Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday

• Bitcoin dipped under $54,000 early on Friday as the crypto market suffered a steep correction. 
• Ethereum lost key support at $3,000, erasing gains ahead of the anticipated approval of the Spot Ether ETF. 
• Ripple dropped to its lowest level in fifteen months, down to $0.38 on July 5. 

Crypto market lost nearly 6% in market capitalization, down to $2.121 trillion. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) erased recent gains from 2024. 

Bitcoin, Ethereum and Ripple update

Chart of the day

LTC/USDT daily chart 

Litecoin is currently in a downward trend. The altcoin could extend losses by another 11.50% and drop to its November 14, 2022 low of $53.24. The red bars on the Moving Average Convergence Divergence (MACD) indicator support the bearish thesis for Litecoin. 

A daily candlestick close above the Fair Value Gap at $65.58 could invalidate the bearish thesis and push LTC towards the upper boundary at $71. 

Market updates

• Mt.Gox moved Bitcoin worth $2.71 billion, per Akham Intelligence, early on Friday. The news could increase the selling pressure on Bitcoin and drive the asset lower. 

• Former Solicitor General Donald Verrilli says that regulators are debanking cryptocurrencies deliberately. 

• Data from f2pool shows that Bitcoin drop under $56,000 was met with only six profitable mining machines, with several miners operating at losses. 

Industry updates 

• MakerDAO quarterly revenue hit an all-time high of $85 million despite the recent correction in the crypto markets. 

• German Member of Parliament (MP) Joana Cotar criticized the governmentÂ’s decision to sell Bitcoin and expressed their view that BTC should be used as a national strategic reserve. 

• On July 4, nine ETFs noted nearly $35 million in outflows, with rising uncertainty among institutional and retail investors.