Lorenzo Stroe
Independent Analyst
Here is what you need to know on Thursday 12, August
BTC/USD continues trading at $11,560 after defending the daily 12-EMA. Bulls are now looking at $12,000 again and picking up momentum in the short-term after a healthy consolidation period.
ETH/USD has done something similar after buyers bounced back up above the daily 12-EMA. At this point, the daily chart is still a bull flag which could see a continuation move quite soon.
XRP/USD remains the weakest as bulls are struggling to stay above the 12-EMA. The consolidation looks worse but the daily uptrend is not lost just yet as the 100-EMA and the 200-EMA just crossed bullishly.
One of the biggest gainers today was ChainLink which has amazingly continued with its bull rally hitting $16. Aragon and IRISnet also had 30% rallies today while Compound (COMP) exploded in volume with more than $400 million in the last 24 hours.
Chart of the day: COMP/USD daily chart
Market
Venezuela is known for its recent release of Petro, its own cryptocurrency. Venezuelan authorities have been pushing hard the adoption of Petro by incentivizing people to use it in various ways. According to recent news, there is a new agreement stating that Petro will be the official payment method to collect sanctions and taxes in Venezuela.
Vice President Delcy Rodríguez stated:
It is the simplification of procedures, making more efficient the administrative activity of the State at the service of the people, of the economic sectors that stimulate economic activity in the productive and commercial areas, framed in this week of flexibility that begins from this Monday
Industry
PumaPay is adding support for crypto buying through its mobile wallet. According to the press release, the platform will allow users to directly purchase several digital assets including Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
LocalCryptos has partnered with ChangeNOW to integrate its p2p marketplace with the platform and allow users to swap their cryptos through its built-in non-custodial wallet.
Quote of the day
I understand the political ramifications of [bitcoin] and I think that the government should stay out of them and they should be perfectly legal.
– Ron Paul
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Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
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