7-Day Market Moves
📉Over the past 7 days, BTC has seen a minor fall of 0.62%, despite the excitement around recent slew of spot Bitcoin ETF applications, including BlackRock’s.
📈On the other hand, ETH maintained a decent weekly gain of 2.03%.
ALTS: Most of the other big players on the chart saw some red, except for Polygon’s Matic with a weekly rise of 5.99%. They also unveiled a new-and-improved version of their token, named Pol, promising more security, scalability, and ease of use.
🖼️ The big picture: The total crypto market cap dipped slightly by 0.49% to $1.21 trillion in the last 24 hours. Trading volume, however, surged by 42.52% to $35.54 billion.
Macro highlights: BoA Corp. and Morgan Stanley are expected to report earnings today, following positive quarterly results from JPMorgan Chase, Wells Fargo, and Citigroup. Also, the Feds, expected to meet on July 26, is predicted to raise interest rates by 25 bp, up from the current 5% to 5.25%, as part of its continued efforts to curb inflation.
Eyes on the price(s)
Bitcoin made a move for $30,250 but didn't get there, staying below the key $30,500 mark. After hitting a high near $30,447, it dropped below $30,000, and hit a low of $29,669 for the week. It's now fighting back and is slightly below $30,300, with $30,200 as the next small hurdle.
ETH also tried to rally above $1,950 but couldn't. It hit a high near $1,943 and then dropped below $1,900, hitting a low of $1,875 for the week. The coin is now making a new push, breaking above $1,890 and $1,900.
For both Bitcoin and Ethereum, if they can't break their respective hurdles, they could drop further. Bitcoin's next safety net is at $29,850 and Ethereum's is at $1,890.