Bitcoin price is correcting gains from $28,000. BTC could correct further lower toward the $26,800 zone before the bulls take a stand. Bitcoin started a downside correction from the $28,150 resistance zone. The price is trading above $26,600 and the 100 hourly Simple moving average. There is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline toward $26,800 before it attempts a fresh increase. Bitcoin Price Starts Downside Correction Bitcoin price started a decent increase above the $27,000 resistance zone. BTC even climbed toward the $28,000 resistance zone before the bears appeared. A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase. Source: BTCUSD on TradingView.com In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500. What’s Key Support In BTC? If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level. The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $27,000, followed by $26,700. Major Resistance Levels – $27,400, $28,000, and $28,500.

Ethereum price is correcting gains from the $1,750 resistance against the US Dollar. ETH is trading above the $1,680 support and might start a fresh increase. Ethereum started a downside correction below the $1,720 level. The price is trading above $1,690 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD (data feed via Kraken). The pair could soon start a fresh increase above $1,720 and $1,750. Ethereum Price Eyes Fresh Increase Ethereum’s price started a decent increase above the $1,700 level. ETH climbed toward the $1,750 zone before the bears appeared, like Bitcoin. A high was formed near $1,747 and the price recently started a downside correction. There was a move below the $1,720 level. It even traded close to the 50% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. However, the bulls are active above the $1,680 level. Ether is now trading above $1,690 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, the price might face resistance near the $1,700 level and the trend line. The next resistance is near the $1,710 level. A close above the $1,710 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could rise toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance. More Losses in ETH? If Ethereum fails to clear the $1,710 resistance, it could continue to move down. Initial support on the downside is near the $1,690 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. The next major support is near the $1,665 level. If there is a downside break below $1,665, the price could extend its decline toward the $1,620 level. Any more losses might send the price toward the $1,540 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,680 Major Resistance Level – $1,710

The crypto industry echoed the news of Grayscale Investments’ groundbreaking victory over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product. A Win Bigger Than Just Approval? John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale’s lawsuit triumph, Deaton provides insights into the prospects and timeline of the highly anticipated Bitcoin ETF. Deaton’s commentary arrives hot on the heels of a Bloomberg report. The report underlined that even if the lawsuit’s outcome doesn’t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment. The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added: The Bitcoin ETF Timeline While the hope surrounding the Bitcoin ETF’s approval is palpable, the attorney provides a reality check to the community. Grayscale’s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. Contrary to the gist of the Bloomberg news report, Deaton is confident about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain. On August 29, Judge Rao of the Columbia Circuit approved Greyscale’s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF). This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022. The court filing by the US District of Columbia Circuit noted: Grayscale’s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm’s legal team is actively reviewing the Court’s opinion to asses the next steps. Featured image from iStock, Chart from TradingView

Cardano (ADA) enthusiasts are eagerly watching the charts as the cryptocurrency’s price forms a distinctive triangle pattern, suggesting an imminent breakout that could mark a significant shift in its trajectory. This technical formation occurs when the price fluctuations of an asset are confined within converging trendlines, creating a triangle-like shape on the chart. Traders interpret this pattern as a period of consolidation, often preceding a substantial price movement. As Cardano’s price coils within the confines of the triangle pattern, traders are bracing for a potential decisive breakout in the days to come. The prevailing trend, in this case, supports the notion of a likely price ascent, and that is to make it to the $0.3 region. However, market sentiment hints at the possibility of sellers breaching the bottom trendline, leading to an extension of the ongoing corrective trend. A report suggests that a retreat below the pattern’s support trendline might trigger an approximate 8.5% downturn. Current Scenario And ADA Price Analysis At present, Cardano’s price stands at $0.265, as reported by CoinGecko. The cryptocurrency has experienced a modest 1.2% gain over the past 24 hours and a 3.0% increase in value over the course of the last week. Nevertheless, the current triangle pattern indicates that these gains might be overshadowed by a potentially more significant movement. Reflecting on its history, Cardano reached its all-time high price of $3.09 on Sept. 2, 2021, accompanied by a market cap of around $95 billion on the same day. Notably, a separate report underscores the consistent need for increased demand for Cardano in order to align with its historical price levels. This necessity arises due to the cryptocurrency’s unique monetary expansion model, which introduces a fixed rate of 0.3% every five days for circulating the remaining tokens from the ‘reserve.’ This approach effectively curtails the rate at which ADA is injected into the supply over time. Future Possibilities And Investor Prospects Analysts speculate that the current ADA price could potentially present an opportunity for investors to secure substantial gains, if the layer-1 blockchain manages to match its previous demand. This projection rests on the assumption that historical demand for ADA could surge once again. As Cardano’s price tightens within the triangle pattern, market participants hold their breath for the anticipated breakout. Traders remain cautious, aware that a breach below the pattern’s support trendline could lead to a notable downward movement. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from FX Empire

Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has emerged victorious in its lawsuit against the United States Securities and Exchange Commission (SEC). On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a “consistent justification” for rejecting Grayscale’s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US. The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to CoinGecko data, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week. Coinbase (COIN) Rally 15% After Grayscale’s Win The value of Coinbase’s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day’s opening price. The crypto company’s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to Coinbase’s stock information. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021. This price jump is believed to have been triggered by the success of Grayscale’s appeal against the United States SEC, as mentioned above. While the court’s decision doesn’t automatically convert the asset manager’s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its surveillance-sharing agreements with some applicants, including the world’s largest asset manager, Blackrock. These arrangements aim to mitigate potential market manipulation risks – a concern raised by the SEC after the initial Bitcoin ETF submissions. Marathon and Riot Witness Surge In Stocks Price Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale’s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices. Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, companies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors. According to TradingView, the value of MARA soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day’s trading session. Likewise, the RIOT price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day. As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday’s (30th of August) trading session. Meanwhile, Riot Platforms’ stock has currently declined by 4% to trade at $11.8 per share.

