Hong Kong Crypto ETFs Face Systemic Market Hurdles
ETFs in Hong Kong are struggling due to a systemic market problem, according to OSL Executive Director Gary Tiu. This problem stems from the local market’s preference for unlisted products that offer higher commissions to intermediaries such as brokers and banks. ETFs that allow direct market transactions do not provide financial incentives to these intermediaries because they offer lower commissions. Furthermore, the bias against cryptocurrencies in Hong Kong also makes it difficult for ETFs to grow.
IRS Updates Crypto Brokerage Tax Form, Removes Wallet Address Request
The IRS has updated a draft of Form 1099-DA, which crypto brokers will use to report digital asset transactions starting in 2025. The updated form addresses privacy concerns raised by the crypto industry by removing the requirement to report wallet addresses, transaction IDs, or when assets were acquired. The form is part of the IRS’ broader efforts to regulate cryptocurrency transactions, and its final version will impact how decentralized finance activities are reported.
Bitcoin Mining Company Bitfarms Reports $27 Million Net Loss in Q2 2024
Toronto-based Bitcoin mining company Bitfarms reported a net loss of $27 million in the second quarter of 2024, representing a 16% quarter-over-quarter decline in revenue. The loss is largely attributed to reduced block rewards following the BTC halving in April 2024. Bitfarms is determined to continue its growth strategy independently and is facing a hostile takeover attempt from Riot Platforms.
Cardano Develops Hydra Scaling Solution Ahead of Chang Hard Fork
Cardano has updated its Hydra Head scaling solution in preparation for the upcoming Chang hard fork. Introduced on August 9, 2024, this update improves transaction efficiency and allows users to withdraw funds without closing an open header. This upgrade is a significant step towards Cardano’s goal of becoming a fully decentralized blockchain. With approximately 65% to 70% of Stake Pool Operators currently adopting the required Node Version 9.1, the hard fork is expected to solidify Cardano’s decentralized governance model.
SEC Postpones Decision on Hashdex Bitcoin-Ethereum ETF
The SEC has postponed its decision on approving Hashdex’s proposed Bitcoin-Ethereum ETF until September 30. The ETF, which will be managed by Brazilian asset manager Hashdex, will consist primarily of Bitcoin and Ethereum, with Coinbase and BitGo serving as custodians. The decision, along with efforts to advance CBOE Bitcoin ETF options, will significantly impact the future of cryptocurrency investment in the United States.
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BITCOIN (BTC)
BTC is priced at $58,610 with a 0.16% loss in value as of the morning hours. There was an increase from $48,000 to $62,800, but it could not be sustained. The first support area of $57,000 seems strong. If there is a price increase above here, increases to $65,000 can be seen. If $57,000 is lost, a pullback to $52,000 can occur.
ETHEREUM (ETH)
ETH is priced at $2549 with a 0.24% loss in value as of the morning hours. There was an increase from $2150 to $2700, but it could not be sustained. In the pullbacks, $2400 seems strong after $2500. If there is a break below the $2400 level, pullbacks to $2200 can be seen. If $2700 is broken upwards, pricing up to $3000 can be seen.
RIPPLE (XRP)
XRP is priced at $0.5636 with a 1.95% increase in value as of the morning hours. It rose to $0.65 due to the news, but it was not permanent. In pullbacks, a pullback to $0.52 may occur. In prices above $0.60, increases to $0.70 may be seen.
AVALANCHE (AVAX)
AVAX is priced at $20.71 with a 1.52 percent gain in value as of the morning hours. It was able to rise from $17.30 to $22.83. It works as resistance between $23 and $24. In pullbacks, $20 and $18 appear as strong support areas. In prices above $23, an increase of up to $25 may be seen.
SOLANA (SOL)
SOL is priced at $143.67 with a 1.48% gain as of the morning hours. The pullback continues after the rise from $112 to $164. The pullback may continue to $128. If it reacts from $128, it may rise again to $170. The pullbacks are strong at $132 and $116.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $10.06 with a 0.60% gain in value. When we examine the hourly chart, LINK, which continues its horizontal movement between this level and 10.90 after breaking the 9.30 region, is performing an upward re-test of this region after breaking downward from the 10.10 level, which is the middle band of the horizontal movement. If LINK rises above this level, it can target $10.90 and then the $12 region, but if there is no upward break, we can expect a pullback to 9.30.
OUNCE GOLD
The ounce of gold is priced at $2432 with a 0.03% increase in value as of the morning hours. When we examine the 4-hour chart of gold, we see that it has made a horizontal movement in the range of 2360 – 2480, and that the 2390 and 2420 regions also work as support and resistance levels in this range. Finally, the levels we will expect in gold that managed to rise above 2430 will be 2450 and 2480.
OUNCE SILVER
Silver is priced at $27.62 with a 0.59% loss in value as of the morning hours. When we examine the hourly chart, we see that the horizontal movement between the $26.50 and $27.50 levels could not be sustained despite the upward break and there was a downward movement again. If this movement continues, the $27.20 and $27 levels can be followed as support.
