The crypto market started this morning with a decline. Before surpassing $67,000 yesterday, BTC typically traded at $66,000 during the day. Nevertheless, Bitcoin fell to $63,800 after seeing a precipitous decrease overnight. While the cause of the decline in Bitcoin remains unclear, outflows from spot Ethereum ETFs appear to be the cause of the decline in Ethereum and other cryptocurrencies.

Despite the recent launch of the ETH ETF, Ethereum (ETH) is down 7.6% to $3,100 today, while Fantom (FTM) is down 8% and PEPE is down 5%. Avalanche (AVAX) drops 4.8% and BNB falls 3.6%, indicating the overall bearish trend on altcoins.

ETH ETF Fails To Impress: Ethereum (ETH) Plunges By 8%

The price of ETH is responding to the ETH ETF as Grayscale’s ETHE saw a net outflow of more than $810 million, according to SoSoValue data. These withdrawals are comparable to those that occurred in the first few weeks following the approval of spot Bitcoin ETFs, which occurred in Grayscale’s other sizable fund, GBTC. The price of Bitcoin also overreacted in the initial weeks.

As a result, the ETH ETF’s downward trend is to blame for the most recent 8% drop in the price of ETH. The majority of ETH ETFs were still in the green on Wednesday, except for the Grayscale ETF.

Numerous long positions were liquidated as a result of these declines. Data from Coinglass shows that on the previous day, $292 million worth of leveraged transactions were liquidated. Of these, $33 million were in short positions and $259 million were in long positions.

 

Fantom (FTM) Price Outlook: FTM Stays Above 23.6% Fibonacci level

As of the time of writing, Fantom (FTM) continues to stay above the 23.6% Fibonacci level. If it can stay above this level, the optimism for the token’s rise may remain alive in the market. Despite the existing potential for a rise, the Awesome Oscillator (AO) continues to depict a negative scenario.

The negative outlook of the AO could potentially harm the price. Fantom (FTM) is currently trading at $0.44 with a 10% intraday decline. The altcoin is also experiencing a 10% decline in the market cap.

Though there is a 22% increase in the daily trading volume, the Fantom (FTM) price continues the downtrend amid the broader market correction. As the bears have gained strength, the negative momentum further pulls down the Fantom (FTM) price.

What Is Happening With PEPE: Horizontal Channel Breaks

A horizontal channel is created when selling and buying pressures are almost equal and the price cannot exhibit a significant trend in either direction. This channel’s lower line forms support, and its upper line forms resistance. Since initiating a trend in this channel on July 15, PEPE has faced resistance at the $0.000012 level and found support at the $0.000011 level.

On-chain data indicates that market participants’ demand for PEPE has significantly decreased. Over the previous seven days, IntoTheBlock data shows a 41% decrease in daily active addresses. The daily count of new addresses generated for trading PEPE fell by 43% over the same time frame.

Additionally, as the token traded sideways, PEPE whales reduced their risks. This is also reflected in the decrease in large transactions involving PEPE. Moreover, the PEPE price has shown a decline of 5% amid the market correction. Analysts anticipate a further decrease.

 

DTX Exchange (DTX) Defies Market Downtrends: Soars Past $1.2 M

The hybrid trading platform, DTX Exchange, has been defying the market trends emerging as an invincible force in the DeFi space. DTX token, trading at $0.04, has successfully raised over $1.2 Million. Market experts suggest that the platform is geared up for exponential gains with its innovative features.

Distributed liquidity pools, non-custodial wallets, profit shares, and trading bonuses are some of the features that are a testament to DTX’s community-centric approach. The platform has generated a buzz in the DeFi space with no KYC (Know Your Customers) requirements. Investors view DTX tokens as a key to success and exponential gains in the future.

 

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