Over the last couple of weeks, the Bitcoin open interest had been on a downtrend that sent it toward one-year lows. However, with the Grayscale victory against the SEC coming on Tuesday, August 29, and sending a positive wave across the entire region, open interest in the digital asset has begun to surge once more. Bitcoin Open Interest Pulls A Quick Reversal On-chain data tracking platform Kaiko reported on Tuesday, August 29, that the Bitcoin open interest had been on the decline for a while. In the chart shared by the tracker, it is obvious that this BTC metric had previously fallen significantly since 2022. As August drew to a close, the open interest in the digital asset eventually declined to levels not seen since the Terra network collapse back in May 2022. This suggested that it could be a good chance to get into Bitcoin and it would be proven true not too long after. On the same day, news broke that Grayscale had triumphed over the United States Securities and Exchange Commission (SEC) in court over its bid for its Spot Bitcoin ETF filing to be reconsidered. This triggered a rapid uptrend in the price of the digital asset and the open interest followed suit. According to data from Coinglass, the Bitcoin open interest is seeing double-digit growth on some exchanges already. The open interest on the dYdX exchange is up over 35%, and the cumulative open interest across all exchanges is now in the green, rising 9.55% in the last 24 hours. Does This Mean BTC Will Continue The Uptrend? For now, the price of Bitcoin is still purely driven by the hype from the Grayscale victory. This means that there is no telling how long the uptrend will last and when it will start correcting downward. However, as long as investors remain optimistic about the victory, BTC will continue to enjoy green days. As for open interest, a recovery isn’t always a good thing as it opens up an avenue for shorters to enter the market. For example, a look at Keiko’s chart shows open interest was high leading up to the FTX collapse in 2022. Then in early 2023 when the price of Bitcoin was rallying, open interest fell before picking up steam once more. For now, BTC is still enjoying the spike in attention. The price of the cryptocurrency is up 5.35% in the last 24 hours to trade at $27,349.

The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. While the rally signals potential, BTC still needs to overcome significant resistance at higher levels. As of this writing, Bitcoin (BTC) trades at $27,300 with a 5% profit in the last 24 hours. In the previous seven days, BTC recorded similar profits as other cryptocurrencies in the top 10 see gains for the first time in over two weeks. $30,000 Are The $12,000, A Bitcoin Bull Run In The Making According to Bloomberg Intelligence’s Mike McGlone, the current Bitcoin price action is akin to that display before the 2020 bull run. At that time, macroeconomic forces influenced the crypto market as BTC prepared for a Halving event. The cryptocurrency also struggled to reclaim a critical level of around $12,000. McGlone believes that $30,000 is similar to that level and that breaching it would open the door for further gains, but are the conditions given for such an event? NewsBTC has reported that the biggest catalyzer for a Bitcoin bull run lies with the US Securities Exchange Commission (SEC). The cryptocurrency might have a massive capital inflow if the regulator approves a spot BTC Exchange Traded Fund (ETF). Yesterday, asset manager Grayscale scored a victory against the Commission, and a US judge ruled in favor of the company in their Bitcoin ETF lawsuit. The expert commented the following on this development and how it can pave the way for a BTC rally: Of course, McGlone doubts the cryptocurrency can push above $30,000 in the short term. Despite the similarities between the current price action and 2020, there are two significant obstacles: the Fed’s monetary policy and the low liquidity in the financial markets. As a result of these conditions, the chart below shows the BTC price trending to the downside, with volatility moving in the opposite direction. The expert believes this dynamic potentially sets the stage for Bitcoin to drop into the $12,000 region. While these factors remain, Bitcoin will likely move sideways around its current levels, but the cryptocurrency will keep its bullish structure even if this scenario plays out. Cover image from Unsplash, chart from Tradingview

