InvestMacro

On Friday, the BTC is barely moving close to $20,101. The major crypto is slowly cheapening, but market players remain cautious and don’t want to sell without news. The news might come up later today – labour market data for August from the US. Actually, market expectations are rather average: both Unemployment Rate and Average Hourly Earnings are expected to remain unchanged. The key intrigue lies in Non-Farm Payrolls. Strong numbers will help capital markets grow and the crypto sector will follow. However, if the BTC fails to secure above $22,000, one should forget about the growth potential.

At the end of this trading week, the capitalisation of the crypto market is estimated at $984 billion, and the share of the BTC dropped to 39.1%. The fear index has dropped a bit, 25 points.

Buterin: BTC is in danger

Ethereum founder Vitalik Buterin is worried about the BTC security. He surfaced the reasons for being concerned about the prospects of the major cryptocurrency – the BTC won’t be able to get enough revenue yield from commissions. In this case, mining won’t be efficient enough.

Justin Sun bought ETH

In the last four days, Tron founder Justin Sun bought 20,633 ETHs for the total amount of $33 million. Sun supports the PoS concept and allows ETHW and ETHS tokens in his exchange Poloniex.

BABL plummeted 95%

The BABL price plunged 95% after they announced the shutdown of Babylon Finance. The project’s founders said that they weren’t able to handle the negative impulse that appeared after DeFi-platform Rari Capital was hacked.

The BTC recovered to $20,195 on Wednesday. Yesterday, the major cryptocurrency didn’t break its familiar range despite the fact that investors were selling it. The intermediate resistance lies at $20,350, and if the asset secures above it, there might be a pause in sales and the price might even rise to reach $21,000. To make bulls more active, the BTC must fix above $22,000.

The US stock market remains under pressure. Investors have few reasons to be happy in anticipation of another rate hike in September. Historically, it is believed that American exchanges fall more often than they rise in the first month of autumn. The expected decline might be about 1%. There is a correlation between S&P 500/NASDAQ and the BTC, and this connection is currently stronger than ever.

The capitalisation of the crypto market declined to $994 billion, and the share of the BTC dropped to 39.4%, while the ETH takes up 19.4%. The fear index is growing again – 27 points.

ETH: growth and stabilisation

After falling earlier, the key altcoin, the ETH, managed to recover and gain almost 12% – it is now trading at $1,565. Investors are waiting for September’s highlight – an upgrade to Ethereum 2.0 network and switching to PoS. These expectations might provide ETH with significant support.

Binance and Virtuzone will promote Web 3

Crypto exchange Binance together with Virtuzone are starting their operations under the recent partner agreement to promote Web 3 in United Arab Emirates.

CME introduced futures on cryptos and the Euro

CME announced the launch of trading futures contracts on BTC and the ETH denominated in EUR.

Activity in the BTC dropped again. On Wednesday, the major cryptocurrency is trading at $21,340; investors are waiting.

The digital asset is moving within a clear sideways channel. Market players are relaxing and saving strengths in anticipation of US Fed Chairman Jerome Powell’s speech, to be delivered on Friday in Jackson Hole. During the Economic Symposium, the most powerful monetary policymakers share their ideas and opinions on the present and the future. Investors believe Powell will confirm the regulator’s intentions to continue its aggressive policy.

Since the BTC failed to fix above $25,000 after all, there are chances of a decline to $17,500.

To have any even slightest chances to rise, the BTC must secure above $22,000.

The capitalisation of the crypto market remains at $1,024 trillion, and the share of the BTC dropped to 39.9%, while the ETH takes up no more than 19.3%. The fear index has decreased to 25 points.

Nike earned on NFTs

Nike earned good money on selling NFTs; the revenue was $185 million. Perhaps, it’s the most successful example of earning on selling digital assets by a company from the real sector of economy.

Investors accumulated a record-breaking number of ETHs

In anticipation of an important Ethereum upgrade and switching to Proof-of-Stake, miners accumulated on their accounts the biggest number of coins in the last three years – 254,846 ETHs.

Bitfinex launched a derivative on ETHW

Crypto exchange Bitfinex launched trading derivatives on PoW-fork ETH. It is believed such an asset will be interesting for miners, because it keeps an opportunity to mine tokens open.

The BTC is slowly falling. On Wednesday, the major crypto is moving to $23,832.

At the same time, the US stock market, which has a direct correlation with the BTC, continued rising yesterday, and the S&P 500 index even updated its highs. Why can’t the crypto market catch up with American exchanges? Probably, it’s because investors don’t believe in a stable growth of indices in the light of rate hikes.

In this context, today’s going to be a very interesting day. The US Fed is scheduled to release its Meeting Minutes. Market players will surely look through the document trying to find any hints at some kind of a slowdown in aggressive rate hikes now that the CPI has stopped skyrocketing. If there are such hints, the US stock market may rise with a vengeance, and the crypto market will follow.

From the technical point of view, there is an important resistance area for the BTC right now, $24,300-$24,500. If the asset breaks it, the price may continue growing to reach $26,000.

Coinbase will cooperate with BlackRock

Crypto exchange Coinbase entered into a partnership with investment management corporation BlackRock Inc. BlackRock retail and institutional investors will now have the chance to manage and trade cryptos in the Coinbase Prime platform.

Tornado Cash is banned in the US

The US Department of Treasury banned the popular cryptocurrency mixer Tornado Cash. The Office of Foreign Assets Control added the company to its sanction list.

The BTC is looking neutral on Friday and trading at $23,962. It feels like the asset is slowly pushing its trading range upwards. The BTC owes its positive momentum to improved sentiment in the US stock market – the major crypto has a direct correlation with S&P 500/NASDAQ. Indices moved upwards yesterday and the BTC followed. However, this enthusiasm disappeared by Thursday evening.

