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Cryptocurrency Highlights of the Week
Another week closes in the cryptocurrency sector, with eye-catching developments unfolding in the broader market. Bitcoin faced a bearish takeover and crashed to a low of $53K this week. Meanwhile, the altcoin market followed suit with a price action crash.
Ethereum price has fallen to the $2,800 level over the past seven days, raising concerns among investors despite a looming ETH ETF. On the other hand, XRP briefly touched its vital support of $0.39, further attracting investors’ attention.
So, let’s take a closer look at the top cryptocurrencies of the week that have caused a frenzy in the market.
Bitcoin and Ethereum spark speculation
In particular, the two largest cryptocurrencies by market cap have generated a tsunami of speculation this week, mainly with their bearish price movements. As mentioned earlier, while BTC has slipped to a low of $53K, ETH has plummeted to the $2,800 price level. These downward movements can be attributed to a reserve of bearish factors highlighted by CoinGape last week.
THE WE AND German governments have dumped huge amounts of BTC on exchanges, hurting the price of the cryptocurrency. On the other hand, Mount Gox The start of creditor repayments in BTC and BCH has increased the downward pressure on the asset.
Curiously, BTC Whale dumps have seen a notable spike over the past seven days, aligning with Bitcoin’s falling move. Additionally, the nearly 18K Bitcoin options expiration highlighted by CinGape has generated further bearish sentiment on future price action.
At the same time, Ethereal also witnessed transactions by the US government, which generated similar bearish sentiments as Bitcoin. On the other hand, the deadline for the revised S-1 forms for the ETH ETF is approaching, on July 8.
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Ripple’s XRP Creates Confusion
Meanwhile, amidst XRP’s highly volatile movement this week, Ripple Labs
It also approached the court to file a supplemental notice of consent in the Binance v. SEC case, strengthening its position. Judge Analisa Torres The final decision looms, keeping the XRP community on edge.
Pro-XRP advocate Bill Morgan has turned heads with his Buy XRP amid the coin’s slide near the $0.39 support this week. This development has added optimism about future price movements.
While, CLO ripple Stuart Alderoty has criticized US cryptocurrency regulation, amid an ongoing legal dispute with the SEC.
Additionally, on-chain data for Exchange rate risk this week has shown massive escrow and whale movements, adding to the speculation about the upcoming price action. Furthermore, Institutional interest in XRP increased, followed by the attention given to XRP by Ripple partner SBI Holdings at the “EXPO 2025 Digital Wallet”.
It is also worth mentioning that the Swiss Government Bank launched trading for XRP, ADA, SOL, AVAX and DOT this week.
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