In a surprising turn of events, Shiba Inu (SHIB) experienced a brief consolidation break, reaching a 10-day high of $0.00000850, following the overall market uptrend on Tuesday. This upswing was further fueled by Grayscale’s legal victory against the US Securities and Exchange Commission (SEC). However, Shibarium, the Ethereum layer-2 network backed by SHIB tokens, was the most significant catalyst for the newfound optimism. Shibarium’s Resurgence Fuels Bullish Sentiment For SHIB Price Shibarium, the layer-2 blockchain explicitly designed for the Shiba Inu token SHIB, has achieved a significant milestone with a remarkable surge in wallet count, reaching 337,100. This surge in new wallet addresses indicates renewed interest and heightened expectations, following recent challenges faced by the SHIB-backed layer-2 platform. The surge in wallet activity clearly demonstrates restored confidence in Shibarium and its potential to provide an “enhanced user experience.” Moreover, the transaction count has rebounded significantly, recovering from a dip that saw daily transactions drop to 40,000 on August 27, after peaking at 132,000 on August 25. The resurgence, growing confidence, and surge in new wallets and daily transactions have made Shibarium an attractive option for retail investors seeking faster, more cost-effective, and private off-chain transactions while benefiting from the underlying security of the blockchain. After a difficult start, Shiba Inu delivered positive news by announcing the successful functionality of the highly anticipated Shibarium Bridge on August 28, 2023. This bridge facilitates seamless movement of funds from the Ethereum Layer-1 to the Layer-2 Shibarium platform, improving transaction speed and reducing fees. Shibarium initially encountered challenges upon its launch, experiencing significant user and transaction volumes that caused an “outage.” To tackle this issue, according to crypto influencer Keyur Rohit, Shytoshi Kusama, co-founder of SHIB, sought assistance from Sandeep Nailwal, co-founder of Polygon Labs. Together, they resolved the problems, ensuring the safety of funds. Kusama expressed gratitude to Sandeep for his help. Notably, in the aftermath of the initial challenges, Shibarium undertook significant improvements. The team expanded their server infrastructure by an impressive 1500% to “better handle” on-chain congestion. These corrective measures have resulted in rapid growth of the user base and an increase in the price of the SHIB token. Additionally, Shibarium has achieved a notable Total Value Locked (TVL) of $1.42 million. This achievement signifies a significant milestone and reflects the increasing enthusiasm within the Shiba Inu network. SHIB’s Uptrend At Risk? SHIB’s recent recovery and positive developments within its native ecosystem have failed to sustain the initial excitement, as the token’s price action has experienced a sharp decline. Over the past 24 hours, SHIB has lost more than 3% of its value, currently trading at $0.00000813. Adding to the concern is the token’s inability to surpass its 50-day Moving Average, as depicted by the brown line on the daily chart above. Since July 2023, when SHIB briefly surged to the $0.000001137 mark, it has struggled to break above this key moving average. However, there is a glimmer of hope if the overall market, particularly the flagship cryptocurrency, Bitcoin (BTC), paves the way for improved liquidity in the emerging sector. If SHIB manages to surpass this significant moving average, it could signal the potential for another strong uptrend, similar to the ones witnessed in July and January, during which the token reached its yearly high. Featured image from iStock, chart from TradingView.com

Robinhood adds Bitcoin, Dogecoin trading to crypto wallet after user requests. In-app swaps enabled for Ethereum tokens within the crypto wallet. The company expands wallet offerings with new networks, browser, and educational rewards. Robinhood has announced several major expansions to its self-custody cryptocurrency wallet in response to user feedback. According to the company, the Robinhood Wallet has seen significant global adoption with hundreds of thousands of users across over 140 countries since its public launch six months ago. In a recent blog post, Robinhood revealed it has added custody, send, and receive capabilities for Bitcoin and Dogecoin for all users. The company has also enabled in-app Ethereum token swaps for select users, with the feature rolling out more broadly in the coming weeks. Unlike some wallets, the users can swap Ethereum tokens without needing to hold ETH, with network fees automatically deducted. This aims to make DeFi more accessible for everyday users, according to Johann Kerbrat, GM of Robinhood Crypto. Since March, Robinhood has integrated its wallet with the Arbitrum and Optimism layer-2 networks. It has also launched a Web3 browser for decentralized app access directly within the Wallet interface. For U.S. users, Robinhood Connect now enables direct fiat currency purchases of crypto to be deposited into the Robinhood Wallet. The company has also expanded its educational rewards program to help users learn about the crypto space. The company stated it is working to support additional layer-2 networks and tokens based on user demand. Security remains an emphasis, with authentication requirements and seed phrase backups to prevent crypto asset loss. As a popular consumer investing platform, Robinhood’s crypto wallet integrations aim to provide mainstream access to Web3 technologies. By iterating based on user feedback, the company hopes to drive further adoption across its sizeable user base.

After the initial excitement surrounding Ripple Lab’s partial legal victory against the US Securities and Exchange Commission (SEC) subsided, XRP experienced a decline that led it to test its 4-month support line at $0.4240. However, the cryptocurrency has demonstrated resilience by reclaiming its important psychological level of $0.50 and reentering its previous consolidation or accumulation zone. This renewed stability has sparked optimism among bullish investors, indicating a potential rebound for XRP. Presently, XRP is trading at $0.5295 with a 24-hour trade volume of $1,419,623,015.56. This reflects a 1.89% increase in price over the last 24 hours and a 1.60% increase over the past 7 days. These gains and a promising chart formation suggest that XRP may be poised for further growth in the days and months ahead. Potential XRP Breakout As 2-Month Candle Nears Conclusion Crypto analyst Egrag Crypto, known for insightful market analysis, recently took to the social media platform X (formerly Twitter) to highlight an intriguing development in the XRP market. As the two-month candle for XRP draws to a close, it displays the potential formation of an inverted hammer pattern. For further context, the inverted hammer is a technical analysis candlestick pattern that typically appears at the end of a downtrend. It is characterized by a small body at the candle’s upper end, with a long upper shadow and little to no lower shadow. The inverted hammer pattern suggests a potential reversal in price direction. It indicates that buyers have stepped in after a period of selling pressure, causing the price to bounce back from its lows. As seen in Egrag’s chart above, throughout 426 days, XRP has demonstrated remarkable resilience, maintaining its market structure and solidifying its foundation amidst market fluctuations. On this note, Egrag further claimed: Notably, per the information compiled by the analyst, this consolidation around the mentioned price range indicates a highly bullish macro stance for XRP Egrag Crypto predicts a scenario where the upcoming candle could propel XRP towards the $2.3 range. However, this achievement would merely serve as a stepping stone within a larger macro range of $3.3 to $5.5, signaling a seamless continuation of XRP’s upward trajectory. Egrag Crypto’s symbolic reference to Valhalla beyond the $5.5 threshold reflects the analyst’s belief in the substantial potential for XRP’s future growth. While these words evoke a sense of grandeur, they emphasize the possibility of XRP reaching unprecedented heights in the market. Amidst growing anticipation within the crypto community, all eyes are on the impending conclusion of the two-month candle, which holds the key to a potential breakout indicated by the inverted hammer formation. This pivotal moment raises questions about whether the cryptocurrency and the broader market are on the cusp of another upward trend, supported by favorable macro conditions, or if they will face a test of lower resistance levels again. Featured image from iStock, chart from TradingView.com

