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A wallet linked to Genesis trading has started to move Bitcoin to Coinbase in what may mark the start of asset liquidations. Bitcoin entered the “extreme fear” zone, its lowest score since January last year, when the industry was still licking its wounds from FTX’s collapse.
Genesis Trading-labelled address moves $720 million BTC to Coinbase
A cryptocurrency wallet related to Genesis Trading has transferred nearly $720 million worth of Bitcoin to the Coinbase exchange during the past month, pointing to the potential start of asset liquidations. The Genesis Trading-labeled wallet has transferred over 12,600 Bitcoin
BTC $57,779 during the past 30 days, worth $719.9 million, mainly in transactions of 500 to 700 BTC.
The address currently holds 33,356 Bitcoin, down from over 46,000 BTC a month ago, on June 12, according to Arkham Intelligence data.
The multi-million Bitcoin transfers come two months after Letitia James, the attorney general for the State of New York announced that her office reached a settlement with Genesis, requiring the firm to pay $2 billion to defrauded investors over its Earn program.
The settlement requires the funds to be returned to Genesis investors and bans the company from operating in New York.
Bitcoin index falls to “extreme fear” as BTC fails twice to breach $60,000
The Crypto Fear & Greed Index — an indicator that tracks market sentiment toward Bitcoin and crypto — has fallen to “extreme fear,” its lowest level since January last year.
The tumbling index score came as the price of Bitcoin failed to break above the $60,000 mark for the second time in the last 48 hours.
In a July 11 post on X, crypto and forex trader Justin Bennett told his 111,000 followers that Bitcoin’s price level had rejected $60,000 “yet again,” noting the formation of a potential “rising wedge,” which suggests further downside in the coming days.
Bitcoin rallied as high as $59,485 on July 10 before tumbling back down to $57,000 in the following 12 hours. On July 11, BTC once again briefly rallied to $59,529 but failed to hold at that level.
Bitcoin is currently changing hands for $57,499, down 23% from its all-time high notched on March 14 this year, per TradingView data.
Ether ETF inflows could reach $10 billion: Investment manager
Tom Dunleavy, a managing partner at crypto investment company MV Global, believes spot Ether
ETH $3,118 exchange-traded funds (ETFs) will attract massive inflows once they begin trading.
Speaking to Cointelegraph, Dunleavy said: “We saw $15 billion in flows for Bitcoin. I think we’re probably going to see $5 billion to $10 billion for Ethereum. I expect a very positive price impact sending us to new all-time highs by early Q4.”
In Dunleavy’s “base case,” Ether ETFs will attract roughly $1 billion per month in inflows following the launch. He said that compared to Bitcoin, Ether is “less available on exchanges,” which means there are “thinner order books and less to purchase.” Unlike early Ether investors, spot ETH holders are expected to be traditional market participants with 401(k) accounts, he said.
The US Securities and Exchange Commission has approved eight spot Ether ETFs but has not yet given the green light for them to start trading. Industry insiders believe the final sign-off could come later in July.
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