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.
Halfway through August, #Bitcoin is down roughly 10% -- in line with the previous two years.
— Jelle (@CryptoJelleNL) August 15, 2024
September tends to be a rough month as well, with price generally losing ±5%.
Q4 is a completely different story though, with major gains on the seasonal menu.
Survive until then. pic.twitter.com/Lhyth3ihwh
Halfway through August, #Bitcoin is down roughly 10% -- in line with the previous two years.
— Jelle (@CryptoJelleNL) August 15, 2024
September tends to be a rough month as well, with price generally losing ±5%.
Q4 is a completely different story though, with major gains on the seasonal menu.
Survive until then. pic.twitter.com/Lhyth3ihwh
- Lido announces that users can bridge their staked Ether to Binance Chain and access the ecosystem of DeFi protocols.
Hey there, @BNBChain
— Lido (@LidoFinance) August 15, 2024
You can now bridge your staked ETH to BNB Chain in just a few clicks and access a flourishing ecosystem with hundreds of DeFi protocols.https://t.co/QJROjrJgqy
Get started here pic.twitter.com/iJ7eh1UMHe
Hey there, @BNBChain
— Lido (@LidoFinance) August 15, 2024
You can now bridge your staked ETH to BNB Chain in just a few clicks and access a flourishing ecosystem with hundreds of DeFi protocols.https://t.co/QJROjrJgqy
Get started here pic.twitter.com/iJ7eh1UMHe
- 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.
50% of all L2 active addresses call @Base home
— Milk Road (@MilkRoadDaily) August 15, 2024
The fastest growing L2 ever pic.twitter.com/c8vnSZSWVW
50% of all L2 active addresses call @Base home
— Milk Road (@MilkRoadDaily) August 15, 2024
The fastest growing L2 ever pic.twitter.com/c8vnSZSWVW
- Cronos chain launched its zk chain on the mainnet per official announcement.
Let's go! @cronos_chain just launched its ZK Chain to alpha mainnet.
— ZKsync (∎, ∆) (@zksync) August 15, 2024
Cronos zkEVM is the first ZK Chain after Era, kicking off the Elastic Chain vision: an ever-expanding network of ZK rollups, secured by math and natively interoperable under a uniform, intuitive UX.
Cronos… https://t.co/ONtdb1bF0n
Let's go! @cronos_chain just launched its ZK Chain to alpha mainnet.
— ZKsync (∎, ∆) (@zksync) August 15, 2024
Cronos zkEVM is the first ZK Chain after Era, kicking off the Elastic Chain vision: an ever-expanding network of ZK rollups, secured by math and natively interoperable under a uniform, intuitive UX.
Cronos… https://t.co/ONtdb1bF0n
- Decentralized AI blockchain in web3 raises $43 million in funds from Binance Labs and Polychain.
Sahara AI raised $43M to build a collaborative AI economy!
— Sahara AI (@SaharaLabsAI) August 14, 2024
Co-led by @PanteraCapital, @BinanceLabs, and @polychain, this funding brings us closer to a future of open, equitable, and secure AI through our decentralized AI blockchain platform.
We also saw participation from… pic.twitter.com/f67Vi0nDey
Sahara AI raised $43M to build a collaborative AI economy!
— Sahara AI (@SaharaLabsAI) August 14, 2024
Co-led by @PanteraCapital, @BinanceLabs, and @polychain, this funding brings us closer to a future of open, equitable, and secure AI through our decentralized AI blockchain platform.
We also saw participation from… pic.twitter.com/f67Vi0nDey
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