Crypto News Today: Spot ETH ETF Launch Creates Crypto Frenzy

Crypto market cap dropped by 2.50%, reaching $2.52 trillion

• Spot Ethereum ETF products have finally been approved for trading by the United States Securities and Exchange Commission (SEC).

• The US government’s recent $4 million Bitcoin sale raises concerns about a selloff, despite bullish catalysts that have boosted market sentiment.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows market sentiment at 71 (Greed) today, up from 70 yesterday and 69 last week.

Cryptocurrency values have fell in the past 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin ($BTC), the world’s oldest and most valued cryptocurrency, dipped below $67,000 early Tuesday ahead of the Union Budget presentation.

• Popular altcoins like #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) largely fell into the red.

• The #Ethereum Name Service ($ENS) token was the biggest gainer, with a 24-hour increase of nearly 3%.

• #Mog Coin ($MOG) was the biggest loser, with a 24-hour decline of over 13%.

• The total crypto market volume over the last 24 hours is $88.06 billion, a 24.64% increase.

• The total volume in DeFi is currently $7.46 billion, representing 8.47% of the total crypto market 24-hour volume.

• The volume of all stablecoins is now $64.21 billion, making up 72.92% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently at 54.50%, an increase of 0.17% over the day.

Major Worldwide News Update:

• The US SEC has approved spot Ethereum ETF products for trading, with 21Shares Core Ethereum ETF leading the way. Trading is set to commence at 9:30 am ET, according to Bloomberg's Eric Balchunas. Ethereum ETFs are expected to outperform Bitcoin ETFs, potentially driving ETH prices above $5,000 due to significant institutional investment.

• The US government moved 60 Bitcoin worth $4 million, sparking selloff concerns. Despite recent government offloads, including Germany's, the US still holds 213.239K BTC ($14.43 billion). These sales could pressure Bitcoin's price, despite bullish catalysts like Donald Trump's anticipated Bitcoin Conference 2024 speech and strong inflows into US Spot Bitcoin ETFs.

• Elon Musk predicted America's bankruptcy due to high national debt interest, following Dogecoin co-founder Billy Markus's criticism of U.S. financial management. Markus highlighted that 76% of income tax goes to debt interest, sparking Musk's warning and intensifying concerns about U.S. fiscal policies and overspending.

• Robert Kiyosaki supports Bitcoin, predicting it will benefit if Donald Trump becomes President. He claims Trump will weaken the US dollar to boost exports and jobs, driving up prices of gold, silver, Bitcoin, and stocks. Kiyosaki criticizes President Biden’s policies, particularly the Keystone XL pipeline cancellation, for causing inflation.

• Gate.io is closing services for Japanese customers due to compliance requests from Japan's Financial Services Agency. Starting July 22, the exchange will stop opening new accounts for Japanese customers and assist in asset migration. Gate.io will remove Japanese language information from its site and provide further shutdown details soon. 

• Crypto scammers are using malicious links to a fake Zoom webpage to install malware. On July 22, NFT collector and cybersecurity engineer “NFT_Dreww” warned users about this sophisticated scam, which has stolen $300,000. The fake link prompts users to install malware disguised as ZoomInstallerFull.exe, stealing data once installed.

COIN GABBAR Views: Is a correction coming before BTC bulls eye $70K? As Bitcoin price consolidates, is another pump on the horizon? What’s next for top memecoins as Bitcoin hits $68K? With Ethereum ETFs launching on Tuesday, will they spark another crypto bull run? Will ETH dominate BTC after the ETF launch? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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