Leading cryptocurrencies edged lower Tuesday as bankrupt cryptocurrency exchange Mt. Gox continued making billions worth of Bitcoin moves.
| Cryptocurrency | Gains +/- | Price (Recorded 9 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.56% | $66,354.69 |
| Ethereum (CRYPTO: ETH) | -1.43% | $3,285.23 |
| Dogecoin (CRYPTO: DOGE) | -3.03% | $0.1259 |
What Happened: King Crypto meandered in the $65,400 – $66.900 range Tuesday. The digital currency has taken a U-turn after hitting nearly $70,000 at the start of the week.
Mt. Gox moved $2.25 billion in Bitcoin out of its cold wallet earlier in the day, keeping investors on their toes. The payouts to creditors of the fallen exchange began this month.
Ethereum oscillated between intraday highs of $3,364 and $3,237, as the newly-listed spot ETFs saw net outflows of $84 million, as per SoSo Value.
Over the past 24 hours, 43,475 traders were liquidated, with total liquidations at $111.41 million. More than $89 million in bullish bets were wiped out.
Ethereum's Open Interest rose 0.07% in the last 24 hours. A drop in price, coming alongside a rise in OI, indicated the opening of new short positions.
The Cryptocurrency Fear & Greed Index fell from 67 to 61 in the last 24 hours, although the broader sentiment continued to be of "Greed."
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9 p.m. EDT) |
| XRP (XRP) | +6.41% | $0.6413 |
| BOOK OF MEME (BOME) | +5.29% | $0.01101 |
| Mog Coin (MOG) | +3.90% | $0.000002065 |
The global cryptocurrency market stood at $2.38 trillion, shrinking 0.39% in the last 24 hours.
Stocks slipped lower on Tuesday. The tech-focused Nasdaq Composite sank 222.78 points, or 1.28%, to end at 17,147.42. The broad market index, S&P 500, closed 0.50% lower at 5,436.44.
Defying the downtrend, the Dow Jones Industrial Average gained 0.50% to finish at 40,743.33.
The tech dump came ahead of Microsoft Corp. (NASDAQ:MSFT)fourth-quarter earnings, which reported higher-than-expected revenue. Other megacap names like Apple Inc. (NASDAQ:AAPL) are slated to report their financials later in the week.
Investors also kept an eye on the Federal Reserve's FOMC meeting, expecting no changes in interest rates.
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Analyst Notes: Widely-followed cryptocurrency researcher Ali Martineznoted that the TD Sequential indicator had accurately predicted a Bitcoin correction from $70,000 to $65,500.
He stated that the indicator is flagging a buy signal currently, suggesting a rebound if King Crypto can record an hourly close above $66,300
On the hourly #Bitcoin chart, the TD Sequential accurately signaled a correction before $BTC dropped from $70,000 to $65,500.
Now, it's presenting a buy signal, suggesting a potential rebound if #BTC can sustain an hourly close above $66,300. pic.twitter.com/2PjdKreBxy
— Ali (@ali_charts) July 30, 2024
Another popular cryptocurrency trader, Trader Tardigrade, spotted a bullish signal for Ethereum using the Gaussian Channel indicator.
The trader noted that the Channel has turned green, and the last such occurrence resulted in a 1300% spike for the cryptocyrrency.
#ETH Gaussian Channel has turned GREEN
It signals the start of Bull Run. Last time when it turned green from red, $ETH surged from $300 to $5k level. It grew 1,300% pic.twitter.com/sWuNK0tXeq
— Trader Tardigrade (@TATrader_Alan) July 30, 2024
Photo by Svetlana Parnikova on Shutterstock
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