On-chain data shows the number of Cardano (ADA) long-term holders has increased by 170% during the past twelve months. Cardano & Litecoin Have Seen Most Growth In Long-Term Holders In a new post on X, the market intelligence platform IntoTheBlock has revealed data related to the long-term holders of the various assets in the sector. The “long-term holders” (LTHs) here refer to all those investors who bought their coins at least one year ago. These HODLers are generally the most committed hands in the market, as they rarely participate in any selling. This cohort doesn’t usually budge even when FUD has taken over the market or an enticing profit-taking opportunity has appeared. Because they keep their coins locked away for long periods, the LTHs can naturally affect the economics of any cryptocurrency (although their effects don’t appear during the short term). Now, here is an infographic from IntoTheBlock that shows the total number of LTH addresses present on the networks of some of the top assets in the sector, as well as their percentage changes during the past year: As displayed above, the number one ranked cryptocurrency, Bitcoin (BTC), currently has 33.6 million LTH addresses, reflecting an increase of 17.6% during the past twelve months. Despite its lower market cap, Ethereum (ETH) has BTC beat in this metric, as the number of LTHs on the chain is, interestingly, around 73.9 million, more than double what BTC has. The network has also observed a sharper growth in this indicator at about 44.2%. This is also even though Bitcoin is also much older, meaning that it would have been able to accumulate more LTHs over the years in the form of lost coins, as such addresses would also fall under this category (although they certainly don’t carry the same meaning as an investor willingly choosing to HODL). While these largest coins have seen some decent increases in the number of LTHs, Litecoin (LTC) has them very easily beaten with its 100% growth, implying that HODLers on the blockchain have doubled during the past year. LTC is still far behind in terms of the pure number of LTHs, as the network hosts just 4.9 million. Cardano, however, has complete victory over even LTC’s rapid growth, as the coin has seen LTHs go up by more than 170% in this period. This astonishing rise has taken ADA’s total HODLer count to 2.65 million. Chainlink (LINK) appears to be the only cryptocurrency in the table that has seen an adverse change in its number of LTHs, as the asset’s HODLers have decreased by about 3%. The strong increases in the indicator for Cardano and Litecoin can naturally be constructive signs for their prices, as it shows an increasing tendency among the investors to hold onto their tokens for extended periods. ADA Price Cardano has failed to hold onto its gains from the latest rally, as the asset’s price has already fallen towards the $0.26 level.

On August 29, the US Court of Appeals ruled in favor of Grayscale in its legal battle against the US Securities and Exchange Commission (SEC). Following this, Grayscale’s GBTC shares trading volume significantly increased, climbing to a 2-year high in the process. GBTC Shares See 17% Increase According to data from Yahoo Finance, GBTC’s share price had opened at $17.66 on the day and closed at $20.56, rising by almost 17% from the previous day. Furthermore, the fund saw its busiest day in over a year, with over 19 million GBTC shares changing hands. This volume jump marked the fund’s highest in over two years. These figures aren’t surprising, considering that Grayscale’s victory presents a bullish outlook for the fund. Furthermore, Grayscale’s GBTC is one step closer to being converted into a Spot Bitcoin ETF, so many investors may want to get in on the fund at a discounted price. GBTC currently operates as a closed-end fund and has seen a discount as high as 48.89% of its net asset value (NAV) in December 2022. This discount has been reduced to about 18% following the court’s ruling in favor of Grayscale. However, some still believe this gap could close further, especially if Grayscale’s ETF application were approved. Big Win For The Crypto Community Grayscale had filed a lawsuit following the SEC’s refusal to grant its application to convert its GBTC fund into a Spot Bitcoin ETF. Grayscale argued that the SEC acted arbitrarily and capriciously by not giving it the same regulatory treatment the Commission did to the Teucrium Bitcoin Futures Fund and the Valkyrie XBTO Bitcoin Futures Fund. The fund stated that it deserved the same treatment as the Bitcoin futures fund because the prices of both Spot and Futures Bitcoin ETFs were “99.9%” correlated, so they posed the same risk regarding fraud and manipulation. The court adopted Grayscale’s argument and agreed that the SEC had not provided sufficient reason for denying Grayscale’s application while approving the Bitcoin futures funds. With this ruling, the SEC’s primary reason for not approving a Spot Bitcoin no longer carries weight, as the Commission can no longer deny applications solely because the Spot Bitcoin market has no regulated market of significant size. The court already found both funds (spot and futures) to be similar, so these exchanges’ surveillance sharing agreements with the Chicago Mercantile Exchange (CME) should be sufficient to deter manipulation in either the spot or futures market. While it remains to be seen what step the SEC will take regarding the Court of Appeal’s ruling, there is an increased likelihood that the Commission will have to approve the pending Spot Bitcoin ETF applications except if it can find another reason to deny these proposals.

