24 Hrs Crypto Update, 09 July: Bitcoin stays above $30,000
- In the last 24 hours, popular cryptocurrencies such as BTC, ETH, XRP, and LTC, among others, have maintained a narrow trading range, consistently experiencing downward price movements
- A JPMorgan report suggests that the recent wave of Bitcoin ETF applications in the US may not have the anticipated transformative effect. This has led to diminished optimism surrounding ongoing Bitcoin ETF applications by major Wall Street players like BlackRock
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $30047 | 0.70% |
| ETHEREUM | $1860 | 0.53% |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.22 T | 0.60% |
| TRADING VOLUME | $41.20 B | 19.77% |
| Indices | LTP | Change (%) |
|---|---|---|
| COMB FINANCE | $2.27 | 70.78% |
| CRYPTOPAY | $0.00057 | 53.55% |
| ENIGMA | $0.011 | 44.09% |
| PALGOLD | $0.000079 | 36.66% |
| KATANAINU | $0.00040 | 28.79% |
| Indices | LTP | Change (%) |
|---|---|---|
| SMARTCASH | $0.00017 | 74.73% |
| DARKNESS SHARE | $0.000045 | 53.98% |
| MOBIECOIN | $0.0000039 | 42.01% |
| MEMEINU | $0.000072 | 40.35% |
| APY.FINANCE | $0.0031 | 37.32% |
Cryptocurrency prices decline as ETF excitement fades.
In Asian morning trading on Monday, Bitcoin experienced a decline but managed to stay above the critical support level of US$30,000. Similarly, Ether and several other non-stablecoin cryptocurrencies in the top 10 also saw a slight decrease, primarily due to the prevailing anticipation of additional interest rate hikes in the United States. This cautious sentiment across markets has led to a reduced appetite for risk among investors.
Major Events Around the World
XRP may still be carrying some negative sentiments due to the ongoing Ripple vs SEC lawsuit. However, a recent report from Messari, a crypto analytics platform, has revealed impressive growth in various aspects of the XRP protocol during the second quarter (Q2) of this year. According to Messari's data, XRP's circulating market cap has surged by 42.5% Year-to-Date (YTD), primarily driven by the asset's price increase in the first quarter. Despite this significant growth, the market cap experienced a 10.7% Quarter on Quarter (QoQ) decline, dropping from $27.8 billion to $24.8 billion in Q2.
The FTX Derivatives Exchange's implosion in November of last year brought about significant changes for various crypto trading platforms, including Binance, which stands as the largest platform in terms of daily volume. This collapse prompted Binance to take the lead in introducing the Proof-of-Reserve (PoR) initiative. The purpose of this initiative is to demonstrate to users and the general public the level of liquidity present in Binance's operations, specifically concerning the tokens hosted on its platform. In a recent update to the PoR, Binance has released the latest information regarding the balances of some of its top tokens, such as XRP and Shiba Inu (SHIB).
Developers working on the Cardano (ADA) protocol are constantly pushing the boundaries of innovation in ways that often go unnoticed. In an exciting update recently shared on Twitter by the renowned ADA Whale, it has been revealed that the community can look forward to a groundbreaking decentralized payment system. This system will be powered by the cutting-edge Cardano-based layer-2 solution, Hydra Head, and will seamlessly integrate with the Web3.0 wallets within the network.
COIN GABBAR Views: Is the sell-off over as buyers have been struggling to break this barrier for two weeks, leading to a narrow consolidation range? Will July bring a supermoon for crypto? Stay tuned for the latest news at www.coingabbar.com
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Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
