Crypto Market Crashes as Bitcoin Nears $63K Zone and Ethereum Fails to Impress Post-ETF Launch

Today, the crypto prices have plummeted significantly as the majority of the coins are in the red. This has raised major concerns across the market

Crypto prices today observed a significant downturn as most coins were seen in the red, sparking concerns among investors over an even downward market movement. Several key events in the last 24 hours contributed to the market decline.

One notable event was the ‘sell-the-news’ situation with Ethereum following the ETF launch. After two days of the ProShares Bitcoin ETF trading on the New York Stock Exchange, anticipation for the Ethereum ETF seemed to have waned. As a result, ETH failed to show any growth, which led to traders pivoting toward selling their holdings.

Another reason for the crypto market being down today was the Mt. Gox continuing creditor repayment. The crypto exchange’s rehabilitation plan entered its second phase as creditors began withdrawing their funds. However, fear of a massive dump by users who waited a decade for their repayment kept the market in uncertainty about the future price of the asset.

This FUD-like situation caused the global crypto market cap to drop by over 4.2% in a single day. Bitcoin was now getting close to the $63K zone, while ETH declined to $3,100. Meanwhile, the sentiment surrounding the market, measured by the crypto fear and greed index, dropped by another one point over the last day, dropping to 68 from yesterday’s 69.

Top Crypto Prices Today

Bitcoin faced selling pressure following the commencement of the Mt. Gox creditor’s repayment. As the rehabilitation proceeds, fear of a massive dump by users who have been waiting for their repayment for a decade circulated the market leading to uncertainties about the future price of the asset. Bitcoin traded at $64,293 at press time representing a 3.21% decline. But, the trading volume observed over the last day increased by 6.04% to $34.6 billion. According to data from Soso Value, the total Bitcoin ETF inflow for July 24 is $44.51 million.

Anticipation for the ETH ETF waned after 48 hours of launch as the coin failed to show growth, sparking traders to sell their holdings. Ethereum recorded the most losses among the top cryptocurrencies, losing a significant 8.39% to trade at $3,169. Ethereum touched the lows and highs of $3,156.69 and $3,471.70, respectively. Meanwhile, Grayscale was observed moving over 140k ETH to Coinbase Prime in one day.

Other Altcoin Prices

Solana saw a 3.54% decline to $170.50. Moreover, SOL had its bottoms and tops of $169.01 and $182.29, respectively. In the weekly chart, Solana still enjoys a 6.98% gain.

The Ripple-backed XRP token gained 1.5% to its value, resting at $0.6211. Interestingly, XRP has traded between $0.5973 and $0.6328 in one day.

The Binance Coin (BNB) price decreased by 3,99% to $564.58, maintaining a bottom and top range of $553.75 and $589, respectively. However, Toncoin (TON) crashed by 4.83% to $6.62. Its one-day lows and highs were $6.57 and $7.00.

The memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) decreased in the last 24 hours. While DOGE saw a notable 6.68% loss, SHIB recorded a decline of 5.82%. Thus, DOGE and SHIB are now trading at $0.1243 and $0.00001626, respectively.

Top Trending Gainers Today

BLOCKLORDS (LRDS) surged by 132.94% to $1.85.

Skey Network (SKEY) climbed 62.58% to reach $0.04202.

Flow (FLOW) gained 4% to $0.63.

UNUS SED LEO (LEO) moved up by 2.1% to $5.9.

Most coins in the market observed notable gains at the beginning of the week. However, after 96 hours, the landscape has changed as the market now presents a significant downtrend. While the general outlook seems positive and impressive, it will be interesting to see how long it will hold and how the week will end.