In this ongoing struggling cryptocurrency market, top crypto assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced continuous price drops. Amid this struggling situation, XRP (XRP) the most controversial token has experienced an impressive price surge of over 4% in the last 24 hours, according to the data from Coinmarketcap. 

XRP price jumps 4%, despite 63.3M tokens dump

Besides this bullish move in XRP, recently a blockchain-based transaction tracker Whale Alert made a post on X (Previously Twitter) stating that whales or institutions have moved a significant over 63.3 million XRP tokens worth $28.3 million to different centralized exchanges (CEXs) including Bitstamp and Bisto.

30,961,000 #XRP (13,859,410 USD) transferred from unknown wallet to #Bitstamphttps://t.co/M8ccNtvXwT

— Whale Alert (@whale_alert) July 11, 2024

As of now, XRP is trading near $0.466 and it experienced over 4% price surge in the last 24 hours. Besides XRP’s impressive price surge, the trading volume has surged by over 55% signaling potential higher participation among traders and investors.

32,461,000 #XRP (14,513,381 USD) transferred from unknown wallet to #Bitsohttps://t.co/L1NkprsF1V

— Whale Alert (@whale_alert) July 11, 2024

However, If we look at the performance of XRP over a longer period, it experienced over 12% price surge over the previous 7 days. Whereas, in the last 30 days, XRP has experienced a 6% price drop.

The overall market sentiment is bearish and top assets have fallen notably since June 2024. Whereas, the government of Germany is creating selling pressure in the crypto market because they have been continuously dumping Bitcoin (BTC) to the CEXs and through the potential OTC (over-the-counter).

Selling pressure across the market 

Because of this continuous BTC dumping by the German Government, the top assets have been significantly impacted including XRP. Additionally, this continuous dump has also created extreme selling pressure in the market and this fear has reached 25, which is the lowest since January 2023.

Justin Bennett, a prominent crypto and forex trader, alerted on July 11, 2024, that Bitcoin had once again been rejected at $60,000, citing a potential “rising wedge” formation that suggests further price declines in the near future.

Besides XRP, the overall crypto market is down by over 2% showing bearish market sentiment. Whereas, top tokens seem to be struggling including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). According to coinmarketcap, in the last 24 hours BTC, ETH, SOL, and BNB have experienced a price drop of over 0.5%, 1.26%, 2.2%, and 0.64% respectively.

In this ongoing struggling cryptocurrency market, where the government of Germany since June 19, 2024, is continuously dumping Bitcoin (BTC) and changed the overall market conditions. Today on July 12, 2024, an on-chain analytic firm lookonchain made a post on X stating that the Government of Germany has transferred out 10,627 BTC worth $615.3 million, and received 4,169 BTC, worth $239.6 million in the last 24 hours.

Germany continues to BTC sell-off

This report by lookonchain gained massive attention from investors and traders. Following this dump, the Bitcoin index falls to extreme fear for the first time since January 2023, as Bitcoin fails twice to breach $60,000.

This movement suggests that the government may have sold 6,458 BTC, totaling $375.7 million. Following these transactions, the German government’s current Bitcoin holdings stand at 9,094 BTC, valued at approximately $522.29 million.

Update:In the past 24 hours, the #German government wallet transferred 10,627 $BTC($615.3M) out and received 4,169 $BTC($239.6M).The #German government may have sold 6,458 $BTC($375.7M) and currently holds 9,094 $BTC($522.29M).https://t.co/xVx7LYG1QR pic.twitter.com/FyPuoKsgxS

— Lookonchain (@lookonchain) July 12, 2024

The Bitcoin index is an index that is used by traders and investors to see the market sentiment but this time it falls to 25, the lowest since January last year. This index fell when Germany in two consecutive days dumped more than 10k BTC. Additionally, Bitcoin fails to breach the $60,000 level.

Justin Bennett, a prominent crypto and forex trader, alerted on July 11, 2024, that Bitcoin had once again been rejected at $60,000, citing a potential “rising wedge” formation that suggests further price declines in the near future.

Recent negative sentiment is partly attributed to Mt. Gox beginning to repay creditors on July 5, potentially injecting up to $8.5 billion worth of Bitcoin into the market. Further downward pressure came from reports of significant Bitcoin sales by the German government, transferring 16,254 BTC worth $935 million to market makers and exchanges in recent days.

Bitcoin market-performance analysis 

As of writing, BTC is trading near $56,900, and in the last 24 hours, it experienced a 1% price drop. Whereas, in the same period trading volume surged by 8%, signaling investors and traders participation. If we look at the performance of BTC over a longer period, in the last 7 days, it experienced a 3% price surge. Whereas, in the last 30 days, BTC experienced a 16% price drop.

Besides BTC, other cryptocurrencies including Ethereum (ETH), Solana (SOL), BNB (BNB), and Dogecoin (DOGE) have experienced a fall of over 0.2%, 3%, 0.5%, and 1.5% respectively in the last 24 hours.

Micheal Saylor the chairman of MicroStrategy never disappoints their investors with his decision. Today on July 11, 2024, Saylor made a post on X that has gained massive attention from investors and traders. According to the post on X, MicroStrategy, a leading software firm listed on Nasdaq and recognized as the largest corporate holder of Bitcoin, has announced a 10-for-1 stock split.

$MSTR announces 10-for-1 Stock Split https://t.co/u7sIjWc9we

— Michael Saylor (@saylor) July 11, 2024

MSTR to split 10:1

This means that for every share currently owned, shareholders will receive nine additional shares. The split is scheduled to take effect on August 1, with the distribution of new shares occurring after the market closes on August 7.

