Crypto Price Analysis 7-25: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, NEAR PROTOCOL: NEAR, CHAINLINK: LINK

The crypto market registered a sharp decline over the past 24 hours as Bitcoin (BTC) and other cryptocurrencies traded in bearish territory. BTC, which traded above the $119,000 mark, lost momentum and plunged to an intraday low of $114,798 before recovering and moving to its current level. The flagship cryptocurrency is down nearly 2%, trading around $116,500. 

Meanwhile, Ethereum (ETH) has had an eventful 24 hours. The world’s second-largest cryptocurrency reached an intraday high of $3,768 on Thursday before dropping to a low of $3,586. However, it rebounded from this level to reclaim $3,700 and move to its current level of $3,731. Ripple (XRP) is also trading in positive territory, with the price up nearly 1%, trading around $3.13. Solana (SOL) is down over 2%, trading around $181, while Dogecoin (DOGE) is down over 2% at $0.232. Cardano (ADA) is trading in positive territory, up over 1%, while Stellar (XLM) is up almost 1%, trading around $0.424. Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable increases.

Christie Debuts Crypto-Only Real Estate Team

UK auction house Christie’s has created a team dedicated to facilitating the use of crypto to complete real estate transactions. The move is the firm’s latest expansion of its digital asset offerings. The division, called Christie’s International Real Estate, offers customers a team of lawyers, analysts, and crypto experts to facilitate property transactions involving crypto. Christie’s International Real Estate CEO Aaron Kirman revealed that he opened the service after Christie’s began making large real estate deals involving crypto, with one deal worth $65 million.

The division is Christie’s latest crypto offering, with the firm having dabbled in crypto earlier as well, offering auctions for NFTs and crypto. The auction house reported $5.7 billion in sales last year, a 6% fall compared to 2023. Christie’s reportedly has over $1 billion in real estate on offer, where sellers are open to accepting crypto as payment. Chris Hanley, owner of a home up for sale in Joshua Tree, stated,

“Accepting cryptocurrency signals an openness to innovative buyers, some of whom are crypto millionaires and billionaires looking for real-world assets to diversify.”

Crypto Liquidations Nearing $1 Billion

The crypto derivatives market saw significant liquidation events, with Ripple (XRP) and Dogecoin (DOGE) registering substantial losses. According to CoinGlass, the crypto derivatives sector was hit by a wave of liquidations over the past 24 hours, with over $950 million in derivatives contracts liquidated. An overwhelming majority of positions were long positions, with bullish positions staring at $829 million worth of liquidations. However, Bitcoin (BTC) has not been impacted by the ongoing liquidations, suggesting that the drop could be a result of investors rotating capital out of altcoins.

XRP fell 12% in 24 hours, dropping in tandem with the broader crypto market, which recorded a 3% decline. Analysts blamed cascading liquidations and a drop in liquidity as the reason behind XRP’s sudden decline, as over-leveraged long positions were liquidated across the market.

ETH Core Developer Testifies In Roman Storm Case

The Roman Storm trial continued as prosecutors rested their case, allowing the defense counsel to call an Ethereum developer as its first witness. According to media reports, Ethereum core developer Preston Van Loon testified in the case, reportedly describing Tornado Cash as a privacy tool for Ethereum. He added that he had used the mixing service four times to send ETH. Loon cited safety concerns, stating,

“If [hackers] know the scope of my assets, I can become a target.”

Loon’s cross-examination was limited to questions about whether he knew Storme personally or if he had used a normal crypto platform like Coinbase.

Hong Kong To Criminalise Unlicensed Stablecoin Promotions

Hong Kong will begin enforcing its Stablecoin Ordinance from August 1, making it illegal to offer or promote unlicensed stablecoins to retail investors. The law introduces criminal penalties of up to 50,000 Hong Kong Dollars ($6,300) and six months in prison. The Hong Kong Monetary Authority (HKMA) issued a public warning on Wednesday, urging investors to avoid unlicensed stablecoin offerings. According to HKMA Chief Executive Eddie Yue, the regulation aims to bring credibility and stability to the nascent stablecoin ecosystem.

