- Bitcoin rallied above $60,000 on Friday, reflecting a market-wide recovery in crypto.
- Ethereum makes steady progress towards the $3,000 resistance level, while XRP erases recent gains.
- Meme coins surged, posting double-digit gains on the day after a week-long correction in the category.
Bitcoin, Ethereum, XRP update
- Bitcoin trades above key support at $60,000 at the time of writing. The largest asset by market capitalization noted a 7.5% increase in open interest, above $28 billion per Coinglass data.
- Ethereum trades above $2,500 on Friday, making progress towards its $3,000 target. Founder Vitalik Buterin moved $8 million in Ether to a new wallet sparking the possibility of a sale or donation.
Ether transfer by Vitalik Buterin
- XRP erased recent gains and struggles under psychological support at $0.60. Ripple was fined $125 million in the US Securities and Exchange Commission (SEC) lawsuit’s final ruling. XRP’s status as a non-security is intact as the Judge ruled institutional sales of the token violated federal securities laws.
- The Boy’s Club, Base meme coins rally after crypto crash as Donald Trump Jr. announces new project.
Chart of the day
MATIC/USDT daily chart
MATIC broke out of its multi-month downtrend on July 13, 2024. Polygon’s token suffered a steep correction in the market-wide crypto crash and dipped to its August 5 low of $0.3342. MATIC started its recovery and is likely to extend its gains by over 18% to hit its $0.50 target.
MATIC faces resistance in the Fair Value Gap (FVG) between $0.4249 and $0.4420.
Market updates
- Fox Business reporter Eleanor Terret reaches out to the Securities and Exchange Commission for comments on the Ripple ruling and says an appeal is likely.
NEW: I reached out to the @SECGov for comment on the @Ripple ruling and a spokeswoman gave me this statement:
— Eleanor Terrett (@EleanorTerrett) August 8, 2024
“The Court granted the SEC's motion for remedies including an injunction barring Ripple from committing additional violations of the securities laws and significant… https://t.co/TC2xk7pBD2
- Data shows that TON is less correlated with Bitcoin and more with altcoins like Uniswap (UNI) and MATIC.
An interesting finding here is how @ton_blockchain , $TON price action is less correlated with that of $BTC and more with alts such as $UNI and $MATIC. pic.twitter.com/daZG8ztl0J
— Degens CALENDAR (@DegensCalendar) August 9, 2024
- The Bitcoin Coinbase Premium Index tracks price gaps between Bitcoin on Coinbase and Binance. The Index has turned positive signaling there is institutional demand on Coinbase, pushing the asset’s price higher.
Bitcoin Coinbase Premium Index
Industry updates
- Thailand launched a regulatory sandbox for firms to experiment with crypto services.
- The Tether Treasury minted over $1.3 billion Tether since the Bitcoin crash on Monday, it remains to be seen whether the stablecoin inflow will help drive demand for the asset.
1.3B $USDT has been transferred from #TetherTreasury to exchanges since the market crash on Aug 5! pic.twitter.com/BYtMqgVRyZ
— Lookonchain (@lookonchain) August 9, 2024
- Aave continues to grow irrespective of crypto crashes and corrections in other DeFi tokens.
pretty wild to see @aave v3 USDC market on mainnet triple in size this year pic.twitter.com/2N4uSiPNk1
— Thomas Mattimore (tmattimore.eth) (@mattimost) August 8, 2024
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Kamala Harris could be turning pro-crypto following White House meeting with crypto leaders
Representatives of the crypto industry met with White House officials virtually on Thursday to discuss the future of crypto policies as Democrats seek to win the crypto industry's support for the Kamala Harris campaign.
Ethereum bulls defend key support level as technical indicators indicate bullish reversal
Ethereum (ETH) is up nearly 10% on Thursday as buyers accumulate the selling pressure from capitulated whales and Jump Crypto. Meanwhile, ETH technical indicators suggest that ETH has seen a bottom and is staging a bullish reversal.
Ripple could cross the line and violate securities law says judge, slaps firm with $125 million fine
Ripple (XRP) led gains among top 10 cryptocurrencies on Thursday after a historic court ruling in the Securities & Exchange Commission (SEC) lawsuit. Judge Analisa Torres considered the likelihood of the payment remittance firm violating federal securities law in the future and hit Ripple with a $125 million penalty.
PolitiFi tokens based on presidential candidates rally as “fake” Trump token declines over 90%
Political meme coins based on presidential candidates Donald Trump and Kamala Harris rallied on Thursday as Polymarket data shows heavy competition among supporters. Meanwhile, a recently launched token, RTR, themed after Donald Trump, drew the attention of crypto community members after declining over 90%.
Bitcoin: Can BTC bounce back from recent market crash?
Bitcoin (BTC) trades above $60,000 on Friday after a 7.2% decline and a dip below the $50,000 level earlier in the week, following a test of its daily support level at around $49,900 on Monday. Arkham Intelligence data reveals that major investors such as BlackRock, MicroStrategy, Grayscale, and Fidelity retained their Bitcoin holdings during the sell-off. Additionally, on-chain data indicates that permanent holder addresses continue accumulating BTC despite recent market fluctuations.