FED Announces Crypto Monitoring Program
The US Federal Reserve is launching a new program to supervise and regulate banks’ crypto asset activities. With the program, the FED clarified that companies must obtain approval to make moves related to digital asset groups. The program was announced yesterday and does not make any rule changes regarding crypto banking. It only addresses central bank oversight and the relationship with the crypto sector.
PayPal USD Commentary from JPMorgan Analysts
JPMorgan analysts explained that the launch of PayPal USD could be beneficial for Ethereum. Although Stablecoin’s use of Ethereum has been criticized by some authorities, JPMorgan analysts said that this could increase activity on Ethereum and the amount of locked assets, as well as pave the way for other companies to use Ethereum.
Marathon Digital Announces Balance Sheet
Marathon, one of the world’s largest mining companies, released its financials last night. The company reported revenues of $81.8 million, below expectations of 83.2 percent, and projected revenues of $81.8 million in 2022. by 228% compared to its quarterly revenue. June proved to be the most difficult month, with Marathon’s production activities down 21% compared to May. In addition, the company CEO announced that they spent the last quarter producing a record 2926 Bitcoins.
BTC ETF Statement from Galaxy Digital CEO
Mike Novogratz, CEO of Galaxy Digital, said yesterday that ETFs could be accepted before February 2024, according to information from his sources at BlackRock and Invesco. Novogratz, who made his speech to shareholders during the announcement of their financials, said that he believes the process will take between 4-6 months. In addition, Galaxy Digital announced a loss of 46 million dollars in its balance sheet.
Illegal Money Flows on Ethereum Hit a Peak
With the recent hacks and thefts at Curve, the flow of illicit money on Ethereum has peaked. In this regard, Ethereum, which experienced the worst week of this year last week, some days the rate approached 2%. Between July 30-August 6, the rate moved in the range of 1.7%-1.8%. The highest rate before these levels was 1.46% in January.
BITCOIN(BTC)
Bitcoin is pricing at $ 29,735 with a 0.05% gain in value as of today morning hours. With the rise seen in Bitcoin yesterday, the 30,000 level was tested upwards again, but it retreated without realizing the upward break. The rise in Bitcoin after the 28,800 test seen on Monday allowed the price to rise to the 30,200 level. If the retreat in Bitcoin, which retreated to the 29,700 region with a big profit sale afterwards, continues, the range of 29,500-29,600 is a preferable region for entry. At the same time, we think that volatility may continue again one day before the inflation data in Bitcoin. Therefore, it would make sense to use horizontal support-resistance levels.
ETHEREUM(ETH)
ETH, which gained 0.06% as of morning hours, is priced at $ 1856. With the rise in Ethereum, we see that 1845 was broken upwards and then the descending movement was also broken upwards. Although bar closures are taking place in Ethereum, which cannot move away from this level after the breakout for now, the long needles seen after the rises give an unsettling image due to the selling pressure and the density in the 1880 region.
SOLANA(SOL)
SOL, which gained 0.54% as of morning hours, is priced at $ 24.38. With its significant price action, SOL has rallied more than 10% from Monday’s low. At the same time, SOL managed to break the 23.60 and 24.05 levels upwards and advanced to the next resistance level of 24.80, but failed to get confirmation of the breakout and retreated slightly. We can say that the target on SOL is 24.80 and if it breaks, then we should expect $25.50 and $26 levels.