Since July 2021, shares of Grayscale Bitcoin Trust rose the highest on Tuesday. There is now just a roughly 18% discount between GBTC and the price of Bitcoin. Grayscale’s recent win against the United States SEC in its fight to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF was significant. Since July 2021, shares of Grayscale Bitcoin Trust rose the highest on Tuesday. August 29 saw a 17% increase in the price of GBTC shares, trading at $20.56. There is now just a roughly 18% discount between GBTC and the price of Bitcoin. When compared to the roughly 50% price discount in December, this is a huge improvement. All Eyes on SEC Due to its current closed-end structure, the Grayscale Bitcoin Trust (GBTC) may experience large deviations from its NAV. There has been considerable anticipation that the discount may decrease as a result of the ETF conversion since the ETF structure allows for the issuance and redemption of shares in line with NAV. Bloomberg’s data shows that the number of GBTC shares traded has increased significantly, hitting its highest level in over a year with over 19 million shares changing hands. Although Grayscale’s victory is a huge step forward for the cryptocurrency industry, some experts predict that the SEC will take further action to prevent Grayscale from transforming its GBTC product into a spot Bitcoin ETF. In spite of the court’s rejection of the SEC’s arguments against spot Bitcoin ETFs, some experts believe that the regulatory body will now focus on crypto custodians due to their poor security practices. Post the ruling, the crypto market rallied with Bitcoin price hitting the $28,000 mark. Highlighted Crypto News Today: Will Ethereum Cross $2K Amidst Positive Momentum?

Shiba Inu’s layer-2 solution sees addresses triple and over 500k transactions after launch. Nodes jump on Shiba Inu’s layer-2 to handle surging transaction volumes after successful launch. Shiba Inu’s new scaling solution demonstrates exponential growth in addresses and activity following launch. Shiba Inu’s layer-2 scaling solution, Shibarium, has seen exponential growth over the past day according to recent data. The total number of addresses on the Shibarium network has tripled to 337,000 in just 24 hours. Alongside the flood of new addresses, transaction activity is also skyrocketing. Over 540,000 transactions have already been conducted on the fledgling network. Shibarium’s validators have processed approximately 374,000 blocks at a rate of 5 seconds per block. This enormous surge in usage stems from heightened interest surrounding Shibarium’s long-awaited launch. By providing faster and cheaper transactions, Shibarium aims to unlock new utility for the Shiba Inu ecosystem. Validators flocking in following Shibarium launch More validators are coming onboard to help handle the influx of activity. Blockchain startup Unification recently activated its own Shibarium validator node. Users can now delegate BONE tokens to Unification’s node for staking rewards. As the number of validated nodes rises, the network will be able to accommodate higher transaction volumes while maintaining speed and reliability. Shibarium’s remarkable growth demonstrates a successful launch that continues to drive adoption and engagement. With Shibarium’s usage spiking, developers hope to sustain this momentum to cement the layer-2 protocol as a core component of Shiba Inu’s technology stack. If the platform can continue attracting validators while maintaining stability under heavy loads, it will solidify Shibarium’s position as a vital infrastructure upgrade for the SHIB community.

The most recent PoR report includes information on 22 different digital currencies. OKX’s most recent report indicates that it has the longest streak of consecutive PoR releases. Crypto exchange OKX has released its tenth Proof-of-Reserve (PoR) report to gauge its liquidity in the highly volatile market. According to the data included in the report, the exchange’s reserves of BTC, ETH, and USDT have grown to a total of $10.4 billion. OKX is one of the few exchanges that has been transparent about the reserve it maintains against client deposits. Consecutive PoR Releases When FTX exchange failed last year, it was revealed that co-founder and former CEO Sam Bankman-Fried (SBF) had mixed client funds. This revelation launched Binance’s practice of disclosing PoR. OKX Global Chief Commercial Officer Lennix Lai stated: When compared to other exchanges, OKX’s most recent report indicates that it has the longest streak of consecutive PoR releases. The most recent PoR report includes information on 22 different digital currencies. The trading platform also boasted that their PoR continued to outpace customer deposits by 100% for the tenth time in a row.

On-chain data suggests the $28,100 level could be the next major resistance to break for Bitcoin if history is anything to go by. Bitcoin Short-Term Holder Cost Basis Is Valued At $28,100 Currently As pointed out by an analyst in a CryptoQuant post, the BTC price has recently neared the short-term holders’ realized price. The “realized price” is a metric that basically represents the cost basis (that is, the buying price) of the average investor in the Bitcoin market. When the spot price of the asset dips below this indicator, the majority of the holders go underwater, while breaks above the level naturally result in the average investor moving into a state of profit. Related Reading: Bitcoin Bullish Signal: Exchange Netflow Remains Negative In the context of the current discussion, the realized price for only a segment of the cryptocurrency’s user base is of interest; namely, the “short-term holders” (STHs). The STHs include all investors who have been holding onto their coins since less than 155 days ago. This cohort is one of the two main groups in the BTC market; the other one being the “long-term holders” (LTHs). The STHs are generally the more fickle investors, who easily react to changes in the wider market (like crashes or rallies), while the LTHs tend to stay silent regardless of the wider sentiment. Now, here is a chart that shows the trend in the Bitcoin realized price for both of these groups over the last few years: As displayed in the above graph, the BTC spot price has surged closer to the STH realized price with the cryptocurrency’s latest rally following the news of the Grayscale victory. Historically, the retests of this level have been very often significant for the cryptocurrency, as they have generally set the tone for what trend the asset could follow in the near future. During bullish periods, the cost basis of the STHs usually provides support to the price, while the coin may encounter resistance at the line during bearish regimes. This pattern can also be seen working in action during this year’s rally, as Bitcoin found support at the line during the retests in both March and June. With the recent crash, however, Bitcoin finally plunged under the level. It’s possible that a return toward a bear market has now occurred because of this failed retest. Currently, the Bitcoin STH realized price is valued at about $28,100, which is actually the highest BTC has gone during the latest surge. Since Bitcoin has observed a pullback, it’s possible that it’s because of the resistance that the STH cost basis provided. If BTC continues to surge in the coming days, another retest of this level might be one to watch for, as a rejection might confirm a bearish transition. A successful break, however, could suggest that the bullish momentum isn’t dead just yet. BTC Price Following the latest surge, Bitcoin is now trading around the $27,400 mark, with investors being in 6% profits over the past week.

