Crypto News Round-Up: Euphoria Over Grayscale Victory Fizzles Out, And Lots More
Bitcoin (BTC) and a basket of many other cryptocurrencies kept gains but the overall rally fizzled out hours after crypto asset manager Grayscale’s victory over the Securities and Exchange Commission (SEC).
According to market experts and analysts, the bearish outlook persists for digital asset prices in the short term as they remain below key resistance levels.
The price of Bitcoin surged 5.5% over the past 24 hours to above $27,400, having briefly rallied above $28,000 on Tuesday. Bitcoin was seen trading at $27,331 at the time of publishing this piece.
Early Signs of Bitcoin’s Pre-Halving Bull Run
Bitcoin is currently cranking out a new block every 9.83 minutes. That’s like a rapid-fire pace! This is all thanks to its super-strong processing power, driven by its hash rate and difficulty projections.
And wait, there’s more! Something interesting is happening with those futures contracts. There’s a big gap forming between the ones tied to good ol’ USD or USD-pegged stablecoins like USDT and BUSD, versus those linked to Bitcoin itself. This gap reflects different tastes and risk assessments by the players in the crypto world. It’s like a battle of preferences, and they’re using collateral to back up their moves.
But here’s where things get really intriguing. A recent data analysis has spotted a trend among Bitcoin investors. Those who’ve held onto their Bitcoin for less than 155 days — they’re the short-term HODL wave — are on the rise. This usually happens after the market hits a bottom and starts picking up. When ‘smart’ investors start trickling back in, it sets off a sort of FOMO (Fear of Missing Out) among regular investors. Although, we haven’t quite reached that FOMO stage yet.
But hey, this rise in short-term HODLers is actually a positive sign. It shows that investor interest and activity are getting a boost. This group is now close to owning 40% of the total Bitcoin supply. And that’s not something to ignore! It could shake up the dynamics of the market in a big way.
So, there you have it — the current scoop on Bitcoin’s scene and how historical patterns might give us a hint of where things are headed. Just remember, the crypto world has its ups and downs, and it’s all part of the ride!
Ethereum Under Scrutiny But Altcoins Gain Traction
The cryptocurrency market is currently witnessing unusual fluctuations in digital assets due to various factors. Currently, Ethereum (ETH) is facing scrutiny, which is affecting the overall market sentiment. Meanwhile, alternative cryptocurrencies like Cardano (ADA), Stellar Lumen (XLM), Borroe (ROE), and Filecoin (FIL) are gaining popularity as promising investment opportunities.
Ethereum’s price dynamics are being influenced by a range of elements, including regulatory advancements and general market sentiment. The classification of ETH as a security by the United States Securities and Exchange Commission (SEC) is a concern, even though it’s not directly linked to the ongoing cases involving Coinbase and Ripple. Such a classification could have a significant impact on Ethereum’s value.
The lack of clarity from SEC Chair Gary Gensler regarding Ethereum’s regulatory status raises doubts about the future approval of Ethereum Spot ETFs (Exchange-Traded Funds), creating uncertainty in the crypto market.
Bitcoin Proponent Suarez Quits US Presidential Race
Francis Suarez, the Mayor of Miami and a supporter of Bitcoin has decided to halt his campaign for the US Presidency, making him the first Republican candidate to withdraw from the race.
Suarez shared this news on the social platform X, expressing that running for the US Presidency was a tremendous honor for him. He pledged his support to the Republican party in their efforts to put forth a strong nominee for the election.
Although he is suspending his presidential campaign, Suarez emphasized his enduring commitment to improving the nation for all Americans.
Suarez’s bid for the presidency lasted merely two months. He declared his candidacy in June, seeking the Republican nomination alongside other contenders like former President Donald Trump and Florida Governor Ron DeSantis.
However, Suarez fell short of meeting the polling requirements set by the Republican National Committee for participation in the initial primary debate. He had previously indicated that he would exit the race if he didn’t qualify for the GOP primary debate in Milwaukee.
Notably, Suarez is a well-known advocate for Bitcoin and had revealed his intention to accept a portion of his salary in BTC if he were to be elected as President. He already receives his mayoral salary in Bitcoin.
