The crypto market capitalization saw a 0.8% increase in the past 24 hours, reaching 2.2 trillion. Most of the growth occurred earlier in the period, but there was a dip at the start of European trading, bringing levels back to where they were a day ago.
Bitcoin and Ethereum both saw slight increases of 0.9% and 0.15%, respectively. Other top coins showed varied dynamics, with BNB falling by 1% and DOGE rising by 7.3%.
Bitcoin experienced a reversal near the $63.0K level, forming lower local highs and moving away from the 50-day moving average. Ethereum’s price pulled back to around $2900, forming a bearish triangle and potentially opening the way to $1600-1500 if support is broken.
Investments in crypto funds rose by $130 million last week, with Bitcoin seeing an increase of $144 million. Trading volumes decreased to $8bn, leading to speculation about the approval of spot Ethereum-ETFs.
Traders have shown little interest in Bitcoin’s recent pullback, indicating that prices may be nearing a bottom. Pantera Capital predicts that Bitcoin’s bull cycle is just beginning and expects BTC to be worth at least $117,000 by August 2025.
Recent movement of previously dormant bitcoins has been noted, with 1.75 million Bitcoin wallets inactive for over ten years holding 1.8 million BTC. Regulatory actions against Tether by the US government could have significant implications for the industry, according to Ripple CEO Brad Garlinghouse.
Uniswap has criticized the “all-out war” on cryptocurrencies by the SEC and Senator Elizabeth Warren, warning that it could impact the upcoming US presidential election.