The crypto market rebounded after Monday’s wobble as Bitcoin (BTC) and other altcoins registered strong recoveries. BTC slipped below $117,000 on Tuesday but recovered, reaching a high of $120,265 during the ongoing session before losing momentum and dropping to its current level. The flagship cryptocurrency is up nearly 1% in the past 24 hours, trading around $118,625.
Meanwhile, Ethereum (ETH) steadied itself around the $3,700 mark after losing momentum at around $3,800. The world’s second-largest cryptocurrency is marginally up, trading around $3,711. Ripple (XRP) has also rebounded, with the price up 0.50% as it looks to reclaim $3.50. Solana (SOL) defied bearish trends on Tuesday, crossing $200. The altcoin continues to push higher during the ongoing session, up nearly 2%, trading around $202. Dogecoin (DOGE) is marginally down over the past 24 hours, while Cardano (ADA) is up almost 1%, trading around $0.881. Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable increases.
Strategy Now Owns 3% Of Bitcoin (BTC) Supply
Michael Saylor’s Strategy owns 3% of the Bitcoin (BTC) supply after completing its latest purchase of the asset earlier this week. The firm announced its latest purchase earlier this week, acquiring 6,220 BTC for $739 million, taking its total Bitcoin holdings to 607,770 BTC, worth $72 billion at current prices. Strategy has used a combination of common and preferred shares, along with debt, to fund its Bitcoin purchases. The company began accumulating the asset in late 2020 as a hedge against inflation.
In a separate announcement, Strategy stated that it planned to offer 5 million variable-rate Series A perpetual Stretch preferred shares to finance future Bitcoin purchases.
SEC Pauses Bitwise ETF In Bizarre Decision
The United States Securities and Exchange Commission (SEC) has paused another crypto index ETF approval. This is the second time this month the regulator has intervened to block staff-level recommendations. The SEC stepped in to halt Bitwise’s 10 Crypto Index ETF, which was approved earlier by the SEC’s Division of Trading and Markets. The reversal has unsettled crypto ETF observers and could suggest internal resistance to broader crypto products. Nate Geraci, co-founder of the ETF Institute, stated,
“SEC Division of Trading & Markets has *approved* the Bitwise 10 Crypto Index ETF... However, like with the Grayscale Digital Large Cap ETF, this approval order is stayed. IMO, both of these should be allowed to convert/uplist asap. Bizarre situation.”
The approval allowed NYSE Arca to list the fund as a “Trust Unit” under Rule 8.500-E, which governs asset-backed exchange-traded products (ETPs). However, shortly after it was issued, the SEC announced it would review the action under Rule 431, triggering an automatic stay. Rule 431 permits the SEC to review decisions made by staff under delegated authority unilaterally.
FBI Ends Investigation Into Kraken Co-Founder
The Federal Bureau of Investigation (FBI) has closed its investigation into Kraken co-founder Jesse Powell. The agency has also returned property seized from him during a 2023 search of his home. According to reports, the FBI returned the devices to Powell, ending a probe into allegations he hacked and cyberstalked the Verge Center for Arts, a nonprofit he helped found. However, the investigation is not connected with Powell’s association with Kraken or the crypto industry. Authorities had been investigating Powell since 2022. Powell has consistently denied the allegations against him and has also filed a civil lawsuit against Verge and its board of directors.
Roman Storm Could Ask For A Mistrial
Tornado Cash co-founder Roman Storm could request a motion for mistrial over a government witness they claim had no association with the crypto mixer. Storm’s defence questioned the testimony of government witness Hanfeng Lin. If the judge allows a mistrial, it would rule Storm’s trial invalid due to a judicial error, which in this case could be evidence that should have been excluded. The case could be dismissed entirely or retried with a new judge and jury. Storm faces 45 years in prison after being charged with money laundering conspiracy, conspiracy to violate US sanctions, and conspiring to run an unlicensed money laundering business connected with Tornado Cash.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continues to trade around $118,000 a day after its failed attempt to reclaim $120,000. The flagship cryptocurrency started the week in positive territory, racing to an intraday high of $119,603 on Monday before losing momentum and settling at $117,397, ultimately registering a marginal increase. The price rallied on Tuesday, rising over 2% as buyers attempted a move past $120,000. However, it fell short of reaching this level and settled at $119,980, rising 2.20%. The current session sees the price down 1.38%, trading around $118,332. Traders became cautious ahead of a key speech by US Federal Reserve Chair Jerome Powell, as BTC slipped to a low of $116,114 on Tuesday.
Despite recent positive sentiment around BTC, one crypto analyst believes it is unlikely to reach $200,000 this year. The analyst stated that buying volumes are not increasing enough to push prices higher. The observation comes after several industry executives speculated that BTC could cross $200,000 as early as this year. James Check, Glassnode lead analyst, stated,
“How on earth can we be going up when there is no volume? $200,000 in six months is a big move — that’s a big move.”
