The crypto market cap registered a marginal decline as sentiment held firm despite Bitcoin (BTC) dropping to a low of $105,406 early on Tuesday. The flagship cryptocurrency quickly recovered from this level, reclaiming $106,000 and moving to its current levels. BTC is marginally down over the past 24 hours, trading around $106,647. Meanwhile, Ethereum (ETH) saw a much more significant decline as it plunged below $2,400 to a low of $2,390 before rising to its current level of $2,443.
Nearly all cryptocurrencies are trading in the red, with Ripple (XRP) down almost 2% at $2.18, while Solana (SOL) is down 1.39%, slipping below $150 and moving to $149. Dogecoin (DOGE) is down 1.28%, while Cardano (ADA) is down 1.32%, trading at $0.555. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Litecoin (LTC), Hedera (HBAR), and Polkadot (DOT) also registered substantial declines.
Crypto Market Sentiment Steady Despite Bitcoin (BTC) Drop
The crypto market sentiment remained steady despite Bitcoin (BTC) dropping over 2%, falling to a low of $105,406 before recovering and moving to current levels. The Crypto Fear & Greed Index posted a “Greed” score of 63 out of 100, down one point from Tuesday following BTC’s sudden decline. Analysts speculate BTC may retest its all-time high of $111,970. Markets were optimistic about such a move on Monday as BTC traded just below the $109,000 mark before selling pressure returned. However, analysts have pointed out that BTC and the broader crypto market are heading into the third quarter, which has historically been a weak phase.
“From the historical data, this quarter is generally the slowest out of all, for both $BTC and $ETH.”
BTC has averaged a 5.47% gain in the third quarter since 2013. If the trend holds, it could place BTC around $111,000 on September 30, just shy of its all-time high.
Crypto Exchanges Vie For A Piece Of The European Market
Competition between crypto exchanges is heating up as they set up offices in Europe and secure the relevant licenses from EU officials. So far, OKX, Coinbase, Bybit, and Crypto.com have secured licenses under the European Union’s Markets in Crypto-Assets (MiCA) regulation. MiCA imposes strict requirements on the crypto industry. Exchanges complying with MiCA and operating in the European Economic Area (EEA) must operate within the same rules.
Market watchers anticipate that this will allow the EU to pull ahead of other jurisdictions like the US, which is yet to develop a clear framework for crypto. European regulators are already discussing a second regulatory package that would address issues present in the first MiCA iteration. While MiCA provides an excellent set of ground rules, exchanges face several challenges, including competition from new players.
New York AG Urges Congress To Strengthen Crypto Legislation
New York Attorney General Leticia James has urged Congress to strengthen pending stablecoin legislation, arguing that the current version of the bills doesn’t offer adequate investor protections. James stated in a letter to Congress that the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act lack the necessary guardrails to protect the American public.
“We urge Congress to take the time necessary to draft legislation that will enhance innovation while protecting our banking system, which is the envy of the world.”
STABLE and GENIUS aim to regulate stablecoins. The Senate passed the latter last month in a bipartisan vote, while the House Committee passed the former. However, James believes the bills do not have sufficient regulatory safeguards to tackle anonymous transactions that can facilitate fraud, criminal activities, and threats to national security.
“Unregulated cryptocurrency transactions are a danger to investors, the economy, and national security.”
James urged Congress to amend both bills to regulate stablecoin issuers like banks.
“Given that stablecoin issuers essentially function as banks, they should be subject to the same regulations as banks in order to reduce systemic risk.”
SEC Approves Grayscale Request To Convert Crypto Large-Cap Fund To ETF
The United States Securities and Exchange Commission has approved Grayscale’s request to convert its Digital Large Cap Fund into an ETF. The approval allows the fund to list and trade on NYSE Arca, transitioning from a private trust to a fully regulated ETF. The fund tracks the Coinbase 5 Index, which includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA). At the time of approval, the fund comprised approximately 80.2% BTC, 11.4% ETH, 4.8% XRP, 2.8% ADA, and 0.8% ADA.
