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The total crypto market cap (TOTAL) and Bitcoin (BTC) had a rather bearish 24 hours. Generally, a shift in BTC’s momentum affects other altcoins like Ethereum, but this time around, it seems to be the opposite.
In the news today:-
- Spot Ethereum ETF officially failed to launch on July 4. According to Bloomberg analyst James Seyffart, the listing of the ETH ETFs has now been delayed to the second or third week of July.
- Russia could potentially allow the use of stablecoins for cross-border settlements. According to the Chairman of the Central Bank of the Russian Federation, Alexei Guznov, proposals for this have already been formulated.
The Market Suffers From the Lack of Regulations.
The total crypto market cap suffered the wrath of the lack of clear regulations regarding crypto assets. This is the result of the Securities and Exchange Commission (SEC) postponing the launch of the spot Ethereum ETFs.
The dejection amongst investors led to considerable outflows, with over $126 billion leaving the market in a day. TOTAL now stands at $2.10 trillion, inching closer to testing the support at $2.00 trillion.
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If TOTAL manages to reclaim the support of $2.11 trillion, however, the losses could be reversed, enabling recovery for the market.
Bitcoin’s Price Takes a Hit
Bitcoin’s price could not prevent being sucked into the ETF delay’s bearishness as the crypto asset fell below $60,000. Trading at $58,645, BTC seems to be following the path established by the double top formation, which places the downtrend target at $50,982.
Nevertheless, while impacted by the broader market’s bearish cues, Bitcoin’s conditions also do not have much going on for itself. The lack of bullishness in the market is one of the drivers of the drawdown. Reflecting on this, Julio Moreno, Head of Research at CryptoQuant, exclusively told BeInCrypto,
“The market remains in a BULL phase, but it is the least bullish it has been since March 2023. Bullish momentum is needed for prices to recover…Stablecoin liquidity is still slowing down. Faster liquidity growth from stablecoins is needed for prices to rally.”
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The likely outcome is a drop to $60,000 and recovery from this point since the crypto market is not extremely bearish at present.
Fantom Could Hide From the Bears
Fantom’s price declined 14% over the last 24 hours as the altcoin faced the woes of the broader market’s bearishness. The altcoin changed hands at $0.48 and lost support of $0.50 after failing to breach the resistance at $0.63.
The crypto asset is now at a four-month low, close to falling to the critical support of $0.45. Nevertheless, there is a good chance that FTM could bounce back. This would require FTM to reclaim $0.63, as only then is any recovery possible.
Read More: Fantom (FTM) Price Prediction 2024/2025/2030
But if the altcoin falls below $0.45, it could enter a bearish limbo, from which recovery would become extremely difficult.