Check added that such a move would double BTC’s market capitalization. The analyst stated that a move to $200,000 could happen, but not this year.
“Could it happen? Absolutely. Is it likely to happen? Very improbable. Until I see that volume kick in, until I feel a bit more confident, I am certainly not going to put on any levered positions. I’m probably not going to go out on the risk curve until I see that the market is stabilized.”
Check stated that for a move to $200,000 to materialise, BTC must decisively surpass $120,000. The flagship cryptocurrency briefly crossed this level on July 14, when it set a new all-time high. He also warned that the price must rise with strong support, without which it could drop just as fast.
“Then we gotta get to $130, and 40, 50 [thousand], and it’s one thing to get there, it’s another thing to stay there. You need to follow through; otherwise, you’re trading through air, and you’re going to trade like it’s air on the way back down.”
Bitcoin to $200,000 has become a popular prediction among more optimistic sections of the market, with some predictions coming in as early as last year.
BTC started the previous weekend with a 1.50% increase, moving to 116,885 on Friday (July 11). It lost momentum on Saturday before rising nearly 2% on Sunday to settle at $118,624. BTC raced past $120,000 on Monday, surging to a new all-time high of $123,091. However, it lost momentum after reaching this level and settled at $119,714, ultimately registering a 0.92% increase. Sentiment turned bearish on Tuesday as the price fell 1.70%, dropping to a low of $115,701 before settling at $117,682. BTC recovered on Wednesday, rising nearly 1% to cross $118,000 and settle at 118,641.
Source: TradingView
BTC faced volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price rose 0.39% to cross $119,000 and settle at $119,101. Selling pressure returned on Friday as BTC fell 1.03% to $117,877. The price remained bearish over the weekend, registering a marginal decline on Saturday and dropping 0.48% on Sunday to settle at $117,240. BTC reached an intraday high of $119,603 on Monday, making a positive start to the week. However, it lost momentum after reaching this level and settled at $117,397, ultimately registering a marginal increase. The price recovered on Tuesday, rising 2.20% to $119,980. The current session sees BTC down 1.38%, trading around $118,328.
Ethereum (ETH) Price Analysis
Ethereum’s (ETH) rally stalled over the past couple of sessions, losing momentum after crossing $3,800 and reaching an intraday high of $3,859 on Monday. The price fell to an intraday low of $3,620 on Tuesday before recovering to reclaim $3,700 and settle at $3,747. The current session has seen bearish sentiment intensify, with the price down nearly 2%, trading around $3,684. However, analysts were expecting a decline as the RSI was in the overbought zone.
Meanwhile, institutional interest in ETH continues to grow, with Ethereum ETFs recording inflows of $297 million and setting a new record for daily trading volume. This marked the 12th consecutive day of inflows for ETH ETFs, led by Fidelity’s FETH ($126 million) and BlackRock’s ETHA ($101 million). Grayscale’s Ether Mini Trust saw $54 million in inflows, while Bitwise’s ETHW saw $13 million in inflows. SharpLink also continued its ETH accumulation, after briefly dropping behind BitMine Immersion Technologies as the second-largest public ETH holder. The company purchased 79,949 ETH on Tuesday for $258 million, at an average cost of $3,238 per coin. The latest purchase followed a $49 million buy on Monday, bringing its total ETH holdings to $360,807, worth $1.3 billion at current prices.
ETH started the previous weekend in positive territory, registering a marginal increase on Friday (July 11). It lost momentum on Saturday, registering a marginal decline before rising nearly 1% on Sunday to end the weekend at $2,970. The price continued rising on Monday, crossing $3,000 to settle at $3,015. Buyers retained control on Tuesday as ETH rose over 4% and settled at $3,410. Bullish sentiment intensified on Wednesday as the price surged over 7%, crossing $3,300 and settling at $3,374.
Source: TradingView
ETH crossed $3,400 on Thursday and raced to an intraday high of $3,677 on Friday. However, it could not stay at this level and settled at $3,458, ultimately registering an increase of 1.99%. ETH remained in positive territory on Saturday, rising 1.31% to $3,595. The price reached $3,700 on Sunday, increasing 4.53% to $3,757. ETH started the current week on a positive note, reaching an intraday high of $3,859. However, it could not stay at this level and settled at $3,764, ultimately registering a marginal increase. ETH lost momentum on Tuesday, dropping to a low of $3,620 before reclaiming $3,700 and settling at $3,747. The current session sees ETH down nearly 2%, trading around $3,673.
Solana (SOL) Price Analysis
Solana (SOL) fell back below $200 during the ongoing session as selling pressure returned, with the price down almost 4%. SOL has seen a substantial rally over the past few weeks, surging past key levels as interest in the asset soared. The token has caught the attention of institutional investors, as the strategy of adding digital assets to corporate balance sheets gains popularity. On Monday, the Nasdaq-listed DeFi Development Corporation announced the purchase of nearly 1 million SOL tokens. The company stated it acquired 141,383 SOL tokens between July 14 and July 20, and raised $19.2 million in net proceeds through an equity line of credit facility by issuing 740,000 shares of common stock.
