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Crypto Today: Bitcoin, Ethereum lag, XRP back above $0.56 with major announcements in Korea, Japan

  • Bitcoin trades at $59,000, Ethereum hovers around $2,500, both note a slight decline in price on Tuesday. 
  • XRP tests $0.57 resistance, adds more than 0.5% to its value on the day. 
  • Ripple announces AI and metaverse partnership, a sidechain on the XRP Ledger, and adds Korean university to Blockchain Research Initiative. 

Bitcoin, Ethereum and XRP updates

  • Bitcoin trades at around $59,000 early on Tuesday. At the time of writing, the largest crypto asset by market capitalization noted a slight correction of 0.17% on the day. Bitcoin hash rate has hit a new all-time high, per Bitcoin Magazine data.
  • Bitcoin network hash rate hit 746 exahashes per second (EH/s) on Tuesday, even as BTC trades under $60,000. A spike in hash rate reflects that there is an increase in computational resources spent on processing transactions and mining new BTC. 

Bitcoin hash rate

  • Ethereum trades just above $2,500 at the time of writing. Data from crypto intelligence tracker Artemis shows Ethereum’s daily revenue dropped on Sunday to its lowest level in 2024, down over 90% year-to-date. 

Ethereum network revenue 

  • XRP hit a high of $0.5724 on Tuesday and trades at $0.5690 at the time of writing. The cross-border payment remittance firm, Ripple, made several key announcements in Japan and Korea. 

Chart of the day

WIF/USDT daily chart

Dogwifhat (WIF) is a leading dog-based meme coin. WIF trades at $1.591 at the time of writing and noted a nearly 3% increase in price on Tuesday. WIF could extend gains by 26% and hit its $2 target. 

The WIF/USDT daily chart shows an “inverted W” formation, with two distinct peaks and troughs between August 6 and September 1. The pattern helps identify key support at $1.380 and resistance at $2. 

In its rally towards the $2 target, WIF faces resistance at $1.764. A daily candlestick close below $1.380 could invalidate the bullish thesis. In that case, WIF could sweep its August 5 low of $1.070. 

Market updates 

  • DeFi project launches SkyAAVE initiative. The project’s proposal includes integration of Stable USD (USDS) and staked USDS (sUSDS) on the Aave V3 market, with native token rewards, SPK token airdrop for market suppliers, and liquidity injection into staked Ether market. 
  • Arbitrum announces elections for the Security Council, six months have passed since the last round. Drops details on how to participate in the cohort. 
  • DYDX is scheduled to unlock 1.55 million tokens worth $1.32 million on Tuesday. This represents 0.68% of the token’s supply, per TokenUnlocks data.

Industry updates

  • Ethereum Layer 2 project Scroll released a video teasing a token issuance and airdrop for the community. 
  • Prism launched PRISM Explorer today, the first AI-driven data intelligence platform to explore data and insights on the Solana ledger, with the help of AI agents. 
  • TON accelerator announced a $2.5 million incubator program to support five projects in the TON ecosystem. 

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