Bitcoin Bulls Have Work to Do After XRP Price Spikes 104% - Latest Crypto News on Reddit, Optimism, Shiba, Skale, Req, and Terra Luna.
Bitcoin bulls ‘have work to do’ after XRP price spikes 104%

On July 14, Bitcoin (BTC) saw a classic short squeeze that drove the price up to new yearly highs and caused it to consolidate around $31,000. This surge in the crypto market has generated a lot of optimism among investors, and discussions on Reddit and other platforms have been focusing on the latest developments in the Shiba, Skale, and Terra Luna networks, as well as the features of Web 3.0.

BTC liquidates $50 million shorts in new squeeze

Data from Cointelegraph Markets Pro and TradingView revealed that BTC price movements were reverting to a stable level after its recent surge.

Bitcoin had already been expected to move higher when a US judge ruled that altcoin XRP (XRP) was not a security. This decision was seen as a setback for the Securities and Exchange Commission (SEC), which had been attempting to classify a number of altcoins as securities.

XRP/USD jumped by more than 100%, briefly reaching the $1 mark before settling back around the $0.80 mark at the time of writing. Such levels had not been seen since April 2022.

Bitcoin’s reaction was less dramatic, but it still managed to liquidate $50 million of shorts, according to CoinGlass.

Cointelegraph reported that bears might still gain the upper hand during the upcoming weekly options expiry, but traders were cautiously optimistic for the time being.

“Bitcoin failed to breakout overnight and could be falling back into the range here,” popular trader Jelle wrote in his latest social media update.

Crypto Tony was disappointed that Bitcoin had not yet broken out from its long-standing trading range. He tweeted, “Rejecting from the range high so no entry for us to just yet on Bitcoin .. Waiting for a solid flip before we get into this,” adding that he “would be disappointed if BTC doesn’t flip.”

The, shiba crypto, skale crypto, req crypto, and terra luna crypto communities have all expressed optimism about the latest developments in the AI and web 3.0 space.

Altcoins now due “mega-run”

This news comes as XRP experiences a resurgence, causing Bitcoin’s market cap dominance to dip below 50%, a one-month low.

Prior to this, traders had been hoping that Bitcoin’s dominance would decrease, allowing altcoins to benefit from the crypto bull market.

“Good things come to those who wait,” commented trader Moustache, predicting that the altcoin boom is still to come.

The features of Web 3.0, such as Shiba Inu, Skale, and Terra Luna, have further increased optimism for the crypto space.

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