Markets consolidate, and Franklin Templeton also files for XRP ETF
CRYPTOCURRENCY markets are showing signs of stabilising following weeks of volatility. Bitcoin (BTC) has risen by 1% in the past 24 hours, while Ethereum (ETH) trades sideways.
Among altcoins, Avalanche (AVAX) and Fantom (FTM) have posted notable gains of over 6%.
The improved sentiment comes on the back of positive US Consumer Price Index (CPI) data, which showed inflation easing slightly year-over-year. The Fear and Greed Index moves out of "Extreme Fear" into "Fear," possibly indicating a gradual return of investor confidence.
In the regulatory space, reports suggest that Franklin Templeton has applied for an XRP exchange-traded fund (ETF), joining a growing list of institutions seeking crypto ETF approval.
The Securities and Exchange Commission (SEC) is also set to decide on applications for Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE) ETFs, with a deadline set for October.
While cautious optimism is emerging, market participants remain attentive to macroeconomic developments and regulatory updates that could influence price action in the coming weeks.
In the markets
🌍 Total crypto market cap ⬆️
The global cryptocurrency market capitalisation is currently approximately $2.69 trillion, showing a 0.5% increase over the past 24 hours.
🟠 Bitcoin (BTC) ⬆️
- Price: Currently trading at $83,296 reflecting a 1.1% increase in the last 24 hours.
- Daily high: $84,251
- Daily low: $80,833
💎 Ethereum (ETH) ➡️
- Price: Currently trading at $1,885, reflecting a 0.00% increase in the last 24 hours.
- Daily high: $1934
- Daily low: $1,841
📈 S&P 500 ⬆️
The S&P 500 index is currently up by 0.49% from the previous close.
😬 Fear & Greed Index
The Crypto Fear & Greed Index is currently at 21, signalling Fear among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for Bitcoin is at 41, indicating that the asset is bordering on being oversold.
Post Script…
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
