Crypto Price Analysis 7-29: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, RIPPLE: XRP

The crypto market has registered a notable decline over the past 24 hours, dropping almost 2% as Bitcoin (BTC) and other cryptocurrencies traded in the red. BTC traded around $118,000 but fell to a low of $117,527 early during the ongoing trading session. However, it rebounded from this level to reclaim $118,000 and move to its current level of $118,933. Despite the recovery, BTC remains down 0.60% during the ongoing session. Meanwhile, Ethereum (ETH) faced substantially greater selling pressure over the past 24 hours. The world’s second-largest cryptocurrency pushed above $3,900 on Monday, reaching an intraday high of $3,938 before losing momentum and dropping to its current level. ETH is down nearly 3% over the past 24 hours, trading around $3,816. Ripple (XRP) is down almost 5%, while Solana (SOL) is down over 4%, trading around $185. Dogecoin (DOGE) is down almost 7%, while Cardano (ADA) is down nearly 6%. Stellar (XLM) , Chainlink (LINK) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) also registered substantial declines. Dow Jones, S&P 500, Trading Near Record Levels US stock indices traded mixed following an initial rally after the US announced a trade deal with the EU. The Dow Jones fell 0.10% while the S&P 500 registered a marginal increase as it traded near all-time highs. Markets turned positive after the US announced a favorable trade deal with the EU on Sunday. The deal imposed a 15% baseline tariff on European goods entering the market, while US goods entering the European market will be subject to a 0% rate. The deal, which France called a “submission,” helps the EU avoid a trade war with the US. However, it will still cost EU carmakers and pharmaceutical companies billions and eat into profits. Markets are now shifting focus to the US-China trade deal as the August 1 deadline approaches. Both countries are yet to agree to a deal. However, market watchers believe both countries will agree to a 90-day extension as negotiations continue. PayPal Launches “Pay With Crypto” PayPal is bringing its crypto offerings to merchants with the “Pay with crypto” feature, which aims to bring crypto payments into the mainstream and transform cross-border transactions for merchants. The platform goes live with initial support for over 100 cryptocurrencies and will be available to US-based merchants in the coming weeks, enabling near-instant settlements for international transactions. Users who utilize the platform can save up to 90% in fees, while merchants can benefit from the instant conversion of cryptocurrency to fiat or stablecoins. The offering gives merchants access to the nearly $4 trillion crypto market and will support major tokens including Bitcoin (BTC) and Ethereum (ETH). Alex Chriss, President and Chief Executive Officer at PayPal, stated, “Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations. Today, we’re removing these barriers and helping every business of every size achieve their goals.” Pay with crypto will also support platforms like OKX, Coinbase, Binance, and Kraken. It also supports wallets like MetaMask, Exodus, and Phantom. “Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City. Using PayPal’s open platform, the business can accept crypto for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal.” SEC Pushes Back Decision On Truth Social ETF The United States Securities and Exchange Commission (SEC) has extended the review period for the Truth Social Bitcoin ETF until September. The delay pushes the initial deadline by 45 days, giving the regulator more time to evaluate the application under its commodity-based trust share framework. The SEC has up to 240 days from the date of the filing to approve or reject an ETF proposal. The Truth Social Bitcoin ETF was filed on June 3, making the extension a part of the standard review process. The SEC stated that it needed more time to consider the proposal and any issues raised during the review period. The regulator has not made any formal objections so far. However, the ETF’s ties to Trump Media have drawn criticism about a conflict of interest and political interference. Is Coinbase In Talks To Acquire CoinDCX? A report has claimed that Coinbase is in advanced negotiations to acquire Indian crypto exchange CoinDCX. CoinDCX is recovering from a major hack that resulted in the loss of $44 million. The potential acquisition values the exchange at around $1 billion, a steep drop from its $2.2 billion valuation in 2021. According to sources, Coinbase already holds equity in CoinDCX and its competitor, CoinSwitch, and views the acquisition as a long-term strategic investment. The source stated, “Buying CoinDCX at this discounted valuation is essentially a low-cost gamble—positioning itself for potential upside if India’s crypto market eventually matures.” CoinDCX has been under immense scrutiny since the July 19 hack, when it was hacked for $44 million. Hackers targeted an internal account that provided liquidity to the platform. The exchange acknowledged the hack almost a day later after it was flagged by on-chain investigators, and insisted that user funds remained safe. The exchange also announced a bounty program, offering up to 25% to individuals who could help recover