Bitcoin Today 24/07/2025: BTC Holds Strong While XRP and PUMP Crash Due to ETF Delays and Airdrop Postponement
- Why Is Bitcoin Defying the Market Downturn?
- XRP’s 10% Drop: What Went Wrong?
- PUMP Token Tanks 17.8%: Airdrop Hype Backfires
- Market Psychology: Why Are Investors Nervous?
- FAQ: Your Burning Questions Answered
The crypto market saw mixed movements on July 24, 2025, with Bitcoin (BTC) maintaining its strength above $118K despite a broader correction. Meanwhile, XRP plunged 10% following SEC delays on a Bitwise ETF conversion, and PUMP token crashed 17.8% after its team postponed a highly anticipated airdrop. Market dominance for BTC rose to 60.2%, while the total crypto cap dipped to $3.9 trillion. Analysts suggest Bitcoin’s short-term bias remains neutral-bullish, but external factors like regulatory decisions and project-specific news are driving volatility across altcoins.
Why Is Bitcoin Defying the Market Downturn?
While most top cryptocurrencies bled heavily on July 24, bitcoin edged up 0.2% to hold above $118K. Guilherme Prado, Bitget’s Brazil country manager, noted: "Bitcoin’s short-term bias is neutral-bullish. A break above $123K-$124K could trigger a rally toward $129K, but losing $115K may accelerate corrections to $112.5K." The resilience contrasts sharply with altcoins—Dogecoin (DOGE) dropped 7.8%, and only a few tokens like BONK (+3.2%) and IP (+5.2%) saw gains. BTC’s dominance climbing to 60.2% suggests investors are flocking to relative safety amid the turbulence.
XRP’s 10% Drop: What Went Wrong?
The SEC’s sudden delay in approving Bitwise’s XRP-inclusive ETF conversion sent shockwaves. Initially, the SEC’s trading division granted "accelerated approval," only to backtrack hours later. Bloomberg’s ETF expert Eric Balchunas speculated: "They likely want to finalize generic listing standards first—probably by October." This whiplash left XRP holders reeling, with the token sinking below $3.10. Institutional demand, which an ETF would’ve unlocked, now hangs in limbo.
PUMP Token Tanks 17.8%: Airdrop Hype Backfires
Pump.fun’s CEO Alon Cohen dropped a bombshell during a live chat: "No immediate airdrop plans." Despite promising future distributions, the market reacted violently—PUMP nosedived 17.8%. One disgruntled trader with $1M+ volume fumed: "You don’t build a community just to ghost them when rewards are due." Comparisons to OpenSea’s controversial airdrop delay resurfaced, amplifying the sell-off.
Market Psychology: Why Are Investors Nervous?
FxPro’s Alex Kuptsikevich observed a cyclical pattern: "Crypto inflows peak early monthly, then caution sets in." This month-end pullback aligns with technical factors overriding positive equity trends. Meanwhile, the BTCC team notes that Bitcoin’s stability—amid altcoin chaos—reflects its hardening "digital gold" narrative. But with PUMP’s collapse showing how fragile meme-driven projects are, diversification strategies are being tested.
FAQ: Your Burning Questions Answered
What caused XRP’s price drop?
The SEC postponed Bitwise’s ETF conversion, dashing hopes for institutional XRP demand. Conflicting signals about "accelerated approval" worsened the sell-off.
Will PUMP’s airdrop happen eventually?
CEO Alon Cohen insists it’s delayed, not canceled. The team aims to "execute it meaningfully," but no timeline exists yet.
Is Bitcoin a safe haven now?
Its 60.2% dominance suggests so, but analysts warn that losing $115K could trigger deeper corrections.
