Category: Crypto market

ETH: Ethereum Falls Below $2,2k, Worst fall since April 6

Posted on by Olumide Adesina

Ethereum was down 10 percent for the day, trading at $2,175.

It was the biggest percentage loss in a single day since April 6, Ethereum’s market capitalization dropped to $263 billion, or 8.1% of the total market capitalization, amid the bearish market.

Ethereum’s market capitalization peaked at $570 billion.

 Ethereum’s price has fluctuated between $2,174.06 and $2,313 for the week. Ethereum’s value has dropped over the last seven days, falling 13.82 percent. it. fluctuated between $2,174 and $2,678 for the week.

Ethereum has dropped 55.30 percent from its peak of $4,864 on November 10, 2021.

A wealthy Ethereum trader has amassed tens of millions of dollars in Ether, despite a general market decline amid rising tensions in the Middle East and risk aversion..

213 acquired approximately 9,400 ETH (about $39 million) in two significant transactions, increasing its total Ether holdings to $330 million.

The decline occurred as markets processed news of a direct US military attack on Iran, which would have significantly escalated the ongoing Israel-Iran conflict, which started on June 13 with Israel’s “Operation Rising Lion.”.   Whale actively amassed Ethereum and used Lido’s liquid staking protocol to deploy it amidst the bear market.

Ripple Earthquake: XRP Sinks Below $2 Mark

Posted on by Olumide Adesina

XRP is below $2 for the first time since May. XRP cratered Sunday as Bitcoin dropped below the 100,000 mark, Ethereum plunged 10% on the day, and assets fell to multi-month lows.
Price action showed the altcoin’s descending triangle pattern is getting closer, indicating an imminent breakdown when support erodes under stress.

XRP must regain the $ 2.2 mark to reverse bullish momentum. However, without a more universal market catalyst, the likelihood of XRP accomplishing this seems remote, endangering the future of the $2 mark.

The downward shifts came after the United States entered the conflict between Israel and Iran, with President Donald Trump announcing late Saturday that U. S. forces bombed three Iranian nuclear facilities in an attack dubbed Operation Midnight Hammer.

The move threatens to further inflame tensions in the Middle East, following recent back- and- forth attacks between Israel and Iran. Much like those attacks, the salvo from the United States is also impacting financial markets.
Despite some bullish stability around $2, the price of XRP may soon drop to $1.80.

Furthermore, the recent “death cross” formation has reinforced the bearish scenario by warning traders to be cautious.

A significant bearish trend may develop due to many traders holding short positions on XRP. Many derivative traders on Binance are betting on gains, and the long/short ratio is 2.45. If the price drops unexpectedly, this overly long position may make a bullish “squeeze” more likely.

Technical indicators for the Ripple token are still conflicting, even with its recent price recovery.

The formation of a descending triangle and ongoing rejections at the 50-day Simple Moving Average suggest that the price may fall below $2, possibly as low as $1 or 70. Amid this potentially pessimistic outlook, traders must maintain their vigilance.

BTC Bloodbath: Bitcoin Crash below $100K

Posted on by Olumide Adesina

Bitcoin sank on Sunday amid the ongoing conflict in the Middle East. The pioneer asset reached monthly lows as the US-Iran conflict escalated, trading below $ 100 K. Bitcoin prices plummeted over the past day, dropping to $99,500, according to CoinMarketCap data.

The flagship cryptocurrency’s price currently stands at $99,666, falling below the psychological $100K level for the first time in over a month. Due to ongoing bearish trends in Bitcoin’s price, investors are closely monitoring the charts.

Bitcoin surged to a new all-time high of $111,970; it last traded below the $ 100K mark in May.

Bitcoin has dropped by nearly 7%  for the week amid high geopolitical pressures from the Israel-Iran conflict.

Bitcoin’s initial three-month comeback reached above $100,000 on May 8. This follows Bitcoin’s brief recovery to $110,000 on June 11, which raised new hopes for all-time highs. However, escalating geopolitical tensions from Israel’s airstrikes on Iran last Thursday caused Bitcoin to drop to $103,000.

 Tensions have only increased as US President Donald Trump has called for Iran’s “unconditional surrender” and threatened Ayatollah Ali Khamenei, Iran’s supreme leader.

 

XRP Crash to $2 after U.S Military Strikes Iran

Posted on by Olumide Adesina

XRP fell more than 4 percent for the week, hitting its lowest point at $2 because of U.S. military strikes on Iran.  President Donald Trump called the U.S. military strikes on three Iranian nuclear facilities a “spectacular military success.”  The 200 EMA is the altcoin’s last line of defense at $1.94, and has historically caused faster declines when it falls below it.

