Spot Ethereum ETFs have achieved a significant milestone, reaching a trading volume of $937 million today, trailing closely behind Bitcoin ETFs, which stand at $1.1 billion. Ethereum ETFs have surpassed $850 million, although Bitcoin is trading below $66,000 due to an influx of approximately 45,000 BTC into the Kraken exchange.
Impact of MtGox Repayments?
Simultaneously, Bitstamp exchange announced that creditors of the now-defunct MtGox would begin receiving repayments starting July 25. This development has somewhat dampened investor risk appetite. The market sentiment is also influenced by a recent $1.1 trillion loss in the U.S. stock markets, further adding to the overall negativity.
Market Outlook for TON Coin?
In the medium and long term, the market outlook for cryptocurrencies remains positive. However, TON Coin has been affected by the prevailing market sentiment, with its price touching the $6.77 support level. If the price closes below this point, it is expected to drop to $6 and $5.5. Conversely, a sharp increase could propel the price to $7.72.
Key Inferences for Investors
Investors can derive the following actionable insights:
- Bitcoin’s recent influx into Kraken may signal potential price volatility.
- MtGox repayments starting July 25 could impact market sentiment.
- A large loss in U.S. stock markets may contribute to crypto market negativity.
- TON Coin’s price movements are critical at the $6.77 support level.
- Keep an eye on Ethereum ETFs as they approach the $1 billion mark.
ADA Coin has seen a decline to its moving averages, warning investors of continued sales during rallies. If the declines persist, the price could drop to the strong support level of $0.35. On the upside, a close above $0.46 would target $0.52.
For AVAX, the SMA20 is flattening at $27.55, with the RSI showing no clear trend. Continued sales could push the price down to $24 and $21.8. However, a price recovery from moving averages could trigger a move to $37 and $42, provided the $33 resistance does not pose as an obstacle.
Shiba Coin’s price, squeezed between moving averages, is stuck in a narrow range. Closes below SMA20 could lead to a drop to $0.000015 and then to $0.000013. However, a significant upward move is possible if prices close above $0.00002, targeting $0.000026.