Crypto Today: Bitcoin, Ethereum and Ripple make comeback even as large volume BTC, ETH, XRP transfers persist

• 
  Bitcoin
  trades
  above
  $58,700
  on
  Thursday,
  even
  as
  selling
  pressure
  from
  German
  government
  and
  Mt.Gox
  transfers
  persists. 
• 
  Ethereum
  surged
  to
  $3,149
  as
  market
  gears
  up
  for
  likely
  ETF
  approval,
  traders
  buy
  the
  rumor
  ahead
  of
  the
  event. 
• 
  Ripple
  rallied
  to
  $0.45,
  erasing
  losses
  from
  the
  past
  seven
  days
  as
  Brad
  Garlinghouse
  questions
  Democrats’
  stance
  on
  crypto. 

Bitcoin,
Ethereum
and
Ripple
update

• Bitcoin
  dominance
  climbed
  above
  54%
  on
  July
  11
  as
  BTC
  made
  a
  comeback
  above
  $58,700
  on
  Thursday.
  The
  largest
  asset
  by
  market
  capitalization
  held
  steady
  and
  sustained
  recent
  gains
  despite
  the
  selling
  pressure
  from
  the
  German
  government
  BTC
  transfers
  and
  news
  of
  Mt.Gox
  payback
  to
  creditors.
  BTC
  noted
  a
  consistent
  volume
  of
  large
  transfers
  from
  whales,
  as
  seen
  in
  July
  2024,
  per
  Santiment
  data. Bitcoin,
  Ethereum
  are
  digital
  commodities,
  says
  CFTC
  Chair.
• Ethereum
  trades
  at
  $3,149
  on
  Thursday.
  ETH
  traders
  are
  awaiting
  the
  anticipated
  Securities
  and
  Exchange
  Commission
  (SEC)
  approval
  on
  a
  Spot
  Exchange
  Traded
  Fund
  (ETF)
  product.
  The
  rising
  price
  makes
  it
  likely
  that
  ETH
  traders
  are
  buying
  the
  rumor
  ahead
  of
  the
  event,
  given
  the
  approval
  is
  expected
  by
  market
  participants. Key
  dynamics
  to
  watch
  ahead
  of
  launch
  of
  Ethereum
  ETFs.
• Ripple
  made
  a
  comeback
  above
  $0.45
  on
  July
  11
  as
  traders
  await
  the
  final
  ruling
  in
  the
  SEC
  vs.
  Ripple
  lawsuit.
  Ripple
  CEO
  Brad
  Garlinghouse
  made
  comments
  on
  the
  Democrats’
  stance
  on
  crypto
  and
  appreciated
  how
  Republicans
  are
  pro-crypto.
  The
  executive
  called
  traders
  to
  “choose
  wisely”
  when
  referring
  to
  the
  upcoming
  Presidential
  election. 

Chart
of
the
day

ONDO/USDT
daily
chart 

ONDO
is
trading
around
$1.000
at
the
time
of
writing.
ONDO
is
likely
to
rally
8%
and
extend
gains
to
$1.093,
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
daily
chart
above. 

The
Moving
Average
Convergence
Divergence
(MACD)
indicator
shows
that
ONDO
has
an
underlying
negative
momentum.
This
is
expected
to
change
as
ONDO
extends
its
gains. 

ONDO
could
find
support
at
the
July
9
low
of
$0.9114. 

Market
updates

• On-chain
  analyst
  behind
  the
  X
  handle
  @ScamDetective5
  shared
  snapshots
  of
  Ripple’s
  financial
  documents
  and
  said
  that
  it
  is
  likely
  the
  firm’s
  98%
  revenue
  comes
  from
  the
  sale
  of
  XRP. 

• The
  German
  government
  continues
  to
  transfer
  BTC;
  another
  $138
  million
  in
  Bitcoin
  hit
  exchanges
  on
  Thursday. 

• Capriole
  Fund’s
  crypto
  speculation
  index
  dipped
  under
  10%,
  which
  means
  there
  is
  potential
  for
  an
  upswing
  in
  Bitcoin,
  per
  a
  CoinDesk
  report. 

Industry
updates 

• Vitalik
  Buterin
  mentioned
  how
  the
  Ethereum
  ecosystem
  can
  be
  strengthened
  further
  in
  his
  talk
  at
  the
  Ethereum
  Community
  Conference
  (EthCC)
  on
  Wednesday. 

• Golem,
  an
  ICO
  project
  from
  the
  previous
  crypto
  cycle,
  has
  allegedly
  stopped
  offloading
  Ether
  and
  staked
  40,000
  ETH,
  per
  a
  Lookonchain
  report. 

• Compound
  Labs
  reported
  that
  the
  project’s
  website
  has
  been
  compromised
  in
  an
  official
  announcement
  on
  X,
  asking
  that
  users
  refrain
  from
  interacting
  with
  the
  platform.