Cryptocurrency Market Finds Stability Following Recent Losses

Cryptocurrency Market Shows Resilience Amid Recent Downturn

Cryptocurrency Market– The crypto market showed minimal movement during the European morning, with the CoinDesk 20 Index (CD20) down approximately 0.35%. Bitcoin dipped around 0.6% to about $66,000 over the past 24 hours. XRP saw the largest gain among major cryptocurrencies, rising over 4.5% to surpass 64 cents, marking its highest level since March 25. This increase coincided with a significant scheduled token unlock and growing optimism regarding a potential settlement in the long-standing SEC-Ripple lawsuit. On Tuesday, the SEC indicated plans to amend its complaint against Binance, particularly concerning Third Party Crypto Asset Securities, which traders interpreted as a potential resolution signal for the dispute.

Ether ETFs ended a four-day losing streak on Tuesday, reporting net inflows of $33 million, only the second positive flow since their launch on July 23. Despite this, ether ETFs have experienced cumulative net outflows exceeding $400 million. Grayscale’s ETHE faced the largest losses at $1.84 billion, while BlackRock’s ETHA led in inflows with $618 million. Conversely, bitcoin equivalents saw a halt to a four-day winning streak with $18 million in net outflows. Notably, Grayscale’s GBTC experienced the highest outflows at $73 million, while ETFs from Fidelity, Ark Invest, Bitwise, and VanEck recorded outflows ranging from $2 million to $7 million. BlackRock’s IBIT was the sole ETF to see inflows, adding nearly $75 million.

Nvidia is anticipated to witness more significant price fluctuations compared to bitcoin and ether. NVDA’s 30-day options implied volatility surged from an annualized 48% to 71%, highlighting anticipated price swings over the next four weeks, as per Fintel data. In contrast, Deribit’s bitcoin DVOL index, reflecting 30-day implied volatility, decreased from 68% to 49%, while the ETH DVOL index dropped from 70% to 55%. NVDA, known as a key indicator for AI, has become a gauge of sentiment for both equity and crypto markets. Since late 2022, both bitcoin and NVDA have displayed a strong positive correlation, currently standing at 0.73 for their 90-day price trends.

Trending crypto chart today

• The number of active XRP perpetual futures contracts has surged to 1.5 billion XRP, marking the highest level since April 20.
• Funding rates have shown an increase in the positive direction, indicating rising demand for long positions or leveraged bets seeking to profit from a price rally.
• XRP has gained 34% this month.
• Source: Coinglass

Trending Posts

• Crypto News Today- The $35T US Debt Could Boost Bitcoin As ‘Hard Money’
• Terra Blockchain Reboots Post $4M Exploit
• Grayscale Bitcoin Mini Trust Starts Trading After SEC Approval

For the latest in crypto updates, keep tabs on Crypto Data Space.