As I type this yarn, Bitcoin hovers near $108,927—a whole 0.2% up over the last day, which is about as exciting as finding an extra crouton in your soup. While everyone’s biting nails about where Bitcoin’s headed, folks on the street can’t stop fussin’ over the endless tug-o-war between spot and derivatives. You’d think it was the Hatfields and McCoys.
So, here’s the deal: according to the wizard of crypto analytics, Darkfost, the DXY has dropped to a historically weak level. Right now, it’s a whopping 6.5 points below its 200-day moving average (MA), which, by the way, is the biggest gap we’ve seen in the past 21 years. Take that in for a moment. The DXY has basically done the financial equivalent of tripping on its own shoelaces.
Bitcoin has started a fresh increase after it cleared the $108,500 resistance zone, a move that has left many investors breathless with anticipation. BTC gained pace for a move above the $108,800 and $109,500 resistance levels.
This offbeat commentary, which included a nod to a squirrel named Peanut—allegedly “arrested (and killed)”—coincided with a sudden surge in the value of the PNUT token, a Solana-based cryptocurrency. According to on-chain data, PNUT climbed over 10% in just 24 hours, reaching a high of $0.23 at one point. The crypto community, always quick to react, saw this as a sign to jump on the bandwagon.
They tell us—oh, how they tell us!—that this bold stratagem shall ease the path for millions (a “simple” task, naturally) who wish to tiptoe in and out of crypto, like Bazarov stepping gingerly among the flowers of the estate. At long last, flexibility for payments and trading. A fresh miracle, soon to roll out for OKX’s sixty million users—each as unique and unpredictable as a Russian spring.
In the first week of July, Ethereum has been showing some serious gains, while Bitcoin has been lagging behind. According to the CryptoRank website, Ethereum is up more than 2.50% since the start of the month, while Bitcoin is only up 1.20%. So, Ethereum is already winning this round.
Ethereum price started a fresh increase above the $2,560 zone, leaving Bitcoin in the dust. ETH price gained pace for a move above the $2,600 resistance zone and entered a positive zone.
So this XRP aficionado, Crypto Eri, is out there on X (which, by the way, I’m still calling Twitter) telling everyone Ripple’s not in a rush. They’re “playing the long game.” Oh good, because waiting for XRPL to get some RLUSD love is starting to feel like waiting for the Mets to win the World Series. “Just you wait,” they say, soon RLUSD will make XRP transactions faster and cheaper than on Ethereum. Yeah yeah, sure, I’ll believe it when I see it… or when my hair grows back.
And who’s behind this financial frenzy? The big boys, of course! Asset managers, fund houses, and blockchain firms are all jumping on the Ethereum bandwagon. It’s like they’re saying, “On-chain finance? It’s not just for tech demos anymore, baby!” 😎
According to FriendlyRox, the decline in volume and momentum is the major driver of this forecasted price crash. 😱 Meanwhile, institutions are increasing their Bitcoin holdings and supply on exchanges is falling, which should be good news, right? 🤔 Not according to our pessimistic pal, who’s still convinced that the end is nigh.