Aye, the numbers, according to the astute prophets at SoSoValue, reveal that 12 of these glittering Bitcoin ETFs have bloated their coffers by a staggering $2.72 billion last week! That’s quite a leap from the more modest prior week’s treasure trove of nearly $770 million. Seems like everyone is suddenly keen on our digital darling! 💰💸
A trader so aptly named Falllling (perhaps a subtle hint of what was coming?) had the misfortune of seeing his $334 million worth of short positions wiped out faster than you can say “Bitcoin’s going to the moon.” According to the ever-watchful crypto sleuths at Lookonchain, this included 1,743 Bitcoin valued at $211 million, 33,743 Ether worth $102.3 million, and a whopping 15 million FARTCOIN (yes, you read that right) valued at $20.6 million. I’m not sure what FARTCOIN is, but it sounds like something that belongs in the “What was I thinking?” files.
During the last trading week, cryptocurrency investment products invited in a staggering $3.7 billion of fresh inflows, as reported by the crystal ball of crypto—CoinShares. What a splendid week for those who like their fortunes drawn from the bread-and-butter of blockchains and electronic magic!
BTC price strength is flexing its muscles and showing zero signs of politely stepping back into the shadows as it makes its flashy entrance at $123,000.
Now, what have we here? Bailey, not just twiddling his thumbs while sipping Earl Grey, has taken up a significant role as chairman of the Financial Stability Board. Armed with newfound powers sharper than a hedge fund manager’s tie, he’s poised to mold international digital currency rules while the $264 billion stablecoin market spins faster than the wheels of fortune at a particularly untrustworthy carnival! And may I remind you, a staggering 99% of all stablecoins are tethered to that all-important American dollar, the one that feels like the overstuffed wallet you always carry, full of receipts and existential dread.
And guess what? While Bitcoin is pulling off a rock star move, reaching a staggering $121,000, XRP swoops in like the popcorn thief at a movie theater, getting way too comfy in Tether’s (USDT) seat, grabbing the third spot in the crypto lineup! With a market cap of $172.79 billion, it’s waving goodbye to USDT at $159.55 billion like a sleepy bye-bye! 🌊
Backdrop of the Chronicles
The vibrant DOGE revival was no mere coincidence; it synchronously danced with the broader crypto renaissance, as the winds of fortune shifted with those newly relaxed Fed expectations and a thawing of the BRICS-U.S. trade cold war.
Traders, like whimsical fairies, set their sights on the tantalizing $0.213–$0.215 resistance fortress, even as Bitcoin’s storied leap to $118,000 provided a raucous revelry for meme coins.
On the fourteenth day of July, as the sun cast whispers of warmth, Zhao shared his pearls of wisdom amidst the jubilant chaos that ensued from BTC’s audacious flight. There lay a parallel—a memory gleaming bright—of a time in 2017 when Bitcoin flirted with the $1,000 mark, igniting a similar frenzy among hopeful dreamers. 😏
Today’s fine news pertains to our bold XRP, which, in a most audacious fashion, has recently overtaken Tether (that steady companion in our financial escapades) to seize the esteemed third position in the rankings. At the precise moment of this writing, XRP’s market capitalization has gallantly surged to a staggering $168.32 billion, whilst poor Tether languishes at $159.54 billion, looking rather indignant, I daresay.
After reaching new, stratospheric highs, Bitcoin decided to take a little weekend break. Crypto analyst TehThomas, probably in his finest ‘I Told You So’ tone, thinks this could be the start of the dreaded correction. But wait—there’s more. TehThomas suggests the crash could be deeper than your last family argument, with the price eyeing $109,000 or even $110,000 for a lovely retest of support levels.
