Crypto Today: SEC approves MicroStrategy leveraged ETF, Bitcoin, Ether, XRP dip
SEC greenlights Defiance Daily Target 1.75X Long MicroStrategy ETF, which seeks daily leveraged investment returns of 1.75 times the daily percentage change of the stock.
- Bitcoin, Ethereum and XRP trade under key levels post outflows to Spot BTC ETFs on Wednesday.
- Ripple makes a key partnership announcement but fails to catalyze gains in XRP.
Bitcoin, Ethereum and XRP update
- Bitcoin trades under $60,000 early on Thursday. Bitcoin Spot Exchange Traded Funds (ETFs) recorded a net outflow on Wednesday.
- Per a Nasdaq regulation update, the US Securities & Exchange Commission (SEC) approved Defiance’s Daily Target 1.75X Long Microstrategy ETF MSTR, a leveraged ETF.
- Ethereum trades under key support at $2,750 on Thursday.
- XRP slipped under support at $0.57 while traders digested news of Ripple’s partnership with Japan's financial giant SBI Digital Commodity.
Chart of the day
AAVE extended gains by nearly 4% on Thursday. The DeFi token could rally nearly 9% to its target of $120, the lower boundary of an imbalance zone in the daily chart. AAVE could face resistance at $111, the 50% Fibonacci retracement level of the decline from the March 13 top of $153.72 to the April 13 low of $70.
The Moving Average Convergence Divergence (MACD) shows positive underlying momentum in AAVE price trend.
AAVE/USDT daily chart
AAVE could find support in the imbalance zone between $100 and $104.18.
Market updates
- Bitcoin’s price performance is in line with that of the last two years, seen in August. BTC erased nearly 10% of its value and is likely to extend gains in Q4 if the pattern repeats.
Halfway through August, #Bitcoin is down roughly 10% -- in line with the previous two years.
— Jelle (@CryptoJelleNL) August 15, 2024
September tends to be a rough month as well, with price generally losing ±5%.
Q4 is a completely different story though, with major gains on the seasonal menu.
Survive until then. pic.twitter.com/Lhyth3ihwh
- Lido announces that users can bridge their staked Ether to Binance Chain and access the ecosystem of DeFi protocols.
Hey there, @BNBChain
— Lido (@LidoFinance) August 15, 2024
You can now bridge your staked ETH to BNB Chain in just a few clicks and access a flourishing ecosystem with hundreds of DeFi protocols.https://t.co/QJROjrJgqy
Get started here pic.twitter.com/iJ7eh1UMHe
- The number of weekly borrowers on the AAVE protocol has hit a new all-time high per Dune Analytics data.
Total weekly borrowers on AAVE
Industry updates
- Data shows that 50% of all active addresses in Ethereum Layer 2 are on Coinbase’s Base.
50% of all L2 active addresses call @Base home
— Milk Road (@MilkRoadDaily) August 15, 2024
The fastest growing L2 ever pic.twitter.com/c8vnSZSWVW
- Cronos chain launched its zk chain on the mainnet per official announcement.
Let's go! @cronos_chain just launched its ZK Chain to alpha mainnet.
— ZKsync (∎, ∆) (@zksync) August 15, 2024
Cronos zkEVM is the first ZK Chain after Era, kicking off the Elastic Chain vision: an ever-expanding network of ZK rollups, secured by math and natively interoperable under a uniform, intuitive UX.
Cronos… https://t.co/ONtdb1bF0n
- Decentralized AI blockchain in web3 raises $43 million in funds from Binance Labs and Polychain.
Sahara AI raised $43M to build a collaborative AI economy!
— Sahara AI (@SaharaLabsAI) August 14, 2024
Co-led by @PanteraCapital, @BinanceLabs, and @polychain, this funding brings us closer to a future of open, equitable, and secure AI through our decentralized AI blockchain platform.
We also saw participation from… pic.twitter.com/f67Vi0nDey
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.