Furthermore, the descending triangle pattern’s apex is getting closer, indicating an imminent breakdown when support erodes under stress. To reverse this trend, XRP must regain the $2.30–$2.40 range and close above it with substantial volume.

However, without a more universal market catalyst, the likelihood of XRP accomplishing this seems remote, endangering the future of the $2 mark.

 

 

The goal of Saturday’s strikes on three Iranian nuclear sites, according to President Donald Trump, was to neutralize the “nuclear threat.”

“Our goal was to eliminate Iran’s nuclear enrichment capabilities and to halt the nuclear threat from the top state sponsor of terrorism in the world,” Trump stated during a speech from the White House on Saturday evening.

Navy submarines fired 30 TLAM cruise missiles at the Natanz and Isfahan nuclear sites. Six B-2 bombers dropped a dozen 30,000-pound bunker buster bombs on the deep-subterranean Fordo nuclear site, according to a U.S. official. The official, who asked not to be named, said that two bunker busters were also dropped on Natanz by a B-2.

U.S Spot XRP ETF odds near Solana, Litecoin

Posted on by Olumide Adesina

There is a 95 percent chance that the SEC will approve a spot ETF linked to the fourth-largest cryptocurrency asset, placing XRP second only to Litecoin and Solana on ETF approval prospects.

James Seyffart and Eric Balchunas, Bloomberg ETF analysts, have raised their approval odds for several spot crypto ETFs to 90 percent or higher this year due to increasing conversations between issuers and the SEC.

The previously 85 percent approval likelihood of spot XRP ETFs has risen by 10 percent. Approval chances for potential funds associated with Avalanche, Polkadot, HBAR, Dogecoin, and Cardano have also increased to 90%.

 Analysts have provided an initial estimate of 60% for Canary’s spot SUI ETF. The SEC is also examining several cryptocurrency investment products outside the ETFs listed on Bloomberg’s approval odds board. These include funds that seek to incorporate staking and altcoin-linked ETFs like TRON and TRUMP. Seyffart claims that the absence of a 19 means such funds are off the board.

Litecoin ETFs have long been at the top of approval watchlists because the CFTC has previously referred to LTC as a commodity in its legal filings.

Some of the earliest indications of SEC involvement were found in Canary Capital’s proposed Litecoin ETF. Recent requests for updates to S-1 filings from Solana ETF issuers by the SEC suggest that potential approvals may be out soon. Although there is increasing hope for possible crypto ETF launches this year, Seyffart pointed out that it is “uncertain” when the expected approvals will occur.

CRCL: Circle Unstoppable, GENIUS Act Passage Boosts Rally

Posted on by Olumide Adesina

CRCL is on fire at the world’s largest stock market.  The issuer of USDC stablecoins (USDC-USD) surged 20% on Friday as investors placed significant bets on the cryptocurrency player, continuing its impressive post-IPO gains. The company is up 600% since its debut in the world’s largest equity market.

Circle is the issuer of the USDC stablecoin, which is backed by the US dollar.

Most of the company’s income comes from “reserve income,” or the money it receives from the sale of Treasury bills or cash held in banks to support its stablecoin.

Jeff Cantwell, an analyst at Seaport Research Partners, said that Circle is a top-tier cryptocurrency “disruptor” with a significant future opportunity.

He argued that a more favorable regulatory environment in the US would benefit the business.

He said, “We believe the total stablecoin valuation will reach $500 billion by the end of next year; in the long run, we think it can reach $2 trillion.”

Cantwell started Circle with a $235 price target and a Buy rating. Shares ended Friday’s trading session just above $240 after rising 80% this week. The shares have increased by about 670 percent since their $31 IPO price.

 Circle saw a sharp increase in value after the GENIUS Act, which establishes a federal framework for stablecoin tokens backed by assets like the US dollar, was passed by the Senate on Wednesday.

Circle co-founder and CEO Jeremy Allaire posted on X after the US Senate passed the GENIUS Act, saying, “History is being made, as the US Senate passes the GENIUS Act, taking us one step closer to groundbreaking legislation being signed into law that will drive US economic and national competitiveness for decades to come.”

SEC delays Franklin Templeton XRP ETF, Ripple Faces More Crash

Posted on by Olumide Adesina

Franklin Templeton proposed a spot XRP filing, but the U.S. Securities and Exchange Commission (SEC) has postponed its decision. The deadline for the SEC to make its announcement has been extended from May 3.

