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, Ethereum, XRP updates
- Bitcoin trades just above $56,000 at the time of writing. The largest asset by market capitalization has noted seven consecutive days of outflows from Bitcoin Spot ETFs. Data from Farside Investors shows $211.1 million in outflows on Thursday.
Bitcoin ETF flows
- Ethereum trades below $2,390 at the time of writing. The second-largest cryptocurrency has noted consistent outflows in its Spot ETFs, similar to what is observed in Bitcoin.
- XRP trades at $0.5440, down 0.10% on the day. Ripple’s request for a stay on the monetary portion of the Securities and Exchange Commission (SEC) lawsuit was approved by the US financial regulator.
- TRON Network’s non-stablecoin activity hit new highs following the meme coin launchpad Sun.pump’s launch on August 9.
Sun.pump drives #TRON Network’s non-stablecoin activity to new highs
— CryptoQuant.com (@cryptoquant_com) September 6, 2024
"Throughout 2024 around 98% of the activity on the TRON network could be attributed to Stablecoins.
This trend has had a major shift since the release of Sun.pump on August 9th. SunPump is a TRON-based… pic.twitter.com/bvSkzp7iZU
Chart of the day
EGLD/USDT daily chart
MultiversX (EGLD) trades at around $24.80 at the time of writing, losing over 1% on the day. EGLD could extend losses by another 12% and dip to the August 5 low of $21.77. The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line, signaling negative underlying momentum in EGLD’s price trend.
Market updates
- Binance Kazakhstan obtained a license from the Astana Financial Services Authority (AFSA), including a series of internal and external audits and regulatory inspections. The exchange is authorised to operate a virtual asset trading facility and provide users a range of virtual asset-related services.
- Ethereum spot market prices are more likely to move 5% in either direction following the launch of the Spot Ether ETF, according to CCData.
- In a Reddit post, Ethereum co-founder Vitalik Buterin said that the current budget strategy of the Ethereum Foundation is to spend 15% of the remaining funds each year.
Industry updates
- Binance CEO Richard Teng told Axios that former CEO Changpeng Zhao (CZ) is barred from running the exchange for life. CZ will continue to have a say in Binance’s operations as a majority shareholder.
- Ripple co-founder Chris Larsen signed a letter alongside 88 other business leaders, supporting US Presidential Candidate and Vice President Kamala Harris, per a CNBC report.
- Crypto-friendly United Texas Bank faces a cease and desist order from the US Federal Reserve. The agency cited significant deficiencies in the bank’s adherence to Anti Money Laundering (AML) laws in dealing with crypto customers, per DL News.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