Sentiment around SOL has been very bullish, with the Solana ecosystem’s DeFi TVL reaching $10 billion, the highest in six months. SOL traded in the red the previous weekend, dropping nearly 1% on Friday and 1.37% on Saturday to settle at $160. Despite the selling pressure, it recovered on Sunday, registering a marginal increase and settling at $161. SOL raced to an intraday high of $168 on Monday. However, it could not stay at this level and settled at $162, ultimately registering a 0.68% increase. The price plunged to an intraday low of $157 on Tuesday as selling pressure intensified. It rebounded from this level to reclaim $160 and settle at $164, rising 1,08%. Bullish sentiment intensified on Wednesday as SOL surged almost 6% to cross $170 and settle at $173.
Source: TradingView
Buyers retained control on Thursday as SOL rose 1.29% to settle at $176. The price raced to an intraday high of $184 on Friday. However, it could not stay at this level and settled at $177, ultimately rising 0.77%. Despite the positive sentiment, SOL registered a marginal decline on Saturday. The price recovered on Sunday, increasing 2.48% to reclaim $180 and settle at $181. Bullish sentiment intensified on Monday as SOL soared almost 8% and settled at $195. Buyers retained control on Tuesday as the price rose over 5% to cross $200 and settle at $205. However, SOL is back in the red during the ongoing session, down nearly 4%, trading around $197.
Polkadot (DOT) Price Analysis
Polkadot (DOT) faced substantial volatility the previous weekend as buyers and sellers struggled to establish control. The altcoin ended Saturday at $3.90 before rising 2.31% on Sunday and settling at $3.99. The price raced to an intraday high of $4.19 on Monday, but lost momentum after reaching this level and settled at $3.94, ultimately dropping 1.25%. DOT plunged to an intraday low of $3.80 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $4 and settle at $4.09, rising nearly 4%. Buyers retained control on Wednesday as the price rose 1.96% to $4.17.
Source: TradingView
DOT continued pushing higher on Thursday, rising over 2% and settling at $4.26. The price surged to an intraday high of $4.63 on Friday as bullish sentiment intensified. However, it failed to sustain momentum and dropped to $4.22, ultimately registering a decline of $4.22. DOT recovered over the weekend, rising nearly 5% on Saturday and 1.58% on Sunday to settle at $4.49. The current week started positively as DOT reached an intraday high of $4.68 before settling at $4.50 after a marginal increase. The price fell to an intraday low of $4.28 on Tuesday. However, it rebounded to register a 1.11% increase and settle at $4.55. DOT has lost momentum during the current session, with the price down nearly 5%, trading around $4.33.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) registered a sharp increase last Sunday, rising over 4% and settling at $0.994 to end the weekend in positive territory. It reached an intraday high of $0.109 on Monday as bullish sentiment intensified, before settling at $1.01, rising nearly 2%. Buyers retained control on Tuesday as WIF rose over 6% to settle at $1.07. The price faced volatility on Wednesday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand, as WIF rose 0.65% and settled at $1.08.
Source: TradingView
Price action turned bearish on Thursday as WIF fell 1.49% to $1.06. Bearish sentiment intensified on Friday as the price plunged over 5% and settled at $1.01. WIF recovered over the weekend, rising 6.33% on Saturday and surging over 13% on Sunday to settle at $1.21. The price reached an intraday high of $1.32 on Monday before settling at $1.23, an increase of almost 2%. WIF fell to an intraday low of $1.15 on Tuesday as sellers attempted to overwhelm buyers. However, it recovered to register a 2.83% increase and settle at $1.27. The current session sees WIF down 1.58%, trading around $1.25.
Injective (INJ) Price Analysis
Injective (INJ) faced substantial volatility on Monday (July 14), ultimately settling at $12.38. Bullish sentiment intensified on Tuesday as the price rallied, rising over 8% to cross $13 and settling at $13.42. The price continued rising on Wednesday, registering a 0.86% increase and moving to $13.54. Buyers retained control on Thursday as INJ rose 3.57% and settled at $14.02. INJ raced to an intraday high of $14.75 on Friday. However, it lost momentum after reaching this level and settled at $13.66, ultimately dropping 2.58%.
Source: TradingView
INJ recovered over the weekend, rising 3.53% on Saturday and over 6% on Sunday to settle at $15. The current week started positively as the price registered an increase of almost 1% and settled at $15.12. INJ plunged to an intraday low of $14.23 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $15 and settle at $15.23, ultimately registering an increase of 0.78%. The current session sees INJ down nearly 5%, trading around $14.53.
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.
