fxs_header_sponsor_anchor

Crypto Today: BlackRock Bitcoin ETF investors hold steady despite BTC decline, XRP climbs above $0.50

|ByEkta Mourya

  • Bitcoin ETF IBIT’s investors held steady even as the investment product suffered a steep correction over the last days. 
  • XRP made a comeback above $0.50, a key psychological level for the altcoin.
  • Ronin Network bridge that secures $850 million is paused for investigation of a potential 4,000 Ether MEV exploit reported by white hat hackers. 

Bitcoin, Ethereum, XRP updates 

  • Bitcoin rallied past $55,000 after a temporary decline under the $50,000 level on Monday. XRP made a comeback above $0.50 on Tuesday, and most cryptocurrencies ranked in the top 30 by market capitalization recovered from the corrections. 
  • Ethereum hovers around the $2,500 level, a key support for the altcoin. Vitalik Buterin, Ethereum co-founder, commented on cross-chain Layer 2 interoperability problems and how the user experience across the entire Ether ecosystem has emerged smoother, including Layer 1 chains, rollups, validiums and sidechains. 
  • Ripple lawsuit is the top market mover for XRP. Traders keep eyes peeled for final ruling in Securities & Exchange Commission (SEC) lawsuit. XRP makes a comeback above $0.50 early on Tuesday. 

Chart of the day

SHIB/USDT daily chart

Shiba Inu (SHIB) is currently in a downward trend that started on March 5, 2024, at its local top of $0.00004567. SHIB is in the “oversold” zone, per the momentum indicator Relative Strength Index (RSI), which reads 27.79. RSI generates a buy signal for the asset. Sidelined traders could buy SHIB while the asset is in this zone. 

SHIB is likely to extend gains by over 35% and target the Fair Value Gap (FVG) between $0.00001819 and $0.00001847 as seen in the SHIB/USDT daily chart. SHIB could find support at the August 5 low of $0.00001078.

Market updates

  • US financial regulator, the SEC, pushes back against Coinbase’s subpoena requests and labels them as “blatant impropriety.”
  • Concentrated liquidity pools of Uni3-style could not keep up with the losses, while automated market maker Curve’s liquidity in crypto pools was automatically managed.
  • Vitalik Buterin of Ethereum praises Arbitrum and Optimism for being the first full-EVM rollups to reach stage 1 of scaling the chain.
  • Eric Balchunas of Bloomberg noted how BlackRock Bitcoin ETF (IBIT)’s investors did not pull out capital despite the steep correction in Bitcoin. 

Industry updates

  • Kiln, a protocol staking platform launched a DeFi service for stablecoin rewards, Kiln DeFi. Traders can re-stake their Ether and digital assets to generate an additional yield. 
  • South Korean crypto market maker is set to face a $59.6 million “Scam Coin” case, per a report from local news imaeil.com. 
  • Ripple calls security researchers to help identify potential vulnerabilities in the blockchain codebase and earn rewards through the RippleX Bug Bounty Program. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

RELATED CONTENT

Loading ...

Copyright © 2024 FOREXSTREET S.L., All rights reserved.