Leading cryptocurrencies like Bitcoin, XRP, and Solana are waiting for a major catalyst to push them upward, but they might not see one for now.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
The cryptocurrency market faced a sudden wave of selloffs as July started, ending the accumulation spree that came after June 22.
The global crypto market capitalization fell 0.15% in 24 hours to $3.29 trillion, according to CoinMarketCap data. Bitcoin BTC $109 215 24h volatility: 3.2% Market cap: $2.17 T Vol. 24h: $34.47 B continued its consolidation around the $107,000 mark.
XRP XRP $2.26 24h volatility: 4.2% Market cap: $133.24 B Vol. 24h: $3.51 B and Solana SOL $153.2 24h volatility: 4.8% Market cap: $81.90 B Vol. 24h: $4.40 B declined 1.4% and 1.1% over the past day. XRP is trading at $2.19, and SOL price is hovering close to $150.
CoinMarketCap data shows that the total crypto trading volume also declined 3%, falling below the $100 billion zone. The drop in trading volume suggests that the selling pressure hasn’t increased; instead, investors and traders are playing the waiting game.
The fear and greed index fell from 50 to 46, showing a mild increase in bearish sentiment, but it is still hovering in the neutral zone.
Right now, everyone is looking for the ultimate catalyst that could trigger a stronger bull run. But the macro and micro indicators could hint at a delay before rising again.
For instance, the US M2 money supply reached a new all-time high of $21.94 trillion today.
💥BREAKING:
US M2 MONEY SUPPLY HITS A NEW ALL-TIME HIGH OF $21.94 TRILLION. pic.twitter.com/KCzvYjqtwI
— Crypto Rover (@rovercrc) July 2, 2025
This could suggest the potential rise of inflation, which is still not fully under control, again.
Despite a sharp fall from 5.3% in May 2023 to 2.8% in May this year, the US Consumer Price Index is still a big puzzle for the US Federal Reserve to fix.
Raphael Bostic, the president of the Atlanta Fed, says it’s highly unlikely that the interest rates would see a cut at the July 29-30 FOMC meeting due to the new tariff regime in the US.
Bitcoin also saw a decline in demand as June came to an end, which would consequently put pressure on the asset. Spot BTC ETFs in the US also saw a net outflow of $342.2 million on July 1 for the first time since June 6.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
