Crypto News Today:ETH ETFs Trigger Bitcoin and Altcoin Slump
- Bitcoin is currently trading under $66,000, whereas Ethereum is maintaining a value above $3,400
- The cryptocurrency market fell by 1.90%, reducing the total market capitalization to $2.52 trillion
Crypto market cap declined by 1.9%,falling to $2.52 trillion
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Ethereum ETFs reached $1 billion in trading volume on day one, 23% of the debut volume of spot Bitcoin ETFs.
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Binance Labs led a funding round for Catizen, a Telegram gaming bot, aiming to revolutionize web3 entertainment on TON.
Major Events To Watch
Crypto Fear and Greed Index:
The Crypto Fear and Greed Indicator shows a current greed level of 69, down from 71 yesterday but up from 61 last week.
Cryptocurrency values have declined over the past 24 hours
TOP 5 Losers Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Core | $1.41 | 11.01% |
| Celestia | $6.40 | 9.36% |
| Avalanche | $28.70 | 9.10% |
| Beam | $0.0178 | 7.24% |
| Sei | 0.3643 | 5.15% |
Latest Market Update:
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Bitcoin (BTC), the leading cryptocurrency, fell below $66,000 early Wednesday.
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Major altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) experienced minor losses.
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The Ethereum Name Service (ENS) token was the top gainer for the second day, rising over 3 percent in 24 hours.
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CORE was the biggest loser, dropping more than 11 percent in 24 hours.
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The total crypto market volume over the last 24 hours is $84.38B, marking a 4.19% decrease.
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The total volume in DeFi is currently $4.7B, which is 5.57% of the total crypto market 24-hour volume.
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The volume of all stable coins is now $78.14B, representing 92.60% of the total crypto market 24-hour volume.
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Bitcoin’s dominance is currently 54.27%, a decrease of 0.18% over the day.
Major Worldwide News Update:
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On the debut day, spot Ethereum ETFs witnessed significant inflows: BlackRock's ETHA recorded $265 million, Bitwise's ETHW saw $200 million, and Fidelity's FETH received $70 million. Grayscale ETHE had $484 million in outflows. Total trading volume for Ether ETFs reached $1 billion, 23% of spot Bitcoin ETFs' debut volume.
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Mt. Gox transferred 37,477 BTC, valued at $2.47 billion, to an unknown wallet on July 24, following a $1.42 BTC test transfer. An additional 5,106 BTC was moved between cold wallets. The Mt. Gox Rehabilitation Trustee still holds $5.93 billion in Bitcoin, indicating further large transfers may occur this week.
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dYdX is grappling with a security breach on its v3 website, prompting warnings to users. Concurrently, the company is negotiating to sell its v3 software to major crypto market makers, including Wintermute Trading and Selini Capital, with Perella Weinberg Partners facilitating the deal. Despite being succeeded by v4, v3 remains valuable due to its liquidity and low slippage.
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Binance Labs has led a funding round for Pluto Studio, the GameFi platform behind the Telegram-based web3 game Catizen. The investment aims to support market growth and game engine development. Pluto Studio, praised by Binance Labs for its potential to onboard millions into Web3, plans to use the funds to enhance the Catizen mini app and expand its developer base.
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Congressman Tom Emmer has criticized SEC Chair Gary Gensler, attributing the approval of Spot Ethereum ETFs to judicial intervention rather than SEC leadership. Emmer has called for Gensler's resignation, accusing him of stifling crypto innovation. Additionally, Emmer warned that potential Treasury Secretary picks by Kamala Harris, including Gensler or Senator Elizabeth Warren, could negatively impact the U.S. financial system.
COIN GABBAR Views: Is Bitcoin's price heading toward a crash at $63,000 as Mt. Gox creditors begin withdrawing their owed Bitcoin and BCH funds through Kraken? Could this signal the start of a fresh downside for Bitcoin, or is another price pump on the horizon? To get latest news Stay tuned us at coingabbar
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