Bitcoin Slips to $79K as XRP Leads Crypto Market Pullback

Bitcoin declined toward the $79,000 level during Asian trading hours on Wednesday as market participants engaged in profit-taking following a substantial week-long rally that elevated the cryptocurrency by roughly 23%. Major altcoins experienced sharper pullbacks, led by XRP dropping over 4% to around $1.44, Zcash sliding nearly 6% to $783 despite the launch of a U.S. spot ETF, Dogecoin declining 5% below $0.09, and Solana retreating 3% under $97. Ethereum and BNB also recorded moderate daily losses. Despite the short-term pullback across digital assets, underlying market fundamentals and on-chain indicators show robust health. CryptoQuant's Bull Score jumped from 30 to 80 over the week, reaching its highest reading since October 2025, with eight of ten core indicators flashing bullish signals. Furthermore, spot Bitcoin demand is growing at its fastest monthly pace since late December, accompanied by simultaneous expansions in spot and futures demand. Macroeconomic focus is shifting toward upcoming U.S. second-quarter GDP, July PCE inflation figures, and Federal Reserve Chair Kevin Warsh's upcoming Jackson Hole address.