Pro-XRP lawyer John Deaton has tapped two Ripple executives to join an exclusive list of crypto all-time greats. The XRP supporter argues that Ripple’s co-founder, Jed McCaleb, and company CTO, David Schwartz, can sit alongside Satoshi Nakamoto on Crypto Mount Rushmore. Ripple Executives To Rank Alongside Satoshi and Buterin On Crypto Mount Rushmore In an X post, John Deaton unveiled his picks for a Crypto Mount Rushmore, placing anonymous Bitcoin creator Satoshi Nakamoto at the top. Beneath Satoshi’s blank face, the pro XRP lawyer reels out potential candidates to make the cut for a Crypto Mount Rushmore based on their contributions to the cryptoverse. Deaton taps Ethereum co-founder Vitalik Buterin to make the exclusive list for introducing smart contracts and decentralized applications. Deaton says Buterin’s inclusion into the list is a “no-brainer” given his pioneering status in the ecosystem. The lawyer tips Ripple co-founder Jed McCaleb to make the cut,… Read More at Coingape.com
Berachain (BERA) has suffered a steep decline over the past week, shedding 30% of its value as bearish sentiment plagues the general market.
In the past 24 hours alone, the token has slid another 6%, deepening concerns of further downside. With growing bearish bias against the altcoin, this might be the case in the near term.
BERA Faces Mounting Downside Risk
Berachain’s sharp decline has triggered a surge in short positions across its futures market. This rise in demand for shorts is evident in its funding rate, which has been negative since the token’s launch on February 6. At press time, this is at -0.11%.
The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep prices aligned with the spot market.
A negative funding rate means that short traders are paying long traders, indicating a stronger demand for short positions.
As with BERA, if an asset experiences an extended period of negative funding rates, it suggests sustained bearish sentiment. It indicates that the token’s traders consistently bet on further price declines. This prolonged negativity could increase BERA’s price volatility and extend its price fall.
In addition, BERA has noted significant fund outflows from its spot markets over the past few days. Per Coinglass, the altcoin has noted almost $2 million in spot market outflows today alone.
When an asset experiences spot outflows like this, it signals a surge in selling pressure. It indicates a bearish trend as investors reduce exposure or take profits, potentially leading to further price declines.
BERA at a Crossroads—Break Below $6.07 or Rally Toward $7.36?
Berachain trades at $6.14 at press time, resting slightly above support at $6.07. If the bearish bias against the altcoin strengthens, its price could break below this support floor, causing the token to trade at a low of $5.35.
If the bulls fail to defend this level, BERA could slip to its all-time low of $4.74.
An unexpected surge in selling pressure resulted in the broader crypto market turmoil, including an XRP price crash. The crypto assets were making significant gains hours earlier, with the Bitcoin price rallying to $107k. However, the shift in investors’ sentiments resulted in this sudden decline, bringing $3.27M in liquidation for the Ripple token in just one hour. Let’s discuss. XRP Price Crash Results in $3.27M Long Liquidations The Ripple token has witnessed an exceptionally serious liquidation event, losing $3.27M in long positions with the XRP price decline. Interestingly, this rate is 36,283% higher than the short positions, revealing that bullish traders were massively affected. Besides, only $9,040 worth of shorts were liquidated in this period, whereas $3.27M were in the long, per CoinGlass reports. This is because short traders actually bet on the price decline, so they avoided liquidation and instead profited from the dip. Experts showed concerns about this… Read More at Coingape.com
The crypto market is showing bullish signs of an imminent altcoin season this week. Meanwhile, several altcoins are going through notable network developments, adding to the optimism.
BeInCrypto has analysed three such altcoins that present the best chances of a rise in the coming week.
Cronos (CRO)
Cronos price is showing signs of sustained growth as anticipation builds for the upcoming POS v6 upgrade on July 28. This significant update will enhance cross-chain compatibility and overall performance.
The development has generated positive sentiment among investors, potentially pushing CRO into a stronger uptrend over the coming weeks.
CRO is currently trading at $0.124 and attempting to secure $0.121 as a reliable support level. A successful bounce could send the altcoin toward $0.133. Notably, the 50-day EMA is nearing a crossover above the 200-day EMA, signaling the possibility of a bullish Golden Cross forming soon.
However, broader market shifts could challenge the bullish outlook. If bearish momentum rises, Cronos could lose its current support and drop to $0.108. Such a decline would negate the current positive structure.
Conflux (CFX)
Conflux (CFX) has seen a major rally, becoming one of the top-performing altcoins in recent days. Boosted by the recent Conflux Conference in Shanghai, CFX surged 97.5% in the last 24 hours. The altcoin is now trading at $0.20, drawing investor attention amid heightened momentum and renewed community optimism.
Excitement continues to grow as Conflux gears up for its 3.0 upgrade, scheduled for early August. This major milestone could act as a bullish catalyst. If CFX rebounds from the $0.17 support level, the altcoin may breach $0.24 and potentially rise toward the key psychological mark of $0.30 in the short term.
However, risk remains if investors begin securing profits after the significant gains. A drop below the $0.17 support could drive CFX lower toward $0.11. Such a move would reverse current bullish momentum, causing traders to reassess expectations as bearish sentiment overtakes the altcoin’s rally.
Bitget Token (BGB)
Bitget, a leading crypto exchange, announced a partnership with Pudgy Penguins for a wellness escape in Kuala Lumpur this week.
Although the event isn’t directly crypto-related, such collaborations often pave the way for more impactful partnerships, potentially enhancing brand visibility and investor interest across meme coin and exchange ecosystems.
BGB price could see gains following this news, especially as technical indicators support a bullish outlook. The Parabolic SAR positioned below the candlesticks confirms an active uptrend.
If momentum holds, the altcoin could push past $5.05, helping Bitget’s token recover losses sustained during the May market correction.
However, bearish pressure may still weigh on BGB in the short term. If prices slip below the key support level of $4.83, further losses could drag the token to $4.46. Such a move would invalidate the bullish outlook and indicate weakening investor sentiment despite the positive market developments.
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