Crypto market remains rangebound as Bitcoin rally remains trapped below $40K resistance

01 Jul 2021

???? BTC | $34,794 (-1,222, -3.4%)

???? ETH | $2,246 (+69, +3.2%)

???? XRP | $0.69 (-0.02, -2.5%)

???? LTC | $142 (-3, -2.2%)

In line with rising Bitcoin Dominance (Bitcoin market cap vs altcoin market cap ratio), Bitcoin made smaller losses than most other large-cap altcoins in June (-3%). Ethereum (-18%), Litecoin (-22%), and XRP (-31%) have all dropped sharply, with the entire crypto market still about $1.1T adrift of its size in early-May.

Institutional demand for Bitcoin appears to be at a lull, with Bitcoin prices traditionally seeing lacklustre price action during such periods. However, several crypto exchanges (e.g. Deribit, OKex) are not seeing mass exoduses or liquidations, but are continuing to field onboarding interest from institutions.

TP ICAP is due to launch a trading platform (with custody services) for institutional clients with Fidelity Digital, Flow Traders, and Standard Chartered’s Zodia Custody. Institutional clients are still largely shut out of the crypto market due questions over funding and custody.