ZachXBT Calls Out YAP Campaigns

On-chain investigator ZachXBT has hit out at Web3 projects using YAP (Your Audience Promotion) campaigns to incentivize low-level spam posts. The investigator, who has built a large following by exposing hacks and frauds, urged his followers to normalize calling out fake metrics. ZachXBT first discussed YAP campaigns in the crypto space on July 24. YAP initiatives reward users for sharing content related to a project, often resulting in low-quality, AI-generated spam on social media platforms.

“An observation I have noticed is that the easiest way for a project to dilute their brand image is by running a YAPs campaign. They currently incentivize low-value farmers who spam AI-generated posts versus attracting sticky capital and organic users.”

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) registered a substantial decline during the ongoing session, extending its losses for a third day. The flagship cryptocurrency has traded in the red since Wednesday, when it fell to an intraday low of $117,303. BTC recovered from this level to reclaim $118,000 and settle at $118,794. Sellers retained control on Thursday as the price registered a marginal decline. BTC fell to a low of $$114,770 during the ongoing session before recovering and moving to its current level of $116,162.

BTC’s dip below $115,000 earlier in the session was prompted by the distribution of thousands of BTC to crypto exchanges by Galaxy Digital. The drop triggered a wave of liquidations, becoming the latest chapter in the saga of the 80,000 BTC, which were last moved 14 years ago. Lookonchain noted,

“Bitcoin sell-off still underway! #GalaxyDigital deposited another 2,850 $BTC($330.44M) to exchanges 11 minutes ago.”

With the markets in flux, RSI fell to 6/100 on 15-minute timeframes during the initial phases of the sell-off. Another trader added,

“I have never seen $btc this oversold. Never. This is beyond oversold.”

Despite the selloff, analysts stated that markets had not entered a state of panic.

“I see the current state of the market as cautionary more than panic. Panic often has volume & considerable volatility, which we don’t have currently. Time to watch for sure though.”

However, some indicators suggest BTC may be showing signs of weakness, suggesting the possibility of new weekly lows in July. While the long-term outlook remains stable, BTC traders could face short-term volatility. The flagship cryptocurrency is currently showing a hidden bearish divergence between its price and the RSI. A hidden divergence occurs when the asset price makes higher highs, but the RSI forms equal or lower highs. The divergence generally indicates weakening momentum, often leading to a downside correction.

BTC started the previous week on a bullish note, surging past $120,000 and reaching a new all-time high of $123,091. However, it lost momentum on Tuesday as traders locked in their profits. As a result, the price plunged to an intraday low of $115,701 before recovering to reclaim $117,000, settling at $117,682, ultimately registering a 1.70% decline. BTC rose on Wednesday, rising 0.82% to reclaim $118,000 and settle at $118,641. The price faced volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC rose 0.39% to cross $119,000 and settle at $119,101. Selling pressure returned on Friday as the price fell 1,03%, dropping to a low of $116,805 before settling at $117,877.

Source: TradingView

Buyers retained control over the weekend as BTC registered a marginal decline on Saturday and fell 0.48% on Sunday, settling at $117,240. The price recovered on Monday and reached an intraday high of $119,603. However, it lost momentum after reaching this level and settled at $117,397, ultimately registering a marginal increase. Bullish sentiment intensified on Tuesday as BTC rallied, rising over 2% and settling at $119,980. Selling pressure returned on Wednesday as the price fell 0.99% to an intraday low of $117,303 before settling at $118,794. Sellers retained control on Thursday as BTC fell 0.35% and settled at $118,381. Selling pressure has intensified during the ongoing session, with the price down almost 2%, trading around $116,159.

