Bitcoin and Ethereum faced a decline on Monday. While Bitcoin reversed its Sunday gains to end below $26,000, Ethereum followed suit, ending its day at $1,630. The uncertain fate of crypto-spot ETFs is attributed to this downturn. This ETF hesitation also puts a dent in Ethereum's prospects for a spot ETF market.
Stellar (XLM) witnessed an increase for two consecutive days, a 4.71% surge on Monday following a 4.53% on Sunday. The significant move seems to have been sparked by a cryptic tweet alluding to a forthcoming announcement in 10 days, though no details were shared.
Crypto exchange, Bybit, introduced XRP/EUR to its spot trading platform, likely in response to Judge Torres' decision on programmatic sales. This favorable judgment has led to a renewed interest in XRP, resulting in numerous new listings.
Binance is undergoing a noticeable corporate reshuffling as Mayur Kamat, its global head of product, steps down. This departure is amidst growing concerns surrounding the SEC vs. Binance case. In contrast, Elon Musk once again made headlines with Dogecoin, even temporarily adopting its logo on his Twitter profile, though the impact on DOGE's market performance remained modest.
Bitcoin's chart shows bearish indications, remaining under the crucial 200-day and 50-day EMAs. Ethereum, while hovering near the $1,626 mark, could face selling pressures if it doesn't bounce back to $1,650 soon. Both cryptos, based on their 14-Daily RSI, haven't entered oversold territory, suggesting potential further drops.
In the world of trading, the Forex market often responds to significant events in the cryptocurrency realm. This interplay is due to many Forex traders dabbling in both arenas, causing sentiments and strategies to spill over. With crypto movements like the current bearish turn of Bitcoin and Ethereum, Forex traders might adjust their currency positions, anticipating potential domino effects. Moreover, platforms that offer both Forex and crypto trading will undoubtedly see shifts in trading volume, affecting liquidity. Lastly, as regulatory bodies such as the SEC get involved with crypto companies, their rulings could indirectly sway Forex market dynamics.