XRP has had its ups and downs in the past few months, ranging from a 70% price spike from Ripple’s partial victory in court to whales and retail investors taking profit after the price pump. Now, on-chain data has shown that XRP big money players have made many interesting transactions this month, with whales transferring over 1.7 billion XRP worth $899,530,325. XRP Price Sees Pressure From Whale Movement In August According to on-chain data, a total of 1.7 billion XRP, worth over $899 million, were moved by some of the largest XRP holders in August. Whale movements of this nature tend to generate curiosity among investors. Some see it as a bearish signal for the XRP’s price, as these transactions have the potential to put some downward pressure on XRP due to fears of possible large sell-offs. Data from Whale_Alerts have shown various whale movements in August. The latest transaction came hours ago, with 424,018,481 XRP worth $225,957,060 transferred between unknown wallets. Bitstamp, in particular, received a flurry of XRP from unknown wallets, totaling more than 85,200,000 XRP between August 27 and 29. Bitvavo, another crypto exchange, recorded various XRP whale transactions in the month. In one instance on August 27th, 425,118,503 XRP worth $224,906,760 left the exchange to an unknown wallet. However, one XRP investor claims to have tracked out the source of the massive transfers on Bitvavo. The investor explained that the coins have been moved back and forth the exchange many times since 2020 and the latest transfer was to an address controlled by Bitvavo. Return Of 800 Million XRP to Escrow A high volume of the XRP whale movement came from Ripple itself. On August 1, the blockchain technology company returned XRP tokens to its escrow wallet just after carrying out its periodical unlock. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation. On-chain data from Whale_Alerts also show that 300 million XRP tokens, with a value of $209 million, were locked in Ripple’s Escrow wallet on August 1. Shortly after, the on-chain tracker revealed that a further 500 million XRP tokens worth $349,458,791 were locked back into escrow. Although XRP is currently up by 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down by 24.61% in the past month. However, XRP trading volume has spiked 115.03% in the past 24 hours.

Grayscale’s victory boosts market; Bitcoin, Ethereum breakout from bearish trend. Ethereum’s trading volume spikes by 151%, reaching $11.4B in 24H. In the midst of a bear market, a glimmer of hope emerges with recent news regarding Grayscale Investments, a crypto asset manager. It has achieved a significant victory against the United States Securities and Exchange Commission (SEC) in its pursuit to transform the Grayscale Bitcoin Trust (GBTC) into a publicly listed Bitcoin exchange-traded fund (ETF). This development has catalyzed a 4.32% surge in the crypto market over the past 24 hours, propelling major coins like Bitcoin and Ethereum to break free from their prolonged bearish trends. Impressively, both Bitcoin and Ethereum have surged by 5.56% and 4.63%, respectively, within the last 24 hours. Delving into the background, the SEC previously rejected Grayscale’s GBTC application in October 2021, citing concerns about inadequate safeguards against fraudulent and manipulative practices. Grayscale responded with a lawsuit, leading to a favorable overturning of the decision. In a significant turn of events on August 29, U.S. Court of Appeals Circuit Judge Neomi Rao granted Grayscale’s petition for review. And vacated the SEC’s denial of the GBTC listing application. Judge Rao had earlier criticized the SEC for lacking explanation in its stance against Grayscale. However, it’s important to note that this order doesn’t guarantee the eventual listing of a Grayscale spot Bitcoin ETF. When will ETH hit $2000 ? As the deadline for the approval of Bitcoin and Ethereum ETFs approaches, the market sentiment remains bullish, injecting hope into the days ahead. For Ethereum, despite facing its lowest price range since Q2 of the year, with price oscillating between $1650 and $1698, the recent bullish resurgence after a month-long battle against bears fell short of pushing the price beyond $1800. However, the prevailing positive momentum and the potential approval of ETFs suggest a strong possibility of the price surpassing $2000 and even soaring above $2000. Ethereum’s trading volume has surged by an impressive 150.75% in the past 24 hours, reaching $11.4 billion. On a different note, the total daily transaction fees on the Ethereum network dropped to 1,719 ETH ($2.8 million). It happened on Sunday, the lowest since December 26, according to CryptoQuant. This marks an 89% decrease from the year-to-date peak observed on May 5. Will The Bulls Sustain its Crown? An analysis of Ethereum’s recent price movements underscores a prevailing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) currently sits at $1688, indicating ongoing bullish sentiment. Meanwhile Ethereum is presently priced at $1715. The Relative Strength Index (RSI) stands at 46, signifying a neutral zone. Ethereum (ETH) Daily Price Chart (Source: TradingView) Should the SEC green-light the Bitcoin ETF on Monday, Ethereum’s price could breach crucial EMAs. And potentially retest the previously broken support trendline. This positive momentum might propel the uptrend to cross the $2000 mark, targeting the prior swing high of $2140. Conversely, if the SEC opts for a decision delay, the price of Ethereum might retreat to the $1600 demand zone. Will ETH Sustain its Bullish Pressure? Share your thoughts by tweeting us at @The_NewsCrypto