the stolen funds. Bitcoin (BTC) Price Analysis Bitcoin (BTC) has been rangebound for the past couple of weeks, trading between $116,000 and $120,000. The flagship cryptocurrency’s rally stalled after it surged past $120,000 and reached a new all-time high of $123,091 on July 14. BTC ended the weekend positively, ending Sunday up 1.31% at $119,398. However, it lost momentum on Monday, dropping 1.12% to $118,064. The current session sees BTC up almost 1%, trading around $118,967. BTC has faced consistent selling pressure around $120,000, facing repeated rejections from this level. However, the repeated tests of a crucial resistance level tend to weaken it over time. Analysts have highlighted that BTC remains above $115,000, indicating that the bulls are not ceding ground to the bears. This means BTC’s bullish structure is intact, improving its chances of reaching a new all-time high. Popular crypto analyst Ash Crypto stated after BTC’s plunge below $115,00o on Friday, “BTC closed above the bullish key levels and filled the CME gap at $115K. Institutions bought the dip. Bulls are in control.” According to data from CoinGlass, BTC could push beyond $120,000 towards the next liquidity cluster, which sits around $120,500. One popular trader noted on X, “Liquidity doesn’t lie. Price gets pulled to where the stops are. The $120K zone isn’t just glowing, it’s calling. And $BTC never ignores the call.” If BTC overcomes the resistance at $120,000, it could spark a significant liquidation squeeze and drive the price towards $124,000. Meanwhile, Fundstrat’s head of research, Tom Lee, believes BTC could reach $250,000 by the end of 2025. “I think the $200,000 to $250,000 range for BTC still makes sense because that would still only value it at 25% of the size of the gold market.” He added that BTC could currently be undervalued as “digital gold” and that its true value should be over $1 million per BTC. “So I think digital gold means Bitcoin should be worth over a million dollars per BTC. That could happen in the next few years, but maybe pricing in 25% of that, especially with the Genius Act, makes sense.” BTC traded in bearish territory over the previous weekend, dropping by over 1% and losing momentum after reaching an intraday high of $120,800 before settling at $117,877. Sellers retained control over the weekend as the price registered a marginal decline on Saturday before dropping 0.48% on Sunday to settle at $117,240. BTC reached an intraday high of $119,603 on Monday. However, it could not stay at this level and fell to $117,397, ultimately registering a marginal increase. Bullish sentiment intensified on Tuesday as BTC rallied, rising over 2% to cross $119,000 and settle at $119,980. Despite the positive sentiment, BTC lost momentum on Wednesday, dropping 0.99% to a low of $117,303 before settling at $118,794. Source: TradingView Sellers retained control on Thursday as BTC registered a marginal decline and settled at 118,381. Selling pressure intensified on Friday following the sale of 80,000 BTC by a Satoshi-era whale. As a result, BTC plunged to an intraday low of $114,779 before reclaiming $117,000 and settling at $117,565, ultimately dropping 0.69%. The price recovered over the weekend, rising 0.24% on Saturday and 1.31% on Sunday to reclaim $119,000 and settle at $119,398. BTC started the current week in the red, dropping 1.12% to $118,064. However, it has recovered during the ongoing session, with the price up almost 1%, trading around $118,812. Ethereum (ETH) Price Analysis Ethereum (ETH) has recovered after a substantial drop on Monday, trading around $3,874. The world’s second-largest cryptocurrency reached $3,875 on Sunday, ending the weekend in bullish territory. However, it lost momentum on Monday, dropping over 2%, and settling at $3,796 before recovering during the ongoing session. ETH has shown strength in recent sessions as institutional interest in the asset grows, and is set to retest $4,000. ETH has outshone BTC in open interest, with over $71 billion compared to $37 billion. It also leads BTC in the global perpetual 24-hour volume. Shashank Sripada, COO and co-founder of GAIA, stated that while ETH looks structurally healthy, it lacks a near-term catalyst to influence price action. “Structurally, Ethereum looks healthy, but it lacks a near-term catalyst beyond ETF flows.” Spot Ethereum ETFs have posted 16 straight days of net inflows, totaling over $5 billion. Most analysts remain bullish, highlighting that most of the altcoin’s gains have come in the past six weeks. ETH exchange reserves have also registered a sharp decline, suggesting that investors are moving their assets offline into cold wallets. Investors only move their assets into cold storage if they are planning to hold them for the long term, a bullish sign for ETH. Institutions like SharpLink have accelerated their ETH purchases. The company recently announced plans to purchase ETH quicker than any other firm. Joe Lubin, the firm’s chairman, stated, “We believe that we’ll be able to accumulate more Ether per fully diluted share — much faster than any other Ethereum-based project, or certainly faster than the Bitcoin-based projects.” ETH traded in positive territory over the previous weekend, reaching an intraday high of $3,677 on Friday before settling at $3,548, ultimately