Bitcoin Slips, Ethereum Holds: Mixed Signals in Early Week Crypto Markets

With Bitcoin prices below $116,000, the new trading week is off to a cool start. Ethereum is holding above $4,300 and avoiding a weekly loss. What’s the situation in the crypto markets?

Bitcoin failed to defend its recent all-time high from last week, when the BTC price curve surpassed the $124,000 mark for the first time. As of Monday morning, Bitcoin is trading at just under $116,000, with a weekly loss of 5 percent for the leading cryptocurrency indicating nervousness. Things are looking better for Ethereum, where the weekly trend remained balanced, with ETH stagnating around $4,300. In the second tier of cryptocurrencies, the real winners at the start of the week are:

– Chainlink (LINK) jumps to around $25 with an 11 percent weekly gain. The leading oracle service is gaining increasing recognition in the traditional financial industry, and Chainlink’s integration with SWIFT is being hailed as a milestone. However, LINK’s all-time high from May 2021 of just over $52 remains out of reach.

Cardano (ADA) also recorded a weekly gain of 11 percent and, at around $0.91, is approaching the psychologically important $1 mark. However, Cardano’s all-time high from September 2021, just over $3, seems like a relic of bygone times, and ADA can only just defend its place among the world’s top ten cryptocurrencies by capitalization.

– XRP (Ripple) has fallen below the $3 mark, down 9 percent for the week. The momentum it gained following the settlement of a legal dispute with the U.S. Securities and Exchange Commission (SEC) has waned.

– Ethereum ETFs experienced record days in the US last week, attracting nearly $3 billion in capital. This means ETH is once again perceived as the number one altcoin. Ethereum is optimistically heading into late summer after its tenth anniversary .

Finally, Bitcoin is currently failing to set the pace for the crypto markets. Investors are looking to the US labor market, which is turning negative and is not making it easier for the US Federal Reserve to cut interest rates as hoped. Bitcoin will have a complicated August , as had been indicated for some time.

Conclusion: Difficult times for nervous Bitcoin investors

In the US, Treasury Secretary Scott Bessent recently clarified once again that while the country is building a strategic Bitcoin reserve, this must be done in a “budget-neutral” manner. President Donald Trump is currently devoting his time to global politics and the war between Russia and Ukraine. Trump’s domestic policy is similar to that of crypto and Bitcoin, a topic that has also affected US altcoins like XRP and Solana. Now the US financial markets are opening the new week – signals for Bitcoin and Ethereum will emerge from there.

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(Featured image by Alesia Kozik via Pexels)

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