The primary goal behind MicroStrategy’s decision is to enhance accessibility to its shares for both investors and employees. Over the past year, MicroStrategy’s stock price has surged significantly, more than tripling to peak at over $1,900 in March. This rise has been closely tied to the increasing value of Bitcoin, which reached heights above $70,000 during the same period.

Michael Saylor, a prominent advocate for Bitcoin adoption, is often viewed as a company whose fortunes are heavily influenced by the cryptocurrency market. The firm regularly raises capital by issuing corporate debt to purchase additional bitcoins for its treasury. Currently, MicroStrategy holds approximately 226,331 Bitcoins, valued at more than $13 billion, following its recent acquisitions.

Stock splits are a common strategy employed by companies whose share prices have experienced substantial appreciation. While a stock split does not alter the overall value of the company, it typically results in a lower share price, potentially making the stock more appealing to smaller investors. This move comes at a time when many trading platforms enable investors to purchase fractional shares, further increasing accessibility.

Bitcoin price-performance analysis

Following this announcement, Bitcoin price jumped 1.5% and currently trading near $58,530. Despite the price jump, the trading volume in the last 24 hours has dropped by 6%, signaling lower investors’ and traders’ participation in the choppy market.

In a similar recent move, Nvidia, a prominent chipmaker, also implemented a 10-for-1 stock split after witnessing a significant surge in its share price driven by advancements in artificial intelligence technologies.

MicroStrategy’s announcement reflects its strategy to democratize ownership of its shares amidst a period of robust growth and increasing interest in cryptocurrencies, particularly bitcoin.

Currently, the cryptocurrency market is experiencing a significant development. Investors are eagerly awaiting the approval of a spot Ethereum ETF (exchange-traded fund) and a Solana ETF as well. Amid this ongoing development, Punjabi music superstar and music icon Diljit Dosanjh has revealed plans for his highly anticipated Dil-Luminati Tour, set to overwhelm arenas and stadiums throughout North America this year. 

Crypto enthusiasts enjoy Diljit Dosanjh’s event at this digital asset platform

With his announcement, it looks like he is jumping into the crypto industry. For ticketing, he is short on Crypto.com, but this is still speculation. However, Dosanjh has not yet announced this.

Following his electrifying Coachella Valley Music and Arts Festival debut in 2023, Dosanjh will headline at the Crypto.com Arena in Los Angeles, marking his return to the city in grand style.

Dosanjh, celebrated for his magnetic stage presence and soulful Punjabi pop, has gained massive attention globally with hits like “G.O.A.T” and “Proper Patola,” topping charts and amassing millions of views on platforms like YouTube. His groundbreaking performance at Coachella solidified his status as a trailblazer in Punjabi music, earning praise from CNBC and Gulf News for his impactful presence on the international stage.

The tour continues Dosanjh’s legacy of sold-out shows across iconic venues like Vancouver’s Rogers Arena and Melbourne’s Rod Laver Arena, where tickets flew off the shelves within hours. His ability to blend Eastern and Western musical influences has also led to collaborations with stars like Sia, showcasing his broad appeal beyond traditional boundaries.

Beyond music, Dosanjh’s multifaceted career spans acting and social media influence, further cementing his status as a global phenomenon. With his upcoming tour promising another unforgettable chapter in his musical journey, fans can expect nothing short of a night filled with extraordinary performances and cultural celebrations.

Current market conditions

Despite all these updates, the market is currently in a struggling phase, with the prices of top assets significantly fluctuating and creating fear among investors and traders. As of now, the top crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), BNB (BNB), and Toncoin (TON), have experienced a decent price surge of 1.5%, 2.3%, 1%, 2%, and 1% respectively, in the last 24 hours.

Between 2018 and 2023, illegal cryptocurrency mining operations in Malaysia have stolen approximately $723 million worth of electricity, according to Akmal Nasrullah Mohd Nasir, Malaysia’s Deputy Minister of Energy Transition and Water Transformation.

Illegal crypto mining operations

During an event highlighting the disposal of seized items valued at around $467,000, including Bitcoin mining machines and electrical equipment, Nasir detailed the adverse effects of these operations on both the state-controlled power operator, Tenaga Nasional Berhad, and local communities. The event saw the destruction of 2,022 seized items, symbolizing the government’s crackdown on illicit mining activities.

Electricity robbers typically bypass official registration and manipulate meters or divert power directly from lines, believing their activities cannot be detected due to the absence of meters on their premises. However, Nasir highlighted that energy companies have methods to identify unusual energy consumption patterns, which led to the seizure of over 2,000 items in a major operation in October 2022. 

“The theft of electricity by those who mine cryptocurrency occurs because they believe this activity cannot be detected due to the absence of meters on their premises,” Nasir explained. “However, energy supply companies have various methods to detect unusual energy consumption in an area.”

Mining cryptocurrency itself is not illegal in Malaysia, but stealing electricity for this purpose is. This distinction was clarified by Malaysia’s Universiti Teknologi MARA in December 2022. Malaysian officials have been confiscating cryptocurrency mining equipment since at least August 2019, following the country’s criminal procedure laws. 

In some cases, seized machines have been destroyed by steamrollers. Nasir noted that curtailing illegal mining operations is a priority for his ministry, alongside efforts to increase renewable energy sources in the country.

Unregistered crypto exchanges in Malaysia 

Additionally, Malaysia is cracking down on unregistered cryptocurrency exchanges. In May of last year, the Securities Commission Malaysia ordered Huobi Global to cease operations for failing to register its trading services. Currently, only six cryptocurrency trading platforms are registered in Malaysia: HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology, and Torum International.

These efforts reflect Malaysia’s broader strategy to ensure regulatory compliance and protect its energy resources while fostering a safe environment for cryptocurrency activities.

