Cryptos are calm; Bitcoin stagnates after post-Ripple surge

(Sharecast News) - Cryptocurrencies rebound slightly. Bitcoin (BTC) rises 0.2% and is back above $30,000, while Ethereum (ETH) soars 0.5% and is back above $1,900. "It's been a very uncertain period for cryptos, with regulatory issues front and center of that, although the ETF filings did counter that at one stage. Broadly speaking, price action is choppy but still broadly within the range it's traded within since 22 June," explained Craig Erlam, senior market analyst at OANDA.

The expert believes that the movements in the price of the reigning cryptocurrency in the last 24 hours could be "a psychological blow but it's not clear whether it's anything more than that at this stage."

For his part, Edward Moya, senior strategist at OANDA, stressed that there won't be a further rally in the market until there is a "meaningful" update on Bitcoin spot exchange-traded funds like BlackRock's.

"The institutional money is not buying right now and retail is struggling with the current macro backdrop. ​Bitcoin seems poised to be stuck in a range, which could warrant a slightly further dip towards the $29,500 level," noted Moya.

In contrast, some of the altcoins most affected by the Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase continue to fluctuate quite strikingly after Ripple's partial victory in court. This is the case, for example, with Cardano (ADA), which has risen 3% in the last 24 hours. During the last week, the token has soared by more than 7%, while Solana (SOL), which is now rebounding moderately, has risen by almost 20% in the last 7 days. Ripple (XRP), meanwhile, continues to soar: it rebounds 6% and accumulates a rise of more than 60% since the verdict.

Similarly, Coinbase is also taking advantage of the Ripple Effect and improving its stock market valuation. The company has risen more than 20% since the ruling was announced and this has led both company executives and important investors such as Cathie Wood (ARK Invest) to take advantage of the opportunity to cash in on the stock.

Otherwise, there is little news in the cryptocurrency sphere. On the horizon, we have the Federal Reserve (Fed) meeting on July 26, for which the market is discounting a 25 basis point hike that will take interest rates to 525-550 basis points. Similarly, investors seem to be favoring a more lax Fed for the remainder of 2023.