Market Overview

The value of the cryptocurrency market increased by 0.8% to 2.2 trillion in the last day, with growth consistently above 2%. But it fell during the opening of European trading, momentarily regaining its previous day’s levels.

Over the last day, Ethereum has gained by 0.15% and Bitcoin has increased by 0.9%. The leading coins exhibit behaviors ranging from the growth of 4.2% (SOL) and 7.3% (DOGE) to falls of 1% (TONNE) and 0.8% (BNB).

Following a string of lower local highs, Bitcoin reversed on Monday as it approached the $63.0K level, which is slightly below the pivot area on Friday. It was significantly farther away from the 50-day moving average this time.

In Ethereum, on the other hand, the pattern is much more bearish since the price has retreated to $2900, the lower end of the previous three months’ range, creating a bearish triangle. Technically, $1600–1500 is accessible if this support is broken. This seems like a terrible scenario, and we think it’s important to be ready in case Ethereum draws enough interest on a decline into the $2500–2700 region.

News background

CoinShares reports that after four weeks of withdrawals, investments in cryptocurrency funds increased by $130 million last week. Investments in Ethereum fell by $14 million, Solana climbed by $6 million, and Bitcoin increased by $144 million.

From an average of $17 billion in April, trading volumes decreased to $8 billion last week. According to CoinShares, there has been a rise in conjecture that the approval of Ethereum-ETFs is not likely due to the US regulators’ lack of involvement with issuers’ applications. This has resulted in withdrawals from Ethereum.

The consolidation will soon come to an end. The most recent decline in Bitcoin has not attracted many traders. According to Santiment, the absence of such confidence among the masses generally indicates that prices are about to drop.

The bull market in Bitcoin is just getting started, and Pantera Capital projects that in August 2025, BTC will be worth at least $117,000.

Lookonchain noted that 1,000 bitcoins that had been “dormant” for more than a decade have suddenly begun to move. 1.75 million Bitcoin wallets have not been used for more than ten years, according to Chainalysis. 1.8 million BTC, or 8.5% of the total issuance, are in their possession.

The US government is pursuing Tether because, according to Ripple CEO Brad Garlinghouse, such regulatory action might greatly impact the sector. The CEO of Tether retaliated by accusing the leader of Ripple of circulating false information.

Uniswap described the SEC and Senator Elizabeth Warren’s “all-out war” on cryptocurrencies as a miscalculation by the Biden administration that would cost him the next US presidential election.