Crypto Today: Bitcoin, Ethereum and Ripple make comeback even as large volume BTC, ETH, XRP transfers persist

• Bitcoin trades above $58,700 on Thursday, even as selling pressure from German government and Mt.Gox transfers persists. 
• Ethereum surged to $3,149 as market gears up for likely ETF approval, traders buy the rumor ahead of the event. 
• Ripple rallied to $0.45, erasing losses from the past seven days as Brad Garlinghouse questions Democrats’ stance on crypto. 

Bitcoin, Ethereum and Ripple update

• Bitcoin dominance climbed above 54% on July 11 as BTC made a comeback above $58,700 on Thursday. The largest asset by market capitalization held steady and sustained recent gains despite the selling pressure from the German government BTC transfers and news of Mt.Gox payback to creditors. BTC noted a consistent volume of large transfers from whales, as seen in July 2024, per Santiment data. Bitcoin, Ethereum are digital commodities, says CFTC Chair.
• Ethereum trades at $3,149 on Thursday. ETH traders are awaiting the anticipated Securities and Exchange Commission (SEC) approval on a Spot Exchange Traded Fund (ETF) product. The rising price makes it likely that ETH traders are buying the rumor ahead of the event, given the approval is expected by market participants. Key dynamics to watch ahead of launch of Ethereum ETFs.
• Ripple made a comeback above $0.45 on July 11 as traders await the final ruling in the SEC vs. Ripple lawsuit. Ripple CEO Brad Garlinghouse made comments on the Democrats’ stance on crypto and appreciated how Republicans are pro-crypto. The executive called traders to “choose wisely” when referring to the upcoming Presidential election. 

Chart of the day

ONDO/USDT daily chart 

ONDO is trading around $1.000 at the time of writing. ONDO is likely to rally 8% and extend gains to $1.093, the upper boundary of the Fair Value Gap (FVG), as seen in the daily chart above. 

The Moving Average Convergence Divergence (MACD) indicator shows that ONDO has an underlying negative momentum. This is expected to change as ONDO extends its gains. 

ONDO could find support at the July 9 low of $0.9114. 

Market updates

• On-chain analyst behind the X handle @ScamDetective5 shared snapshots of Ripple’s financial documents and said that it is likely the firm’s 98% revenue comes from the sale of XRP. 

• The German government continues to transfer BTC; another $138 million in Bitcoin hit exchanges on Thursday. 

• Capriole Fund’s crypto speculation index dipped under 10%, which means there is potential for an upswing in Bitcoin, per a CoinDesk report. 

Industry updates 

• Vitalik Buterin mentioned how the Ethereum ecosystem can be strengthened further in his talk at the Ethereum Community Conference (EthCC) on Wednesday. 

• Golem, an ICO project from the previous crypto cycle, has allegedly stopped offloading Ether and staked 40,000 ETH, per a Lookonchain report. 

• Compound Labs reported that the project’s website has been compromised in an official announcement on X, asking that users refrain from interacting with the platform.