Here's what you need to know on Wednesday
Markets:
BTC/USD hit the intraday low at $11,086 during early Asian hours and recovered to $11,226 by press time. The first digital coin has stayed mostly unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid shrinking volatility.
At the time of writing, ETH/USD is changing hands at $388.50. The price touched the intraday high above $392.00 during early Asian hours but failed to hold the ground. ETH/USD has been locked in a tight range after unsuccessful attempts to clear $400. The coin is moving within a short-term bullish trend amid low volatility.
XRP/USD is changing hands at $0.2965. The price hit the intraday low of $0.2909 during early Asian hours and lost over 1.5% since the beginning of Wednesday. On a day-to-day basis, it is down over 4%. Now it is moving within the short-term bullish trend amid shrinking volatility.
Among the 100 most important cryptocurrencies, Unibright (UBT) $0.5397 (+35.8%), The Midas Touch Gold (TMTG) $0.0336 (+34.3%), Band Protocol (BAND) $4.88 (+14.7%) are the most successful. The day's losers are Ampleforth (AMPL) $0.8662 (-11.6%), Crypto.com Coin (CRO) $0.1594 (-6.9%), Terra (LUNA) $0.3262 (-4%).
Chart of the day:
XRP/USD, 30-min chart
Market
Ethereum attempted to clear the psychological area of $400 twice since the weekend; however, each time the rally resulted in a fierce sell-off. Experts are anxious that the coin may extend the downside correction in the nearest future. A well-known trader from Amsterdam Stock Exchange, Michaël van de Poppe aka Crypto Michaël, commented on Twitter:
Broke below the $390 level and is currently resting on final support before trend shift. If the $380-383 level is lost, I'm assuming we'll drop towards the next level at $360-364.
The market capitalization of Tether (USDT), the largest and the most popular stablecoin, surpassed $11 billion as demand for such cryptos continues to break records. The interest in stablecoins is driven by market volatility as investors spooked by March collapse look for safe havens.
Tether Market Cap Crossed $11B. The market cap of leading stablecoin #Tether has surpassed $11B and it's now $11.18B. This development represents a growth of 136% from the beginning of 2020. – CryptoRank tweet
Industry
Ethereum Foundation streamed the launch of Medalla, the final test version of Ethereum 2.0. Over 1700 users watched the process online. Medalla does not use real ETH and does not allow to earn real rewards. The network is a step towards the transition to Proof-of-Stake (PoS) consensus mechanism. Medalla was launched on block #1596546008; while several validators failed to support the new testnet, the developers see it as a good chance to demonstrate the efficiency of the sustainability mechanism implemented in the new network.
Regulation
The Ministry of Economy in Kazakhstan prepared legislation to tax the revenues from cryptocurrency mining. The suggested measures will help to raise the state budget revenues. The draft bill was submitted for the discussion on August 3. The Ministry wants to approve the reporting procedures and change the regulations related to the tax residence. Thus, miners should be registered with the local tax authority as mining taxpayers.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
![Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-37949586_XtraSmall.jpg)
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
![Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_04_XtraSmall.jpg)
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
![WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_4_XtraSmall.jpg)
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
![Bitcoin: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.