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. 

• 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.

• Vitalik Buterin of Ethereum praises Arbitrum and Optimism for being the first full-EVM rollups to reach stage 1 of scaling the chain.

• Eric Balchunas of Bloomberg noted how BlackRock Bitcoin ETF (IBIT)’s investors did not pull out capital despite the steep correction in Bitcoin. 

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. 

• 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. 

 

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