The cryptocurrency market dropped over 1% in the past 24 hours as Bitcoin (BTC) and other digital assets continued to fall. Markets started the week in the red with BTC extending its losses for a second day. The flagship cryptocurrency briefly fell to a low of $107,569 before recovering and moving to its current level. BTC is down over 1% in the past 24 hours, trading around $108,017. Ethereum (ETH) also traded in the red, losing momentum after reaching an intraday high of $2,585 and moving to its current level of $2,543. The world’s second-largest cryptocurrency is down 1.24% in the past 24 hours.
Meanwhile, Ripple (XRP) is marginally down, and Solana (SOL) is down nearly 2%, having slipped below $150 and trading around $149. Dogecoin (DOGE) is down over 3%, while Cardano (ADA) is down 1.38%, trading around $0.577. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered notable declines.
Coinbase Crypto Lobby Urges Congress To Back Bill
Coinbase’s crypto lobby and several crypto firms have urged US House lawmakers to pass a major bill that would define how the crypto industry will be regulated. The Coinbase lobby, called Stand With Crypto, along with 65 crypto advocacy groups and firms, urged lawmakers to back the Digital Asset Market Clarity Act (CLARITY Act), stating,
“We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy, the US risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology.”
The CLARITY Act specifies the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating crypto. The bill grants the CFTC primary jurisdiction, while allowing the SEC to regulate crypto-related securities. The group added,
“We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future. Above all else, the U.S. crypto industry needs market structure, which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating.”
Ripple CEO To Testify Before Senate Banking Committee
Ripple CEO Brad Garlinghouse has confirmed he will testify before the Senate Banking Committee on Wednesday, July 9. Garlinghouse will testify alongside other industry figures, with the appearance coming at a crucial time for crypto regulation in the US. Garlinghouse stated,
“I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation. Constructive crypto market structure legislation in the US is imperative in bringing about a new era of innovation and financial opportunity, while protecting consumers.”
Garlinghouse’s appearance before the committee comes at a time when Ripple is looking to move on from a gruelling legal battle with the SEC. A US judge ultimately deemed XRP was not a security. Ripple Labs recently withdrew its appeal of the permanent injunction on institutional sales of the XRP token.
SEC Acknowledges Truth Social Bitcoin, Ethereum ETF
The United States Securities and Exchange Commission (SEC) has accepted Trump Media’s application for a spot Bitcoin (BTC) and Ethereum (ETH) ETF. The acknowledgment officially initiates the process for the agency to approve or reject the proposed funding. Trump Media’s Bitcoin ETF. The ETF proposes offering investors exposure to BTC and ETH through shares listed on NYSE Arca, and backed by crypto assets. The allocation is split 75% to BTC and 25% to ETH. Foris DAX Trust Company will act as the custodian, while asset management firm Yorkville America Digital will be the fund’s sponsor.
The filing comes amid an influx of crypto ETF applications. The SEC is exploring a simplified listing structure for crypto ETFs, which would automate part of the approval process.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has recovered during the ongoing session, with the price marginally up after falling to an intraday low of $107,446. The flagship cryptocurrency traded in positive territory over the weekend, rising 0.19% on Saturday and nearly 1% on Sunday to reclaim $108,000 and settle at $109,229. However, it lost momentum on Monday after facing volatility and selling pressure, falling to a low of $107,562 before recovering to settle at $108,283.
Analysts believe long-term BTC holders may hold the keys to another substantial price jump. According to crypto analyst and trader CrediBULL, 80% of the BTC supply is in the hands of “diamond hands,” individuals and institutions that won't sell the asset easily. With 80% of the supply locked, the analyst stated that there is less “extra” supply that can be dumped on the market. In such a scenario, any demand could have a substantial impact on BTC’s price. The analyst pointed out previous instances when “diamond hands” helped boost BTC.
The first was when BTC was at $43,000 and heavy holding pushed the price to $73,000. The second was when the price was at $58,000. Long-term holders holding on to BTC helped push the asset beyond $100,000. However, because the tight supply makes BTC sensitive to demand, even a small rush of buyers can impact the price.
