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
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