registering an increase of 1.99%. ETH rose 1.31% on Saturday and 4.51% on Sunday, crossing $3,700 and settling at $3,757. The price registered a marginal increase on Monday and settled at $3,764. Despite the positive sentiment, ETH lost momentum on Tuesday, falling to an intraday low of $3,619 before settling at $3,747, ultimately registering a marginal decline. Selling pressure intensified on Wednesday as ETH plunged to an intraday low of $3,531 before reclaiming $3,600 and settling at $3,629, ultimately registering a drop of over 3%. Source: TradingView Despite the selling pressure, ETH recovered on Thursday, rising over 2% to reclaim $2,700 and settle at $2,707. Buyers retained control on Friday as the price rose 0.50% and settled at $3,726. ETH remained positive over the weekend, rising 0.46% on Saturday and 3.53% on Sunday to cross $3,800 and settle at $3,875. The price reached an intraday high of $3,941 on Monday. However, it lost momentum after reaching this level and dropped over 2% to $3,796. ETH has recovered during the ongoing session, with the price up over 2% as it looks to reclaim $3,900. Solana (SOL) Price Analysis Solana (SOL) surged to an intraday high of $195 on Monday as it attempted to reclaim $200. However, it lost momentum after reaching an intraday high of $195 and settled at $183, but recovered during the ongoing session. SOL peaked at $205 on Tuesday before dropping to an intraday low of $175 before rebounding, indicating strong demand at lower levels. SOL reached an intraday high of $184 on Friday (July 18), before settling at $177, ultimately rising 0.77%. Price action was mixed over the weekend as SOL registered a marginal decline on Saturday before dropping 2.48% on Sunday to cross $180 and settle at $181. Bullish sentiment intensified on Monday as SOL rose almost 8% to cross $190 and settle at $195. SOL crossed $200 on Tuesday, rising over 5% to settle at $205. The price lost momentum on Wednesday despite the positive sentiment, dropping almost 8% to settle at $189. Source: TradingView Sellers retained control on Thursday as SOL fell 3.46% to $182. SOL plunged to an intraday low of $175 on Friday as selling pressure intensified. However, the price rebounded from this level to reclaim $180 and settle at $186, ultimately registering an increase of over 2%. SOL fell 0.99% on Saturday before recovering on Sunday, rising 2.07% to end the weekend at $188. The price reached an intraday high of $195 on Monday. It lost momentum after reaching this level and settled at $183, a 3.04% drop. The current session sees SOL marginally up, trading around $184. Bittensor (TAO) Price Analysis Bittensor (TAO) faced substantial volatility on Friday (July 18) as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price fell by over 2% to $412. Volatility persisted over the weekend as TAO registered a marginal increase on Saturday before dropping 0.29% on Sunday, but not before reaching an intraday high of $434. TAO rallied on Monday, surging nearly 8% to $445. It faced substantial selling pressure on Tuesday, falling to an intraday low of $415. However, it rebounded from this level to cross $450 and settle at $452, ultimately registering a 1.61% increase. Source: TradingView TAO lost momentum on Wednesday as it plunged over 6%, dropping to a low of $410 before settling at $424. Sellers retained control on Thursday as the price fell 2.21% and settled at $415. TAO fell to an intraday low of $403 on Friday as selling pressure intensified. However, it recovered to register a 2.50% increase and settle at $425. Price action was mixed over the weekend as TAO registered a marginal jump on Saturday before dropping 0.55% on Sunday. Bearish sentiment returned on Monday as TAO fell over 6%, slipping below the 20-day SMA and settling at $401. The current session sees TAO marginally up as buyers look to keep the price above $400. Ripple (XRP) Price Analysis Ripple (XRP) dropped sharply last week, nearly 19% over three days, as selling pressure pushed it below key levels. The drop coincided with a broader pullback in which the crypto market cap fell 3% in 24 hours. However, analysts allayed fears of a major decline, calling it a “healthy correction.” XRP fell to an intraday low of $3.05 on Monday and plunged to $2.95 the following session before staging a recovery. XRP registered a sharp decline on Friday (July 18), dropping over 2% to $3.41. The price recovered over the weekend, rising 0.33% on Saturday and nearly 1% on Sunday to settle at $3.45. XRP continued rising on Monday, reaching an intraday high of $3.18 before settling at $3.55, ultimately registering a 2.81% increase. Buyers retained control on Tuesday as the price registered a marginal increase. However, it lost momentum on Wednesday, dropping over 10% and settling at $3.18. Source: TradingView Sellers retained control on Thursday as XRP fell 1.26%, dropping to a low of $2.95 before reclaiming $3 and settling at $3.14. The price registered a marginal decline on Friday but recovered over the weekend, rising 0.76% on Saturday and over 2% on Sunday to settle at $3.24. However, XRP was back in the red on Monday, dropping nearly 4% to $3.12. The current session sees XRP marginally down as buyers and sellers struggle to establish control. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily