Share this article
First Mover Americas: Bitcoin Bulls Eye $70K After Return to $66K
The latest price moves in crypto markets in context for July 17, 2024.
Jul 17, 2024, 12:01 p.m.
Make us preferred on Google
In this article
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin traders are eyeing a short-term price target of $70,000 as BTC briefly climbed above $66,000 during the Asian day. Bitcoin subsequently retreated to $65,000 during the European morning, still 2.2% higher than 24 hours ago. “The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment,” shared Lucy Hu, senior analyst at Metalpha, in a message to CoinDesk. “The market was encouraged by Donald Trump’s vice president pick, which indicates a more crypto-friendly administration and policies.” Bitcoin may also be benefiting from more bullish sentiment as traders expect less selling pressure in the long term as Mt. Gox repayments to creditors have commenced.
Bitcoin ETFs extended their seven-day winning run on Tuesday, recording $422.5 million of inflows, the biggest single-day tally since June 5. The lion's share was enjoyed by BlackRock's IBIT, which amassed over $260 million. The ETFs have collectively drawn in over $1 billion in just the last three days, underscoring the upward swing in confidence in bitcoin's price prospects. The ETFs' seven-day inflow streak coincides with a surge of around 20% in BTC. Along with Donald Trump's improved presidential prospects, it's likely that the supply overhang from sales by German state Saxony is behind us and the crypto market is catching up with the sustained rally in technology stocks on Wall Street.
XRP has jumped over 12% in the last 24 hours, comfortably outperforming its fellow crypto majors. The broader crypto market, as measured by the CoinDesk 20 Index, has risen around 4.2%. XRP's seven-day gains have grown to about 40%, snapping a long run of performing worse than the rest of the digital asset market. "The reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin," Alex Kuptsikevich, FxPro senior market analyst, said. Gains in the token started last week as CME and CF Benchmarks announced the debut of indices and reference rates for XRP. The moves have formed a triangle pattern on long-term price charts, which some popular traders say could favor bullish action in the coming weeks.
Chart of the Day
- The chart shows daily movements in the ratio between ether and bitcoin's dollar-denominated prices since October 2023.
- The ratio is witnessing a volatility squeeze represented by the triangular consolidation ahead of the expected spot ether ETF debut in the U.S. next week.
- A potential breakout would mean ether outperformance in the near term.
- Source: TradingView
- Omkar Godbole
Trending Posts
More For You
Robinhood misses Q4 revenue estimates as fourth-quarter results dinged by crypto slump
Crypto revenue fell 38% year over year to $221M, even as the company expanded token listings and crypto features across its platform.
What to know:
- Robinhood’s fourth quarter earnings per share of $0.66 topped estimates for $0.63, but revenue of $1.28 billion fell shy of forecasts for $1.33 billion.
- The crypto slump paid a large part in the miss, with crypto revenue falling 38% from a year earlier to $221 million.
- Robinhood’s results mirror broader crypto-market weakness, which is also expected to weigh on rival Coinbase (COIN), and HOOD shares fell about 7% in post-market trading after the earnings release.
Top Stories