The Digital Large Cap Fund was first launched in 2018 and has traded under the GDLC ticker since 2019. The ETF approval enables the daily creation and redemption of shares in baskets of 10,000, settled in cash through authorized participants. The SEC approval came through an accelerated rulemaking process. It also amended NYSE Arca rules to allow ETFs to be structured as limited liability companies based on index-tracked portfolios.
Senate Passes Trump’s “Big, Beautiful Bill”
Donald Trump’s “big, beautiful bill” passed the Senate on Tuesday by a razor-thin margin. However, the bill brought little cheer to crypto and did not feature any crypto-related provisions. The over 1,000-page bill did not mention “digital assets,” “Bitcoin,” “Ethereum,” “crypto,” “web3,” or “blockchain” anywhere, despite efforts by pro-crypto senators to include tax breaks for the industry. Cynthia Lummis, vocal pro-crypto advocate, argued for changing the tax code for crypto mining and staking. Lummis argued that miners and stakers were being taxed twice, once when they received block rewards and again when selling their assets.
“For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.”
The IRS classifies profits from crypto mining and staking as income, taxing them at fair market value when miners receive them. When miners sell their crypto, they must report capital gains and pay a flat fee on their profits.
Dow Jones Up 300 Points
US stock indices had a mixed day as the US Senate passed President Trump’s budget bill by a narrow margin. The Dow Jones rose 340 points while the S&P 500 retreated from record highs, dropping 0.11%. The tech-heavy Nasdaq Composite also declined, falling 0.61%. Markets focused on the progress of ongoing trade talks and Trump’s massive budget bill, which passed the Senate 51-50, with Vice President JD Vance breaking the tie and setting up a crucial House vote.
The “big, beautiful bill” will provide trillions in tax cuts while lowering spending on Medicaid, food stamps, and clean energy. The bill is expected to add around $3.3 trillion to the national deficit, causing several Republican senators to vote against it.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) made a sharp recovery on Wednesday, rising nearly 2% to reclaim $107,000 and move to its current level of $107,773. The flagship cryptocurrency ended the weekend in positive territory, rising almost 1% on Sunday to cross $108,000 and settle at $108,350. However, it started the week in the red as markets turned cautious, thanks to the looming tariff deadline. As a result, BTC fell 1.09% on Monday and 1.33% on Tuesday to $105,742 before rebounding during the ongoing session.
The flagship cryptocurrency showed signs of exhaustion after crossing $108,000 on Monday and was rejected from the resistance zone. The resistance sits between $108,000 and $108,300, aligning with the upper level of the current trading range. BTC attempted to push higher, but remained pinned below this level. Analysts suggest the rally is losing momentum, with a bearish divergence forming. If sellers retain control, it could trigger a drop to $100,000. BTC’s latest rejection could have formed a lower high, continuing a bearish structure that emerged over the past couple of weeks.
A bearish divergence occurs when the price pushes higher while the RSI weakens, and is regarded as an early warning sign of buyer exhaustion. The divergence is especially significant if it occurs at or near key resistance levels, suggesting that bullish sentiment is running out of steam. The bearish divergence also indicates that BTC’s recent rally may have been driven by short-term momentum instead of sustained buying interest.
BTC traded in the red the previous weekend, dropping 1.17% on Saturday and plunging below $100,000 on Sunday as selling pressure intensified. The price fell to an intraday low of $98,385 before recovering to reclaim $100,000 and end the weekend at $100,985. Bullish sentiment returned on Monday as BTC rallied, rising over 4% to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price rose 0.66%, crossing the moving averages and $106,000 to settle at $106,137. BTC continued pushing higher on Wednesday, rising 1.19% to cross $107,000 and settle at $107,397. Despite the positive sentiment, BTC lost momentum on Thursday, registering a marginal decline to slip below $107,000 and settle at $106,980.
Source: TradingView
The price recovered over the next two sessions, rising 0.14% on Friday and 0.20% on Saturday to reclaim $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as BTC rose almost 1% to cross $108,000 and settle at $108,350. Selling pressure returned on Monday as markets turned cautious. As a result, BTC fell 1.09% and settled at $107,167. Sellers retained control on Tuesday as the price fell 1.33%, slipping below $106,000 and settling at $105,742. The current session sees BTC up almost 2%, trading around $107,732.
