Bitcoin, Ethereum and Ripple advance despite significant whale movements

• Bitcoin is trading above $58,700 on Thursday, even as selling pressure from the German government and Mt. Gox transfers persists.
• Ethereum climbed to $3,149 as market braces for possible ETF approval, traders buy the rumor ahead of the event.
• Ripple climbed to $0.45, erasing losses from the past seven days as Brad Garlinghouse questions Democrats’ stance on crypto.

Bitcoin, Ethereum and Ripple Update

• Bitcoin dominance surged above 54% on July 11, with BTC making a comeback above $58,700 on Thursday. The largest asset by market cap held steady and maintained its recent gains despite selling pressure from the German government’s BTC transfers and news of Mt. Gox repaying creditors. BTC has seen a steady volume of large transfers from whales, as seen in July 2024, according to data from Santiment. Bitcoin and Ethereum Are Digital Commodities, CFTC Chairman Says.
• Ethereum is trading at $3,149 on Thursday. ETH traders are awaiting the Securities and Exchange Commission’s (SEC) early approval of a cash exchange-traded fund (ETF) product. The price rally suggests that ETH traders are buying the hype ahead of the event, as the approval is expected by market participants. Key dynamics to watch ahead of Ethereum ETF launch.
• On July 11, Ripple made a comeback above $0.45 as traders await the final decision in the SEC vs. Ripple lawsuit. Ripple CEO Brad Garlinghouse commented on Democrats’ stance on crypto and appreciated how Republicans are pro-crypto. The executive urged traders to “choose wisely” when referring to the upcoming presidential election.

Map of the day

ONDO/USDT Daily Chart

ONDO is trading around $1,000 at the time of writing. ONDO is expected to rise 8% and extend its gains to $1,093, the upper limit of the fair value gap (FVG), as shown in the daily chart above.

The Moving Average Convergence Divergence (MACD) indicator shows that ONDO has underlying negative momentum. This situation is expected to change as ONDO extends its gains.

ONDO could find support at the July 9 low of $0.9114.

Market Updates

• On-chain analyst behind the handle @ScamDetective5 shared snapshots of Ripple’s financial documents and said that it is likely that 98% of the company’s revenue comes from the sale of XRP.

• German government continues to move BTC; another $138 million in Bitcoin was moved to exchanges on Thursday.

• The Capriole Fund’s Crypto Speculation Index has fallen below 10%, meaning there is potential for Bitcoin to rise, according to a report from CoinDesk.

Industry News

• Vitalik Buterin discussed how the Ethereum ecosystem can be further strengthened during his keynote address at the Ethereum Community Conference (EthCC) on Wednesday.

• Golem, an ICO project from the previous crypto cycle, has reportedly stopped dumping Ether and staked 40,000 ETH, according to a report from Lookonchain.

• Compound Labs reported that the project’s website was compromised in an official announcement on X, asking users to refrain from interacting with the platform.

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