Crypto Today: BlackRock Bitcoin ETF investors hold steady despite BTC decline, XRP climbs above $0.50
- Bitcoin ETF IBIT’s investors held steady even as the investment product suffered a steep correction over the last days.
- XRP made a comeback above $0.50, a key psychological level for the altcoin.
- Ronin Network bridge that secures $850 million is paused for investigation of a potential 4,000 Ether MEV exploit reported by white hat hackers.
Bitcoin, Ethereum, XRP updates
- Bitcoin rallied past $55,000 after a temporary decline under the $50,000 level on Monday. XRP made a comeback above $0.50 on Tuesday, and most cryptocurrencies ranked in the top 30 by market capitalization recovered from the corrections.
- Ethereum hovers around the $2,500 level, a key support for the altcoin. Vitalik Buterin, Ethereum co-founder, commented on cross-chain Layer 2 interoperability problems and how the user experience across the entire Ether ecosystem has emerged smoother, including Layer 1 chains, rollups, validiums and sidechains.
I think people will be surprised by how quickly "cross-L2 interoperability problems" stop being problems and we get a smooth user experience across the entire ethereum-verse (incl L1, rollups, validiums, even sidechains). I'm seeing lots of energy and will to make this happen.
— vitalik.eth (@VitalikButerin) August 5, 2024
- Ripple lawsuit is the top market mover for XRP. Traders keep eyes peeled for final ruling in Securities & Exchange Commission (SEC) lawsuit. XRP makes a comeback above $0.50 early on Tuesday.
Chart of the day
SHIB/USDT daily chart
Shiba Inu (SHIB) is currently in a downward trend that started on March 5, 2024, at its local top of $0.00004567. SHIB is in the “oversold” zone, per the momentum indicator Relative Strength Index (RSI), which reads 27.79. RSI generates a buy signal for the asset. Sidelined traders could buy SHIB while the asset is in this zone.
SHIB is likely to extend gains by over 35% and target the Fair Value Gap (FVG) between $0.00001819 and $0.00001847 as seen in the SHIB/USDT daily chart. SHIB could find support at the August 5 low of $0.00001078.
Market updates
- US financial regulator, the SEC, pushes back against Coinbase’s subpoena requests and labels them as “blatant impropriety.”
- Concentrated liquidity pools of Uni3-style could not keep up with the losses, while automated market maker Curve’s liquidity in crypto pools was automatically managed.
Missed this yesterday. It appears, that Uni3-style concentrated liquidity could not keep up with markets (moving it makes "impermanent loss" permanent), while Curve liquidity in crypto pools is automatically managed.
— Curve Finance (@CurveFinance) August 6, 2024
So while Curve is an AMM, Uni3 is closer to orderbooks pic.twitter.com/5LZ5HaOie4
- Vitalik Buterin of Ethereum praises Arbitrum and Optimism for being the first full-EVM rollups to reach stage 1 of scaling the chain.
@Arbitrum and @Optimism continue to deserve praise for being the first full-EVM rollups to reach stage 1. Looking forward to seeing the first ZK-EVM rollup join them soon! pic.twitter.com/yyiWh6RKNp
— vitalik.eth (@VitalikButerin) August 6, 2024
- Eric Balchunas of Bloomberg noted how BlackRock Bitcoin ETF (IBIT)’s investors did not pull out capital despite the steep correction in Bitcoin.
So $IBIT investors woke up on Monday to a -14% move over wknd after stomaching an 8% decline the week prior and what did they do? ABSOLUTELY NOTHING. $0 flows. Compared to some of these degens these boomers are like the Rock of Gibraltar. You guys are so lucky to have them. pic.twitter.com/Qqg9Y2E40k
— Eric Balchunas (@EricBalchunas) August 6, 2024
Industry updates
- Kiln, a protocol staking platform launched a DeFi service for stablecoin rewards, Kiln DeFi. Traders can re-stake their Ether and digital assets to generate an additional yield.
We’re excited to announce the launch of @eigenlayer native restaking for @cryptocom users, powered by Kiln!
— Kiln (@Kiln_finance) July 25, 2024
Eligible @cryptocom users can now restake ETH and earn Eigen Points.
Reach out to us if you want to offer restaking: https://t.co/gLsWe2EKA3 pic.twitter.com/LIUJemKXjZ
- South Korean crypto market maker is set to face a $59.6 million “Scam Coin” case, per a report from local news imaeil.com.
- Ripple calls security researchers to help identify potential vulnerabilities in the blockchain codebase and earn rewards through the RippleX Bug Bounty Program.
️Calling all security researchers ️
— RippleX (@RippleXDev) August 6, 2024
Help keep the #XRPLedger safe, secure and reliable by identifying potential vulnerabilities in the blockchain codebase, and earn rewards for your efforts through the RippleX Bug Bounty Program.https://t.co/02lgnOoM0u
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.