Unless BTC crosses the resistance between $108,000-$108,300, price action will have a bearish bias. Confirmation of the bearish sentiment will see the price drop to $100,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) registered a sharp drop on Tuesday as sellers threatened to drive the price below $2,400. However, the world’s second-largest cryptocurrency stabilized around $2,400 before rebounding during the ongoing session. ETH is up almost 2% during the ongoing session, trading at $2,451. Despite a slow start to the week, ETH is witnessing growing institutional interest. Bit Digital is the latest to join the bandwagon, raising over $162 million to purchase more ETH.
The firm announced the raise on July 1 after underwriters in Bit Digital’s recent public offering exercised their option to purchase an additional 11.25 million shares. Bit Digital issued 86.25 million shares, with net proceeds amounting to $162.9 million after fee deductions and offering expenses. The firm confirmed it intends to use the funds to purchase ETH. Bit Digital began building its Ethereum strategy in 2022 and runs one of the largest Ethereum staking platforms operated by a public entity.
ETH registered a sharp drop on Friday, falling nearly 5%, slipping below $2,500 and the 50-day SMA to $2,406. Sellers retained control on Saturday as the price fell 4.56%, falling below $2,300 and settling at $2,296. ETH plunged to an intraday low of $2,119 on Sunday before recovering to reclaim $2,200 and settle at $2,229. The price rallied on Monday, rising over 8% to cross $2,400 and settle at $2,413. ETH continued pushing higher on Tuesday, rising 1.51% to $2,450, but lost momentum on Wednesday, falling 1.26% to $2,419. The price raced to an intraday high of $2,531 on Thursday as buyers attempted a move past the 20-day SMA. However, it lost momentum after reaching this level and dropped to $2,415, ultimately registering a marginal decline.
Source: TradingView
Despite the selling pressure, ETH recovered over the weekend, rising 0.34% on Friday and 0.57% on Sunday to settle at $2,437. Bullish sentiment intensified on Sunday as the price rose 2.57% and moved to $2,500. However, ETH lost momentum after reaching this level, registering a marginal decline on Monday to settle at $2,486. Selling pressure intensified on Tuesday as the price fell over 3%, settling at $2,407, but not before dropping to a low of $2,389. The current session sees ETH back in positive territory, up nearly 2%, trading around $2,449.
Solana (SOL) Price Analysis
Solana (SOL) is back in positive territory after registering a substantial decline on Tuesday as market sentiment flipped to bearish. SOL faced volatility on Monday, rising to an intraday high of $160 before settling at $154. Selling pressure increased Tuesday as SOL plunged over 5%, slipping below $150 before rebounding during the ongoing session. SOL traders have been optimistic lately, with analysts increasing the odds of a Solana ETF being approved by the United States Securities and Exchange Commission (SEC) this year to 95%. Bloomberg ETF analysts Eric Balchunas and James Seyffart increased the odds for several ETFs in a post on Monday, stating,
“We expect a wave of new ETFs in the second half of 2025.”
The ETF analysts also reported that the REX Osprey Solana Staking ETF will officially launch on Wednesday, becoming the first ETF in the US to allow crypto staking.
SOL registered a sharp drop over the previous weekend, dropping 3.30% on Saturday and 2.67% on Sunday to settle at $131, but not before falling to an intraday low of $126. The price recovered on Monday, surging nearly 10% to reclaim $140 and settle at $144. Buyers retained control on Tuesday as SOL rose almost 1% and settled at $145. However, it lost momentum on Wednesday, falling nearly 2% and settling at $143. The price raced to an intraday high of $147 on Thursday but lost momentum after reaching this level, dropping over 3% to $139.
Source: TradingView
Despite the selling pressure, SOL recovered on Friday, rising over 2% to reclaim $140 and settle at $142. Bullish sentiment intensified on Saturday as the price registered an increase of over 6% to cross the 20-day SMA and settle at $150. SOL continued pushing higher on Sunday, nearly 2% to $153. The price registered an increase of 1.02% on Monday despite facing volatility and selling pressure, and moved to $154. Market sentiment turned bearish on Tuesday as SOL plunged over 5%, slipping below $150 and settling at $147. SOL has recovered during the ongoing session, with the price up over 1%, trading around $148.
