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CME has announced that its XRP and Micro XRP futures have hit a major milestone. On July 11, more than $235 million worth of these futures were traded in a single day. This took the cumulative notional volume since inception to surpass $1.6 billion. Rising Institutional Interest in CME XRP futures Shown in Record Trading
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The crypto market continue to waver this week as fears of a downturn in the United States remain. Ethereum has stalled below $1,500, while Bitcoin and Ripple have remained in a narrow range. In contrast, gold and the Swiss franc have continued to attract the attention of investors because of their safe-haven roles. This article provides a BTC, XRP, and ETH price prediction and what to expect.
The Swiss franc (CHF) and gold (XAU) have maintained their role as good assets as concerns about a recession remain. Gold price has surged to $3,330, bringing the year-to-date gains to 25%. It has moved to its all-time high and is one of the best-performing assets this year.
The CHF has also soared in the past few months. The USD/CHF exchange rate rose for five consecutive weeks and is trading at its highest level since 2021.
These two assets have surged because investors see them as safe-haven assets. Gold has a long heritage as a safe asset, and is seeing more demand from central banks and institutional investors.
On the other hand, the CHF is seen as a safe haven because of the strength of the Swiss economy and the fact that the country is neutral on geopolitical issues.
Bitcoin is also gaining its strong credentials as its price has remained at $84,000 this week. It has dropped by 8% while the Nasdaq 100 and S&P 500 indices have fallen by 13% and 12%, respectively.
Ethereum price has crashed this year. On the 1D chart, it has slumped below the crucial support level at $2,140, the neckline of the triple-top pattern. On the positive side, the coin has formed a giant falling wedge pattern, which happens when there are two falling and converging trendlines.
These two lines are about to converge, meaning that a breakout is possible. If it does, the most likely ETH price forecast is bullish, with the initial target being at $2,140, the neckline of the triple-top pattern. The bullish outlook will be cancelled if the coin drops below $1,385, the lowest point this year.
Bitcoin price has remained in a tight range above $84,000, after it formed a double-bottom pattern at $76,650 in March and April. It is attempting to move above the 50-day moving average.
A move above that level would confirm the bullish outlook of the double-bottom and point to more gains to the neckline at $88,745. A surge above that level means that the BTC price may surge above $90,000.
The alternative scenario is where it pulls back and retests the double-bottom at $76,650.
Like BTC, the XRP price has remained in a tight range in the past few days. It has stalled at a key resistance level where the descending trendline connects the highest swings since January. Also, the coin has found a strong resistance at the 50-day moving average.
Therefore, a strong XRP price rally will be confirmed if it rises above the descending trendline and the 50-day moving average. If this happens, the coin will then soar to $2.90, which coincides with the neckline of the head and shoulders pattern.
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Layer-1 Blockchain:- South Korea is making significant strides in the development of Web3. The country’s recently elected President Lee Jae-myung has promised regulatory approvals for spot Crypto ETFs. The country has also decided to invest $884 billion into crypto assets. Aligning with this trend, the Layer-1 blockchain MemeCore, has officially announced its strategic expansion into
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The post Why Is Bitcoin Crashing Today? appeared first on Coinpedia Fintech News
Bitcoin’s price has left many investors confused after it dropped below $84,000. Despite strong bullish factors over the past week, its recent price movement is far from the high expectations set by analysts following the announcement of the Strategic Bitcoin Reserve.
Bitcoin is currently trading at $80,909, down over 6% in the past day. Bitcoin has dropped 3.37% over the past week, with trading volumes down 53%. Despite the declining figures, Bitcoin whales are actively buying, accumulating more than 22,000 BTC in just three days.
Despite a week full of positive news, including the signing of an executive order for a Strategic Bitcoin Reserve, a Crypto Summit at the White House, and encouraging statements from the OCC, Bitcoin’s price is unexpectedly falling and could drop below $80K.
On March 7, President Trump signed an executive order to use seized Bitcoin rather than purchasing it from the market. This move caused Bitcoin’s price to drop over 6%, from $90,400 to $84,979. “The knee-jerk reaction lower likely stems from the realization that no actual budget has been allocated for BTC purchases in the near term,” QCP Capital shared in a recent note.
However, it also noted that while this wasn’t the bullish catalyst as many expected, it’s still positive for crypto. The risk of random Silkroad BTC sales disrupting the market is gone, and the U.S. government has reaffirmed its commitment to a long-term crypto strategy, it noted.
An analyst expressed surprise, saying that in his 8 years with Bitcoin, he never saw the price action so out of sync with the news. This week was one of the most bullish in Bitcoin’s history, yet the market is facing decline.
Several factors are behind Bitcoin’s recent price drop. Macroeconomic issues, like new tariffs from the US, have sparked sell-offs in Bitcoin and other cryptocurrencies. Besides, the release of the non-farm payrolls (NFP) report on Friday suggests that the Federal Reserve might tighten monetary policy, which could hurt Bitcoin’s price.
Experts noted that while the executive order for a Strategic Bitcoin Reserve and the Crypto Summit were positive, the lack of concrete policies might have cooled investor enthusiasm. Besides, Bitcoin’s decline is also dragging altcoins down, with ETH, XRP, and BNB losing over 6%, 6% and 4% respectively in the last 24 hours.
The post Why Is Bitcoin Crashing Today? appeared first on Coinpedia Fintech News
Bitcoin’s price has left many investors confused after it dropped below $84,000. Despite strong bullish factors over the past week, its recent price movement is far from the high expectations set by analysts following the announcement of the Strategic Bitcoin Reserve. Bitcoin Drops Over 6% Bitcoin is currently trading at $80,909, down over 6% in …