Ethereum (ETH) Price Analysis

Ethereum’s (ETH) rally stalled this week after it failed to register substantial gains following Monday’s high of $3,859. The price lost momentum over the next two days, dropping 0.44% on Tuesday and over 3% on Wednesday. ETH recovered on Thursday but failed to reclaim $3,800 and settled at $3,707, rising over 2%. The current session sees the price marginally up at $3,712.

However, while ETH has been unable to push beyond $3,800, it has held its position above $3,500, indicating that buyers have not ceded ground to the sellers. While price action has remained subdued this week, institutional interest in ETH continues to grow. Surging interest in the asset pushed BlackRock’s iShares Ethereum Trust (ETHA) to reach $10 billion in assets under management, making it the fastest non-BTC ETF to reach this milestone and the third-fastest in US ETF history, behind iShares IBTC and Fidelity’s FBTC. ETHA launched in 2024 after securing approval from the United States Securities and Exchange Commission (SEC). Data from SoSoValue showed that Ethereum ETFs’ strong monthly inflows outpaced Bitcoin ETFs. Ethereum ETFs registered strong monthly inflows totaling $4.7 billion, with ETHA leading in volume and growth. Ethereum ETFs recorded $602 million in net inflows on July 17, outpacing Bitcoin ETFs, which registered net inflows of $523 million.

ETH started the previous week positively, rising 1.50% to cross $3,000 and settle at $3,015. Buyers retained control on Tuesday as the price rose over 4% to $3,140. Bullish sentiment intensified on Wednesday as ETH rallied, rising over 7% to $3,374. The price continued pushing higher on Thursday, rising 3.10% and settling at $3,479. The price reached an intraday high of $3,677 on Friday. However, it could not stay at this level and settled at $3,548, ultimately registering a 3.10% increase.

Source: TradingView

Buyers retained control over the weekend as ETH rose 1.31% on Saturday and 4.51% on Sunday, crossing $3,700 and settling at $3,757. ETH began losing momentum on Monday but ended the day in positive territory, registering a marginal increase. Sellers took control on Tuesday as the price fell to an intraday low of $3,619 before recovering to settle at $3,747, ultimately registering a marginal decline. Selling pressure intensified on Wednesday as ETH fell over 3% and settled at $3,629. The price plunged to an intraday low of $3,512 on Thursday. However, it rebounded from this level to reclaim $3,700 and settle at $3,707. The current session sees ETH marginally down, trading around $3,693, having recovered from a low of $3,577.

Solana (SOL) Price Analysis

Solana (SOL) declined since Wednesday, losing the $200 mark and slipping to $190. The altcoin extended its losses, briefly falling below $180 during the ongoing session before recovering and moving to its current level. SOL is testing the $175 support, with analysts speculating whether it will hold or collapse. One analyst believes SOL is trending downwards as sustained bearish pressure drives the price lower.

SOL raced to an intraday high of $168 on Monday (July 14) before losing momentum and settling at $162. It fell to a low of $157 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $160 and settle at $164, ultimately rising 1.08%. Bullish sentiment intensified on Wednesday as SOL rallied, rising nearly 7% to cross $170 and settling at $173. Selling pressure returned on Thursday as the price fell to a low of $168. It recovered from this level to settle at $176. Buyers retained control on Friday as SOL registered a marginal increase and settled at $177, but not before reaching an intraday high of $184.

Source: TradingView

Price action was mixed over the weekend as SOL registered a marginal decline on Saturday before rising 2.48% on Sunday to settle at $181. SOL started the current week on a bullish note, rising nearly 8% to cross $190 and settle at $195. The price surged past $200 on Tuesday, rising over 5% to $205. However, it lost momentum after reaching this level, plunging almost 8% on Wednesday and settling at $189. Sellers retained control on Tuesday as the price fell 3.47% to $182. The current session sees SOL down over 2%, trading around $178.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

source : https://cryptodaily.co.uk