Other supporters of Bitcoin who are still in the US Presidential race include Democrat Robert F. Kennedy Jr., who criticized President Joe Biden’s proposed cryptocurrency tax policy. Florida Governor DeSantis, another advocate of Bitcoin, has vowed to counter the current administration’s stance against cryptocurrency.
Top 5 Crypto Losers in August
Following Grayscale’s victory over the U.S. Securities and Exchange Commission (SEC) on August 29, the global cryptocurrency market has surged toward a $1.1 trillion cap. However, amidst this bullish trend, several cryptocurrencies, including FLEX, HEX, and others, have experienced significant losses.
The recent upswing in the overall crypto market comes after a period of about two weeks marked by a substantial bearish trend. CoinMarketCap (CMC) data indicates that the collective market capitalization of cryptocurrencies is nearing the $1.1 trillion threshold.
Despite performing well over the past month, FLEX has emerged as the leader among the top losers. Although it had remained relatively stable between the price range of $5 and $7 for most of the month, it suffered a steep decline on August 29. As per CMC data, FLEX has plummeted by 61% in the last 24 hours and even further by 67% over the last 30 days. Presently, FLEX is trading at $1.73 with a market capitalization of $170 million.
The HEX token claims the second spot among the losers, experiencing a 51.8% drop in value during August. HEX has consistently recorded losses over the past month, and its 24-hour trading volume stands at only $728,000. The market capitalization of HEX is nearly $700 million.
Subsequent places on the list of losers are occupied by Worldcoin (WLD), Compound (COMP), and Ordinals (ORDI), each suffering losses of 43.8%, 42.6%, and 42.3% over the previous month, respectively.
Interestingly, these three assets have displayed a similar trend in the last 30 days. In the last 24 hours, WLD, COMP, and ORDI have seen gains of 13.7%, 5.7%, and 3.5% respectively. At the time of writing, their trading prices are $1.27, $43.5, and $3.6.
Top 10 Crypto Gainers in August 2023
After a two-week decline that brought the global cryptocurrency market cap down to $1.03 trillion, a rebound driven by tokens like Sei, CyberConnect, and Akropolis has lifted it to $1.1 trillion.
Over the past two weeks, the cryptocurrency space has faced challenges, with the global market cap hitting a low of $1.03 trillion on August 23. However, recent news regarding the Grayscale Bitcoin (BTC) exchange-traded fund (ETF) has revitalized the industry.
Based on data from CoinMarketCap (CMC), the worldwide cryptocurrency market capitalization is approaching the $1.1 trillion threshold, marking a 4.2% increase in the last 24 hours, as many top assets have turned positive.
Here are the top 10 gainers among the top 500 cryptocurrencies:
The Sei token (SEI) leads the pack with an astounding 1,758% gain since its launch on August 14. After being listed on exchanges such as Binance, Coinbase, and Bitfinex, the asset surged by 2,600% just hours after its launch.
Furthermore, SEI saw an 18% increase in the past 24 hours and is currently trading at $0.145. It holds the 109th rank on CMC, boasting a market cap exceeding $262 million.
Following SEI, CyberConnect (CYBER) and Akropolis (AKRO) achieved gains of 303% and 264% respectively in August. These assets are priced at $7.27 and $0.017.
Bad Idea AI (BAD), Rollbit Coin (RLB), and Bluzelle (BLZ) have also made significant gains of 178%, 159%, and 115% respectively. These digital assets are presently trading at $0.000000074, $0.19, and $0.11. It’s noteworthy that RLB reached an all-time high (ATH) of $0.21 on August 12, while BAD and BLZ are yet to reach their ATHs.
As the list continues, the monthly gains of these assets fall below the 100% mark. Echelon Prime (PRIME) and Unifi Protocol DAO (UNFI) recorded hikes of 88% and 82% in August, and their current trading prices are $3.4 and $6.3 respectively.
As per CMC data, UNFI has surpassed the $6 mark for the first time in seven months.
The last two positions on the list are occupied by HarryPotterObamaSonic10Inu (BITCOIN), also known as the people’s Bitcoin, and Akash Network (AKT), with surges of 81% and 79% respectively over the last 30 days.
