Crypto Crash? 📉 What’s Happening?

The crypto market, bless its fickle heart, took a tumble these past twenty-four hours. Nearly three percent vanished into the digital ether, leaving Bitcoin, Ethereum, and a whole host of others lookin’ a little peaked. Now, Bitcoin, that granddaddy of ‘em all, briefly poked its nose above $119,000 – a fleeting glimpse of glory, mind you – reachin’ $119,274 before rememberin’ gravity and slidin’ back down to $117,642, then settling for $117,650. A whole one percent down. A regular catastrophe, if you ask the folks who bought the top. 🙄

Ethereum wasn’t farin’ much better, sinkin’ almost four percent. Slippin’ under $3,600, it’s hangin’ around $3,564 now. Ripple (XRP) got the worst of it, plungin’ nearly twelve percent – folks lookin’ to push it under $3, the poor thing. Solana (SOL) lost over eight, sittin’ at around $183, while Dogecoin (DOGE) took an eleven percent hit. Cardano, Stellar, Chainlink, Hedera, Litecoin, Toncoin, and Polkadot… well, they all felt a little pinch too. Seems everybody’s sellin’, not buyin’. Makes a fella wonder what they know.

US Lookin’ To Pocket $7.1 Million In Crypto

Uncle Sam’s gettin’ greedy, seein’ as how they’re plannin’ to auction off a cool $7 million worth of cryptocurrency seized from some fellas runnin’ a likely fraudulent oil and gas scheme. The Seattle US Attorney’s Office announced they’re takin’ it to court to claim the loot from a scheme that skimmed $97 million between June 2022 and July 2024. Teal Luthy Miller, the Acting US Attorney, had a few words on the matter:

“The co-schemers in this fraud moved their ill-gotten gain through various cryptocurrency accounts to try to launder the money stolen from victims.”

Seems these characters, residin’ in Russia and Nigeria, were buyin’ crypto and sendin’ it home. The authorities have even indicted a Geoffrey Auyeung, accused of washin’ money for some shady international outfits. He apparently bought up BTC, USDT, USDC, and ETH, then shipped most of it off to Binance. A fella just tryin’ to make a livin’, maybe? 🤷

White House Crypto Report Comin’ July 30

The White House crypto policy report is due July 30. Could be a watershed moment for US dominance in crypto… or just more red tape. Bo Hines, runnin’ the President’s Digital Asset Advisory Council, says the long-awaited report drops on the 30th. It’s the result of a six-month look-see by the President’s Working Group on Digital Assets – a fancy name for a whole bunch of government folks tryin’ to figure this stuff out. Treasury, SEC, CFTC, Department of Commerce… they’re all weighin’ in.

The report’s supposed to outline how to keep the US on top, maybe even considerin’ a Bitcoin reserve and lettin’ blockchain companies into the Fed’s payment system. Now *that* would be somethin’.

JPMorgan Calls $2 Trillion Stablecoin Forecast A Bit Much

JPMorgan’s sayin’ that $2 trillion projection for the stablecoin market – the one everyone’s been throwin’ around to justify more crypto regulation – is a “little bit optimistic.” Treasury Secretary Scott Bessent figured it could happen by 2028 with the right laws. But JPMorgan’s strategists reckon it’s gonna take longer than that.

“We find it hard to believe that the market could grow substantially larger over the next few years, as the infrastructure/ecosystem that supports stablecoins is far from developed and will take time to build out. While adoption is poised to grow further, it might be at a slower pace than what some might anticipate.” Seems even the big boys ain’t buyin’ the hype.

Block Joins The S&P 500

Jack Dorsey’s Block finally made it into the S&P 500. It’s the third public company holdin’ Bitcoin to join that exclusive club. Block’s sittin’ on $8,584 BTC, worth around a billion dollars at today’s prices. Shares jumped 14% when the news broke. The S&P 500’s got all the big names – Tesla, Coinbase and now Block. A sign of the times, I reckon.

Goldman Sachs, BNY To Offer Tokenized Money Market Funds

Goldman Sachs and BNY are gettin’ in on the tokenized money market fund game. They’re offerin’ institutional investors access to funds that settle real-time, 24/7, and with a whole lot more efficiency. BNY clients will be able to invest in funds tracked on Goldman Sachs’ private blockchain. Laide Majiyagbe, the global head of liquidity at BNY, says:

“As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance.” Sounds fancy. And probably expensive.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) kept slippin’ for a second day, droppin’ to $117,142 before crawlin’ back a bit. It’s been stuck between $116,000 and $120,000 all week. Started the week lookin’ good, reachin’ $119,603 on Monday, then settled at $117,397. Then it bounced back on Tuesday to $119,980. Wednesday wasn’t so kind, fallin’ 0.99% to $117,303 before endin’ at $118,794.

