Blockchain
XRP Is the Only Crypto in the Green as Bitcoin Bulls Remain on the Sidelines
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Bitcoin (BTC) is down 2.3% in the past 24 hours to $57,000 after briefly topping $59,000 on Thursday. XRP tokens were the only major gainers, up 5% in the past 24 hours amid favorable developments.
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One trader said that the bulls were likely “on the sidelines” due to selling pressure from bitcoin wallets belonging to the German state of Saxony.
Bitcoin {{BTC}} has fallen 2.3% over the past 24 hours, paring brief gains from Thursday after a spike following the latest U.S. consumer price index readings, dragging the broader cryptocurrency market down with it.
June core CPI rose 3.3% versus an expected 3.5%, looking bullish for risk assets like cryptocurrencies. However, it turned out to be a “buy the rumor, sell the news” event with many already expecting a strong report and higher prices in the days leading up to it, analyst firm Santiment said in an X-post.
📈📉 The US CPI report came out today with news of a 3.3% increase in core CPI versus the 3.5% expected, which looks bullish for cryptocurrencies. However, with many already expecting a good report and prices rallying in the previous days, this was a perfect “buy the rumor, sell the news” event. photo.twitter.com/RqeE7L2eHv
— Santiment (@santimentfeed) July 11, 2024
BTC briefly traded above $59,000 on Thursday, falling to $57,000 by European afternoon hours on Friday. Losses in major tokens followed, as ether {{ETH}} and BNB Chain’s BNB fell by 2.2%, while Solana’s SOL and dogecoin {{DOGE}} lost as much as 5%.
The broad base CoinDesk 20 (CD20)a liquid index of the largest tokens by market cap, fell 2.48%, indicating losses across the market.
Only XRP is in the green among the majors with a 5% gain in the last 24 hours, the data showsThose gains came as traditional futures powerhouse CME and CF Benchmarks announced the debut of indices and benchmark rates for XRP on Thursday, something Brad Garlinghouse, CEO of closely related blockchain payments firm Ripple, said could boost institutional adoption.
Some traders believe the current price decline is due to market participants remaining “on the sidelines” due to selling pressure from the defunct Mt. Gox exchange and the German state of Saxony.
“Bitcoin is back at $57K after a failed assault on $60K on Thursday,” Alex Kuptsikevich, senior market analyst at FxPro, shared in an email to CoinDesk. “German authorities are actively selling previously confiscated Bitcoin. This volume is not huge, but some potential buyers are preferring to stay on the sidelines, seeing the oversold.”
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Kuptsikevich ruled out gains in major tokens until BTC moved higher. “An altcoin season could only begin when the prices of major coins, such as bitcoin, have reached all-time highs and appear overvalued to some,” he said.
On Thursday, the German state of Saxony moved over $600 million in BTC to exchanges, one of the largest moves in recent weeks.
Arkham Data shows that he moved more than 3,000 BTC in the early hours of Asia on Friday to various exchanges and OTC trading firms, leaving just over 6,000 BTC in his wallets, worth $340 million at current prices.