Crypto Downturn Deepens: Bitcoin Dips, Altcoin Hopes Fade

Crypto markets are not looking good. Bitcoin has slipped below the $118,000 mark after a weekly loss of 1 percent. Altcoins like XRP (Ripple) and Ethereum are reacting sensitively, while things are looking bleak for IOTA and PUMP in the second tier.

Anyone who wants to make daily profits as a crypto investor currently needs a very lucky hand. Bitcoin is currently failing as a motivator; price corrections have pushed BTC below $118,000. The hoped-for altcoin season appears to be in jeopardy. XRP (Ripple), for example, is already struggling to reach the $3 mark again with a weekly loss of 3 percent – just a few days ago, the third-most important global crypto had set an all-time high of $3.65, which proved to be very volatile for XRP.

The situation on the crypto markets appears complicated; here are some concise impressions:

– According to data from SoSo , Bitcoin ETFs are experiencing a week of unhappiness. Capital outflows have been recorded on all three trading days so far. While these total just under $300 million, which is insignificant compared to the billions of dollars in Bitcoin ETFs in previous weeks, Bitcoin ETFs are not currently a positive indicator of sentiment.

The situation is quite different for Ethereum ETFs, which have already seen capital inflows of over $1 billion this week. However, after reaching the annual high of over $3,800 over the weekend, the ETH price curve has turned negative again, falling below $3,600. Ethereum is therefore hardly suitable as a leader for an altcoin season.

Leading altcoins have been waiting for weeks for the green light from the SEC to also be listed as ETFs on traditional exchanges. XRP (Ripple), Litecoin, Cardano, and Dogecoin are among these groups for which ETFs are in the air. But the SEC is taking longer than optimistic forecasts to make its decisions.

Anyone hoping to find representatives with their own momentum among the well-known second-tier crypto will have to look no further than the usual suspects. IOTA, with a weekly loss of 14 percent, has plummeted back into the death zone of below $0.20. PUMP ‘s weekly loss is now as high as 45 percent; with prices below $0.003, the July 12 issue price of $0.004 is a reminder of exaggerated expectations.

– Day traders who bet on price movements with derivatives are also caught off guard. Data from Coinglass illustrates how long positions worth hundreds of millions of US dollars are being liquidated across the market; all of these traders had speculated on rising price curves.

Conclusion: Bitcoin and Co. are urgently waiting for positive impulses

After last week, in which US politicians finally pushed through three important crypto bills, quite a few experts predicted a long rally was coming; for Ethereum, for example, price targets of $10,000 had already been set. But no such luck – Bitcoin is floundering on the spot with a slight downward spiral. The psychology of the crypto markets then mercilessly frays nerves, which XRP, IOTA, and PUMP, for example, have to endure without any real resistance.

Meanwhile, crypto optimists are focusing on Ethereum as the number one candidate for a turnaround and with potential pent-up demand among investors. But there are no guarantees – a stimulus seems necessary. US President Donald Trump could set the stage by reaching an agreement in the tariff dispute with the EU – the financial markets and the crypto markets too would gratefully accept this.

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(Featured image by Sajad Nori via Unsplash)

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