HarryPotterObamaSonic10Inu is trading at $0.11, marking a 32% rise in the past 24 hours. On the other hand, AKT experienced a minor decline of 1.5% over the past day and is currently priced at $1.08.
Crypto Whale’s Shopping Spree: Over $13M Spent on 17 Tokens
A cryptocurrency whale has made significant moves by using around 7,626 Ethereum (ETH), equivalent to $13.44 million, to acquire approximately 17 different tokens.
Lookonchain has been closely observing the transactional activities of this cryptocurrency whale, posting multiple tweets about them since August 7.
In an earlier instance this month, the whale spent approximately 1,784 ETH ($2.96 million) to acquire 2.6 million OLAS tokens. Although these tokens are still held in the wallet, their current trade shows a loss of $613,000.
In a sequence of purchases, the whale obtained around 23.36 million RLB tokens for about $2.62 million (1430 ETH). Subsequently, the same individual sold these tokens for 2,013 ETH, resulting in a profit of 583 ETH, equivalent to $758,000.
By August 9, the RLB tokens in the whale’s wallet had even higher profits of $1.3 million. However, the whale chose to retain them until a recent sale, achieving lesser gains.
Another transaction involved buying 17,613 UNIBOT tokens at $143.55 each, amounting to a total expenditure of 1,360 ETH. This purchase also took place earlier in the month. Later, the trader sold 16,000 UNIBOT tokens at $133 each, incurring a loss of about $165,000.
Additionally, the whale purchased 21.74 million Bitcoin tokens (distinct from BTC) for 1,125 ETH ($2.06 million) at a rate of $0.0948. The value of these $BITCOIN tokens has since increased, resulting in a profit of approximately $415,000 for the trader.
In summary, out of the 17 tokens acquired by the whale, only around seven have generated profits, yielding a success rate of 41%. The trader has yet to sell seven tokens, possibly in anticipation of improved price performance in the upcoming days.
Is Sonik Coin the Next Big Meme Coin to Explode?
Have you heard about Sonik Coin ($SONIK)? It’s not just making waves in the world of cryptocurrencies; it’s racing towards an exciting goal — to skyrocket once its presale ends in just 6 days.
And guess what? It seems like this ambitious goal might actually come true. This presale sensation has managed to raise an impressive $759,000 in less than a week. That’s pretty astonishing!
So, what’s causing all this buzz around Sonik Coin? Well, the secret lies in its APY (Annual Percentage Yield) — let’s dive into the details.
Here’s the interesting part: 50% of the massive 300 billion $SONIK supply is set aside for early investors, creating a golden opportunity that won’t last forever.
Each token is priced at a very reasonable $0.000014. This is a fantastic entry point, especially considering its upcoming debut on Uniswap after the presale. Uniswap is a major decentralized exchange, and when Sonik Coin lands there, its visibility is expected to skyrocket.
But wait, Sonik Coin is not your typical meme coin. The staking APY is a jaw-dropping 209%, indicating the potential for some impressive returns. Staking doesn’t just offer a passive income opportunity; it also reflects the team’s dedication to ensuring the coin’s stability and long-term success.
The concept behind staking is intriguing. By staking their tokens, holders are encouraged to keep them for longer periods, which can help reduce the impact of sudden price swings. This strategy paves the way for steady growth and a strong foundation for Sonik Coin’s journey ahead.
Bitcoin Remains Below Key Technical Levels Despite Big Win
Bitcoin and other cryptocurrencies were on the rise after a significant jump on Tuesday, following a court ruling that favored crypto. But it’s important to keep in mind: that experts are still predicting a bearish outlook for digital asset prices, as they remain below crucial levels.
Bitcoin’s price has climbed by 5.5% in the past day, reaching above $27,400. It briefly surged above $28,000 after the crypto asset manager Grayscale won a major legal case against the Securities and Exchange Commission (SEC). Before this, Bitcoin was trading around $26,000 for almost two weeks, just below the psychologically significant $30,000 mark. This indicates that the main digital asset is still trading below significant technical thresholds.
Alex Kuptsikevich, an analyst at broker FxPro, remarked, “Bitcoin retraced to $27,400, close to the 200-day and 200-week moving averages. The real test for the long-term trend is underway, and the next few days could provide a vital signal for the coming weeks and months.”
