Cryptocurrency Market Declines After Positive U.S. Economic Data; Dogecoin and XRP Gain Ground
- Shams Ul Zoha
- July 19, 2023
- 12:20 pm
WHAT YOU SHOULD KNOW
- The release of positive U.S. economic data confirming sustained growth led to a decline in major cryptocurrencies like Bitcoin and Ethereum on Tuesday evening.
- The U.S. retail sales “control group” data showed a more positive picture of consumer spending, exceeding expectations with a 0.6% increase in June.
- Analysts Edward Moya and Michael Van de Poppe offer insights into Bitcoin’s market situation and Dogecoin’s potential rally, while former Goldman Sachs executive Raoul Pal discusses the potential impact of a spot BTC ETF approval on the crypto market.
On Tuesday evening, major cryptocurrencies experienced a decline following the release of positive economic data confirming sustained growth in the U.S. economy. Bitcoin and Ethereum saw slight drops of -0.36% and -0.20%, respectively, while Dogecoin faced a more significant decline of -1.19%. The retail sales report from the US Census Bureau initially appeared weak, with a 0.2% increase in June compared to the forecasted 0.5% and May’s 0.5%. However, a closer look revealed a positive picture as the retail sales “control group” actually increased by 0.6% in June, surpassing expectations.
In the 24-hour timeframe, XRP emerged as the top gainer with a 6.98% increase, followed by BitDAO at +6.59% and Stellar at +4.84%. Despite the decline in the crypto market, the global crypto market capitalization stood at $1.21 trillion at the time of writing, a decrease of 0.34% over the last day. On the other hand, US stocks displayed positive momentum as traders reacted to strong corporate earnings results, with the Nasdaq Composite rising by 0.76% and the S&P 500 gaining 0.71%.
Cryptocurrency analysts noted that Bitcoin continues to waver, possibly falling below the $30,000 level, with institutional money remaining dormant and retail struggling amidst the current macro backdrop. Michael Van de Poppe highlighted the resemblance between Dogecoin’s market structure and XRP’s price action before its recent surge, suggesting that Dogecoin could potentially experience a rally of up to 157% if it follows a similar trajectory. Meanwhile, Raoul Pal, a former Goldman Sachs executive, discussed how the approval of a spot BTC ETF could align with a bullish crypto market, resulting in significant returns.
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