The current situation in the BTC is looking quite bullish. There are several important resistance levels at $25,000-$25,500, and it’s very important for bulls to break $25,000. The sooner they break it, the fewer chances investors will have to record a profit: everyone will be focused on buying.

At the end of this trading week, the capitalisation of the crypto market is estimated at 1.144 trillion; the fear index has grown to 42 points.

Coinbase rating declined

The S&P Global agency downgraded Coinbase long-term to ВВ from ВВ+, negative forecast. In the comments, the agency explained that the company had an unimpressive financial statement in the previous quarter. Another reason is an increase in competitive pressure.

ETH takes the centre stage

It became known yesterday that the Ethereum upgrade is known as the “The Merge”, and the whole network switch is now scheduled for 15 September, not 19. It’s going to be one of the most significant events in the history of the company and the entire crypto world. The point of this two-stage update (Bellatrix and Paris) is to shift the ecosystem to Proof-of-Stake. After the second stage, the platform will operate at its full power. The first stage, Bellatrix, is scheduled for 6 September. Apart from switching to Proof-of-Stake, the update will improve scalability and increase the network’s ecological sustainability.

The BTC dropped to $23,000. Yesterday’s trading session was emotionally exhausting – market players were selling and the overall picture was more negative than positive.

Two days ago, the BTC was going to test $24,400. However, market conditions failed: American exchanges started falling. Technically, it was explained by the fact that their previous growth had no solid base, but a nail-biting wait for the US CPI data release and a possible recession made investors lock in profits.

Wednesday is a very important day. If the CPI data from the US does show a slowdown in inflation, stock exchanges will rise, and the crypto market will follow. Reasonable inflation numbers might prevent the US Fed from continuing its aggressive policy in the near future – it’s a good signal for capital markets.

The capitalisation of the crypto market is about $1.084 trillion; the fear index has significantly dropped.

Iran: first steps in crypto

Iran made the first import order paid with cryptocurrency worth $10 million. Possibly, in a couple of months, likely by the end of September, cryptos will be more widely used in the country’s trade – it will make the process less dependable of exchange rate fluctuations.

Core Scientific is still selling BTC

In July, Core Scientific mined 1,221 Bitcoins, but sold 1,975 tokens to cover its capital expenses. By selling crypto, the company earned $44 million; the average price was $22,000 per coin. The company needs this money to continue expanding its mining facilities.

SEC will monitor exchanges

The United States Securities and Exchange Commission initiated investigations into operations of all crypto exchanged operating on the American soil. It’s about 40 platforms, including Binance. The regulator’s major accusation is possible violations of the law.

At the beginning of the new week of August, the BTC is growing. This is good news: if the leading crypto remains stubborn and confident, it might escape the flat by the upper border. Now the BTC costs $23,787.

The task of the crypto sector for the nearest few days is securing above $25,000. Next, the US will issue an inflation report for July, and the quotes will start moving again. Will this “plan” come true is a big question because the crypto never goes up fast and smoothly nowadays. On the other hand, the fact that the BTC price has secured above $23,500 gives the bulls a certain advantage. An important resistance area for the BTC is still $24,000-$24,600. If the crypto successfully rises above it, a pathway to $25,000 might open.

The capitalisation of the crypto market is about $1.02 trillion. The BTC takes up 40.5%, the ETH — 18.9%. The fear index, compared to last week, has dropped. The complexity of BTC mining grew for the first time in two previous months.

Dogecoin: positions worsen

On the Top 10 list of cryptocurrencies the position of the meme Dogecoin worsened: it became number 11 with capitalisation of $9.37 billion, the Polcadot token taking its 10th place. Capitalisation of the coin is estimated at $9.77 billion.

Inflation in Chile makes USDT more popular

The Chileans take more and more interest in crypto, the USDT and USDC in particular. This is because prices in the country are growing: in June, inflation has grown to an almost 30-year high of 12.5%. Consumers are ready to put their savings in digital currencies to save them from depreciation.

India froze WazirX assets

Indian authorities have decided to freeze the assets of the crypto exchange WazirX belonging to Binance. The platform is suspected of facilitating money laundering. Now there are $8.16 billion of assets blocked.

After several failed attempts, the BTC is trying to rise once again. As a result, major crypto has been “in the red” for seven consecutive trading sessions, and here’s another attempt to correct that. On Friday, the BTC is looking rather neutral and trading at $23,244.

The struggle between bulls and bears continues as they keep the BTC inside the range of $22,500-$23,500. Nothing will change here until the price breaks either border of the range.

The “greenback” behaviour helps the BTC one day and upsets it the next day. When the USD gets weaker, the BTC goes up, just like today. However, local upward movements in the American currency brought the BTC’s feeble attempts to rise to naught.

Franck Muller accepts payments in BNB

Swiss company Franck Muller, which is involved in selling watches, started accepting payments for its goods in crypto, BNB in particular. Earlier, an auction was completed on the Binance NFT trading platform. The fact that the crypto can be used in real life is good for its price.

ZB was hacked

Crypto exchange ZB was hacked and lost $4.7 million worth cryptocurrency. Daily trading volume at the exchange is estimated at $1.1 billion; it ranks 47th on the list of crypto platforms.

Nomad Bridge managed to get crypto back

Hackers returned $9 million in cryptocurrency they stole after hacking Nomad bridge. They sent it back to a special wallet created for these purposes. Some part of this money came from popular ENS addresses. We remind you that Nomad Bridge was hacked on 1 August.