Total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) have had a rather bearish 24 hours. Usually, a change in BTC’s momentum affects other altcoins like Ethereum, but this time it seems to be the other way around.
In the news today:-
- The Spot Ethereum ETF did not officially launch on July 4. According to Bloomberg analyst James Seyffarth, the ETH ETF listing has now been delayed until the second or third week of July.
- Russia could potentially allow the use of stablecoins for cross-border payments. According to Alexey Guznov, Chairman of the Central Bank of the Russian Federation, proposals on this matter have already been formulated.
The market suffers from a lack of regulation.
The overall cryptocurrency market capitalization has suffered from the lack of clear regulations around crypto assets, which resulted in the Securities and Exchange Commission (SEC) delaying the launch of Ethereum spot ETFs.
Investor gloom has led to significant outflows, with more than $126 billion leaving the market in one day. TOTAL VOLUME is now $2.10 trillion, approaching a test of the $2.00 trillion support.
Read more: 11 Cryptocurrencies Worth Adding to Your Portfolio Ahead of Altcoin Season
However, if TOTAL can regain its $2.11 trillion support, the losses could be offset, allowing the market to recover.
Bitcoin Price Falls
Bitcoin price failed to avoid being sucked into the bearish ETF delay as the crypto asset fell below $60,000. Trading at $58,645, BTC appears to be following the path set by the double top formation, which sets a downtrend target at $50,982.
However, while it has been influenced by broader bearish market signals, Bitcoin’s conditions also do not suggest anything special. The lack of bullish sentiment in the market is one factor in the decline. Reflecting on this, Julio Moreno, head of research at CryptoQuant, exclusively told BeInCrypto:
“The market remains BULLISH, but this is the least bullish trend since March 2023. Bullish momentum is needed for prices to recover… Stablecoin liquidity is still slowing. Faster stablecoin liquidity growth is needed for prices to rise.”
Read more: Bitcoin Halving History: Everything You Need to Know
The likely outcome is a drop to $60,000 and a recovery from there, as the crypto market is not currently extremely bearish.
The phantom could hide from the bears
Fantom price has fallen 14% in the last 24 hours as the altcoin struggles in the broader bear market. The altcoin changed hands at $0.48 and lost support at $0.50, failing to break resistance at $0.63.
The crypto asset is currently at a four-month low, close to falling to the critical support of $0.45. However, there is a good chance that FTM can bounce back. For this to happen, FTM will need to reclaim $0.63, as only then is any recovery possible.
Read more: Fantom (FTM) Price Forecast 2024/2025/2030
However, if the altcoin’s rate falls below $0.45, it may enter a bearish phase, from which recovery will become extremely difficult.
