Inflows to Digital Asset Funds Resumed
After 3 consecutive weeks of outflows in digital asset funds, inflows were seen again last week. After a 144 million dollar outflow in 3 weeks, there was a 27 million dollar inflow last week. While Bitcoin funds experienced inflows of 27 million dollars and Ethereum funds of 2.5 million dollars, outflows continued in short Bitcoin funds after last week.
PayPal Announces Crypto Asset Platform
Paypal introduced its new cryptocurrency platform. Cryptocurrencies Hub is PayPal’s new crypto asset service that will allow users to make and store Bitcoin transactions with their PayPal accounts. PayPal said in a statement that the platform allows for the trading and holding of Bitcoin and other coins, and at the same time, platform users can pay for goods and services with crypto assets.
Shibarium Will Be Available This Week
Shibarium, the long-awaited Layer-2 protocol in Shiba-Inu, was announced to be released between August 14-17 last months. Just before the launch of Shibarium, Shibarium saw record highs in on-chain metrics such as the number of active addresses. Shibarium is expected to be released today or tomorrow in line with social media posts.
Great Activity in the Sandbox
An important unlock took place in the Sandbox yesterday. In the process, the whales put $32 million worth of SAND on the exchanges. According to TokenUnlock, $131 million worth of SAND was successfully unlocked, representing 16% of the total supply.
Prime Trust Files for Bankruptcy
US-based crypto asset custodian Prime Trust LLC and its subsidiaries have filed for Chapter 11 bankruptcy. The Las Vegas-based company said it would continue to manage its business on behalf of “borrowers at hand” under the oversight and direction of the special committee.
BITCOIN(BTC)
Bitcoin is priced at $ 29,392 with a 0.02% gain in value as of today morning hours. The sideways and weak movement in Bitcoin continues in the same way. We see that the price rose to 29,600 levels in an above-average volume yesterday, but then fell below 29,500 with a rapid selling pressure. Bitcoin may feel the impact of the decline in gold. If the 1900 breakout occurs in gold, then selling pressure may also occur on the crypto side. Although the correlation with gold, which it has lost as of July, is currently low, a breakout in gold could lead to a sell-off on the crypto side. Apart from these, Retail Sales to be announced today may be important. At the same time, the O-B-O image on the rising movement we see on the 3-day chart in Bitcoin could trigger a decline in case of a downward breakout.
ETHEREUM (ETH)
ETH, which gained 0.12% as of morning hours, is priced at $ 1843. We have entered the lows of the 3-day upward movement in Ethereum. Therefore, if it continues this movement, ETH will break its uptrend. Therefore, there may be a movement in Etheruem in the next 1 week. In the short term, we see that our movement in the range of 1820-1845-1880 continues.
