XRP Surpasses Bitcoin and Ethereum in Daily Performance, Mt.Gox Bitcoin Not a Concern
A significant portion of Mt.Gox’s Bitcoin recently entered the market through Kraken but did not trigger a correction in the price of Bitcoin, according to a leading trader at Bybit. Meanwhile, XRP demonstrated stronger performance than Bitcoin and Ethereum as traders grew more optimistic following the approval of the Spot Ether ETF.
As of Wednesday, Bitcoin maintained stability near $67,000, while XRP saw a 6% increase, and Ethereum struggled to surpass the $3,500 mark. Mt.Gox, a defunct cryptocurrency exchange, garnered attention for repaying Bitcoin to its creditors in recent weeks.
The largest trader on Bybit noted that a third of Mt.Gox’s Bitcoin became tradable on Kraken early Tuesday. Despite this influx, Bitcoin absorbed the sell-off and sustained its recent gains, remaining steady. Ethereum, considered an underdog among major cryptocurrencies, faced challenges staying above the crucial resistance level of $3,500, even as the US Securities & Exchange Commission (SEC) approved the Spot Ether ETF.
In the midst of an ongoing lawsuit, Ripple traders awaited developments while XRP continued to outperform Bitcoin and Ethereum, registering a 6% gain on Wednesday.
Turning to the market updates, the Spot Ethereum ETF witnessed a trade volume of $1 billion on its first day on exchanges. Bitstamp announced its plan to commence the distribution of Bitcoin and Bitcoin Cash to Mt.Gox creditors on July 25. Analysts pointed out that the volume of Ethereum ETFs fell short compared to trading volumes on centralized exchanges like Binance, Crypto.com, and Bybit.
In industry news, the personal finance app Fold aimed for a public listing on Nasdaq through a merger with the special-purpose acquisition company Emerald Acquisition Corp. Polymarket collaborated with Moon Pay as the platform recorded $206 million in election bets this month, focusing on facilitating bank transfers and credit card transactions for crypto betting. Additionally, Mt.Gox transferred $2.47 billion in Bitcoin to new wallets, potentially preparing for distribution and repayment to creditors.
The cryptocurrency DYDX traded at $1.333, with expectations of a 23.85% increase leading to a rally to $1.644, based on the 23.6% Fibonacci retracement level. In case of a correction, DYDX could find support at the July 5 low.
This article highlights the recent developments in the cryptocurrency market, emphasizing the performance of Bitcoin, Ethereum, and XRP, alongside updates on Mt.Gox, ETF approvals, and industry partnerships.
