Major Developments Impacting the Crypto Market in July: Bitcoin, Ethereum ETFs, and NFTs
In the world of cryptocurrency, the month of July is shaping up to be a crucial time for major assets like Bitcoin and Ethereum. While all eyes are on the potential launch of spot Ethereum ETFs, there are some equally significant developments on the horizon for Bitcoin and other key assets.
According to a recent report by BeInCrypto, Bitcoin’s price could be heading towards a multi-month low. Currently hovering around $61,150, Bitcoin is showing signs of a bearish trend with a double-top pattern forming on the weekly chart. If the price breaks below the neckline at $61,483, it could potentially drop to $50,982, marking a four-month low for the leading cryptocurrency.
Meanwhile, Arbitrum, the second-largest Layer-2 token behind Polygon (MATIC), is also facing challenges. The price of ARB has dropped by over 60% since early March, forming a head and shoulders pattern that could lead to a new all-time low. However, if ARB manages to bounce back from $0.739, it could aim for $0.929 and potentially surpass $1.00, invalidating the bearish thesis.
On a different note, the once-promising market for non-fungible tokens (NFTs) seems to be losing steam. Trading volume for NFTs has plummeted by 81% over the past three months, with investors turning their attention to alternative investment options like real-world assets and Artificial Intelligence (AI) tokens.
As the crypto market continues to face uncertainty and evolving trends, it will be interesting to see how these developments play out in the coming weeks. Stay tuned for more updates on the crypto market as July unfolds.
