From Bitcoin still likely to head to $150,000 after a sharp correction to Ripple Labs introducing new improvements to its API environment, here are some of the top news stories in the crypto market.
Bitcoin News
Bitcoin (BTC) has sparked a bloodbath in the crypto space as the market faces bearish sentiment amid investors’ uncertainty about the next move.
With market sentiment at a low ebb, analyst Alan Santana has offered his take on what he calls the best-case scenario for Bitcoin in July. Historically, July has been largely a positive month for the flagship asset.
In his analysis, Santana acknowledged that Bitcoin is trading below $60,000 for the first time since February 2024. This level has served as strong support since the price surged from $40,000 to over $60,000 in February.
Looking at Bitcoin’s next move, Santana pointed out that if Bitcoin continues to stay below $60,000, prolonged negative market conditions could emerge.
Referring to the massive green candle in February 2024, he explained that a similar but opposite reaction could occur on the downside, potentially pushing prices down to test lower levels like $50,000, $40,000, and even $30,000.
Bitcoin price analysis chart | Source: TradingView
Despite the gloomy market, Santana also outlined a more optimistic scenario. If Bitcoin reverses and closes above the $60,000 support level, it could signal accumulation rather than distribution, paving the way for a rally to $65,000, $70,000, $80,000, and possibly $100,000 without a sharp correction.
Overall, the analyst asserts that Bitcoin’s potential recovery path could lead to targets above $150,000, emphasizing the volatility and pivotal nature of current market conditions.
Santana also pointed to external factors such as the upcoming US elections in 2024, which are often viewed as a positive period for post-election markets. He argued that for a 2025 bull market to materialize, BTC needs to experience a strong correction between July and November 2024. This crucial period sets the stage for sustained growth and a new ATH in 2025.
Bitcoin is currently facing increased selling pressure, coinciding with the Mt. Gox exchange repaying its customers. This pressure increased across the market after Mt. Gox transferred 47,228 BTC, signaling the start of their repayment process.
Bitcoin is currently trading just above $55,000, down over 4%. On its weekly chart, BTC is down over 11%.
Overall, Bitcoin’s immediate target is to maintain the price above the $55,000 support zone. A further drop below this level could lead to a possible retest of the $50,000 mark.
Ethereum News
In a new strategy session, pseudonymous crypto analyst Altcoin Sherpa told his 217,800 followers on media platform X that the Ethereum/Bitcoin (ETH/BTC) pair “is still holding quite strong.”
According to Sherpa, the ETH/BTC pair is currently in a “good position” for long buying opportunities amid the possible approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC).
“ETH is almost guaranteed to hit ATH before the end of the year.”
Source: Altcoin Sherpa
Ethereum, which is currently trading below 0.05457 BTC at press time, would need to increase by about 187% to reach its ATH of 0.15636 BTC recorded in November 2021.
Whales Send Huge Amounts of ETH to Exchanges
The market crash has created an unexpected race for survival among Ethereum (ETH) whale investors.
According to information Details from analytics platform Lookonchain show that amid the severe price decline, many traders are about to face liquidation as ETH drops to a 24-hour low of $2,810.
Lookonchain said three whales sent 28,558 ETH worth about $82.2 million to Binance earlier today. The huge sum was used to pay off debts they owed.
In another Lookonchain post on X, a trader was caught up in the liquidation process when a total of 4,215 ETH worth about $12.2 million of his funds were liquidated.
Ripple News
On July 3, 2024, Ripple Labs introduce a major improvement to its API environment called the “Try It” feature, which is now part of the Ripple Payments API documentation.
This development marks a significant shift in the way developers can interact with the API by allowing them to perform real-time experiments without having to log in or deal with actual funds.
The “Try It” feature has been integrated into several API services including the Ripple Payments API, Smart Liquidation Service API, and Report Service API. It is designed to provide immediate and realistic feedback from a server that simulates the behavior of live servers in a controlled environment.
XRP Analysis
Despite the depressed market, Ripple (XRP) whales decided not to fan the flames. Instead, they chose to buy more tokens.
According to Santiment, the balance of XRP holders with more than 1 billion tokens was around 39.81% in mid-June. But at the time of writing, that ratio has increased to 41.46%.
For the 1 to 10 million group, the balance increased from 6.08% to 6.2%. Whales are entities that hold large amounts of cryptocurrency. Therefore, their actions have an impact on the price.
Source: Santiment
At press time, XRP is trading at $0.41, down nearly 8% in the last 24 hours. But given the recent whale action, the price could stabilize around this level or head towards $0.45.
Binance News
Binance will support Galxe (GAL) token swap, renaming and rebranding to Gravity (G).
At 10:00 on 2024/07/15 (UTC), Binance will delist all existing GAL spot trading pairs (including GAL/BTC, GAL/USDT, and GAL/TRY) and cancel all pending GAL spot trading orders. At 10:30 on 2024/07/15, GAL deposits and withdrawals will be suspended.
At 15:00 on 07/19/2024, Binance will open trading for G/USDT and G/TRY trading pairs.
Binance Announces Delisting of 3 Spot Trading Pairs
Binance Notification will delist 3 trading pairs on the platform including: AMB/BTC, IOST/BTC, LINA/BTC at 10:00 on July 6, 2024.
Users can still trade assets on other trading pairs available on Binance.
The exchange will also terminate the Trading Bots service for the above trading pairs at the same time as the delisting, if any. Users are advised to update or cancel their Trading Bots before the above time to avoid potential losses.
WIF News
According to data shared by analytics firm Lookonchain, on July 4, a whale was caught selling 900,000 WIF tokens worth $1.64 million on ByBit.
Despite this massive sell-off, the whale still holds 974,000 WIF tokens worth $1.76 million.
At the moment, WIF is at strong support at $1.6 and appears to be forming a bullish double bottom pattern with a doji candle.
This is the third time since March 2024 that WIF has reached this level, and each time traders and investors have seen a bullish move.
Source: TradingView
Due to the current market sentiment, this support level becomes even more important.
If WIF fails to hold this level and forms a daily candle closing below the support level, a major sell-off could occur, potentially pushing the price down to $0.9.
Additionally, bearish sentiment emerged as WIF Open Interest fell by 8%, meaning interest and confidence from investors and traders are at a lower level.
Source: Coinglass
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