Bitcoin recently broke free from a period of relative inactivity, during which it trailed behind the Dow Jones Industrial Average and S&P 500. This happened after a pivotal court decision. A federal court ruled that the SEC’s rejection of Grayscale’s attempt to transform its Bitcoin trust (which owns the actual token) into an exchange-traded fund (ETF) was arbitrary. This ruling essentially paves the way for the eventual approval of such an ETF.
The approval of a Bitcoin ETF has been seen as a game-changer for digital assets, potentially sparking a new wave of interest from both retail and institutional investors. The buzz around a Bitcoin ETF has been building since June when financial giants like BlackRock and Invesco submitted their own applications. Although approval hasn’t happened yet, it seems more likely now than ever.
Despite these positive developments, experts aren’t overly optimistic about a major surge in Bitcoin prices. Rania Gule, an analyst at broker XS.com, stated, “The next targets for Bitcoin in this scenario would be $29,300 and $30,000, respectively. However, it’s more plausible that prices will stay within a certain range today. Remaining stable below the range of $28,100 to $30,000 could reinforce the primary downward price trend. According to technical indicators, potential downward targets in the medium term might be at $27,000, $26,470, and $25,897.”
Shibarium Hits 150,000 Wallet Addresses
Shiba Inu (SHIB) has made a comeback, surging above $0.000008, all thanks to the Shibarium L2 network making a strong return. Let’s break it down in simpler terms.
So, on August 25, the Shiba Inu team got the Shibarium L2 scaling network back on track after some initial technical glitches. And you won’t believe it — in just about a week, the Shiba Inu (SHIB) community’s confidence is through the roof! But here’s the exciting question: Can this boost in confidence actually push SHIB’s price to new heights in the next few weeks?
It looks like the Shiba Inu community is feeling pretty good now that the Shibarium scaling platform is getting back on its feet. By August 29, the L2 network had achieved a milestone — it had created a whopping 150,000 wallet addresses! Yep, that’s what the real-time data from the Shibarium Scan tool revealed.
So, in simple terms, Shiba Inu is back in action, and with the Shibarium network picking up steam, folks are wondering if this could lead to a surge in SHIB’s price in the upcoming weeks.
Cardano Stakers Lock in $30M in 5 Days?
Cardano (ADA) went through a bit of a rollercoaster but seems to be showing signs of getting back on its feet after a big scare at the $0.25 support level. And get this, there’s some talk about how a surge in ADA smart-contract staking could actually push its price higher.
Now, while Ethereum’s Layer-2 scaling platforms like Base and Optimism have been in the spotlight, Cardano’s Layer-1 platform isn’t backing down. Let’s dive into this: There’s been a recent spike in ADA staking, and that might just light the way for a potential surge in the coming weeks.
Here’s the deal: Cardano staking had been kind of steady since the month started, until August 28 rolled around. With the ADA price dropping a whopping 43% from its highest point of $0.46 in 2023, a lot of ADA holders are staring at some big unrealized losses.
But hold on, there’s a twist. According to the data, Cardano holders are now looking for ways to earn through staking. They’re eyeing those opportunities that bring in some yield.
So, in a nutshell, Cardano survived a tough time and might just be gearing up for a rebound. With a surge in ADA staking, things are looking interesting for its price in the coming weeks.
X (Twitter) Allowed to Offer Crypto Wallet Services in a US State
Guess what’s happening in the world of Twitter? They just got the green light to offer crypto wallet services in one state in the US — Rhode Island, to be precise. Let’s dive into this exciting news.
So, Elon Musk’s social media playground, Twitter (yeah, the one with the X), has scored a Currency Transmission License from Rhode Island. That basically means they can legally offer crypto wallet services now.
What does that mean? Well, they can help you store, move, and receive various cryptocurrencies. Imagine having all those digital coins in your pocket, but virtually! This new addition to Twitter’s payment system could really change the game.
Now, here’s something fun to ponder: How will DOGE, you know, the popular dog-themed crypto, fit into this whole Twitter crypto wallet adventure? It’s like a puzzle waiting to be solved!
ZTX Attracts 200K New Users in 24 Hours
The Metaverse and Web3 scene has its own set of challenges, like getting users onboard and finding enough developers.
