Markets
Forex – Buyers Failed to Take Advantage of the Crypto Market
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The crypto market was under moderate but persistent pressure throughout Wednesday, losing 1.26% in the last 24 hours to $2.24 trillion. The prices of major coins fell, except Toncoin, which adds 1.6% on the day and 19% in 30 days, and Tron (+0.4% on the day and +10% in 30 days).
Bitcoin is trading near $60.7K, having recovered almost half of its recovery from Monday’s lows. After the market met the long-awaited demand for spot ETFs, selling factors from miners and long-term holders began to have a noticeable impact on the price. Also important for Bitcoin is the sentiment in global markets, where the neutral tone is replaced by pure pressure, which is also negative for the price of the first cryptocurrency.
The price of XRP returned to $0.4640, the area of this month’s lows and a support level from the last twelve months. Sellers have been promoting listings for the past five weeks. Earlier this year, the price broke key long-term support levels in the form of a trendline through the 2022 and 2023 lows and the 200-week and 50-week averages. Without overall positivity in the crypto market, it could take a few days for the sell-off to accelerate sharply.
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In terms of on-chain analysis, quotes surpassed the realized price level of short-term holders by $62,000, which historically can act as support during corrections in bull markets.
According to data from Arkham, German authorities sent another 595 BTC worth approximately $36.6 million to cryptocurrency exchanges on June 26. Authorities began actively moving the cryptocurrency on June 19, when some of it first arrived on the Kraken and Bitstamp exchanges.
Bitwise forecasts net inflows into US spot ETH-ETFs of $15 billion in the first 18 months. Bloomberg expects trading on the new product to begin on July 2.
The Solana Foundation has released tools that allow you to turn any website or app into a gateway for cryptocurrency payments and other blockchain transactions.
On June 26, the Blast development team completed the first phase of an airdrop, distributing 17 billion BLAST tokens (17% of the total issuance). Blast is an Ethereum-based layer 2 (L2) network that was launched in November 2023 by Blur founder Pacman. In terms of blockchain value locked (TVL), the Blast ecosystem is ranked sixth on the DeFi Llama rankings, with a value of $1.58 billion.
O FxPro Analyst team