Public companies that add BTC to their reserves as a treasury asset are also locking up more coins, decreasing their supply on exchanges. Michael Saylor’s Strategy holds over 597,325 BTC, while Marathon Digital Holdings, Metaplanet, GameStop, Genius Group, and Blockchain Group also hold substantial quantities of BTC. CrediBULL believes that because of these factors, BTC’s next price jump could be substantially bigger than the last two, predicting a push towards $150,000.
BTC traded in positive territory the previous weekend, rising 0.14% and 0.20% on Friday and Saturday to cross $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as the price rose nearly 1% to cross $108,000 and settle at $108,350. Despite the positive weekend, BTC lost momentum on Monday, dropping 1.09% to $107,167. Selling pressure intensified on Tuesday as the price fell 1.33%, slipping below $106,000 to $105,742. BTC recovered on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845, but not before reaching an intraday high of $108,845.
Source: TradingView
BTC continued rising Thursday, reaching an intraday high of $110,583 before losing momentum and settling at $109,650, ultimately increasing 0.74%. BTC lost momentum on Friday, falling 1.42% to $108,097. However, it recovered over the weekend, rising 0.19% on Saturday and nearly 1% on Sunday to reclaim $109,000 and settle at $109,229. Despite the positive sentiment, BTC started the current week in the red, dropping to a low of $107,572 before settling at $108,283. The current session sees BTC marginally up as buyers and sellers struggle to establish control.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is marginally up during the ongoing session as it looks to recover from Monday’s drop to $2,514. The world’s second-largest cryptocurrency registered a sharp drop on Friday but recovered over the weekend, rising 0.35% on Saturday and over 2% on Sunday to settle at $2,572. However, it was back in the red on Monday, dropping .12% to $2,543.
ETH is currently trading at $2,546, close to a critical resistance zone that sits around $2,590. Analysts believe a harmonic pattern (butterfly) could emerge, requiring a corrective leg C before a bullish leg D continuation. ETH could stall at this key level before resuming its upward trend. However, for the harmonic pattern to remain valid, ETH must form a corrective leg C, implying a drop towards $2,300. If the price falls to this zone and holds, it will confirm the formation of leg C, setting the foundation for a bullish continuation into leg D, with a potential move past $3,000.
ETH traded in positive territory over the previous weekend, rising 0.57% on Saturday and nearly 3% on Sunday to settle at $2,500. However, ETH was back in the red on Monday, dropping to a low of $2,436 before recovering to settle at $2,486, ultimately falling 0.55%. Bearish sentiment intensified on Tuesday as ETH fell over 3%, slipping below the 20-day SMA and settling at $2,407. The price recovered on Wednesday, rising nearly 7% to cross the moving averages and settle at $2,572. ETH continued rising on Thursday, reaching an intraday high of $2,626 before settling at $2,592, ultimately registering an increase of nearly 1%.
Source: TradingView
ETH lost momentum on Friday, falling over 3% to settle at $2,509. It recovered over the weekend, registering a marginal increase on Saturday before rising over 2% on Sunday and settling at $2,572. ETH was back in the red on Monday as the price fell over 1% to $2,543. The current session sees ETH marginally up as buyers and sellers struggle for control. Buyers will look to retain control and push ETH beyond the resistance around $2,590.
Solana (SOL) Price Analysis
Solana (SOL) has registered strong performances in recent sessions, despite registering a substantial decline on Friday. It registered a marginal drop on Saturday before rebounding on Sunday, rising nearly 3% to reclaim $150 and settle at $151. The price was back in the red on Monday, falling 1.96% before recovering during the current session.
SOL’s performance can be attributed to the launch of its staking ETF on Wednesday. The ETF offers investors exposure to SOL and generated over $12 million in inflows on its first day. Bloomberg ETF analyst Eric Balchunas said the ETF made a “healthy” start, putting it among the top 1% of new launches. However, the SEC is yet to give the green light to ETFs tracking the spot price of SOL and other altcoins.