But here’s a cool thing: ZTX, a big player in creating Metaverse and Web3 platforms, just pulled off something amazing. They ran a super successful campaign over the weekend to bring in new users. And you won’t believe it — thanks to a virtual airdrop of limited-edition hoodies, they managed to attract a whopping 200,000 new user wallets on Arbitrum. That’s like a mini-tech revolution happening right there!
And here’s the kicker: Those hoodies? They work in both the old-school Web2 and the fancy new Web3 settings. This move really shows ZTX’s commitment to making things work together, which a lot of projects talk about as a solution to tech challenges. But you know what? Not many have actually made it happen — until now.
EOS Green-Signaled to Trade Against Yen in Japan
The EOS token is making some big moves! Starting next month, you’ll find it trading on the Japanese exchange BitTrade.
But wait, there’s more to the story. The EOS token got the thumbs up from Japan’s crypto watchdog. It’s like they gave it a special stamp of approval to be traded against the Japanese yen on exchanges that play by the rules.
And you know who’s making this happen? The EOS Network Foundation (ENF). They’re the ones who support the growth of EOS. They just announced that the token got the green light from the Japanese Virtual and Crypto Asset Exchange Association. So, come September, you’ll be able to trade EOS against the yen on properly regulated exchanges. The trading action will kick off at a place called BitTrade.
SHIB, XRP, BTC Adoption to Expand Wings in 9 Countries
Binance is shaking things up in Latin America with some exciting crypto news!
So, Binance, the crypto exchange we all know, is making its payment technology even cooler. They’re adding Shiba Inu (SHIB), XRP, Bitcoin (BTC), and more to their Binance Pay system. And guess what? They’re taking this tech to nine awesome countries in Latin America.
Check out this cool move they’re making: Binance just launched something called “Send Cash” in Latin America. It’s a brand new tool that lets people use Binance Pay to transfer crypto. Those nine lucky countries are Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
In the first round, you can send crypto through Binance Pay to folks with bank accounts in Colombia and Argentina. That means you can send money straight to your buddies’ bank accounts. How cool is that?
The whole idea is to make it easy for more folks to use Binance Pay and get into the groove of digital transfers. Plus, this new solution is working with licensed providers to give you even more options.
And that’s not all! Binance Pay is spreading its wings in Latin America. It’s already rocking the crypto payment scene in Brazil, which is pretty impressive.
Oh, and did I mention they’re teaming up with Despegar, Credencial Payment, and Vita Wallet? These collaborations are all about giving you more ways to pay and send money using Binance Pay.
In case you’re wondering, Binance Pay has already added support for SHIB and a whole bunch of other cryptos like ADA, BNB, BTC, and many more. So, it’s not just about sending cash, it’s about sending crypto in style!
The Final Word
The crypto news roundup provides a snapshot of the ever-changing world of cryptocurrencies. While there’s been a lot of excitement, from Bitcoin’s price movement to the adoption of various tokens, it’s important to note that challenges and uncertainties persist.
The market saw a brief rally after Grayscale’s victory against the SEC, but experts suggest that a bearish outlook might still loom due to digital assets remaining below crucial resistance levels. Bitcoin’s price climbed, fueled by Grayscale’s win, but the market remains cautious about sustained growth.
A significant development includes the emergence of short-term HODL waves in the Bitcoin market, which could signal increased investor interest. However, FOMO hasn’t fully kicked in yet, and the crypto market’s ups and downs are part of the ride.
In Latin America, Binance Pay is making strides, introducing crypto payment options and collaborations in various countries. Meanwhile, the Shiba Inu community celebrates the resurgence of the Shibarium L2 network and Cardano’s potential rebound gains attention with a spike in ADA staking.
Further, the news showcases how the crypto landscape is rapidly evolving, with tokens like SEI, CYBER, and AKRO making impressive gains. On the other hand, certain assets like FLEX and HEX have experienced losses during this period.
Have a look at the versatility of cryptocurrencies, from Twitter’s crypto wallet services to the EOS token’s trading approval in Japan. The crypto market is marked by both excitement and challenges and staying informed is key to navigating this thrilling landscape.
