Highlights
The commencement of the Crypto Week has proved to be a sell-the-news event as the broader crypto market crashed with Bitcoin (BTC) price retracing nearly 5% from its all-time highs of $123,000. A Saotshi-era Bitcoin whale has recently moved 18,643 Bitcoins worth $2 billion to Galaxy Digital, as a potential profit-booking move.
Altcoins like Ethereum (ETH), Solana (SOL) XRP, Dogecoin (DOGE), etc. are also seeing a pullback anywhere between 3-8% today. All eyes will be on the release of the US CPI and PPI data for June, ahead of this week.
As the much-awaited Crypto Week 2025 commences, the top three things on the agenda are the GENIUS stablecoin bill, the CLARITY Bill, and the anti-CBDC surveillance bill. The crypto community cheered this development with a strong crypto market rally over the past two weeks, taking Bitcoin to fresh all-time highs.
However, it seems that the commencement of the crypto week is proving a sell-the-news event. With today’s crypto market crash, a total of $681 million have been liquidated in the last 24 hours, with more than $406 million in long liquidations as per the Coinglass data. With Bitcoin leading the broader cryptocurrency market, top altcoins like ETH, XRP, SOL, etc. are also facing a similar drop.
The Satoshi-era Bitcoin whale dubbed “Bitcoin OG” has transferred an additional 7,843 BTC, worth nearly $927 million, to Galaxy Digital, bringing total recent transfers to 16,843 BTC valued at around $2 billion.
According to LookonChain data, Galaxy Digital has begun depositing portions of this BTC to crypto exchanges. To date, 2,000 BTC, roughly $236 million, has been directly sent to platforms including Bybit and Binance.
The Bitcoin whale wallet associated with the Satoshi-era BTC holder still retains 80,009 BTC, with a total estimated value of $9.46 billion at current market prices.
Top altcoins like Ethereum (ETH), XRP, Solana (SOL), etc., are seeing price drops in the magnitude of 3-8% after clocking double-digit gains over the past week. As a result, ETH, XRP have dropped under their key resistance levels of $3,000, and $3.0, respectively, as bulls need to put a greater effort for a sustained rally.
With the crypto week commencing, market investors are putting greater emphasis on the upcoming US CPI and PPI data for June. Economists are forecasting a rise of 0.3% month-over-month and 2.6% year-over-year. This would mark an increase from the previous month’s 2.4% annual rate. Such an inflation print could lead to further selling pressure in risk-on assets like crypto.
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