According to him, “The SEC finally asked issuers to return their final Form S-1s on Wednesday.”
Stripe, a payment service, now allows EU residents to buy Bitcoin, Ethereum, and Solana using 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 allowed users to purchase BTC using 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.