Trump and Lummis Push for US Bitcoin Reserves
Former President Donald Trump and Wyoming Senator Cynthia Lummis proposed plans for the US government to hold Bitcoin. Lummis drafted a law requiring the treasury to purchase one million Bitcoins over five years. GOP candidate Trump and independent candidate Robert F. Kennedy Jr. also supports creating a national Bitcoin reserve. While supporters argue that Bitcoin can serve as a buffer against market fluctuations like gold, critics say it serves no strategic purpose and could artificially inflate prices.
Valour to Launch Digital Asset ETPs in Kenya
Crypto fund issuer Valour has signed a memorandum of understanding with the Nairobi Securities Exchange (NSE) and financial instruments issuance platform SovFi on the issuance and trading of digital asset exchange-traded products (ETPs) on the NSE in Kenya. Valour and its affiliates’ Bitcoin, Ethereum and Solana ETPs will be the first digital asset offerings on the NSE. Valour issues 33 ETPs on European exchanges. It launched its first NEAR Protocol ETP on the Swedish Spotlight Exchange in July.
BlackRock and Nasdaq Push for Options on Ethereum ETF
Nasdaq and BlackRock plan to list and trade options for BlackRock’s spot Ethereum ETF. In a filing with the U.S. Securities and Exchange Commission, a rule change for listing and trading options on the iShares Ethereum Trust has been proposed. It is stated that this change will benefit investors by providing spot ETH with a lower-cost investment vehicle and hedging tool for ETH products and positions. BlackRock’s ETF was approved in May and began trading last month. Public comments on the proposal must be made within 21 days, and the SEC’s final decision will likely be announced in early April 2025.
Bitcoin Whales Increased Their Assets
Bitcoin investors experienced major swings over the weekend, with prices falling to $49,000 and then recovering to $56,000 levels on Monday morning. While large Bitcoin asset holders took advantage of the falling prices and bought more Bitcoin, small investors sold in panic. According to blockchain analysis firm IntoTheBlock, wallets holding 1,000 to 10,000 BTC increased their holdings as prices fell, while wallets holding less than 1 BTC shed their holdings. Although there was a net outflow of $168 million from U.S.-listed spot Bitcoin exchange-traded funds on Monday, this represented just 0.3% of total managed assets and BlackRock’s $18 billion IBIT fund experienced no net outflows.
Japanese Investment Firm Metaplanet Increases Bitcoin Assets
Bitcoin investment firm Metaplanet plans to raise approximately $70 million by offering stock acquisition rights to all common shareholders. In a statement made on August 6, the Japanese company stated that it planned to allocate $ 58 million of this collected fund to purchase additional Bitcoin. The new financing will enable the company to significantly expand its Bitcoin holdings in line with its long-term growth strategy.
High Outflow from Grayscale’s Spot Ethereum ETF
When we examined the data dated August 6, there was an inflow of $ 98 million in spot Ethereum ETFs. The largest contribution to the inflow amount occurred in BlackRock’s fund with $109 million. On the other hand, there was an outflow of $40 million in Grayscale’s fund, thus making it the highest daily outflow ever. The total amount issued from Grayscale reached 2.2 billion dollars.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $56,808 with a 1.39% gain in value. After a rise to $70,000, a serious selling pressure was encountered and a decline occurred to the level of $48,500. There seems to be a reaction from this region. $59,000 appears as the resistance level. If pricing is above $59,000, there may be an increase up to $65,000. In case of a decline, $50,000 is a strong support area.
ETHEREUM (ETH)
ETH is priced at $2507 with a 1.95% gain in value as of the morning hours. After losing the $2800 level, there was a rapid decline to the $2160 level. It seems like he’s gotten a reaction from here so far. If an upward reaction occurs, a rise up to $2800 may be seen. In case of a decrease, a withdrawal may occur up to $1880.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5121 with a 1.17% gain in value. After being rejected at $0.67, there was a drop to $0.43. For now, it seems like it has received a reaction from this region. Pricing above the $0.50 level is also available. $0.54 could act as resistance. In case of a pullback, $0.48 appears as strong support.
AVALANCHE (AVAX)
AVAX is priced at $21.42 with a 2.58% gain in value as of the morning hours. With the horizontal band breaking downwards, the retreat deepened. If the pullback deepens, a pullback to $11.83 could occur. In case of an upward movement, $23 will appear as resistance.
SOLANA (SOL)
SOL is priced at $153.76 with a 6.50% gain in value as of the morning hours. When we examine the daily chart, we see that the $120 level, which we follow as the support zone, was tested with the sharp price movement seen yesterday and received a strong reaction from this area. As the reaction movement continued, the $150 level was broken upwards. The first resistance zone appears at $160. If it persists above this zone, the $170 level can be tested. In case of withdrawals, the $150 and $145 levels can be followed as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 10.42 with a 3.38% gain in value. When we examine the daily chart, we see that there was a good reaction movement from the $ 8.50 region, which we follow as an important support zone, and it closed above the $ 10 level yesterday. If it persists above this region, first the 11 and then 12 dollar levels can be targeted. In case of withdrawals, the $10 level can be followed as short-term support.
NEAR
NEAR is priced at $3,805 with a 3.43% gain in value as of the morning hours. When we examine the hourly chart, we see that the short-term formation movement has broken upward. If it persists above the $3,785 area, which we follow as the resistance zone, a move towards the $4 region may be possible. In case of withdrawals, the breakout zone of $ 3.70 can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2392 dollars with a 0.06% gain in value. After the rise to $2478, the decline continues. The $2350 region is a critical area. In case of an upward movement, increases up to 2500 dollars may be seen. The $2350 region is likely to act as support in case of pullbacks.
OUNCE OF SILVER
As of the morning hours, silver is priced at $27.12 with a 0.69% loss in value. When we examine the hourly chart, we see that there is a sideways movement between the $26.50 and $27.50 levels. These two levels can be followed as main support and resistance zones. In case of an upward break, the $28 level may be tested. The $26.80 region can be followed as a short-term support area.
