Crypto Today: Bitcoin could trigger $4 billion short liquidations on crossing $73,000, XRP rallies, ETH lags
Source Fxstreet
- Bitcoin hovers around $70,000, nearly $4 billion in shorts on line if BTC crosses $73,000.
- Ethereum fails to make progress towards $3,500 resistance, Ripple extends gains by nearly 5% on Tuesday.
- Solana exceeds Ethereum in key metrics like total transaction fees, SOL hovers around $180.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades close to $70,000 early on Tuesday. The sentiment among traders is bullish per IntoTheBlock data. Over 80% of wallet addresses holding Bitcoin are profitable at the current price level, raising concerns of “selling pressure” on the asset.
- Analyst Quinten Francois notes that nearly $4 billion in shorts are set to be liquidated if Bitcoin price crosses $73,000.
$4 Billion short liquidations if $BTC reaches $73,000
— Quinten | 048.eth (@QuintenFrancois) July 30, 2024
- Ethereum fails to rally to key resistance at $3,500, struggles at $3,100 on Tuesday.
- Ripple traders are awaiting a settlement/outcome in the US Securities & Exchange Commission (SEC) lawsuit.
- Ripple gears for showdown with SEC, final ruling in lawsuit likely this week
- XRP extends gains by nearly 5%, stays above key psychological resistance $0.60.
Chart of the day
DOGE/USDT daily chart
Dogecoin (DOGE) trades at $0.1294 at the time of writing. DOGE is likely to collect liquidity at the support at $0.1169. This marks a nearly 9% decline in the meme coin’s price.
DOGE could extend gains by nearly 24% and rally to its target at $0.1601, the 50% Fibonacci retracement level of the decline from the March 28 top of $0.2288 to the July 5 low of $0.0913.
Dogecoin faces resistance at the Fair Value Gaps (FVG) between $0.1358 to $0.1348; and $0.1583 to $0.1621.
Looking down, the meme coin could find support at the July 5 low of $0.0913.
Market updates
- Solana has surpassed Ethereum in total transaction fees on the weekly timeframe, per Blockworks data.
Total Economic Value per Blockworks data
- Binance Launchpool supports DeFi BNB assets in their Web3 wallet, per an official announcement on X. This means decentralized BNB assets would count towards user holdings for rewards.
#Binance Launchpool now supports DeFi BNB assets in the Web3 Wallet.
— Binance (@binance) July 30, 2024
Eligible decentralised BNB assets now count towards your BNB holdings for rewards.
More info here https://t.co/AKQBLcwExG pic.twitter.com/LtvTKPnU30
- Glassnode data shows that over 65.8% of the Bitcoin supply has been inactive for over one year, over half of the supply was “inactive” for over two years.
Industry updates
- One Trading, a regulated crypto exchange in Europe, received greenlight by the Dutch financial regulator. Authorities granted the exchange an Organised Trading Facility (OTF) License for their crypto derivatives platform.
We are delighted to announce @OneTradingEU has been granted an Organised Trading Facility (OTF) License by the Dutch financial regulator bringing crypto futures onshore in the EU.
— One Trading (@OneTradingEU) July 29, 2024
With this new licence, One Trading becomes the only perpetual futures trading venue in the EU. pic.twitter.com/hzkAVwmlce
- Ethereum celebrates its ninth anniversary on July 30, Vitalik Buterin tweeted on X:
Happy 9th birthday, Ethereum!
— vitalik.eth (@VitalikButerin) July 30, 2024
Looking forward to seeing what the next decade brings. pic.twitter.com/bXq56mIff7
- Compound Finance’s security advisor explains why two proposals were cancelled to resolve a situation, promoting a staking product.
Proposal 289 and 290 have both been cancelled in a resolution to the situation with Humpy and the rest of the Compound DAO.
— Michael Lewellen (@LewellenMichael) July 30, 2024
Compound contributors, led by @alphagrowth1 will pursue a staked COMP product in exchange for Humpy cancelling his proposal.https://t.co/8YwN7qKrS8 pic.twitter.com/WGrS3cufV1
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Dollar presses 102 as the 10-year yield sits at 5.14% — and October hike odds are only 17%The dollar index closed at 101.99 (+0.20%) on Monday after briefly topping 102.07, while the 10-year Treasury yield rose to 5.14% and the 2-year hit 4.774% — yet futures price only about a 17% chance of a hike at the October 27-28 FOMC, versus roughly 90% for December. The driver is a global bond selloff, not a Fed repricing: France's 10-year OAT jumped to 4.84% ~ 4.94% and the OAT-Bund spread widened to 140 ~ 146bp. Here are the levels, the cross-asset read-through and what to watch.
The dollar index closed at 101.99 (+0.20%) on Monday after briefly topping 102.07, while the 10-year Treasury yield rose to 5.14% and the 2-year hit 4.774% — yet futures price only about a 17% chance of a hike at the October 27-28 FOMC, versus roughly 90% for December. The driver is a global bond selloff, not a Fed repricing: France's 10-year OAT jumped to 4.84% ~ 4.94% and the OAT-Bund spread widened to 140 ~ 146bp. Here are the levels, the cross-asset read-through and what to watch.
Meta's AI bill just hit $145 billion — and it issued a new share class to pay for itMeta reported record third-quarter revenue of $64.60 billion, up 26% from a year earlier, and raised full-year 2026 capital expenditure guidance to $135-145 billion from $130-145 billion. To fund that build-out without touching Mark Zuckerberg's voting control, the company announced a 2-for-1 stock split that hands every Class A holder a new non-voting Class C share. Here are the four lines that matter, the peer group that is being re-rated alongside it, and the bull and bear cases.
Meta reported record third-quarter revenue of $64.60 billion, up 26% from a year earlier, and raised full-year 2026 capital expenditure guidance to $135-145 billion from $130-145 billion. To fund that build-out without touching Mark Zuckerberg's voting control, the company announced a 2-for-1 stock split that hands every Class A holder a new non-voting Class C share. Here are the four lines that matter, the peer group that is being re-rated alongside it, and the bull and bear cases.
The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hikeA Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.
A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 23, 2026. Read on for the details.
Nasdaq closes at 26,008.86 — 8.9 points above 26,000, and the credit market never blinkedThe Nasdaq Composite fell 2.60% to 26,008.86 on October 22, its worst session since June, as Meta sank 6.98% on 2026 capex guidance of $135–145 billion. But the equal-weight S&P 500 rose 0.73%, high-yield credit was flat and 10-year yields fell 20 basis points. This was an AI de-rating, not a risk-off event — here is the transmission chain, the 29,000 / 28,200 levels and what would prove it wrong.
The Nasdaq Composite fell 2.60% to 26,008.86 on October 22, its worst session since June, as Meta sank 6.98% on 2026 capex guidance of $135–145 billion. But the equal-weight S&P 500 rose 0.73%, high-yield credit was flat and 10-year yields fell 20 basis points. This was an AI de-rating, not a risk-off event — here is the transmission chain, the 29,000 / 28,200 levels and what would prove it wrong.
