From the perception that Bitcoin is approaching the $60,000 support level to CoinShares’ success in selling its FTX Claim. Here are some outstanding news in the crypto market.
Bitcoin News
Bitcoin price has dropped rapidly over the past few days after failing to hold above $70,000. The market is now approaching basic support.
As the daily timeframe shows, BTC has been trending down since early June after being rejected at the $72,000 region. The price is approaching the critical support level of $60,000.
With the 200-day moving average around the $58,000 mark, a drop below $60,000 could cause BTC to retest the moving average. Overall, the medium-term fate of the market depends on the price reaction to these support levels.
Source: TradingView
On the 4-hour chart, the major falling wedge pattern has finally broken out to the downside and the price is fast approaching the $60,000 support zone. The relative strength index has also rapidly declined and is currently reading below 30%.
As a result, BTC is currently oversold on the 4-hour timeframe and a short-term recovery or consolidation around $60,000 is possible.
However, if the market moves lower, the $58,000 support area will be the next potential target.
Source: TradingView
XRP News
The first month of summer is coming to an end, which means we are about to enter July. According to historical price data provided by CryptoRank, July has been particularly bullish for XRP over the past four years. The minimum return on investment for the token in July as of 2020 is 6.91% and the maximum is 48.1%.
However, in the years 2015-2019, XRP’s performance in July was quite dismal. As a result, the average return on investment for XRP in July since the token’s inception currently stands at 5.56%.
Meanwhile, the average and more accurate indicator signals a near-neutral gain of 0.07%.
XRP Price History | Source: CryptoRank
So, according to historical data, XRP is expected to at least “not decline” over the next month and is even likely to grow.
WIF News
According to Lookonchain, a whale made the notable move of sending 12.66 million WIF, worth approximately $23.4 million, to the Binance exchange.
Huge amounts of WIF were moved in two transactions. This indicates an intention to sell, while a withdrawal may hint at a purchase.
The 12.66 million WIF deposit into Binance is notable not only for its size but also because the transaction took place at a time of volatile market conditions.
The significant transfer comes at a time when Solana-based meme coin Dogwifhat is experiencing a downturn, with a drop of 7% in the past 24 hours and 34% in the past week.
The decline reflects the general sentiment of the market recently. Bitcoin has dropped to its lowest level in more than a month due to a lack of momentum.
Dogecoin News
The digital currency ecosystem is in the red with prices of leading assets plummeting overnight. Total liquidation in the market has increased to 171 million USD in the past 24 hours, with Dogecoin (DOGE) becoming one of the most affected digital currencies.
According to data from CoinGlass, Dogecoin saw a total of $4.21 million in liquidations on the day, ranking third, behind Bitcoin (BTC) and Ethereum (ETH).
Long traders were hit the hardest as a total of $3.98 million was liquidated. The liquidation total implies that more than 35 million Dogecoin were wiped out overnight, a figure that could imply the price has bottomed out.
Source: CoinGlass
This liquidation was triggered when the DOGE price dropped to $0.117, losing more than 5% of its value in the past 24 hours. At current prices, DOGE is currently trading at one of its lowest levels in the past month, a trend that suggests a price floor may have formed.
Shiba Inu News
As on-chain data from IntoTheBlock shows, the number of large transactions with SHIB has increased, which is quite surprising given the low volatility of the crypto market over the weekend.
Source: IntoTheBlock
In fact, trading volume of at least $100,000 in Shiba Inu tokens increased from $13.45 million to $19.34 million during this period.
This phenomenon is characterized by an increase in trading volume from SHIB 747.97 billion to SHIB 1.11 trillion. In total, there have been 54 such “whale” transactions with memecoin that took place in the past day.
CoinShares News
CoinShares, Europe’s leading investment company specializing in digital assets, Notification successfully sold its FTX Claim.
The deal, signed today and pending customary closing conditions, will deliver a recovery of 116% net of brokerage fees, for a gain of £31.32m on assets Claim £26.6 million.
“A successful sale of Claim will significantly strengthen the group’s financial position, creating the opportunity to deliver higher returns to shareholders. The increased financial flexibility from this transaction will allow CoinShares to reinvest in growth opportunities, further strengthening its market position. Customers can expect continued innovation and enhancement of offerings as the development team uses this increased capital to drive expansion and growth in the digital assets sector,” the company said. in the press release.
Blast News
Upbit, the largest cryptocurrency exchange in South Korea, Notification that they will launch BLAST trading pairs with Korean won, BTC, and USDT.
Token deposit, withdrawal and trading services are expected to open at 23:00 on June 26, 2024.
BLAST is the governance token of the Layer 2 (L2) network – Blast.
Scam News
SlowMist warning that, there are currently many phishing attacks in the TON ecosystem. Many fraudulent links (or bots) are spread through groups, using fake airdrops and other methods to hack users’ TON wallet assets, especially anonymous Telegram numbers.
Many people use anonymous phone numbers to create Telegram accounts and if stolen, it means the corresponding Telegram account can also be lost, unless a separate password is enabled.
Viet Cuong
Bitcoin Magazine
