Ethereum
Bitcoin, Ethereum, Ripple Extend Losses in Crypto Bloodbath
- Bitcoin fell below $54,000 on Friday morning as the cryptocurrency market suffered a sharp correction.
- Ethereum lost key support at $3,000, erasing gains ahead of the expected approval of the Spot Ether ETF.
- Ripple fell to a 15-month low of $0.38 on July 5.
The cryptocurrency market lost nearly 6% of its market capitalization, falling to $2.121 trillion. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) erased recent gains from 2024.
Bitcoin, Ethereum and Ripple Update
Chart of the day
LTC/USDT Daily Chart
Litecoin is currently in a downtrend. The altcoin could extend its losses by another 11.50% and drop to its November 14, 2022, low of $53.24. The red bars of the Moving Average Convergence and Divergence (MACD) indicator support the bearish thesis for Litecoin.
A daily candlestick close above the Fair Value Gap at $65.58 could invalidate the bearish thesis and push LTC towards the upper boundary at $71.
Market Updates
- According to Akham Intelligence, Mt. Gox traded $2.71 billion worth of bitcoin on Friday morning. This news could increase selling pressure on bitcoin and push the asset lower.
UPDATE: Mt. Gox Moves $2.71 Billion in BTC
Over the past 8 hours, Mt. Gox wallets have moved 47,229 BTC ($2.71 billion) from the 1HeHL cold wallet.
2701.8 BTC ($148.4 million) was transferred out of Mt. Gox wallets with 1544.7 BTC ($84.9 million) sent to Bitbank via the Gox address 1PKGG, and 1157.1 BTC ($63.6 million) sent to… pic.twitter.com/sJEuJB7GwC
— Arkham (@ArkhamIntel) July 5, 2024
- Former Solicitor General Donald Verrilli says regulators are deliberately debanking cryptocurrencies.
NEW: Former Obama Solicitor General Donald Verrilli Says Regulators Are Deliberately Debanking #crypto:
“Despite the digital asset industry’s pressing need for banking services, federal regulators have waged a concerted and coordinated campaign to debank the sector.” pic.twitter.com/vL6E5vqPRd
— Eleanor Terrett (@EleanorTerrett) July 4, 2024
- Data from f2pool shows that Bitcoin’s drop below $56,000 was offset by just six profitable miners, with several miners operating at a loss.
According to f2pool data, when Bitcoin fell below $56,000, only six miners were still profitable, including S21 Hyd, S21, A1466I, S19 XP Hyd, S19 XP, and M56S++. At a rate of $0.08/kWh, ASICs less efficient than 23 W/T are operating at a loss. pic.twitter.com/SUMOvv1Ot4
— Wu Blockchain (@WuBlockchain) July 5, 2024
Industry News
- MakerDAO’s quarterly revenue hit a record high of $85 million despite the recent correction in crypto markets.
- German MP Joana Cotar criticized the government’s decision to sell Bitcoin and expressed her view that BTC should be used as a national strategic reserve.
German MP Joana Cotar has strongly criticized the government’s decision to sell Bitcoin, saying that the move exacerbates market volatility and could have a long-term negative impact on the stability of the cryptocurrency market, and that Bitcoin should be used as the national currency…
— Wu Blockchain (@WuBlockchain) July 5, 2024
- On July 4, nine ETFs saw nearly $35 million in outflows amid growing uncertainty among institutional and retail investors.