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Ethereum, the biggest altcoin, is on a slipper slope hanging close to the $2,000 crucial support level. With rising liquidations in the market, will a bearish trend in ETH price result in a $1,740 retest?
Quick Take Standard Chartered’s Geoff Kendrick warns that bitcoin’s near-term price action could test support in the $69,000-$76,500 range, bringing it closer to Strategy’s (formerly, MicroStrategy) average purchase price of $65,000. While Trump’s recent Truth Social posts have drawn attention, Kendrick emphasizes that broader market trends—particularly a 5% Nasdaq futures drop— dominate bitcoin’s decline.
Quick Take Bitcoin has underperformed in the face of rising economic uncertainty, exacerbated by new tariffs announced by the Trump administration. In contrast, gold has strengthened as a safe-haven asset, surging in value amid growing demand for stability.
Quick Take President Trump’s announcement of a U.S. Crypto Strategic Reserve surprised the industry by including XRP, SOL and ADA alongside BTC and ETH. The market initially surged on the crypto reserve news, but bitcoin subsequently dropped over 10%, and ether plunged more than 15% after Trump’s announcement of new tariffs on imports from Canada, Mexico and China fueled risk-off sentiment.
Quick Take Nearly 50 Bitcoin and Monero addresses were added to the U.S. Treasury’s Office of Foreign Assets Control’s list of sanctioned entities. The addresses were controlled by Iranian national Behrouz Parsarad, the alleged administrator of the Nemesis darknet marketplace.
Quick Take Cumberland said it signed a “joint filing” with the SEC to dismiss its case on Tuesday. Cumberland DRW, a Chicago-based crypto trading firm part of DRW, was sued last year after the SEC said it acted as a dealer without being registered.
Quick Take Despite the current downturn, Pump.fun’s overall impact since its January 2024 launch remains remarkable. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take The Block’s Editor-in-Chief Tim Copeland unpacked based roll ups and their key differences from other Layer 2s with Taiko COO Joaquin Mendes Izard and Commit-Boost/Fabric Shepherd Drew Van Der Werff.
- 23:22Two Whales Accumulate Over $7.4 Million in IPAccording to a report by Jinse Finance, Lookonchain monitoring shows that whales are accumulating IP tokens. Whale 0x385D accumulated 857,192 IP tokens ($3.8 million) 2 minutes ago. Whale 0xE0e6 accumulated 814,523 IP tokens ($3.61 million) 15 minutes ago.
- 22:42Bitcoin falls below $117,000, down 0.77% in the past hourBlockBeats News, July 11—According to market data from a certain exchange, Bitcoin has fallen below $117,000 and is currently quoted at $116,956, marking a 0.77% decline in the past hour.
- 22:13Grayscale Submits Legal Letter Protesting SEC's Order to Halt Conversion of Its "Digital Large Cap Fund" into an ETFAccording to Foresight News, Bloomberg analyst James Seyffart reported that Grayscale and its legal team have submitted a letter in response to the U.S. Securities and Exchange Commission (SEC)'s "stay" order regarding the ETF conversion of GDLC, arguing that the SEC does not have the authority to take such action.