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Bitcoin and most major cryptocurrencies slipped on Wednesday despite a U.S.-Japan trade deal that lifted stock markets. While the S&P 500 rose 0.2%, the crypto market didn't follow suit.
Bitcoin, up over 10% in July, fell 0.5% in 24 hours to $117,585, pulling back from above $120K. Analyst David Morrison noted that Bitcoinโs repeated failure to hold above $120K is testing bullish momentum despite a broader uptrend.
XRP, which surged 55% this month, led altcoin losses, down 6.3%. ETH dropped 1.3%, SOL fell 4.6%, and DOGE lost 7.4%.
Market uncertainty persists after the SEC approved, then paused, the conversion of a Bitwise crypto fund into an ETFโhighlighting concerns about altcoin ETFs despite a pro-crypto U.S. administration.
Analysts suggest โcalendar rhythmsโ may be at play, with strong inflows early in the month and caution near month-end. Meanwhile, interest from traditional finance grows, as PNC Bank and Coinbase announced a partnership to offer crypto services via Coinbaseโs infrastructure.