SOL’s price action was bullish the previous weekend as it rose over 6% on Saturday and nearly 2% on Sunday to settle at $153. It faced selling pressure and volatility on Monday as sellers attempted to overwhelm buyers. Despite this, it registered an increase of 1.01% and settled at $154. SOL lost momentum on Tuesday, falling over 5% to go below $150, and settling at $147. Despite the selling pressure, it recovered on Wednesday, rising nearly 4% to reclaim $150 and settle at $152.
Source: TradingView
SOL was back in the red on Thursday, registering a marginal decline. Selling pressure intensified on Friday as the price fell over 3%, slipping below $150 to $147. Sellers retained control on Saturday as SOL registered a marginal decline. However, it recovered on Sunday, rising nearly 3% to reclaim $150 and settle at $151. SOL was back in the red on Monday, dropping 1.96% as it started the week on a bearish note. The current session sees SOL up nearly 1%, trading around $150.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) traded in positive territory the previous weekend, rising 1.73% on Saturday and then surging nearly 18% on Sunday to cross the 20 and 50-day SMAs and settle at $0.367. Despite the positive sentiment, ARB was back in the red on Monday, dropping nearly 6%, slipping below the 50-day SMA to $0.345. Sellers retained control on Tuesday as the price fell over 5% to $0.327. Despite the overwhelming selling pressure, ARB recovered on Wednesday, rising 6.26% to $0.348. The price reached an intraday high of $0.364 on Thursday but lost momentum and fell to $0.343, ultimately declining 1.18%.
Source: TradingView
Selling pressure intensified on Friday as ARB fell nearly 6%, falling to an intraday low of $0.313 before settling at $0.324. The price recovered over the weekend, rising 1.20% on Saturday and nearly 2% on Sunday to settle at $0.334. Despite the positive weekend, ARB started the current week in the red, dropping 1.67% to $0.329. Sellers have retained control during the ongoing session, with the price down nearly 1%, trading around $0.327.
Celestia (TIA) Price Analysis
Celestia (TIA) registered a marginal decline on Friday (June 27) but recovered on Saturday, rising over 3% to $1.53. Buyers retained control on Sunday as the price rose 3.94% and settled at $1.53. Despite the positive weekend, TIA was back in the red on Monday, dropping 9.50% and settling at $1.39. Selling pressure persisted on Tuesday as the price fell nearly 3% to $1.35. TIA recovered on Wednesday, surging almost 17% to cross $1.50 and settle at $1.57. The price continued pushing higher on Thursday, rising 4.18% to cross the 20-day SMA and settle at $1.64.
Source: TradingView
Price action turned bearish on Friday as TIA fell almost 8%, slipping below the 20-day SMA and settling at $1.51. Sellers retained control on Saturday as the price fell 1.33%, falling below $1.50 to $1.49. Despite the overwhelming selling pressure, TIA recovered on Sunday, rising nearly 9% to cross the 20-day SMA, reclaim $1.50, and settle at $1.62. TIA started the current week in the red, dropping almost 3% and settling at $1.58. The current session sees the price marginally up as buyers and sellers struggle to establish control.
Bittensor (TAO) Price Analysis
Bittensor (TAO) has failed to cross the 20-day SMA in recent sessions as buyers struggle to build momentum. TAO traded positively over the previous weekend, rising 1.08% on Saturday and over 5% on Sunday to settle at $346. However, it lost momentum on Monday, dropping 3.34% after failing to cross the 20-day SMA and settling at $335. Selling pressure intensified on Tuesday as TAO fell over 5% to $318. Despite the overwhelming selling pressure, TAO recovered on Wednesday, rising over 5% and settling at $334.
Source: TradingView
Buyers retained control on Thursday as the price rose 1% to $338. Price action turned bearish on Friday as TAO fell nearly 4% to $325. Sellers retained control on Saturday as the price dropped almost 1% and settled at $322. TAO recovered on Sunday, rising 1.29% to end the weekend on a positive note at $326. TAO was back in the red on Monday, dropping 1.86% as it started the week on a bearish note. The current session sees the price marginally up, trading around $322.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
