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Crypto Today: SEC approves MicroStrategy leveraged ETF, Bitcoin, Ether, XRP dip

SEC greenlights Defiance Daily Target 1.75X Long MicroStrategy ETF, which seeks daily leveraged investment returns of 1.75 times the daily percentage change of the stock.

  • Bitcoin, Ethereum and XRP trade under key levels post outflows to Spot BTC ETFs on Wednesday. 
  • Ripple makes a key partnership announcement but fails to catalyze gains in XRP. 

Bitcoin, Ethereum and XRP update

  • Bitcoin trades under $60,000 early on Thursday. Bitcoin Spot Exchange Traded Funds (ETFs) recorded a net outflow on Wednesday. 
  • Per a Nasdaq regulation update, the US Securities & Exchange Commission (SEC) approved Defiance’s Daily Target 1.75X Long Microstrategy ETF MSTR, a leveraged ETF.
  • Ethereum trades under key support at $2,750 on Thursday. 
  • XRP slipped under support at $0.57 while traders digested news of Ripple’s partnership with Japan's financial giant SBI Digital Commodity. 

Chart of the day

AAVE extended gains by nearly 4% on Thursday. The DeFi token could rally nearly 9% to its target of $120, the lower boundary of an imbalance zone in the daily chart. AAVE could face resistance at $111, the 50% Fibonacci retracement level of the decline from the March 13 top of $153.72 to the April 13 low of $70. 

The Moving Average Convergence Divergence (MACD) shows positive underlying momentum in AAVE price trend. 

AAVE/USDT daily chart 

AAVE could find support in the imbalance zone between $100 and $104.18.

Market updates 

  • Bitcoin’s price performance is in line with that of the last two years, seen in August. BTC erased nearly 10% of its value and is likely to extend gains in Q4 if the pattern repeats.
  • Lido announces that users can bridge their staked Ether to Binance Chain and access the ecosystem of DeFi protocols. 
  • The number of weekly borrowers on the AAVE protocol has hit a new all-time high per Dune Analytics data. 

Total weekly borrowers on AAVE 

Industry updates

  • Data shows that 50% of all active addresses in Ethereum Layer 2 are on Coinbase’s Base. 
  • Cronos chain launched its zk chain on the mainnet per official announcement. 
  • Decentralized AI blockchain in web3 raises $43 million in funds from Binance Labs and Polychain. 

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