The Fed's interest rate decision and DOJ's Bitcoin move could significantly impact crypto markets, highlighting the interconnectedness of monetary policy and regulatory actions.
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ETH’s price continues to underperform Bitcoin’s price, and the downside is set to continue.
After rallying to 26% to $3,563 leading into the launch of spot Ether exchange-traded funds (ETFs), Ether’s (ETH) price has underperformed over the last month compared to Bitcoin and the broader crypto market. This underperformance has led traders to question whether the altcoin will have a sustained recovery. ETH’s price is down 4.3% over the last seven days and 2.11% over the last month.
To put this into context, Bitcoin’s (BTC) price climbed by 7.7% over the last 30 days, while the total cryptocurrency market capitalization rose by 6.2% over the same period.
Other top-cap layer-1 tokens, Solana’s SOL (SOL) and Cardano’s ADA (ADA), have rallied 27 27% and 6%, respectively, over the same timeframe.
The integration of Chainlink's Proof of Reserve in 21Shares' Ethereum ETF could significantly boost investor confidence and drive broader crypto adoption.
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The Ethereum ETF launch highlights growing institutional interest in crypto, potentially stabilizing and legitimizing the digital asset market.
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Bitcoin remains on target to reach $70,000, and if that happens, XRP, KAS, STX and JASMY could find buyers.
Bitcoin (BTC) has recovered sharply from the intra-week lows, indicating a positive sentiment where dips are being purchased. Market analytics firm Santiment said in a X post that the ratio of positive comments to negative comments toward Bitcoin has reached its highest level since March 2023.
While the short-term traders are focusing on a new all-time high for Bitcoin, the long-term investors are projecting uber-bullish targets for Bitcoin. SkyBridge Capital founder Anthony Scaramucci said during the Bitcoin 2024 conference in Nashville, Tennessee, that Bitcoin’s market capitalization will probably overtake the total market capitalization of gold. Bitcoin’s market capitalization is roughly $1.3 trillion, while gold is between $15 trillion-$16 trillion.
Bitcoin’s bullishness did not rub off on Ether (ETH), which is down more than 7% this week. The negative sentiment in Ether is largely due to the net outflows of about $342 million from the Ether exchange-traded funds, per data from SoSo Value.
Trump's Bitcoin 2024 speech underscores the crypto market's vulnerability to political events, highlighting potential regulatory impacts on digital assets.
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The 45th president of the United States caused some minor ripples throughout the cryptocurrency market with his speech at Bitcoin 2024.
Donald Trump’s keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee didn’t act as the whale call some analysts may have predicted, but its impact may yet be felt as word gets out.
The former president laid out his plans to end the war on crypto to thunderous applause as he told the US audience his plans, were he to be re-elected. While the crowd was jazzed, the markets failed to capture the Republican nominee’s supporters’ anticipation.
Approximately one hour before Trump was scheduled to take the stage, the price of Bitcoin stood at $68,626. Leading up to the event, with just 30 minutes to go, we saw a jump of nearly $500 in the positive direction but, by the time the speech was slated to start, it had retreated back to $68,286.
Trump's pro-crypto stance could significantly boost Bitcoin's legitimacy, attract investors, and position the US as a leader in the crypto sector.
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Altcoins are in accumulation territory after experiencing a drawdown over the last 3 months.
The altcoin market is currently at the “reaccumulation stage,” which, after reclaiming a key support area, could move on to the “second leg of the cycle,” according to crypto traders.
“Altcoins are only up 58% since they broke out after 525 days of accumulation,” independent crypto trader Mags said in part of their July 25 post on X.
The accumulation stage occurs when the market has bottomed out, and prices hit local bottoms, as reflected by a 33% drop of TOTAL2 (total market capitalization of all cryptocurrencies, excluding Bitcoin) since March 11. It is marked by a period of relative stability, where investors buy on the dips in anticipation of future price increases.
BlackRock's focus on Bitcoin and Ethereum ETFs may limit diversification in the crypto market, affecting broader adoption and innovation.
The post Bitcoin and Ethereum top client interest with ‘very little’ demand for other crypto ETFs: BlackRock Head of Digital Assets appeared first on Crypto Briefing.
