Crypto Today: Bitcoin, Ethereum and XRP rally as meme coins PEPE, WIF, FLOKI make double-digit gains
Source Fxstreet
- Bitcoin extended gains, battling rising selling pressure from Mt.Gox transfers.
- Ethereum and XRP remain correlated with Bitcoin post price rallies on Tuesday.
- Ethereum rallies amidst optimism for the anticipated Spot Ether ETF approval by the US SEC.
- Meme coins PEPE, WIF, FLOKI rallied in double-digits in the last 24 hours, per CoinGecko data.
Bitcoin, Ethereum and XRP updates
- Bitcoin resists sell-off even as news of Kraken exchange users gearing to receive Mt.Gox transfers makes headlines. The largest asset by market capitalization sustained above key support and trades above $63,800 on Tuesday. Bitcoin holds the $62,000 level as US spot Bitcoin ETFs registered inflows
- Ethereum traders await news of the US Securities & Exchange Commission (SEC) approval of the Spot Ether Exchange Traded Fund (ETF). Ethereum ETF launch could push Ether to new all-time high, on one condition.
- Ethereum (correlation coefficient with Bitcoin is 0.94) and XRP (correlation coefficient with Bitcoin is 0.53) remain highly correlated with Bitcoin and prices are influenced by BTC market movers.
- XRP extends gains as Ripple spends $1 million to support pro-XRP attorney John Deaton in the campaign against Senator Elizabeth Warren.
Memecoin updates
- Coingecko data shows meme coins rallied in double-digits in the last 24 hours.
- The chart below shows the returns on top meme coins, as seen on Coingecko:
Coingecko data on meme coins
- Meme coins added 12% to their market capitalization and climbed to $52.9 billion on Tuesday.
- The 24-hour trade volume exceeds $9.66 billion.
Chart of the day
BONK/USDT daily chart
BONK trades at $0.00002678 at the time of writing. The meme coin has been in an upward trend since June 23, forming higher highs and higher lows. BONK could extend gains by 12% and rally to $0.00003006, the 50% Fibonacci retracement of the decline from March 4 top of $0.000048 to the April 13 low of $0.000012.
The Moving Average Convergence Divergence (MACD) indicator supports BONK’s recent gains, the green histogram bars above the neutral line show underlying positive momentum in BONK’s uptrend.
BONK could find support at the upper boundary of the Fair Value Gap in the chart above, at $0.00002536.
Market update
- Crypto community reports Kraken exchange has emailed users and notified successful receipt of creditor funds (Bitcoin and BitcoinCash) from Mt.Gox trustee. The exchange is expected to distribute funds within seven to fourteen days.
- Genesis Trading is suspected of executing bankruptcy liquidation procedures as the entity transfers 600 Bitcoin to Coinbase exchange. The $37.72 million transfer was tracked by on-chain tracker Arkham Intelligence.
- Vitalik Buterins raises concerns on how investors are interested in projects that gain spillover capital from casinos, focused on “some kind of infrastructure.”
Vitalik on warpcast
Industry update
- Terra announced that the deadline for filing bankruptcy claims for Terraform Labs Pte Ltd. and Terraform Labs Limited has been set at 21 GMT on August 10, 2024.
1/ Important Notice for the Terra Community:
— Terra Powered by LUNA (@terra_money) July 15, 2024
The General Bar Date for filing claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set to August 9, 2024, at 5:00 p.m. (ET).
- Cyber security platform Cyvers Alerts reports suspicious transactions in Lifi protocol. Warns users in an official tweet.
ALERT@lifiprotocol, Our system has raised suspicious transactions involving your https://t.co/3LzbDK99Ed
— Cyvers Alerts (@CyversAlerts) July 16, 2024
We recommend users to revoke their approvals for: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4eae
More than $8M have been drained so far from users and mostly stablecoins!… pic.twitter.com/zsj9DZWnpU
- Eric Balchunas highlights how Bitcoin ETFs are in “two steps forward” mode or sustained inflow of funds.
the Bitcoin ETFs are in "two steps forward" mode after one step back in June with another $300m yesterday and $1b for week. YTD net total (the most imp number in all this) has crossed $16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go. pic.twitter.com/0V7wE9D5OU
— Eric Balchunas (@EricBalchunas) July 16, 2024
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
West Texas Intermediate (WTI) – the US oil benchmark – has opened the week with a bullish gap, climbing roughly 8%, looking to retarget the $100 threshold.