 

Franklin Templeton is the largest player to apply for an XRP ETF.   The $1 trillion asset manager filed its S-1 form in early March. Jenny Johnson, the CEO of Franklin Templeton, recently expressed her optimism about cryptocurrency, stating that it represents the future of the financial industry.

Many crypto-native companies, including Bitwise and 21Shares, have filed XRP ETF applications. The SEC also postponed the company’s Solana ETF filing earlier today. Although Fidelity and BlackRock have not yet entered the race, some analysts are positive they will.

The token, which is currently trading at about $2.15 on Friday, maintains a technical bearish picture. The muted price action reflects a calm attitude and a lack of confidence in the larger cryptocurrency market’s ability to continue recovering.

The adoption of XRP spot Exchange Traded Funds (ETFs) in Canada on Wednesday was overshadowed by this lukewarm trading. Despite meeting market expectations and maintaining interest rates between 4 and 25 percent, the Federal Reserve (Fed) has largely restrained interest in cryptocurrencies, including XRP.

However, the central bank has presented a hawkish stance, citing tariffs as a major driver of potential short-term inflation

Mike Novogratz : Galaxy Digital buys SOL while divesting ETH

Posted on by Olumide Adesina

Mike Novogratz’s Galaxy Digital has sold approximately $105 million worth of Ethereum (ETH) in favor of Solana (SOL). This action occurs as more investors grow cautious about Ethereum due to its high transaction costs, scalability issues, and increasing competition from faster, more efficient networks like Solana.

Galaxy Digital deposited 65,600 ETH and withdrew 752,240 SOL from Binance within a two-week period

This move also coincides with shifting market conditions between Solana and Ethereum.

Decentralized exchanges (DEXs) on the Solana network have processed over $395 billion in trading volume in the last three months, surpassing Ethereum’s $364 billion during the same period. Moreover,  224 million Solana addresses are in use, far exceeding Ethereum’s 79 million.

However, the altcoin trades at around $2,500, despite a significant increase in new addresses over the past month. Following the Senate’s passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) bill, this development comes amidst advances in the regulations concerning digital assets. Data from Santiment indicates that the number of new Ethereum addresses created weekly has increased by nearly one-third over the past month compared to the same period last year.

Santiment analysts noted in an X post on Wednesday that “the amount of new weekly ETH addresses created is  around 800 K- 1 million per week, compared to about one-third less at this point last year.”

The increase in addresses follows some encouraging news for the Ethereum ecosystem over the past month, particularly when the GENIUS Act, a stablecoin bill, received broad bipartisan support in the Senate.

Investors dump XRP, Sell off $70 million daily

Posted on by Olumide Adesina

Glassnode’s data reveals a concerning trend. XRP investors disposed of their tokens with an average realized profit of nearly $70 million daily this month. In late 2024, before the US elections, many of them amassed their wealth in XRP, which traded at around $0.6 .

 

Trump’s tariffs against every other nation have created global uncertainty, and the ongoing tensions in the Middle East may have contributed to this. Still, XRP’s price has failed to replicate its previous success and has remained relatively slow.  Ripple’s cross-border token had experienced a historic run in the first quarter, soaring to an all-time high of nearly $3.4.

The cryptocurrency market trended downward as investors monitored developments regarding the Middle East conflict, while XRP declined amid legal uncertainty.

The news that the US was contemplating strikes against strategic Iranian sites intensified selling pressure on Bitcoin and the broader cryptocurrency market.

The FOMC’s economic forecasts and Fed Chair Powell’s press conference on June 18 also dampened demand for the altcoin. The Fed raised its inflation forecast this year, and Fed Chair Powell warned that tariffs might delay rate cuts.

A less dovish stance from the Fed could impact risky assets by increasing borrowing costs. Aside from a few brief and unproductive attempts to escape its consolidation range, XRP’s price has spent the majority of four months trapped between $2.1 and $2.5.

Recently, XRP has moved closer to the lower end of that range; during Israel’s recent attack on Iran last week, it dropped below it. According to the XRP Bollinger Bands, this consolidation may be nearing its conclusion. The metric has tightened, and many analysts believe this could lead to another breakout soon.

Forex Signals Brief June 20: Gold and Nasdaq Futures Drop Ahead of Weekend

Posted on by Skerdian Meta

Markets navigated a blend of central bank moves, simmering Middle East conflict, and mixed economic data, with US equities on pause for Juneteenth and global risk sentiment showing signs of strain. Continue reading “Forex Signals Brief June 20: Gold and Nasdaq Futures Drop Ahead of Weekend” →