Crypto Tug of War: The crypto market gained 1.7%, reaching $2.14 trillion, with Bitcoin up 2.6% and Ethereum 1.2%. A battle for 10th place in CoinMarketCap intensifies as Tron drops and Cardano rises. Market sentiment is nearing neutral amid speculation of a rate cut. Major bitcoin investors slow accumulation, while Mt. Gox moves more BTC. Binance faces a new lawsuit, and Solana ETF approval in the US looks unlikely before 2025.
Crypto Tug of War
The crypto market gained 1.7% in the last 24 hours to reach $2.14 trillion, continuing to test August's
resistance. Bitcoin rose 2.6%, while Ethereum gained 1.2%. The battle for a 10 th position in the
CoinMarketCap has intensified: Tron's 5.5% drop to a cap of $13.09 billion contrasted with Cardano's
2.5% rise to $13.17 billion. Its closest rival, Dogecoin, added 1.3% to reach a total coin value of
$15.36 billion, with 17% distance from Cardano.
Crypto market sentiment indices are approaching neutral territory thanks to a weaker dollar and
growing confidence in an imminent interest rate cut. Bitcoin is trading around $60.8K, hesitant to grow
but not far from its 50-day average. The dynamics of the last few days show a transfer of capital from
cautious sellers (who may have received funds from Mt. Gox) to long-term buyers accumulating ETFs.
According to CryptoQuant data, major bitcoin investors have slowed their monthly coin accumulation
rate to 1%, compared to the 3% average typical of bull markets. Most demand metrics are showing
weakness, which is not enough for a new all-time high. The alternative in the form of spot bitcoin
ETFs is also unreliable, with daily net inflows into the instruments at a fraction of March levels.
According to Arkham, bankrupt cryptocurrency exchange Mt. Gox sent another 13,265 BTC ($784
million) to an unknown address. The last movements of Mt. Gox assets to external addresses were
recorded at the end of July in the amounts of 33,964 BTC ($2.25 billion) and 858 BTC ($56.8 million).
A new class action lawsuit has been filed against the Binance exchange and former CEO Changpeng
Zhao. According to the lawsuit, filed in federal court in Seattle, the three crypto investors have been
unable to recover their stolen assets because the exchange failed to prevent money laundering.
The chances of the Solana ETF being registered in the US in 2024 are zero, as they will be in 2025.
Bloomberg believes that only new SEC leadership can change the situation. Previously, the SEC
rejected proposals from CBOE to register the SOL ETF, suggesting that Solana could be classified as
a "security."
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Messari notes that only about 1.4% of the meme coins launched on Solana Pump.fun platform reach
profitability levels. Amid frustration, investors have begun to pull out of the market, with trading
volumes in the segment falling by 80% in the last two weeks.
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