Bitcoin continues to trade near its all-time high ($123,108) as market participants await the Federal Reserve’s decision on interest rate cuts, scheduled for July 30th. While US President Donald Trump has pressured Fed Chair Jerome Powell to cut the rates, analysts are pessimistic, predicting that the rates are likely to remain unchanged.
Although crypto investors have focused more on the Fed’s upcoming decision, several other developments have happened in the past seven days, including:
Finder Emerges Victorious in Legal Battle Against Australian Authority
On Friday, an Australian Court dismissed legal charges brought against fintech firm Finder by the Australian Securities and Investments Commission (ASIC). In 2022, the ASIC accused Finder of offering its crypto-yielding product “Finder Earn” without registering it with the authority. However, the court ruled that Finder offered its product while adhering to consumer financial rules and did not need to register with ASIC since it wasn’t a financial product.
BitMine Purchases ETH Worth $2B in Two Weeks
Crypto mining company BitMine has become one of the largest institutional Ethereum holders after buying ETH worth $2 billion in just two weeks. In a statement, the firm said it acquired 566,774 Ethereum between July 11th and 25th. BitMine chairman Tom Lee has previously revealed their intentions to purchase at least 5% of Ethereum’s total supply in the next few years.
XRP’s Latest Price Correction Is Healthy, Claim Analysts
XRP has declined 9% over the past five days after peaking at $3.66 on Thursday. Despite the significant drop, analysts at CoinTelegraph have argued that this is a healthy price correction, which could give room for the coin to rally further in the coming days.
XRP is witnessing increased selling pressure at higher prices as short-term traders take profits. Furthermore, liquidations on long positions have pulled the coin’s price lower. Nonetheless, analysts expect the coin to hit $4 when bearish momentum weakens and the bulls start a new uptrend.
Ozzy and Hulk Hogan Meme Coins Rally as Fans Pay Tributes to the Two Icons
Following the deaths of Black Sabbath rocker Ozzy Osbourne and wrestling legend Hulk Hogan last Tuesday and Thursday, respectively, meme coins inspired by the two icons were created as fans across the world poured their tributes.
The OZZY and HULK HOGAN tokens, launched on Solana via PumpFun, saw their prices rise by over 500% within a few hours of their launch. However, data from Dexscreener shows that the value of the two meme coins has plunged to nearly zero as of this writing.
Galaxy Digital CEO Says Ethereum Could Outperform Bitcoin Soon
Increased institutional demand for Ethereum is likely to cause a supply shock, enabling Ethereum to outperform BTC in the coming months, claims Galaxy Digital boss Michael Novogratz.
While speaking to a journalist from CNBC, Novogratz claimed that rising institutional ETH purchases could help the coin hit $4,000 in August and then enter price discovery within the next three months.
Trump’s Son “Agrees” Ethereum’s Price Should be $8,000 as Global M2 Money Rises
Eric Trump, the son of the US President, has agreed with analysts on X who predict a price rally to $8,000 as the M2 index suggests rising global liquidity, which reached a new all-time high of $95.57 trillion last Friday.
When M2 rises, it shows an increase in funds circulating in the global economy. The surplus liquidity usually leads to more capital being poured into risky assets, such as gold and stocks.
Winners and Losses
Several top-100 cryptocurrencies have posted gains over the past seven days. The notable gainers include Ethena, up 47%; Conflux, which has surged 42%; and Pudgy Penguins, which becomes the third-largest gainer, following a 7-day rally of 35.2%. On the other hand, PumpFun’s recently launched token, PUMP, leads the losers with a 41.5% loss, followed by Aptos and Sonic, which have dropped by 13% and 12.6%, respectively.
