Crypto News Today: XRP Surge Ahead While Bitcoin Bulls Pause
- Bitcoin is trading above $57,500, while Ethereum is holding steady above $3,100
- The cryptocurrency market saw a boost, rising by 1.50% and bringing the total market cap to $2.25 trillion
Crypto market cap increased by 1.5%, reaching $2.25 trillion
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The German government has completely sold off its BTC reserves, keeping the price below $60,000.
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The US SEC's silence this week on the spot Ethereum ETF is making issuers nervous, with analysts predicting potential timelines ahead.
Crypto Fear and Greed Index:
Crypto Fear and Greed Indicator shows extreme fear with a score of 25, unchanged from yesterday, slightly better than last week's 29.
Cryptocurrency has experienced an upward trend over past day
TOP 5 Gainers Coins
| Indices | LTP | Change (%) |
|---|---|---|
| ORDI | $33.60 | 11.42% |
| XRP | $0.4994 | 10.87% |
| Ronin | $2.12 | 10.36% |
| Bitcoin Cash | $374.914 | 8.01% |
| Maker | 2562.90 | 7.21% |
Latest Market Update:
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Bitcoin briefly hit the $58K mark, driving Bitcoin ETF holdings to an all-time high of 888,607 BTC.
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Popular altcoins including #Maker ($MKR), #Bitcoin Cash ($BCH), #Ripple ($XRP), Polkadot ($DOT), and #Cardano ($ADA) all saw gains.
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#ORDI was the biggest gainer, with a 24-hour increase of nearly 10.81 percent.
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#Safe ($SAFE) was the biggest loser, with a 24-hour decrease of over 5.03 percent.
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Total crypto market volume over the last 24 hours is $55.16B, a decrease of 18.43%.
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DeFi volume is $3.62B, accounting for 6.56% of the total crypto market 24-hour volume.
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Stable coins volume is $51.12B, making up 92.67% of the total crypto market 24-hour volume.
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Bitcoin’s dominance is currently at 53.26%, down by 0.06% over the day.
Major Worldwide News Update:
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Despite the German government's Bitcoin sell-off, US spot Bitcoin ETFs saw heavy inflows of over $1.1 billion this week, reaching an all-time high of 888,607 BTC. Bitcoin price rose 1.21% to $57,924. Global BTC ETF holdings hit a record 1,051,569 BTC, with strong demand for regulated Bitcoin products.
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The SEC's delay on spot Ethereum ETF approvals has issuers and ETH bulls on edge. Nate Geraci predicts approval next week, despite the secrecy. Top players, including Kraken and Justin Sun, are accumulating ETH in anticipation. Ethereum is up 1.25%, trading at $3,123 with a market cap of $375 billion.
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Germany sold its last Bitcoin holdings on July 12, following weeks of offloading 50,000 BTC. Despite the sell-off, institutional investors bought the dip, with US ETFs seeing $295 million in inflows. Analysts are divided on the impact of the upcoming Mt. Gox reimbursements on the Bitcoin market.
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Coinbase continues its legal battle, seeking to subpoena SEC Chair Gary Gensler for communications about the crypto market. Despite Judge Failla's reservations, Coinbase pushes for transparency. The SEC's new legal team member, Elizabeth Goody, adds to the intensifying case, highlighting the broader struggle for regulatory clarity in crypto.
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The renomination of SEC Commissioner Caroline Crenshaw is uncertain until the 2024 US Elections due to potential changes in the Senate and White House. Although likely to be voted out of the Committee, a full Senate vote may be delayed. Crenshaw’s stance on crypto and climate issues faces criticism.
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CME Group and CF Benchmarks will launch reference rates and real-time indices for XRP and Internet Computer (ICP). This addition aims to meet institutional demand for reliable price feeds. Updated every second, these indices enhance market transparency. Ripple's Brad Garlinghouse views this as a step towards an XRP ETF, reflecting strong market interest.
COIN GABBAR Views: Is the German Government's Final BTC Sell-Off Over? Can Bitcoin Overcome Bearish Pressure with Upcoming FED Rate Cuts? Will BTC Surpass $60,000 Despite Market Fear? XRP to Hit $5 Amid ETF Rumours? To get latest news Stay tuned us at coingabbar
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