Following all these updates, today cryptocurrency market is down by 2% and top crypto assets also experienced a price drop including Bitcoin (BTC), BNB (BNB), Solana (SOL), and Toncoin (TON). According to coinmarketcap, in the last 24 hours BTC, BNB, SOL, and TON have experienced a price drop of over 0.3%, 1.5%, 0.5%, and 2.6% respectively.

The cryptocurrency market is showing signs of recovery after a recent downturn, with Ethereum (ETH) in focus as key investors signal bullish sentiment. Despite the lingering bearish sentiment, recent activities by prominent whales suggest a potential shift toward optimism. On July 11, 2024, blockchain analytics firm Lookonchain reported that TRON founder Justin Sun has significantly bolstered his Ethereum holdings. Sun purchased 1,614 ETH, valued at $5 million, at an average price of $3,097. 

Justin Sun ETH accumulation

This purchase follows his ongoing accumulation since February 2024, amounting to 362,751 ETH worth approximately $1.11 billion, acquired through three distinct wallets. Sun’s additional deposit of $45 million USDT to Binance further underscores his bullish outlook on Ethereum.

12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.Since Feb 8, Justin Sun might have bought 362,751 $ETH (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts ).Note that he also deposited 45M $USDT to… https://t.co/xeW1usR3MJ pic.twitter.com/aJ4zhXFas2

— Spot On Chain (@spotonchain) July 11, 2024

Concurrently, another major player named Golem has ceased ETH selling activities, instead staking a substantial 40,000 ETH valued at $124.6 million. This strategic shift by Golem suggests a potential alignment with bullish market trends.

Golem(@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG

— Lookonchain (@lookonchain) July 11, 2024

ETH technical analysis and upcoming level

Technical analysts highlight Ethereum’s recent bullish indicators. Notably, ETH has broken out above the neckline of a bullish double-bottom pattern on the 4-hour chart, with experts eyeing a potential rise to the $3,300 level upon a daily closing above $3,135. Ethereum’s price action above the 200 Exponential Moving Average (EMA) on the daily timeframe further supports a bullish sentiment, corroborated by a positive reversal signal from the Relative Strength Index (RSI).

Despite these bullish signals, market sentiment remains cautious, reflected in a negative open interest (-0.53%) over the past 24 hours, indicating subdued investor activity amid prevailing market uncertainties. However, data from CoinGlass suggests a resurgence in bullish support over the last 7 days, potentially triggering liquidations of approximately $1.18 billion in short positions if ETH surpasses $3,300. Conversely, failure to sustain current levels could lead to liquidations totaling $1.46 billion in long positions should ETH retreat to $2,900.

As of the time of writing, Ethereum is trading near $3,115, marking a modest 0.5% increase in the past 24 hours. Over a broader timeframe, ETH has experienced a 2.3% decline in the last 7 days, and a notable 12% drop over the past 30 days, highlighting recent market volatility.

On Wednesday, Arthur Hayes’s BitMEX, a Seychelles-based cryptocurrency exchange admitted to breaking the Bank Secrecy Act (BSA), according to an announcement by the U.S. Department of Justice (DOJ). The exchange also failed to implement necessary know-your-customer (KYC) and anti-money laundering (AML) programs between September 2015 and September 2020.

BitMEX guilty of breaking the Bank Secrecy Act

During this period, the Commodity Futures Trading Commission (CFTC) charged BitMEX with offering illegal crypto derivative trading services to U.S. customers. Simultaneously, the DOJ charged four BitMEX employees with BSA violations.

They allowed users to trade cryptocurrencies without providing identification or verification, promoting itself as a platform for anonymous trading. This lack of regulation made it a hotspot for money laundering and sanctions violations during those days between 2015 and 2020.

U.S. Attorney Damian Williams highlighted that BitMEX, once a leading crypto derivatives platform, operated in the U.S. without an effective AML program, which is required by federal law. This oversight allowed the exchange to become a vehicle for large-scale money laundering and sanctions evasion, threatening the financial system’s integrity. Williams highlighted the necessity for cryptocurrency companies to comply with U.S. laws if they wish to operate within the U.S. market.

In addition to the BSA violations, BitMEX admitted to making false statements to an international bank. These false claims were made to open a bank account for Shine Effort Inc. Limited, a shell company controlled by co-founder Benjamin Delo. BitMEX was the beneficial owner of this account.

Charges against BitMEX co-founder and employee in 2020

The 2020 charges against BitMEX’s co-founders Arthur Hayes, Samuel Reed, and Benjamin Delo, and its first employee, Gregory Dwyer, are similar to the current charges against the company. All four executives have previously pleaded guilty.

The case, presided over by U.S. District Judge John G. Koeltl of the Southern District of New York, has not yet reached sentencing. A BitMEX representative did not respond to requests for comment. This guilty plea highlights the importance of regulatory compliance for cryptocurrency platforms operating in the U.S.

Following all these things, the market remained stable, whereas top crypto assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB(BNB) had a decent price drop in the last 24 hours. According to coinmarketcap, in the last 24 hours BTC, ETH, SOL, and BNB have experienced a price drop of 2%, 0.15%, 1.8%, and 0.5% respectively.

Vitalik Buterin, renowned co-founder of Ethereum, delivered a clear keynote address at the Ethereum Community Conference (EthCC) in Brussels, fascinating an audience of over 1,100 attendees. In his talk, Buterin eloquently articulated both the strengths and vulnerabilities of Ethereum, focusing on critical areas where improvements are essential.

Insights from Vitalik Buterin at EthCC

Central to Buterin’s discourse was the call to fortify Ethereum’s foundational layer to bolster security and operational efficiency. He highlighted concerns regarding transaction censorship and proposed elevating the “quorum threshold” from 75% to 80% to enhance consensus protocols.

Notably, Buterin praised Ethereum’s robust decentralized staking ecosystem and its diverse, intellectually vibrant community as pivotal advantages.

