Crypto News: Bitcoin Holds $66K, Ripple Seizes the Spotlight

Key Takeaways
  • Bitcoin is trading below $65,500, and Ethereum is trading below $3,300
  • The cryptocurrency market fell by 1.30%, reducing the total market value to $2.47 trillion
07-31-2024 By: Lokesh Gupta
Crypto News: Bitcoin

Crypto market cap fell by 1.30%, dropping to $2.47 trillion

  • Franklin Templeton's Roger Baston sees potential in a Solana ETF launch, aiming to diversify crypto investments despite ETH ETF's slow start.

  • Mt.Gox transferred $3.15B in Bitcoin for creditor repayment, with Bitcoin's price stable before the Fed meeting.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Crypto Fear and Greed Indicator shows market sentiment at 67 (Greed), down from 74 yesterday and 69 last week.

Cryptocurrency values have fallen over the last 24 hours

TOP 5 Losers Coins

Indices LTP Change (%)
Theta Network $1.40 7.45%
Akash Network $2.93 6.85%
Sei $0.3287 6.55%
Ethena $0.4074 5.58%
Fantom 0.4257/td> 5.56%

Latest Market Update: 

  • #Bitcoin ($BTC), the leading cryptocurrency, fell below $66,000 early Wednesday, continuing its downward trend.

  • Popular altcoins such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), and #Litecoin ($LTC) all experienced declines.

  • #Ripple ($XRP) saw the largest gain among major cryptocurrencies, up over 8% in 24 hours.

  • #AIOZ suffered the largest loss, with a drop of over 8% in the past 24 hours.

  • Total crypto market volume in the last 24 hours is $63.37B, a 21.47% decrease.

  • DeFi volume stands at $3.47B, making up 5.48% of the total crypto market volume.

  • Stablecoin volume is $57.65B, representing 90.97% of the total crypto market volume.

  • Bitcoin's dominance is at 54.86%, marking a 0.11% decline over the past day.

Major Worldwide News Update:

  • Franklin Templeton’s Roger Baston highlighted Solana (SOL) as a potential candidate for an Exchange-Traded Fund (ETF), emphasizing the firm’s goal to simplify crypto investments. Despite a decline in Ether prices, significant fund flows into Ethereum ETFs occurred, with Franklin Templeton’s EZET attracting $26M. The SEC's exclusion of Solana from its securities list could support a future Solana ETF.

  • Mt. Gox has moved 45,511 Bitcoins, worth $3.15 billion, in preparation for creditor payouts. This follows a total transfer of 61,559 BTC since July 5. Bitcoin price remains stable around $66,000, showing minimal movement after recent volatility. Investors are awaiting the FOMC meeting on July 31, with expectations of increased volatility due to options expiring on August 2.

  • On July 30, the BlackRock Ether ETF (ETHA) recorded $118M in inflows, bringing total inflows to over $618M. Despite this, Ethereum's price fell 1.21% to $3,274.43. The Grayscale Ethereum ETF (ETHE) experienced $120M in outflows, totaling $1.8B. Analysts predict Ethereum may stay sideways in August but could rally in September with a Fed rate cut.

  • XRP surged over 9% to $0.65 and a $36.5 billion market cap following the SEC's amendment to the Binance lawsuit, raising hopes for a quicker resolution of the Ripple case. XRP whale activity has spiked, with 279,400 wallets holding at least 10,000 XRP. Ripple CEO Brad Garlinghouse criticized the SEC’s inconsistent regulatory practices.

  • Wemix.fi suspended its lending, borrowing, and liquidation services on July 30 due to issues with its stablecoin, WEMIX$. This follows a drop in Wemix (WEMIX) price to $0.94 after former CEO Jang Hyun-kook sold his shares. Wemix has faced troubles, including misrepresentation claims and tax issues, since its 2022 mainnet launch.

  • The US Federal Reserve will announce its fifth interest rate decision for 2024 tonight after a two-day FOMC meeting. Wall Street anticipates the Fed will keep rates between 5.25% and 5.50%. Focus will be on signals regarding a potential rate cut in September. Despite recent inflationary improvements, the Fed seeks greater confidence before lowering rates.

COIN GABBAR Views: How deep can Bitcoin's correction go as it dips below $66K? Is the recent dip merely noise before a Bitcoin bull flag forms? With the US government moving $2 billion in BTC, is the Bitcoin price crash a sign to look towards new crypto ICOs as a safe haven? Meanwhile, could XRP's 9% surge indicate increased odds of a Ripple SEC lawsuit settlement? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Hamster Kombat Prediction: Will $HMSTR Price launch at $1

WHAT'S YOUR OPINION?
Related News
Related Blogs