Major cryptocurrencies were mixed on Wednesday evening as the global cryptocurrency market capitalization rose marginally by 0.05% to $1.21 trillion.
Bitcoin and Ethereum were seen trading in the red while Dogecoin saw gains of nearly 2% at the time of writing.
Major Cryptocurrencies (24-Hours)
Cryptocurrency
Gains +/-
Price (Recorded 10:53 pm EDT)
Bitcoin (CRYPTO: BTC)
-0.03%
$30,012.38
Ethereum (CRYPTO: ETH)
-0.60%
$1,899.06
Dogecoin (CRYPTO: DOGE)
+1.83%
$0.07
Bitcoin tracked Nasdaq futures at the time of publishing. The futures on the index slipped into the red after Netflix posted its quarterly results on Wednesday. Tesla shares also tumbled in extended trading after the Elon Musk-led company released quarterly earnings data.
Top Gainers (24-Hours)
Cryptocurrency
Gains +/-
Price (Recorded 10:53 pm EDT)
Stellar (XLM)
+28.77%
$0.17
XDC Network (XDC)
+11.22%
$0.04
Hedera (HBAR)
+8.64%
$0.06
Analyst Notes: Bitcoin traders continue to await ETF updates, according to Edward Moya, a senior market analyst with OANDA. Attention is also shifting toward Robert F. Kennedy Jr. — a Democratic challenger to President Joe Biden, who is seen as a supporter of Bitcoin.
“Kennedy’s stance on crypto does not seem like it will be adopted by most presidential candidates, but it does open the debate going forward. Every commitment by any key official is a positive step for further crypto adoption.”
Cryptocurrency analyst Michaël van de Poppe said on Wednesday that Bitcoin was “here to stay” despite the length of the bear market.
The longest bear market.
That means the longest period for people to leave the markets.
And yet, here we are, including you, as an investor, as a trader, just when the institutions are joining.
Well done, #Bitcoin is here to stay, and so are you.
— Michaël van de Poppe (@CryptoMichNL) July 19, 2023
In a separate tweet, Van De Poppe pointed out that the bear market had lasted 490 days and termed it the “longest.”
Congratulations, if you’re still around, you’re one of the few survivors of the #Bitcoin bear market.
The longest bear market. pic.twitter.com/JC27HSv5tY
— Michaël van de Poppe (@CryptoMichNL) July 19, 2023
Cryptocurrency intelligence platform Santiment noted that whales and sharks have been accumulating Paxos Standard (USDP) stablecoin in July.
“With #Bitcoin staying propped above $30k and #altcoins fading this weekend, it’s encouraging that large #stablecoin wallets are rising,” said Santiment on Twitter.
With #Bitcoin staying propped above $30k and #altcoins fading this weekend, it’s encouraging that large #stablecoin wallets are rising. $USDP, the #8 stablecoin by market cap, & #73 overall, has seen key big wallets almost double their holdings in July. https://t.co/hZ6CN5TjdT pic.twitter.com/IDimKaQVBd
— Santiment (@santimentfeed) July 15, 2023
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
