Notable Developments in 23 July Crypto News
On July 23, important developments took place in the cryptocurrency world. The launch of Ether ETFs generated a lot of interest among investors. This was seen as an important step with the potential to increase the value of Ethereum. On the same day, Mt. Gox’s Bitcoin transactions attracted attention. This move caused a big stir in the market. Finally, Citi upgraded Coinbase’s stock rating, showing its confidence in the exchange’s future performance. These three important developments resonated widely in the cryptocurrency market and caused investors to rethink their strategies.
- The weekly net inflow of XRP into wallets connected to centralized exchanges is displayed on the chart.
- Exchanges reported the largest net outflow of XRP since April last week, at $94.75 million.
- It is believed that outflows show a bias on the part of investors toward long-term holding strategies.
Ethereum Holds Steady at $3,455 Despite SEC’s ETH ETF Approval
Following the SEC’s approval on Monday for ETH ETFs in the US, ether did not much alter. Just 0.2% more was exchanged for the second-largest cryptocurrency than it did a day earlier, at $3,455.
- Nevertheless, it beat the broader digital asset market, which the CoinDesk 20 Index (CD20) indicates is down 1.3%.
- The ether price may reach $6,500 as a result of the ETFs’ registration, according to some analysts, though inflows are not anticipated to be nearly as strong as they are for their bitcoin equivalents.
Bitcoin Falls to $66,000 After Mt. Gox Transfers BTC to Bitstamp
Following its recovery of $68,000 on Monday, Bitcoin fell again, closing at roughly $66,000 early in the European morning when Mt. Gox transferred its most recent batch of cryptocurrency to Bitstamp. Crypto market sell-offs have historically resulted from transfers of BTC as part of repayments to creditors. 0.89% less than it was a day ago, bitcoin is currently trading at slightly under $66,542.
Coinbase Shares Get Boost as Citi Increases Price Target to $345
Citi increased its price objective for Coinbase shares from $260 to $345 and changed its recommendation for the company from neutral to buy. The bank stated that the stock might react favorably to enhanced confidence in its legal strategy following the Supreme Court’s rejection of the Chevron Deference Doctrine and an improved regulatory environment as a result of the U.S. elections in November.
Even though the stock has already surged by 52% year to year, Citi argues that there may be too much upside potential from a more favorable regulatory environment to pass up. This could lead to increased collaboration between traditional and crypto-native finance as well as institutional capital that has been ignored.
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