- Bitcoin ranges under $60,000 on Tuesday as crypto traders await US macroeconomic releases this week.
- Ethereum notes spike in liquidation of long positions, revisits 2022 high as ETH hovers under $2,750 resistance.
- XRP makes steady gains, back above key support at $0.57.
Bitcoin, Ethereum, XRP updates
- Bitcoin trades at $58,894 at the time of writing. The asset has noted nearly 12% increase in derivatives trade volume in the last 24 hours. Consistent capital inflow to Spot Bitcoin Exchange Traded Funds (ETFs) and a positive sentiment among traders could influence BTC price and catalyze gains.
- Ethereum trades at $2,648 on Tuesday. The altcoin faces resistance at $2,750. Data from CryptoQuant shows $160 million in long liquidations when Ether dipped under $2,100 in August. The long position liquidations hit the highest since 2022.
- XRP extended gains on August 13. Ripple made a comeback above key support at $0.57 as traders digest the Securities & Exchange Commission’s (SEC) lawsuit ruling and Ripple’s recent announcements.
Chart of the day
SUI/USDT daily chart
SUI trades at $0.9883 at the time of writing. The token could extend gains to is June 2024 peak of $1.17. SUI faces resistance in the Fair Value Gap (FVG) between $1.043 to $1.063 and support in the imbalance zone between $0.9306 to $0.9568.
In the event of a correction, SUI could collect liquidity in its imbalance zone seen in the chart above. The Relative Strength Index (RSI) reads 65.75, under the overbought level at 70. On previous occasions when RSI climbed to this level the asset has rallied before a correction.
Market updates
- DeFi sector dominance dips to a three-year low per data from IntoTheBlock.
DeFi as the sector with the strongest product-market fit in crypto reached 3-year low lately relative to global crypto market cap.
— Arthur (@Arthur_0x) August 13, 2024
I expect this to bottom out over the coming months and make a great comeback as we enter a new interest rate cycle. pic.twitter.com/oOd7iy2IDN
- Binance to list Toncoin (TON) and users can obtain the token by staking BNB, FDUSD and TON, staking starts on August 15, 2024.
- Liquidators of Three Arrows Capital sue Terraform Labs and seek $1.3 billion, claim $462 million LUNA investment reduced to $2,700 in the aftermath of the collapse.
Industry updates
- On-chain data shows that a wallet address that received $2.19 billion in Bitcoin from Mt. Gox began test transactions an hour ago. The address is believed to be associated with Bitgo, an exchange partner for Mt.Gox’s fund distribution to creditors.
- Token Terminal data shows USD Tether on Tron is a third of Visa’s annual settlement volume.
USDT on @trondao = 1/3 of @Visa's annual settlement volume.
— Token Terminal (@tokenterminal) August 12, 2024
In Q2 '20, USDT on TRON had a settlement volume of $25.2 billion.
In Q2 '24, that same figure was $1.25 trillion.
pic.twitter.com/adicMrxvjg
- Japan’s Metaplanet bought an additional 57 Bitcoin, holds over 303 BTC.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.