Acknowledging existing challenges, Buterin highlighted the complexities involved in solo staking and the technical hurdles of node operation. Nonetheless, he expressed confidence in overcoming these obstacles through targeted technical advancements. 

Highlighting the need for protocol simplification, Buterin suggested that reducing unnecessary complexity could foster a more resilient and user-friendly Ethereum ecosystem.

Security remained a major concern in Buterin’s address, particularly addressing vulnerabilities to potential 51% attacks. He discussed the community’s readiness to collectively respond, stressing the importance of coordination and shared ideology among Ethereum stakeholders in mitigating such risks.

Looking ahead, Buterin urged the Ethereum community to build upon its strengths while actively addressing its weaknesses. He articulated a commitment to upholding Ethereum’s rigorous standards and fostering continuous improvement to ensure its sustained growth and relevance in the blockchain landscape.

Buterin’s presence at EthCC underscored his ongoing dedication to Ethereum’s evolution and his role as a leading advocate for blockchain innovation. The conference served as a vibrant platform for developers and enthusiasts alike to engage with Buterin’s insights, contributing to shaping Ethereum’s future trajectory.

Ethereum price-performance analysis

Besides all these, Ethereum is currently trading near $3,100, and it experienced over 1.7% upside momentum. Whereas, the trading volume dropped by 17% signaling lower investors’ and traders’ participation. If we look at the performance of ETH over a longer period, it experienced a 6% price drop in the last 7 days. Whereas, in the last 30 days, ETH has lost over 17% of its value.

Additionally, the open interest (OI) of ETH has increased by 2%, indicating traders’ interest in ETH during this market downturn.

In this ongoing market downturn, the overall cryptocurrency market has been significantly impacted and top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced massive price drops. Amid this, the wallet linked to the German Federal Criminal Police Office (BKA) at Arkham Intelligence has initiated a substantial Bitcoin sell-off. 

Germany offloads 6,000 BTC amid market downturn 

Recent transactions indicate the movement of 6,000 BTC, valued at approximately $354 million, to various exchanges including Coinbase, Kraken, and others.

This follows a previous transaction where 3,100 BTC worth $178 million was moved on July 9th. Notably, attempts to sell 1,700 Bitcoin worth $91.78 million on Bitstamp were unsuccessful, suggesting challenges in liquidating holdings directly on exchanges.

Initially holding about 26,000 BTC valued at $1.5 billion on July 9, 2024, the wallet’s holdings have since decreased to around 18,110 BTC, now worth approximately $1.06 billion as of July 10, 2024, marking a decline of over $400 million within a day.

This ongoing sell-off reflects significant market activity and sheds light on the complexities involved in large-scale Bitcoin transactions. Since June 19, 2024, the government of Germany has offloaded its BTC holding, and to date, they have offloaded billions of it.

Following this continuous dump, the BTC and other altcoins were significantly impacted and the market has turned into an extreme fear stage. Along with Germany, the United States and many other institutions also follow the same. 

Besides selling pressure across the crypto market, exchange-traded fund (ETF) traders look at this as an opportunity and continuously buy the dip. In the last three days, Bitcoin ETF has experienced continuous inflow.

Bitcoin price-performance analysis

As of writing, Bitcoin is trading near the $58,500 level and it experienced a 1% price surge. Whereas, trading volume in the last 24 hours has dropped by 10%, indicating lower investors’ and traders’ interest. If we look at the performance of BTC over a longer period, in the last 7 days it has lost 4% of its value. Whereas, in the last 30 days, BTC has experienced a price drop of 17%.

Besides BTC, other top cryptocurrencies including ETH and SOL have also experienced a price drop of over 16% and 11% respectively, in the last 30 days. On the other hand, altcoins incldung XRP (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB) has lost 12%, 25%, 14%, and 30% of price drop.

Since starting of June 2024, the overall cryptocurrency market has experienced a massive decline and top digital assets have fallen more than 40% amid this challenging phase. Today on July 10, 2024, an on-chain analytic firm spotonchain made a post on X stating that spot Bitcoin Exchange Traded Funds (ETFs) have experienced an inflow of a massive $216 million. 

$BTC #ETF Net Inflow July 9, 2024: +$216M!• The net inflow has been positive for 3 consecutive trading days (all with high inflows). • #BlackRock (IBIT) continued leading the leaderboard with another large inflow of $121M.• #Grayscale (GBTC), however, saw an outflow… pic.twitter.com/nxCeYGacJt

— Spot On Chain (@spotonchain) July 10, 2024

$216 million of inflow in Bitcoin ETF

In this challenging market, the inflow in ETFs has been continuously increasing, indicating that retail traders might be buying the dip as the world’s biggest cryptocurrency has lost nearly 20% of its value.

According to Spotonchain, with this recent inflow, the ETF market has seen 3 consecutive high inflows. Amid this inflow, the asset management giant BlackRock’s IBIT has experienced an inflow of $121 million and continues leading the leaderboard. Another asset manager giant Grayscale’s GBTC which is known for its continuous outflow has experienced an outflow of over $37.5 million.

In the last 3 days, the market has seen an inflow of $143 million, $295 million, and $216 million. This $295 million inflow is the highest since June 2024. 

It is worth noting that these massive inflows come as Bitcoin faces continuous selling pressure from whales, the government of the United States and Germany, and Mt. Gox. Although, they all have sell-off millions worth of Bitcoin since June 2024. 

Here’s what, analyst says about the current market

Recently, CoinShares made a post on X stating that Digital asset investment products saw inflows totaling $441 million, with recent price weakness prompted by Mt Gox and the German Government selling pressure likely being seen as a buying opportunity. Additionally, they added that volumes in Exchange Traded Products (ETPs) remained relatively low at $7.9 billion for the week, reflecting the typical seasonal pattern of lower volumes in the summer months.