Toncoin (TON) Price Analysis
Toncoin (TON) traded in the red the previous weekend, dropping nearly 3% on Saturday and settling at $2.85. It plunged to an intraday low of $2.61 on Sunday but recovered to settle at $2.73, ultimately registering a drop of 4.21%. Sentiment flipped to bullish on Monday, and TON rose over 6% and settled at $2.91. However, it lost momentum on Tuesday, registering a marginal decline and moving to $2.90. Selling pressure intensified on Wednesday as the price fell 2.28% to $2.83. Sellers retained control on Thursday as TON fell almost 1% and settled at $2.81.
Source: TradingView
Despite the overwhelming selling pressure, TON recovered on Friday, rising 1.43% to $2.85. It registered a marginal increase on Saturday before rising over 2% on Sunday to cross $2.90 and settle at $2.91. The price encountered volatility and selling pressure on Monday but registered a marginal increase to end the day in positive territory. However, selling pressure returned on Tuesday as TON plunged over 4% and settled at $2.78. The current session sees the price up over 1%, trading around $2.81. Buyers will look to retain control and push the price above $3.
Ripple (XRP) Price Analysis
Ripple (XRP) has been hovering around $2.20 for the past few weeks, with the price about 15% higher than the lowest July level and 35% higher than its year-to-date low. However, analysts believe XRP is nearing a significant move in July as its triangle pattern nears a confluence. Another catalyst for positive price action is the Teucrium 2x Long Daily XRP ETF, which continues to gain momentum.
XRP dropped nearly 3% on Saturday and plunged to a low of $1.91 as bearish sentiment dominated the previous weekend. Despite overwhelming selling pressure, XRP rebounded from this level to reclaim $2 and settle at $2.02, ultimately registering a drop of over 2%. Bullish sentiment returned on Monday as XRP raced to an intraday high of $2.29 before settling at $2.16 after an increase of almost 7%. Buyers retained control on Tuesday as the price registered a rise of 1.40% to cross the 20-day SMA and settle at $2.19. XRP lost momentum on Wednesday, registering a marginal drop and settling at $2.18.
Source: TradingView
Bearish sentiment intensified on Thursday as XRP fell nearly 4%, slipping below the 20-day SMA and settling at $2.10. However, it recovered on Friday, increasing almost 2% to $2.14. XRP traded in positive territory over the weekend, rising over 2% on Saturday and nearly 1% on Sunday to cross the 20-day SMA and settle at $2.20. The price raced to an intraday high of $2.32 on Monday, starting the week on a bullish note. However, it could not stay at this level and settled at $2.23, ultimately registering a rise of 1.41%. XRP lost momentum on Tuesday after failing to cross the 50-day SMA, dropping nearly 3% to $2.17. The current session sees XRP up almost 1%, trading around $2.18.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) is looking to reclaim $5 but faces selling pressure at upper levels. ICP fell 2.44% on Saturday (June 21) and over 5% on Sunday to settle at $4.54 after dropping to an intraday low of $4.33. It recovered on Monday, surging nearly 10% to cross $4.50 and settle at $4.98. Despite a strong Monday, ICP lost momentum on Tuesday, falling almost 1% to $4.95. Selling pressure intensified on Wednesday as the price fell nearly 3% to $4.82. Buyers retained control on Thursday as ICP dropped almost 2% to $4.73.
Source: TradingView
Despite the overwhelming selling pressure, ICP recovered on Friday, rising almost 1% to $4.77. It continued pushing higher on Saturday, increasing 1.89% to $4.86. Bullish sentiment intensified on Sunday as ICP rose over 4% to reclaim $5 and settle at $5.07. However, it lost momentum on Monday, dropping over 3%, slipping below $5, and settling at $4.91. ICP continued dropping on Tuesday, falling 4.28% to $4.70. The current session sees ICP back in positive territory, up nearly 3%, trading around $4.84.
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: https://cryptodaily.co.uk/2025/07/crypto-price-analysis-7-2-bitcoin-btc-ethereum-eth-solana-sol-toncoin-ton-ripple-xrp-internet-computer-icp