The global crypto market cap is down by 0.46%, hovering around $2.17 trillion, with an FGI of 42 points for neutral sentiments. The decline is within an acceptable range, happening amid two crucial developments in the market. One development is that customers of FTX are now gearing up to receive their funds. Creditors are anticipated to receive their funds or tokens within the near future as the now-defunct crypto platform rolls out its dues. Once the holders receive the funds, they will decide whether to retain them or sell them for a profit.
Two, Crypto.com has reportedly sued the US SEC after the regulator sent a legal threat to it. Crypto.com has alleged that the agency was overstepping its boundaries by regulating the jurisdiction of the crypto industry.
BTC and ETH Fluctuate
Bitcoin tokens are down by 0.63%, but Ethereum tokens are up by 0.16% in the last 24 hours. BTC is exchanging hands at $62,303.01 and ETH at $2,443.57. The dip phase could be a chance to accumulate tokens before they surge. Rolling out dues to creditors by FTX can go either way—it can put selling pressure on the market or demonstrate optimism among investors. Selling pressure will further cause both flagship tokens to fall.
BTC’s support level has been defined at $60,000. Falling below that mark could lead to a large decline to $55,000. Similarly, ETH has a support level of $2,400. Anything below this mark could potentially take Ether down to $2,150. It remains to be seen if their respective ETFs show a different picture in terms of net flows.
Meme Coins Trade in Red
Dogecoin and Shiba Inu can be observed reacting fiercely to each trend that arises. For now, both are down by 0.79% and 0.33%, respectively, in the last 24 hours. DOGE is currently trading at $0.1086 and SHIB at $0.00001748. The difference between their market caps has been reduced to less than $6 billion. Shiba Inu is declining at a slower rate than Dogecoin. Trump-themed meme coins are gaining popularity on the market.
They jumped when Elon Musk took center stage with Donald Trump to show his support for the Republican Candidate. All tokens were up by at least 15% after that. They are currently down: MAGA has shed almost 10.87% of its value, and DONALD has plunged by 1.99%. Nevertheless, dips have come after significant rises.
Other Gainers and Losers
BNB has surged by 1.57% to become one of the few gainers in a single day. XRP is slightly up by 0.16%, and SOL has struggled with a dip of 0.30% during the same time window. The demand for Tether’s USDT was significantly higher. It could still be up as Chinese investors continue to flock towards their national stock exchange. Investors abandoned risky digital assets in favor of the traditional market, which yielded better results.
PEPE and WIF are down by 3.39% and 4.19%, applicable in the same order. Their values are $0.000009594 and $2.46, respectively. Both remain one of the most preferred meme coins in the segment, except if Trump-themed tokens make a comeback in the days to come. BabyDoge is up by 12.94% for a value of $0.0000000025, making it one of the few meme coins to have fetched profits.
Conclusion
Ongoing dips are more likely an opportunity to accumulate tokens. Recipients of funds from FTX will play a pivotal role in driving the market for a couple of days. Excessive selling pressure could potentially have a negative impact until the end of this year. This, in turn, could impede forecasts for the cryptocurrency market.
Disclaimer: Values are true at the time of writing this article. Content is not investment advice.