Apart from this, yesterday on July 9, 2024, another on-chain analytic firm CryptoQuant made a post on X stating that this is a potential opportunity in this correct phase.

With all these inflows and the recent selling pressure, Bitcoin (BTC) is currently trading near $58,600 and it has gained over 2% price surge in the last 24 hours. Whereas, the trading volume dropped by 16% signaling lower investors and traders participation in this ongoing bearish market sentiment.

If we look at the performance of BTC over a longer period, it has lost over 2% of its value. Whereas, in the last 30 days, BTC experienced a price drop of over 16%.

After a huge fall, the cryptocurrency market is looking recovering and the world’s biggest digital asset Bitcoin (BTC) is moving near to its crucial $60,000 level. Amid this potential recovery, a whale withdrew more altcoins from the Kraken, as per the data shared by an on-chain analytic firm lookonchain.

Whales add $4 million of AAVE and UNI

On July 10, 2024, this whale deposited a notable 4 million USDC to Kraken and later withdrew 35,983 Aave (AAVE) worth $3 million and 123,183 UniSwap (UNI) tokens worth $1 million from the exchange. The potential reason behind this massive accumulation is the market recovery and the recent spot Ethereum Exchange Traded Fund (ETF) update by the asset manager Bitwise. 

A whale/institution bought $AAVE and $UNI again today.He deposited 4M $USDC to #Kraken, then withdrew 35,983 $AAVE($3M) and 123,183 $UNI($1M) from #Kraken.He currently holds 142,296 $AAVE($12.1M) and 1.43M $UNI($11.6M).https://t.co/I5GL4GXr1L pic.twitter.com/7Qj0h3lP0F

— Lookonchain (@lookonchain) July 10, 2024

Yesterday, asset managers filed the amendment of Form S-1 and today Bitwise chief compliance officer Katherin Dowling made a statement that spot Ethereum ETF is close to the finish line. These updates in the last 2 days gained massive attention from investors and institutions.

Whereas,  AAVE and UNI are the top Ethereum-based altcoins and there is a high potential that they will surge significantly as ETF gets the green light. According to Lookonchain, the whale with the recent withdrawal holds a notable 142,296 AAVE worth $12.1 million and 1.43 million UNI tokens worth $11.6 million.

The potential reason behind the accumulation

This continuous accumulation of Ether-based altcoins signals that spot Ether ETF is potentially set to get the green light from the Securities and Exchange Commission (SEC) in the United States.

Following this recent token withdrawal, AAVE experienced a price surge of over 6%, whereas UNI remained unchanged. 

As of writing, AAVE is trading near $87 and it experienced over 6% price surge in the last 24 hours. If we look at the performance of AAVE over a longer period, it has lost 3.5% of its value in the last 7 days. Whereas, in the last 30 days, AAVE is down by 5%.

Apart from AAVE, as of writing UNI is trading near $8.01 and it experienced a 0.34% price surge in the last 24 hours. Whereas, the trading volume in the last 24 hours has declined by 24% which signals lower investors’ and traders’ interest in the current market sentiment. If we look at the performance of UNI over a longer period, in the last 7 days it has lost 9% of its value. Whereas, in the last 30 days, UNI has experienced a 17% price fall.

In this ongoing struggling cryptocurrency market, the fear amongst traders and investors has reached its highest level since January 2023. Amid this fearful market, today on July 9, 2024, a blockchain-based transaction tracker Whale Alert made a post on X stating that an unknown whale has moved a significant 9 Trillion Pepe (PEPE) tokens worth $83.25 million from a centralized cryptocurrency exchange Bybit. 

9,000,000,000,000 #PEPE (83,250,000 USD) transferred from #Bybit to unknown wallethttps://t.co/owiqZqhmQv

— Whale Alert (@whale_alert) July 9, 2024

Whale transfer 9 trillion PEPE tokens 

This massive PEPE transfer from exchange to wallet signals potential accumulation as the crypto market nears its second digital asset i.e. Ethereum (ETH) ETF (Exchange Traded Fund) approval in the United States. However, PEPE is an Ether-based meme coin and it has the potential to get more benefits once spot Ether ETF gets Securities and Exchange Commission (SEC) approval.

Despite this significant PEPE transfer from the exchange, the PEPE token price remained bearish. At the time of press, PEPE is trading near $0.0000089 and it experienced over 2% price drop in the last 24 hours. Following this bearish market sentiment, the 24-hour trading volume has also dropped by 22%, which indicates investors and traders lower level of interest.

If we look at the performance of PEPE over a longer period, it experienced a nearly 20% price drop. Whereas, in the last 30 days, PEPE has lost nearly 30% of its value.

PEPE technical analysis and key-level

According to expert technical analysis, PEPE is looking bullish on a longer time frame as it is moving above the 200 exponential Moving Average (EMA). The price above 200 EMA, signals potential bullishness in the chart. At the same time, PEPE also taking support from this 200 EMA. 

However, PEPE’s bullish outlook is also getting support from a technical indicator named the Relative Strength Index (RSI) on a daily time frame. As per RSI, PEPE is there in an oversold area, meaning potential price recovery. Whereas, the Fibonacci retracement also signals a bullish outlook as this current level is there above a golden ratio of 38.2%. 

According to data and technical indicators, there is a high chance that PEPE could surge more than 45% and hit the $0.000013 level.

Besides PEPE, other meme tokens, including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) also experienced a a decent price surge in the last 24 hours. According to coinmarketcap data, in the last 24 hours DOGE, SHIB, and SHIB have experienced a price drop of 1%, 0.95%, and 0.5% respectively.

