The global crypto market cap has decreased by 0.16%, currently hovering around $2.12 trillion, with an FGI of 37 points indicating fear sentiments. The likes of Bitcoin and Ethereum tokens are still testing their respective support levels. BTC, for one, is testing the mark of $60,000, and Ether is testing the mark of $2,350. It is important to stay above the warning lines because any further decline could potentially lead to a bigger downfall.
Ripple has made a significant advancement. It has announced its plans to offer crypto vaults to partner banks, enabling them to store digital assets on behalf of their clients. This indicates the rising adoption of digital assets and the potential for bridging the gap between modern and traditional finance. Furthermore, the FBI is now involved in the inquiry, wherein eighteen entities and individuals were recently charged with deploying a pump and dump scheme wherein they had artificially inflated prices to show the wrong picture and attract investors.
Support Levels for BTC and ETH
Bitcoin tokens are down by 0.22% in the last 24 hours, exchanging hands at $60,673.57. Prices may be down as a result of consecutive net outflows from Spot Bitcoin ETFs. The number stands at $81.1 million as of October 10, 2024, ET, marking the third straight day of net outflows. BlackRock banked an outflow as well. It was worth $10.8 million—the third highest after FBTC and ARKB.
Ethereum tokens have surged by 0.58% during the same time window, listed at $2,405.61. While $2,350 serves as a support level, ETH must maintain its position above $2,400 to prevent significant pressure on the lower mark. Spot Ether ETFs saw a net inflow of $10.1 million on the same day as that of Bitcoin Spot ETFs.
Meme Coins Show a Mixed Trend
Some of the meme coins are up, while some have declined in a single day. Interestingly, the ones to fall are the top two meme tokens: DOGE and SHIB. They have plunged by 0.21% and 1.45%, respectively, for a value of $0.1076 and $0.00001679, applicable in the same order. WIF, however, has jumped by 5.72% to $2.48. The said token is one of the gainers in the segment, which has also reinstated confidence among investors.
PEPE, a frog-themed meme token, has seen several fluctuations. It is currently up by 1.32% under the speculation that it would eventually navigate a way around volatility to sustain those gains.
Other Gainers and Losers
XRP has gained 1.43%. It was anticipated that this would occur, as it has introduced a new service for traditional banks. They would not only be more informed, but they would also have the opportunity to witness the transition firsthand. Furthermore, there is a greater likelihood that Ripple will push for the inclusion of XRP in its ETF.
POPCAT continues to accelerate its exploration of new highs. The token added 6.51% to its value, taking it to $1.26 with the next target of $1.5 in sight.
Conclusion
What remains to be seen is how well the integration of Ripple’s crypto vault with banks plays out. Although it may take time to settle, it will allow more players to enter the market. The FBI investigating the market manipulation case is a sign of relief for those who suffered under the fraudulent scheme.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.