BTC’s mostly been hangin’ around $118,000-$119,000 as the total crypto market cap hits new highs. But traders and analysts are sayin’ the real test is comin’ at the end of July with all those macroeconomic things happenin’ and a legal battle over President Trump’s tariffs. Felix Juavin, host of Forward Guidance, put it like this on X:

“The last few days of July will set the stage for markets for the rest of the year, imo. FOMC meeting where dovish dissents are looking very likely. QRA meeting where we will get a look at how willing Bessent is going to be to try to weaponize treasury issuance for the first time since being chair. Tariff letter deadlines. The Supreme Court will begin deliberating on whether tariffs via executive order are legal or not. No big edge on either side right now personally, will just react once we get clarity. Stay frosty.”

Bitcoin bulls are takin’ a breather this week, stumblin’ to get past $120,000. It’s dropped a bit over the last couple days, fallin’ to $116,144 Tuesday before clawin’ back to $118,000. Still, most folks are optimistic. The Fear & Greed Index is still in “greed” territory, suggestin’ this pullback might just be a temporary thing. Paul Howard, at Wincent, says:

“We will see some continued profit taking at the upper end of this $110,000-$120,000 range. Volatility is still relatively low, trading around 40, and I believe this low volume environment will persist over the summer. Looking at September expiries, I expect a slower period over the next six weeks with policymakers away. I would be surprised if BTC breaks out higher and am of the view we consolidate around this band.”

BTC started last week strong, breakin’ past $120,000 and hittin’ a new high of $123,091. But it couldn’t hold it, settlin’ at $119,716. Tuesday brought a drop to $115,701 before a rebound to $117,682. It recovered on Wednesday, risin’ 0.82% to $118,641. Thursday was a bit of a tug-of-war, with buyers finally winnin’ out, pushin’ it up 0.39% to $119,101. Friday saw sellin’ pressure return, droppin’ it 1,03% to $116,805 before it settled at $117,877.

Sellers stayed in charge over the weekend, with a slight dip Saturday and a 0.48% drop Sunday, settlin’ at $117,240. Monday saw a bit of a bounce to $119,603, but it couldn’t stick and settled at $117,397. Tuesday brought a 2% rally to $119,980. Wednesday, the sellin’ started again, fallin’ 0.99% to $117,303 before endin’ at $118,794. The current session sees BTC down a hair, tradin’ around $118,792 after recoverin’ from $117,142.

Ethereum (ETH) Price Analysis

Ethereum (ETH) lost steam at the start of the week, with sellin’ pressure overwhelmmin’ buyers. It managed a small gain on Monday before droppin’ to $3,620 Tuesday. It recovered to $3,747, but ultimately registered a small decline. Wednesday saw it fall over 3% to $3,531 before reboundin’ in the current session.

Bitwise Chief Investment Officer Matt Hougan thinks ETH’s rally is fueled by a shift in demand. Ethereum ETFs and institutional investors pickin’ up ETH have resulted in the acquisition of nearly 2.83 billion ETH, valued at over $10 billion. He says demand is outstrippin’ new ETH issuance by a factor of 32, creatin’ a significant imbalance. As a result, ETH’s surged, risin’ 65% in the past month and 160% since April.

Inflows into spot Ethereum ETFs have picked up too, pullin’ in over $5 billion since mid-May. Companies are even addin’ ETH to their reserves. Bitmine Immersion Technologies, SharpLink Gaming, Bit Digital, and The Ether Machine have all bought or announced plans to buy ETH. Hougan believes current market sentiment suggests continued demand and growth.

ETH started last week positive, risin’ 1.50% on Monday to cross $3,000 and settle at $3,015. Buyers kept the pressure on Tuesday, risin’ over 4% to cross $3,100 and settle at $3,140. Wednesday saw a 7% rally, crossin’ $3,300 and settlin’ at $3,374. Thursday, it crossed $3,400 and raced to $3,677 Friday, but couldn’t hold it, settlin’ at $3,548, up 1.99%.