The cryptocurrency market has experienced lots of exploitation, security breaches, scams, and rug pull in 2024, as a result market has lost billions worth of assets. Recently, an on-chain security firm Cyver shared a report that in the first half of 2024, the market experienced crypto theft of nearly $1.4 billion, with a stark increase of over 100% from the previous year.

Hackers’ eyes on centralized exchanges (CEXs)

The report signals that the centralized exchanges (CEX) are the primary target of these attacks, experiencing a staggering 900% rise in losses compared to last year. This notable shift marks a significant change in attack vectors, with hackers exploiting vulnerabilities in centralized platforms where assets are concentrated.

According to Cyvers, the majority of these thefts, amounting to around $490 million in the second quarter alone, stemmed from access control breaches such as phishing attacks. In contrast, losses from smart contract exploits were relatively lower at less than $70 million during the same period.

While decentralized finance (DeFi) protocols have shown improved stability by swiftly freezing compromised smart contracts to protect users, Cyvers warns that new vulnerabilities are constantly being uncovered in these complex systems. The report also highlights cross-chain bridges as emerging points of vulnerability, citing the recent $1.44 million exploit of XBridge in April.

Recent crypto hack in 2024

The mid-year data was significantly impacted by high-profile breaches, including the $300 million hack of Japanese exchange DMM due to a compromised private key, and the $50 million loss suffered by Turkish exchange BtcTurk in June.

Despite these challenges, there is some positive news for victims, as recovery efforts have shown improvement. Cyvers reports a 42% increase in recovered funds compared to the same period last year, although a substantial 76% of stolen funds remain unrecovered.

Looking ahead, Cyvers advises Web3 users to remain vigilant against emerging threats posed by advancements in artificial intelligence and quantum computing. These technologies could potentially equip hackers with more sophisticated tools to bypass existing security measures.

As the crypto ecosystem evolves, the need for robust security measures and proactive risk management becomes increasingly critical to safeguarding digital assets in a rapidly changing landscape.

The current phase of the cryptocurrency market is quite confusing due to its frequent ups and downs momentum across the market. Amid this challenging market, on July 9, 2024, an on-chain analytic firm CryptoQuant made a post on X (Previously Twitter) highlighting that this is a potential opportunity in this ongoing bull cycle. 

An opportunity that comes once within a bull cycle“This indicator fell significantly during the bull cycle in 2016 and 2020, followed by the beginning of #Bitcoin's strong rise. Currently, similar movements have been detected.” – By @DanCoinInvestor Link … pic.twitter.com/TAIzSbwio3

— CryptoQuant.com (@cryptoquant_com) July 9, 2024

Opportunity in the Bull cycle

However, this statement by CryptoQuant is directly linked to a technical indicator named “Puell Multiple”. In the post on X, they also mentioned that in both the 2016 and 2020 bull cycles, this indicator plummeted before significant uptrends in Bitcoin’s price began. 

This post on X, also explained that this indicator is generally used by traders and investors to find the bottom of a bear market, but it is highly effective in identifying the end of the correction phase during the bull cycle. Historically, sharp declines in miners’ profits have often signaled the end of correction periods in bull markets and even indicated market bottoms during bear cycles. 

In the cryptocurrency landscape, miners’ profitability indicators are crucial for offering insight into market trends. 

However, in 2024 similar movements in miners’ profitability have been observed, suggesting that we may be nearing the end of the current correction phase. While the exact timing of the market shifts is very challenging in this volatile market, this indicator hints at a potential bullish rally in the third quarter of 2024. 

Market performance since June 2024

Since the start of June 2024, the overall cryptocurrency market has fallen significantly. The world’s biggest cryptocurrency, Bitcoin (BTC), has experienced a notable decline of 27% during this period. Amid this price fall, altcoins have been significantly impacted, with many falling have more than 50% during this time.

As of now, after the recent update regarding ETF (Exchange Traded Fund) in the United States, the market looks recovering. Additionally, it may significantly recover once this most awaited spot Ethereum ETF gets approval by the Securities and Exchange Commission (SEC) in the United States.

In this ongoing challenging situation, the whales, investors, as well as the government including the US and Germany also dumped significant BTC. Whereas, a few investors and whales like TRON founder Justin Sun accumulated significant Ethereum and other tokens as well.

The overall cryptocurrency market is turning green, following the update of spot Solana ETF (Exchange Traded Fund) in the United States. On July 9, 2024, Nate Geraci the president of the ETF store made a post on X (Previously Twitter) stating that the Chicago Board Options Exchange (Cboe) has recently filed 19b-4s for both VanEck and 21Shares’ Solana ETFs with the  Securities and Exchange Commission (SEC).

Cboe files 19b-4s for both VanEck & 21Shares Solana ETFs…Once SEC acknowledges these filings, the decision clock starts ticking. https://t.co/JsRBLjudyT pic.twitter.com/94RLLEiwbU

— Nate Geraci (@NateGeraci) July 8, 2024

Spot Solana ETF update by experts

Nate in his post also added that these filings mark a crucial step in the process, triggering the SEC’s review period. Once acknowledged, the SEC will begin its evaluation of these proposals for exchange-traded funds (ETFs) centered around Solana, a blockchain platform known for its focus on scalability and decentralization.

However, this move by Cboe highlights the growing interest in bringing crypto-based investment products to mainstream markets, potentially broadening investor access to digital assets like Solana through traditional financial channels.

Following Nate Geraci’s post, Bloomberg ETF expert Eric Balchunas also made a post on X, stating that Solana ETFs will have a final deadline of mid-March 2025. Additionally, Eric added that period between now and then November 2024, plays a crucial period due to the United States election. He also added that if Trump wins than anything is possible.   

These both post on X gained notable interest from investors and traders in the community. 

Solana price-performance analysis

Additionally, this post also impacted Solana (SOL) price as it surged more than 8% and price surge from $127 to $141 according to data from TradingView. Whereas, the trading volume surged more than 20%, indicating investors’ and traders’ participation following the ETF update.