The world’s largest exchange, Binance, has announced plans to delist eight Binance USD (BUSD) trading pairs as the company looks to withdraw full support of the stablecoin by 2024. This follows increased regulatory pressure on the stablecoin in 2023, which has led to a drastic decline in its market share so far. Binance To Delete Nine Margin Trading Pairs By September 7 In a blog post on Wednesday, Binance laid out intentions to delist eight BUSD cross margin and isolated trading pairs. These include AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, NULS/BUSD, PORTO/BUSD and REQ/BUSD. In addition, the exchange will also be deleting the IOST/BTC margin trading pair. Related Reading: Binance Will Halt These 39 Liquidity Mining Pools This Week According to Binance, the delisting process will occur in two stages. Firstly, the exchange will suspend all isolated margin borrowing for these specific pairs on September 1, 2023, at 06:00 (UTC). Thereafter, Binance will close all users’ positions, terminate any pending order, and enable an automatic settlement before proceeding to delist these pairs from its isolated margin market on September 7, 2023, at 06:00 (UTC). On the same day and at the same time, these trading pairs will also be removed from Binance’s cross margin market. Binance has stated that users would not be permitted to modify their trading positions during the delisting procedure. Thus, they are advised to close all open positions and transfer their assets from margin wallets to spot wallets prior to September 7 to avoid any possible losses. In the announcement, the exchange did not state a specific reason for delisting eight BUSD pairs at once. However, emerging reports indicate that this move is part of a much larger plan by the crypto exchange. Binance To Cease Full Support For BUSD In 2024? According to several posts on the social media platform X, Binance plans to terminate its support for its native BUSD stablecoin by 2024, urging users to convert the token to other crypto assets. This development was revealed via a pop-up notification on the exchange’s mobile app. Although there was no specific date in the notification, it was stated that Paxos Trust, BUSD’s issuer and operator, will stop BUSD redemption by February 2024. Following this, Binance will gradually withdraw its support for the stablecoin. As earlier stated, the BUSD token has been affected by the high level of regulatory scrutiny faced by the cryptocurrency industry in 2023. Related Reading: Bitcoin Cash (BCH) Records Surprising 15% Rally – What’s Behind It? In February, the New York Department of Financial Services ordered Paxos to halt the issuance of BUSD, citing “several unresolved issues related to Paxos’ oversight of its relationship with Binance regarding Paxos-issued BUSD.” Following this directive, BUSD has lost over 80% of its market cap, falling from $16.13 billion on February 9 to its current value of $3.1 billion based on data from Tradingview.