Buyers held control over the weekend, risin’ 1.31% on Saturday and nearly 5% on Sunday, crossin’ $3,700 and settlin’ at $3,757. Monday started positive, increasin’ 2.59% to cross $3,800 and settle at $3,806. Tuesday saw a sell-off, fallin’ to $3,619 before recoverin’ to $3,747, ultimately registering a slight decline. Wednesday, ETH fell over 3% and settled at $3,629. The current session sees ETH slightly down, with buyers and sellers fightin’ for control.

Solana (SOL) Price Analysis

Solana (SOL) took a hit over the past two sessions. It lost momentum after crossin’ $200 Tuesday as sellers took over. The price collapsed after reachin’ $205, plungin’ nearly 8% Wednesday and 2% in the current session to a low of $179.

SOL started last week positive, risin’ nearly 1% to $162. It plunged to $157 Tuesday, but bounced back to $160, settlin’ at $164, up 1.08%. Wednesday saw a nearly 6% rally, crossin’ $170 and settlin’ at $173. Thursday, it rose 1.29% to $176. SOL rallied to $184 Friday, but lost steam and settled at $177, up 0.77%.

Despite the positive sentiment, SOL registered a marginal decline Saturday. But it recovered Sunday, risin’ 2.48% to cross $180 and settle at $181. Monday saw a strong rally, risin’ almost 8% to cross $190 and settle at $195. SOL crossed $200 Tuesday and settled at $205, up over 5%. But Wednesday, it lost momentum, plungin’ nearly 8% to slip below $200 and settle at $189. The current session sees SOL down almost 2%, tradin’ around $186 after recoverin’ from a low of $179.

Celestia (TIA) Price Analysis

Celestia (TIA) started last week in the red, droppin’ 1.97% to $1.85. It recovered Tuesday, risin’ 6.53% and settlin’ at $1.97. Buyers retained control Wednesday as TIA rose almost 1% and settled at $1.99. But it lost steam Thursday, droppin’ 2.46% and settlin’ at $1.94. TIA raced to $2.11 as buyers tried to regain control, but couldn’t hold it, settling at $1.95.

Buyers kept control over the weekend, risin’ almost 2% Saturday and settlin’ at $1.99. Sentiment turned positive Sunday as the price rallied, risin’ nearly 9% to cross $2 and settle at $2.16. TIA started the current week on a bullish note, increasin’ 3.40% and settlin’ at $2.24. Selling pressure returned Tuesday, fallin’ 1.58% to $2.20. Wednesday, TIA plunged over 12%, slippin’ below $2 and settlin’ at $1.93. The current session sees the price down over 6%, tradin’ around $1.81.

Optimism (OP) Price Analysis

Optimism (OP) raced to $0.698 Monday, startin’ last weekend on a bullish note. It ultimately settled at $0.656 after losin’ momentum. Sentiment improved Tuesday as the price surged nearly 8% to cross $0.70 and settle at $0.706. OP reached $0.775 Wednesday, but lost steam and settled at $0.705. The price fell to $0.684 Thursday before recoverin’ 3.01% to settle at $0.726. Buyers kept control Friday as OP rose 3% and settled at $0.748 after reachin’ $0.820.

OP traded positive over the weekend, risin’ 1.65% Saturday and 3.43% Sunday to settle at $0.786. OP started the current week positive, increasin’ 2.59% to cross $0.80 and settle at $0.806. The price plunged to $0.736 Tuesday as selling pressure returned. It rebounded to $0.801, a slight decline. Wednesday, OP plunged nearly 14%, slippin’ below $0.80 and $0.70 to $0.690. The current session sees the price down almost 3%, tradin’ around $0.678.

Cosmos (ATOM) Price Analysis

Cosmos (ATOM) took a tumble Monday, droppin’ over 2% after reachin’ $4.85 and settlin’ at $4.56. It recovered Tuesday, risin’ 2.35% and settlin’ at $4.67. Buyers retained control Wednesday as ATOM rose almost 2% and settled at $4.76. The price fell to $4.64 Thursday, but bounced back, risin’ 1.97% and crossin’ the 200-day SMA to settle at $4.85. ATOM surged to $5.16 Friday, but couldn’t hold it, fallin’ back to $4.85.

Price action stayed positive over the weekend, risin’ 3.56% Saturday and 3.47% Sunday to cross $5 and settle at $5.19. ATOM registered a marginal decline Monday, startin’ the week in the red. Sellers took control Tuesday, fallin’ 1.53% to $5.11 after droppin’ to $4.91. Sentiment turned negative Wednesday as the price plunged almost 8%, slippin’ below the 200-day SMA and settlin’ at $4.70. The current session sees ATOM down 2.46%, tradin’ around $4.58.

2025-07-24 17:56