If we look at the performance of SOL over a longer period, it has lost 5% of its value in the last 7 days. Whereas, in the last 30 days, SOL has experienced a price drop of over 12%.

According to expert technical analysis, SOL is looking bullish as it is trading above its 200 Exponential Moving Average (EMA) on a daily time frame. SOL above 200 EMA, indicating it is bullish on a longer time frame. Besides this, SOL is also experiencing bullish divergence as its Relative Strength Index (RSI) is in an oversold condition. With this recent ETF update, there is a high chance that SOL may hit the $160 level in the coming days.

After the recent amendment of Form S-1 for a spot Ethereum ETF (Exchange Traded Fund) by asset management giants Fidelity, VanEck, Franklin, and 21Shares in the United States, the market has turned green after a notable fall. Following this amendment of Form S-1, the overall cryptocurrency market has experienced a significant price surge, including the world’s biggest digital assets Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Amended Ether ETF filing turns the market green

According to coinmarketcap, in the last 24 hours BTC, ETH, and SOL have experienced a price surge of over 3.5%, 5.5%, and 6.5% respectively. This update in the market has added hope among investors and traders, who were in a panic following the continuous BTC dumping by whales and the governments of the United States and Germany in recent days. 

These filings by the asset managers have not mentioned the launch date on U.S. exchanges, but recently SEC chairman Gary Gensler stated that the launch would be as soon as practicable after the effective date. However, this amended filing might be at the last stage of approval before it can be listed.

When spot Ethereum ETF launch?

However, Bloomberg ETF expert Eric Balchunas made a post on X stating that there is a high possibility that the SEC may green light spot Ether ETF by July 18, 2024. In a post on X, Eric stated that. “We don’t have a new over/under launch date yet because we haven’t heard what the SEC’s game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I’d go with July 18th.”

At press time, ETH is trading near $3,085 and it experienced over 5.5% price surge in the last 24 hours. Following this update, Ethereum’s 24-hour trading volume rose by 49%, indicating traders and investors strong participation. 

If we look at the performance of ETH over a longer period, it experienced over 10% of price drop. Whereas, in the last 30 days, ETH has lost over 16% of its value. 

It will be more exciting that where ETH moves in the coming days, as in the last few weeks market has experienced notable dumps by whales and institutions that have turned the market bearish.

In this ongoing bearish market sentiment, some traders and investors look to dump their holdings, signaling extreme fear in the market. Recently, blockchain-based transaction tracker Whale Alert made a post on X (previously Twitter) stating that despite bearish market sentiment, an unknown whale has just transferred a massive 300 million XRP tokens worth $130 million from Binance.

300,000,000 #XRP (130,132,907 USD) transferred from #Binance to unknown wallethttps://t.co/kloHJ85eMi

— Whale Alert (@whale_alert) July 8, 2024

Whale transfer 300 million XRP tokens 

This massive transfer highlights whales’ interest in XRP amid massive selling pressure and suggests they might be taking advantage of the price drop. Following these massive token transfers from Binance to unknown wallet has gained massive attention from investors and traders. 

Despite this massive transfer of XRP tokens to an unknown wallet, the market has already experienced notable dumps of Bitcoin (BTC) and BNB across the exchanges by whales and institutions since morning, as reported by Todayq News. 

XRP technical analysis and key levels 

According to expert technical analysis, XRP is looking bearish as it is moving below the 200 Exponential Moving Average (EMA) on a daily time frame and is also below an important support level of $0.48. XRP’s price below 200 EMA is a potential sign of bearishness. If XRP on a daily time frame gives a strong candle closing below the $0.41 level then there is a high possibility that the price may fall to the $0.35 level, which is its next support. 

Besides this bearishness, the Relative Strength Index (RSI) is at the oversold area, indicating potential recovery in the coming days. Along with the bearish chart of XRP, its Open Interest (OI) in the last 24 hours has dropped by 3.25%. Indicating a lower level of investors’ and traders’ interest.

As of writing, XRP is moving near $0.42, and in the last 24 hours, it remained stable and experienced a 0.2% price drop. Whereas, in the last 24 hours its trading volume has increased by 80%, indicating more investors and trader participation. If we look at the performance of XRP over a longer period, in the last 7 days it experienced nearly a 12% price drop. Whereas, in the last 30 days XRP experienced a 14% price drop.

Whereas, other top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) are in red. According to coinmarketcap, in the last 24 hours BTC, ETH, SOL, and BNB have experienced 2%, 1.5%, 1%, and 0.5% of downside momentum.

In this ongoing challenging situation, investors and traders are confused about whether the market will move up or down. Amid this uncertainty, whales have recently dumped millions worth of Bitcoin (BTC). Today on July 8, 2024, on-chain analytic firm Lookonchain made a post on X that Whale has deposited a massive 809 BTC worth $45 million to Binance in the last 1 hour.

After Germany, this whale sell off $45M of BTC

Lookonchain also noted that this whale has deposited a notable 7,790 BTC worth $468 million to Binance since June 27, 2024. Additionally, this Whale now holds a massive 6,559 BTC worth $379 million. 

However, today before this whale BTC dump, the government of Germany also deposited a massive 1,000 BTC worth $55.8 million. Out of this 1,000 BTC, they have transferred a notable 500 BTC worth $27.9 million to Coinabse and Bitstamp, while the remaining 500 BTC worth $27.9 million was transferred to an unmark wallet address “139PoPE.”

However, following this massive deposit, as of now the government holds a huge 38,826 BTC worth $2.17 billion.

Why BTC price falling?

This notable BTC transfer may create selling pressure in the market. According to a recent report, the crypto Fear and Greed index has plummeted to its lowest level since early 2023, meaning extreme fear in the market.

