Ethereum price has decreased around 5% in the last seven days despite the rally in other altcoins such as XRP and Chainlink (LINK). Still, several on-chain metrics point to an upcoming increase in ETH price, which is likely to revisit the $2,000 psychological threshold soon, according to analysts at intelligence tracker Santiment.
Ethereum price declined from its peak of $2,139.44 in April to $1,889 at the time of writing, within a three-month period. The $2,000 level is considered a key psychological support level and analysts at Santiment say traders are becoming increasingly optimistic about the altcoin.
Bitcoin price has been in a rangebound movement for nearly a month with no signs of directional bias. While the short-term noise might be easy to predict, the long-term outlook is interesting considering the opportunities surrounding a potential approval of a Bitcoin spot ETF.
A recent report from NYDIG explores the impact of a Bitcoin spot ETF on BTC price by drawing analogies with Gold and its ETF approval. To put it simply, the report shows that spot Bitcoin funds like Grayscale’s Bitcoin Trust (GBTC) or spot ETFs outside the United States constitute a total of $28.8 billion. Gold, on the other hand, accounts for $210 billion in assets under management (AUM) worldwide as of June.
The cryptocurrency market fell 0.3% over the past 24 hours to $1.2 trillion. Bitcoin lost 0.7%, Ethereum lost 0.97%, and top altcoins ranged from -3.4% (Solana) to +4.8% (Polkadot).
Bitcoin failed to develop any local upward momentum and continues to test the lower boundary of its last trading range. Following the sell-off in risk assets and the rise in the dollar, the first cryptocurrency has returned to below $30,000. A failure below opens the door to a deeper correction to $28.9K, where the 61.8% Fibonacci retracement and 50-day MA are concentrated.
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Terra Luna Classic (LUNC) price is trading with a bearish bias, an action heavily attributed to recent developments within the Terraform Labs ecosystem.
Shiba Inu's price, for the most part of this month, has barely made any significant movement. The meme coin continues to disappoint investors, who are also failing to trigger significant change in the price action with their efforts.
US House Republicans have introduced a new Bill, providing a clear path for exchange registration with the SEC and CFTC. The bill seeks to amend US securities laws and compel SEC to consider “innovation” as a factor when issuing new rules.
Chainlink price rise led the crypto market gains on Thursday as the altcoin found sudden optimism from its investors. Chainlink price could be seen trading at $8.2 after noting a near 20% rally in the span of 24 hours, up from $6.9.
Bitcoin price has been consolidating for nearly a month and shows no signs of a breakout move. While the short-term noise might be easy to predict, the long-term outlook is interesting considering the opportunities surrounding a potential approval of a Bitcoin spot ETF.
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