Following the Federal Reserve’s July 31 decision to leave interest rates unchanged, a number of cryptocurrencies saw drastic losses. Among them was SPX6900 ( SPX ), BlackRock’s third-largest holding sitting behind only Bitcoin ( BTC ) and Ethereum ( ETH ). Namely, the meme coin plunged by 17.44% within 24 hours of the announcement, a few days after being declared the best-performing coin in the past three months. At press time, SPX which was likely transferred to the BlackRock account was trading at $1.64, with a market cap of around $1.54 billion and a daily trading volume of approximately $129.1 million. Crypto market performance. Source: CoinMarketCap Why is SPX down? The recent pullback follows a staggering 204% rally over the past 90 days, making the coin especially vulnerable to correction pressure. Technical signals turned decisively bearish on August 1, with SPX6900 breaking below a rising wedge formation, which suggests a trend reversal. Widened Bollinger Bands ( BB ) likewise accompanied the breakdown, with the price slipping below the middle band. In the meantime, the moving average convergence divergence ( MACD ) histogram flipped into negative territory for the first time since mid-July. As mentioned, the SPX situation is not isolated. The crypto markets bled $150 billion in total in the wake of new tariff discussions, its market cap falling from $3.89 trillion to $3.74 trillion. Crypto market cap. Source: CoinMarketCap Altcoins, however, suffered the most. Indeed, the Altcoin Season Index dropped sharply to 34, and SPX’s 30-day correlation with BTC rose to 0.82. Featured image via Shutterstock The post This BlackRock crypto is the biggest market loser among top 100 coins appeared first on Finbold .

2025-08-01 17:11

Just last week, President Donald Trump voiced his optimism that the Federal Reserve would soon start cutting interest rates after a private meeting with Chair Jerome Powell. However, upon the central bank’s decision to leave interest rates unchanged, things took a drastic turn on Thursday, July 31. Namely, the Federal Reserve kept its benchmark rate at 4.25–4.5%, citing the need for more economic data before making any cuts. The crypto market reacted negatively following the news, with over $150 billion in market value wiped out in a day, falling from $3.89 trillion to $3.74 trillion. Crypto market cap. Source: CoinMarketCap Cryptocurrencies see multi-week lows In the aftermath, Bitcoin ( BTC ) dropped as low as $114,400, its lowest price in three weeks, while Ethereum ( ETH ) dropped 4.94% to $3,628. Something similar happened in April, when Trump announced his first tariff increases. At the time, Bitcoin plunged to a five-month low within days of the announcement, while the market wiped out nearly $500 billion. Altcoins took an even bigger hit. XRP, for instance, dropped by 7.38% , while SPX6900 ( SPX ) plunged by no less than 17.44%, just days after becoming the best-performing coin in the past 90 days. Looking ahead, traders on Polymarket , a crypto-oriented prediction platform, bet that there’s almost a 60% chance we’ll see zero to one Fed rate cuts by the end of 2025. Fed rate cuts predictions. Source: Polymarket The change in market sentiment likely reflects rising inflation worries and renewed trade war issues. Since the global crypto market capitalization has declined by 3.82% to $3.74 trillion since the Federal Reserve’s announcement, many are left wondering how things are going to play out for digital assets. Featured image via Shutterstock The post Crypto market wipes out $150 billion in a day amid new tariffs appeared first on Finbold .

2025-08-01 15:29

XRP price plunged below the critical $3 threshold early Friday as the broader cryptocurrency market reacted sharply to U.S. President Donald Trump’s newly imposed tariffs on multiple countries, sparking fears of escalating global economic tensions. The sell-off, which also rattled equities, combined macroeconomic uncertainty with profit-taking after XRP’s recent highs. In particular, the token fell from an intraday peak of $3.16 to a low of $2.92, wiping out more than $13 billion in market value as its capitalization dropped from $186.6 billion to $173.3 billion in just hours. XRP market cap. Source: CoinMarketCap The breach of the $3 mark was a technically significant event. Psychological levels like $3 tend to act as magnets for liquidity. Once broken, they can accelerate momentum-driven selling, especially in a macro-driven sell-off like this. 24 hour volume ($8.1 billion up nearly 24%) shows that the sell-off wasn’t a quiet drift, it was high-volume, panic-driven trading, confirming real conviction behind the move. Ripple institutional developments Still, the bearish pressure comes against the backdrop of major institutional developments. As reported earlier this today, BlackRock’s Director of Digital Assets, Maxwell Stein, is set to speak at Ripple’s SWELL 2025 conference in London, fueling speculation that the asset manager could explore an XRP exchange-traded fund ( ETF ) in the future. This institutional interest has some traders seeing the current pullback as a potential buying opportunity if Ripple’s regulatory and partnership milestones continue to align. For now, the key question is whether XRP can reclaim the $3 level and stabilize ahead of Ripple’s upcoming token unlock and the October SWELL event, which could act as catalysts for renewed bullish momentum. The post XRP plunges below $3 erasing billions overnight appeared first on Finbold .

2025-08-01 12:45

Ripple’s flagship SWELL 2025 conference , scheduled for October 22–23 in London, is shaping up to be one of the most closely watched events in institutional crypto. Among the most notable additions to the speaker lineup is Maxwell Stein, Director of Digital Assets at BlackRock , whose participation has sparked renewed speculation about the asset manager’s potential plans for XRP . Stein’s presence has been interpreted by many in the XRP community as more than symbolic. Crypto influencer Crypto Eri was quick to urge followers to “connect the dots,” highlighting the timing of BlackRock’s involvement alongside Ripple’s pursuit of U.S. Trust Bank status, a milestone that could integrate XRP into Federal Reserve infrastructure for institutional payments. While no XRP exchange-traded fund ( ETF ) has been announced, BlackRock’s previous success with Bitcoin and Ethereum ETFs makes the idea of an XRP ETF plausible. Some industry observers believe that if Ripple secures full legal clarity and the regulatory landscape stabilizes, BlackRock could revisit the concept of an XRP ETF. The inclusion of Stein also validates Ripple’s positioning as an institutional-ready payments network as the company continues to bridge blockchain technology with traditional finance. Ripple’s momentum has been further bolstered by its recent legal win with the rejection of a Securities and Exchange Commission motion, reaffirming XRP’s regulatory standing. Large players set to attend Ripple SWELL 2025 Beyond BlackRock, the SWELL 2025 lineup will feature major financial leaders such as Ryan Rugg of Citi, who serves as Global Head of Digital Assets for Treasury and Trade Solutions. Citi has been exploring blockchain-based settlement solutions aligned with Ripple’s technology. Sandy Kaul of Franklin Templeton, known for her expertise in tokenization and institutional adoption, will also take the stage. Elsewhere, Carolyn Weinberg, Chief Product and Innovation Officer at BNY Mellon, represents a custodian leading in secure digital asset storage. Finally, Cynthia Lo Bessette, who heads Fidelity Digital Asset Management, adds the perspective of one of crypto’s earliest institutional backers. For now, the spotlight remains on London this October, where the discussions at SWELL could provide the clearest signals yet about Ripple’s institutional roadmap and whether an XRP ETF may move from speculation to reality. The post BlackRock Director to speak at Ripple event fueling XRP ETF speculation appeared first on Finbold .

2025-08-01 11:41