This happened following the sale of massive BTC by whales, the United States, and German governments, as well as the refund of BTC from Mt Gox. Additionally, the analyst is also forecasting that BTC may sink to $50,000 in the coming days. 

Despite this notable selling pressure across the market, the price of BTC recently experienced a massive jump from $54,000 to $58,214 in just two 4-hour candles.

Bitcoin technical analysis and key levels

According to expert technical analysis, BTC is currently experiencing strong resistance near the 200 Exponential Moving Average (EMA) near the $58,200 level. The BTC price below 200 EMA on a daily time frame signals a strong bearishness in the chart. Looking at the current market sentiment there is a high chance that BTC may reach $53,000 or even more if this sell-off continues.

As of writing, BTC is currently trading near $57,150, and in the last 24 hours, it experienced a 1% downside momentum. However, in the Asian trading hours, this price drop was over 4%. Additionally, in the same period, trading volume surged by 58% strong investors and traders participation. Whereas, in the last 7 days BTC has lost over 9% of its gain.

The overall cryptocurrency market is confusing traders and investors following a significant price jump across assets. During the Asian trading hours, top assets including Bitcoin (BTC) and Ethereum (ETH) were down by over 4%. However, both BTC and ETH have recently experienced a massive 3% and 4% price surge in the last 1 hour, according to coinmarketcap data.

Traders see $36.6 million of liquidation

Along with BTC and ETH other cryptocurrencies including Solana (SOL), BNB (BNB), XRP, and (XRP) also experienced similar price surges in the last 1 hour. Following this surge, traders have witnessed a massive liquidation totaling $36.6 million. Amidst this huge liquidation, short seller has liquidated a significant $33.57 million of their position, while bulls have liquidated nearly $3.05 million of theirs. This massive short liquidation suggests that bulls may potentially be returning to the market.

Besides this massive liquidation, the total future Open Interest of BTC, ETH, and SOL experienced a notable surge in the same period (1 Hour). 

According to CoinGlass data, BTC has experienced a 2.7% surge in Open Interest (OI) in the last hour and a 4.2% surge in the last 4 hours. Similarly, ETH has seen a 2% increase in OI in the past hour and a 5.2% increase over the last 4 hours, while SOL has recorded a 2% increase in OI in the last hour and a 5% increase in the last 4 hours.

Bitcoin price performance and technical analysis 

According to the expert technical analysis, Bitcoin on the daily time frame looking bullish and is currently at an important level near $58,500. If BTC on a daily time frame or on a 4-hour time frame gives a strong candle closing above the $58,500 level then there is a high chance that BTC will rebound to the $60,000 level. Additionally, the Relative Strength Index (RSI) is in the oversold area and formation of bullish divergence meaning that there is a chance of potential recovery.

Despite this bullish outlook, BTC is still moving below the 200 Exponential Moving Average (EMA) which shows the BTC trend is still bearish.

Currently, BTC is trading near the $57,550 level and it has experienced a 4% price surge in the last 24 hours. Following this massive price surge, the 24-hour trading volume jumps by 46% showing strong investors and traders participation. 

In this ongoing choppy market, traders and investors are frequently experiencing ups and downs. Amid this ongoing fluctuation, on July 8, 2024, an on-chain analytic firm Spotonchain made a post on X stating that two smart traders turned bearish and dumped a significant 13,680 Ethereum (ETH) worth $41 million, as the market was recovering. Following this massive dump, it looks like ETH got impacted as it fell more than 4.5%.

Whale deposits $41 million worth of Ethereum 

According to spotonchain data, one of the smart traders deposited all of his ETH holdings which was 6,440 ETH worth $19.5 million to the world’s biggest cryptocurrency exchange Binance, 21 hours ago. However, following this massive ETH deposit to Binance, this trader experienced an estimated loss of $2.65 million amidst the downturn but accumulated a substantial $20.6 million in cumulative profit from Ethereum trades.

As #Ethereum price dropped 7% again (24H), two smart traders went bearish and unloaded 13,680 $ETH (~$41M)!1. smartestmoney.eth deposited all 6,440 $ETH ($19.5M) to #Binance ~21 hours ago.• Est. loss from the latest $ETH trade: $2.65M (-7.74%).• Cumulative profit from… pic.twitter.com/iKbZgmT2uO

— Spot On Chain (@spotonchain) July 8, 2024

Whereas other traders’ wallet address 0x742, deposited nearly 7,240 ETH worth $21.4 million to Kraken, and following this deposit ETH started to fall. As per the data, following this deposit, this trader made a huge profit of over $12.83 million, reflecting a remarkable gain of 149%. Additionally, this trader has held this massive ETH for over 1.5 years. 

These recent deposits by these traders highlight the sentiment of the market which is still bearish. 

Ethereum technical analysis and key levels

According to expert technical analysis, ETH is looking bearish and is currently at a strong support level of $2,850. However, the technical indicator signals bearishness for ETH. On a daily time frame, ETH is moving below the 200 Exponential Moving Average (EMA). If ETH on a daily time frame gives a candle closing below the support level of $2,850 then there is a high possibility that ETH may fall over 9% till the $2,600 level.

However, there is also a chance that ETH may bounce back if it gets support from the bulls. If ETH on a daily time frame gives a candle closing above the $3,080 level, then there is a high possibility that ETH following that closing hit the $3,250 level.

As of writing, ETH is trading near the $2,900 level and it experienced over 4% of the price drop. Following this price drop, the 24-hour trading volume jumped by 30% signaling a higher level of inventors’ and traders’ participation in ETH. If we look at the performance of ETH over a longer period, in the last 7 days it experienced a 16% price drop. Whereas, in the last 30 days, ETH lost over 20% of its value.