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Highlights
- Bitcoin encounters a bearish takeover this week.
- Ethereum and Altcoins mainly mimicked a bearish movement in the past seven days.
- Ripple's XRP has seized the spotlight with its legal developments.
Another week closes in the crypto sector, with eye-capturing developments unfolding across the broader market. Bitcoin faced a bearish takeover and slumped to a low point of $53K this week. Meanwhile, the altcoin market followed with a tumbled price movement.
Ethereum price dropped to the $2,800 level over the past seven days, raising investor concerns despite a looming ETH ETF. On the other hand, XRP briefly touched its vital support of $0.39, piquing further investor attention.
So, let’s take a closer look at this week’s top crypto highlights that have echoed a frenzy across the market.
Bitcoin & Ethereum Spark Speculation
Notably, the two largest cryptos by market cap have birthed a tsunami of speculations this week, primarily with their bearish price movements. As mentioned above, while BTC slipped to a low of $53K, ETH slumped to the $2,800 price level. These waning movements are attributable to a stockpile of bearish factors spotlighted by CoinGape over the past week.
The U.S. and German governments dumped colossal amounts of BTC to exchanges, hurting the crypto’s price. On the other hand, Mt. Gox’s commencement of creditor repayment in BTC and BCH has added to the downside pressure on the asset.
Intriguingly, BTC whale dumps also spiked notably in the past seven days, aligning with Bitcoin’s tumbled movement. Moreover, nearly 18K Bitcoin options expiry spotlighted by CinGape has birthed additional bearish sentiments on future price action.
Simultaneously, Ethereum also witnessed transactions by the U.S. Govt, birthing bearish sentiments similar to Bitcoin’s. On the other hand, the deadline for revised S-1 forms for ETH ETF approaches, July 8.
Also Read: Elon Musk Announces xAI Grok 2 AI Chatbot Release Date
Ripple’s XRP Causes Bustle
Meanwhile, amid XRP’s highly volatile movement this week, Ripple Labs further went to court to file a notice of supplemental authority regarding the Binance vs. SEC lawsuit, strengthening its case. Judge Analisa Torres’ final decision looms ahead, keeping the XRP community on its toes.
Pro-XRP lawyer Bill Morgan has sent tongues wagging with his XRP purchase amid the coin’s slip near the support of $0.39 this week. This development has added optimism about future price movements.
Whereas, Ripple CLO Stuart Alderoty slammed U.S. crypto regulation amid ongoing legal heat with the SEC.
Further, on-chain data for XRP this week showed massive escrow and whale movements, adding to speculations on price action ahead. Besides, institutional interest in XRP increased, followed by Ripple-partner SBI Holdings’ spotlighting of XRP at the “EXPO 2025 Digital Wallet.”
It’s also worth mentioning that the Swiss Government Bank launched XRP, ADA, SOL, AVAX & DOT trading this week.
Also Read: Ripple Vs SEC Update: Lawyers Reveal How SEC’s Reply Impact Final Decision
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