What to Know:
- Bitcoin experienced a sharp correction, dropping to its lowest level since April.
- Despite market volatility, XRP saw the launch of a second ETF in the US.
- On-chain data shows increased whale activity, indicating potential accumulation during the dip.
The cryptocurrency market experienced significant turbulence this week, with Bitcoin leading the downturn. XRP, however, saw a positive development with the launch of another ETF tracking its performance. Despite the overall market dip, on-chain data suggests increased activity from large Bitcoin holders.
The week was marked by a substantial correction in the crypto market, with Bitcoin (BTC) plunging to around $80,000, levels not seen since April. This downturn liquidated over $1 billion in long positions, impacting even well-known figures like Andrew Tate. However, a brief rally occurred following hints from the New York Fed President about potential interest rate cuts.
Despite the market’s overall bearish trend, XRP experienced a notable event with the launch of Bitwise’s XRP ETF, following Canary Capital’s XRPC debut the previous week. This indicates growing institutional interest in XRP, even amidst regulatory uncertainties. These new investment vehicles provide additional avenues for investors to gain exposure to XRP’s price movements.
Interestingly, the price drop in BTC triggered a surge in Bitcoin whale activity, with numerous transactions exceeding $100,000. This suggests that some large holders may be viewing the dip as an opportunity to accumulate more Bitcoin. Michael Saylor’s MicroStrategy also made a substantial BTC purchase, reinforcing this sentiment.
The crypto market remains dynamic, influenced by macroeconomic factors and regulatory developments. While Bitcoin’s price correction raises concerns, increased institutional interest in XRP and whale accumulation during the dip suggest underlying strength. Investors should stay informed about market trends and regulatory changes to navigate the evolving landscape.
Source: Original article
