• Bitcoin sustained above $57,500 despite German government transfer of over $360 million in BTC. 
  • Ethereum trades above the key psychological level of $3,000 amidst Ethereum and Solana ETF optimism. 
  • XRP holds above $0.43, adding nearly 0.50% to its value as traders await final ruling in SEC vs. Ripple lawsuit. 

Bitcoin, Ethereum and Ripple updates

Chart of the day

BONK/USDT daily chart 

BONK is trading at $0.00002624 at the time of writing. The meme coin is likely to extend its gains by another 14% and climb to $0.00003006, the 50% Fibonacci retracement of the meme coin’s drop from the March 4 top of $0.000048 to the April 13 low of $0.000012. 

The Relative Strength Index (RSI), a momentum indicator, reads 55.46, above the neutral level. This signals there is positive momentum in BONK’s uptrend. 

Market updates

  • Data from Soso value shows that the total net inflow of Bitcoin Spot ETFs was $295 million on July 8, the highest level in 21 days. This supports the case for Bitcoin’s recovery after the recent correction. 
  • Cboe BZX filed form 19b-4 for the 21Shares Core Solana ETF and VanEck Solana Trust, market participants await Solana ETF approval by the regulator. 
  • Shiba Inu announced Block Travel accepts SHIB as payment for flights and hotel bookings in recent tweet. 

Industry updates

  • A report from Forbes shows that Argentina has a higher rate of crypto adoption compared to any other country in the Western Hemisphere. Out of 130 million crypto traders across the world’s 55 largest exchanges, 2.5 million are from Argentina. 
  • A Layer 2 solution was launched, leveraging Arbitrum Orbit tech stack, called OEV Network mainnet. API3 launched the Layer 2 project to enable DeFi protocols to reclaim the value they lose to liquidations. 
  • Digital trust network Nodle proposes using smartphones as nodes to create a DePIN solution for real-world use cases. This is a part of the Elastic Chain network. 

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