XRP’s Pullback Marks Market Cooldown While Ether Faces Tightening Supply — Hodler’s Digest (July 20–26)
Analysts call XRP’s dip on Thursday a healthy correction, while Galaxy Digital’s CEO says Ether could outperform Bitcoin within the next six months, and other news.
Australian fintech Finder wins court battle over crypto yield product
The Australian Federal Court ruled in favor of fintech company Finder.com, clearing it and its yield-generating product, Finder Earn, in a legal battle with the Australian Securities and Investments Commission (ASIC) that lasted almost three years.
In a Thursday court decision, Justices Stewart, Cheeseman and Meagher confirmed a previous judgment that Finder Wallet and Earn complied with consumer financial laws.
The federal court “confirmed the initial finding that Finder Earn was not a financial product,” Finder said in a Thursday blog post.
BitMine gobbles over $2B in ETH in 16 days amid treasury arms race
Bitcoin mining firm BitMine Immersion Technologies has bought up over $2 billion of Ether in just 16 days, retaking the lead among a flurry of newly formed Ether treasury companies.
BitMine said in a statement on Thursday that in the last 16 days, it had bought up 566,776 Ether, worth over $2.03 billion.
Tom Lee, the managing partner of FundStrat and the chairman of BitMine, said after the latest buying spree, the company is “well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
BitMine’s aggressive buying spree signals a growing interest from institutions in Ethereum.
XRP price drops 19% but analysts say it’s a ‘healthy correction’
XRP price dropped 12.5% on Thursday, declining in tandem with the broader crypto market, which slipped 3% over the 24 hour period to $3.79 trillion.
Despite this correction, analysts are terming this a “healthy pullback,” with double-digit XRP price targets still in play.
XRP’s price dropped as much as 19% to an intra-day low of $2.95 on Thursday from its multiyear high of $3.66, data from Cointelegraph Markets Pro and TradingView shows.
Cascading liquidations and thinning liquidity fueled XRP’s drop as over-leveraged longs got flushed across the board.
Hulk Hogan, Ozzy memecoins soar as tributes roll in over icons’ deaths
Memecoins inspired by the late wrestling legend Hulk Hogan and Black Sabbath rocker Ozzy Osbourne skyrocketed as tributes flooded over the two popular icons’ deaths this week.
Terry Bollea, better known by his wrestling ring name Hulk Hogan, was reportedly pronounced dead in a hospital on Thursday at the age of 71 after medics arrived at his home to answer a call about a possible cardiac arrest.
This comes just days after Ozzy Osbourne, the hard-partying frontman of English rock band Black Sabbath, passed away on Tuesday at the age of 76.
Hogan was the most famous wrestler in the WWF, now WWE, during the 1980s, and had a career that spanned decades both in the ring and across television and film.
Osbourne, often nicknamed the Prince of Darkness, is considered a legend in the music world and is seen as an iconic heavy metal musician. Black Sabbath is estimated to have sold 75 million albums globally.
Ether will ‘knock on $4,000’ and soon outperform Bitcoin: Novogratz
Rapidly growing institutional interest in Ethereum could trigger a supply shock and position Ether to outperform Bitcoin in the next six months, says Galaxy Digital CEO Michael Novogratz.
“There’s not a lot of supply of ETH, and so I think ETH probably has a chance to outperform Bitcoin in the next three to six months,” Novogratz told CNBC on Thursday.
“If ETH takes out $4,000, it goes into price discovery,” he said, referring to a level that represents an approximate 8.5% jump from Ether’s current price of $3,618, according to Nansen.
Most Memorable Quotations
Robert Kiyosaki, author of Rich Dad Poor Dad:
“‘Pigs get fat…. hogs get slaughtered.’ I am buying one more [Bitcoin]…. and get fatter.”
Mena Theodorou, co-founder and head of product and marketing at Coinstash:
“If you’re analytical, follow the patterns, and take an emotionless approach, you’re going to do well in the crypto space.”
Michael Novogratz, CEO of Galaxy Digital:
“There’s not a lot of supply of ETH, and so I think ETH probably has a chance to outperform Bitcoin in the next three to six months.”
Markus Thielen, CEO of 10x Research:
“We believe Ethereum is looking vulnerable in the near term.”
Solomon Tesfaye, chief business officer at Aptos Labs:
“We’re seeing more open dialogue between policymakers and Web3 leaders that is shaping legislation and giving institutions more confidence to commit to longer digital asset roadmaps.”