Ethereum has rapidly become the second most valuable cryptocurrency after Bitcoin. With its recent transition to a proof-of-stake consensus model and its expanded capabilities, Ethereum’s future looks bright. This guide provides a data-driven Ethereum price prediction for the short, medium and long-term. What is Ethereum (ETH)? Ethereum is a decentralized blockchain platform created by Vitalik Buterin in 2015. Like Bitcoin, it uses a blockchain to store transaction records. But Ethereum’s key innovation was enabling decentralized applications (dApps) and smart contracts on its blockchain. The Ethereum blockchain serves as a secured public ledger for verifying and recording transactions. Ether (ETH) is the native cryptocurrency of the platform that acts as ‘gas’ to power transactions and run smart contracts. Some key aspects of Ethereum include: Smart contracts These are applications that run exactly as programmed without risk of downtime or third-party interference. Decentralized platform Ethereum operates via a global peer-to-peer network, avoiding centralized control. Programmable blockchain Developers can use Ethereum to build and deploy decentralized applications of all kinds. Proof-of-stake consensus Ethereum has transitioned to a more efficient proof-of-stake system called Casper that requires less energy. These features make Ethereum extremely versatile and a promising platform for decentralized finance (DeFi), NFTs, DAOs, dApps and much more. Factors Influencing Ethereum Price Ethereum’s growth has been explosive, but not without volatility. Here are some factors that affect ETH prices. Cryptocurrency Market Trends Like most cryptos, Ethereum price depends heavily on trends in the overall crypto market. Bitcoin’s price actions in particular have a ripple effect on altcoins. Gas Fees and Transaction Costs Ethereum gas fees rising during times of network congestion reduces usage and can suppress price. Efforts like scaling solutions aim to lower transaction costs. Mainstream Adoption With increasing real-world Ethereum usage cases in DeFi, NFTs etc. mainstream adoption is rising, leading to higher demand and prices. Competition While Ethereum is the dominant smart contract platform currently, competition from projects like Solana, Cardano etc. can potentially erode its market share and affect ETH prices. Regulations Regulatory crackdowns or increased clarity on crypto/Ethereum can both positively and negatively impact prices by affecting investor sentiment. Technology Upgrades Recent Ethereum developments like the Merge upgrade to proof-of-stake or ETH 2.0 implementating sharding may improve capabilities and affect value over time. Burning Ether Burning ETH taken out of circulation through EIP-1559 helps reduce supply and may gradually increase the value of remaining Ether. Ethereum Price History Ethereum launched in 2015 at an initial price of around $0.30. Here is a look at key price developments since then. 2015-2017 – The Early Days After launch, Ethereum traded in the $1-$15 range till early 2017. As crypto markets gained steam in 2017, Ethereum shot up to $380 by June. Several factors drove growth: Increasing developer adoption with global Ethereum hackathons held in 2017. Hundreds of projects were built on Ethereum. Mainstream coverage of Ethereum as a revolutionary technology in magazines like Forbes ICO boom – projects raising millions via Ethereum-based ICOs bought Ether at inflated prices This growth was unsustainable long-term and by September 2018, ETH had fallen to around $170. But immense developer interest and real-world usage potential was now apparent. 2018-2020 – Building During the Bear Market In the 2018-2020 bear market, Ethereum stayed afloat better than most altcoins, remaining above $100. Major mileposts include: Despite market conditions, steady progress continued on Ethereum 2.0 upgrades like Beacon Chain, proof-of-stake, and sharding. Increasing DeFi (decentralized finance) dominance with Ethereum facilitating over 90% of activity and billions in value. Launch of Ethereum-based Tether (USDT), the most used stablecoin. USDT transactions dwarfed payment coins. ERC-20 standard became the de-facto for issuing new tokens. Most ICOs continued to launch on Ethereum. This demonstrated Ethereum’s real-world utility and helped prevent steeper declines. 2021 – 2022 – From Mainstream Mania To Manic Depression 2021 marked a parabolic rise for Ethereum, breaking out beyond crypto circles into mainstream recognition. The parabolic rise also brought an abrupt peak, sending Ethereum prices crashing all throughout 2022 as the US Federal Reserve began hiking interest rates to the highest levels in decades. Key factors driving this bull run: Continued DeFi growth, with the total value locked in DeFi rising from $20B to over $100B during 2021. NFT mania beginning in early 2021, with Ethereum hosting headline-grabbing sales like Beeple’s $69 million digital art piece. Ethereum network upgrades like Berlin hard fork and London’s EIP-1559 built investor confidence. Large companies like Visa and JP Morgan began settling transactions on the Ethereum blockchain. Institutional investment rose with SEC allowing Ethereum futures ETFs. This perfect storm took ETH from under $800 in January 2021 to an all-time high of $4,800 in November 2021. In 2022 the crypto market endured a painful bear market, with Ethereum dropping below $1,000. However, a major milestone was reached in September 2022, with Ethereum completing The Merge upgrade to become a proof-of-stake blockchain. This reduced Ethereum inflation and carbon footprint. While sentiments remain low currently, The Merge was a huge technological leap cementing Ethereum’s lead in blockchain development. The stage is potentially set for the next bull market. Recent Ethereum Price Performance Unlike Bitcoin which found a local bear market bottom in November 2022, Ethereum set a local low in mid-June at around $878 per ETH. An almost immediate bounce took Ether over double from the low to $2,000, but retested $1,000 before the year ended. Throughout 2023 while Bitcoin and other cryptocurrencies have recovered, Ethereum’s rally has been relatively muted. In August 2023, Ethereum once again retested $1,500, possibly putting in a lower low before the start of a more substantial rally or collapse. Short Term Ethereum Price Prediction for 2023 Since the 2022 local bottom, Ethereum has been forming an Ascending Triangle pattern. This is predominantly a bullish pattern, but can occasionally appear in a bear market before the final move in a sequence, ultimately breaking down. Targets based on the measure rule put an immediate upside breakout around $3,800 per ETH, while a breakdown would send Ether back down to $871 for a double possible double bottom or new low. With only a few months left in 2023, trajectories will be limited based on time. Medium Term Ethereum Price Prediction for 2024 – 2025 Based on historical 4-year market cycles and Elliott Wave Principle patterns, Ethereum appears to be at a critical junction, where it could retrace further and break down from a large rising wedge structure, or could rally and fill out the upper portion of the pattern one more time. The black-colored wave scenario puts ETHUSD at $10,000 between 2024 and 2025. Meanwhile, the red-colored corrective wave scenario suggests Ether will reach around $440 during a C-wave of continuation. Long Term Ethereum Price Prediction for 2030 and Beyond If Ethereum establishes itself as the primary platform for decentralized apps and finance by 2030, its utility could be immense. Based on a long-term linear mean, Ethereum could fluctuate between $20,000 and nearly $100,000 per ETH by the year 2030 arrives. Ethereum Price Predictions by Experts Here what some industry experts and analysts forecast for Ethereum: Popular analyst Benjamin Cowen is conservative in his Ethereum price prediction, claiming that “Ethereum has the potential to eventually achieve $10,000 to $15,000 per ETH in the next five to ten years.” He cautions that scaling needs to be achieved without diluting ETH’s value. RealVision CEO Raoul Pal predicts ETH at $20,000 by 2025. CertiK CEO Ronghui Gu forecasts Ethereum at $30,000 to $50,000 by 2030. Justin Bennett sees ETH potentially reaching $40,000 if bullish sentiment returns. Ethereum Price Prediction FAQs Here are some common questions about Ethereum price predictions: What was Ethereum’s lowest price? Ethereum hit record lows between $0.4 to $0.7 in 2015 and 2016 during its earliest days. Its recent low was around $800 in June 2022. What was Ethereum’s highest price? Ethereum’s all-time high price was $4,891 reached in November 2021. It also briefly exceeded $4,600 in the same month. How high can Ethereum realistically go long-term? Based on expert forecasts and models, Ethereum potentially could reach over $100,000 by 2030, and even $500,000+ in the 2050 timeframe as a bull case scenario if it achieves global adoption. Can Ethereum drop to zero? While unlikely, the possibility that Ethereum drops to near zero can’t be ruled out entirely. Competition, failure to scale sufficiently, or critical bugs in the codebase are threats. Why is Ethereum price volatile? As a relatively new asset class, Ethereum is prone to high volatility. Speculation, hype cycles, and changing investor sentiment amplify price swings. When will Ethereum’s price stabilize? Ethereum price volatility should stabilize significantly once it achieves full-scale mainstream adoption as a blockchain platform, which could happen within the next 5-10 years. Will Ethereum go up in 2023? The most likely scenario based on market trends is Ethereum rising gradually throughout 2023, although price will remain volatile in the short-term.