Exit from Digital Asset Funds
After a four-week series of inflows in digital asset funds, a total outflow of $528 million occurred last week. While the highest outflow was in Bitcoin with $400 million, there was also an outflow of $146 million on the Ethereum side. Additionally, there were small amounts of inflows into Litecoin, Ripple and short-Bitcoin.
Xapo Bank Launches Interest-bearing Bitcoin Account in the UK
Gibraltar-based Xapo Bank has officially entered the market in the UK after successfully obtaining its local banking licence. The bank will launch new banking services that cater to users who want to hold Bitcoin. On 5 August, Xapo Bank announced that it was the first and only licensed bank in the UK to offer a combined interest US dollar and Bitcoin banking account.
Bitcoin Investment from European Hedge Fund
Capula Management, Europe’s fourth-largest hedge fund, announced it invested $464 million in spot Bitcoin ETFs in the second quarter of 2024, according to a U.S. Securities and Exchange Commission 13F filing dated Aug. 5. According to details, Capula Management has FBTC funds worth $211 million and IBIT funds worth $253 million. Capula Management’s total assets are around 30 billion dollars.
Donald Trump Says US Shouldn’t Sell Crypto
Donald Trump expressed his support for cryptocurrencies in an interview with Adin Ross, criticizing the US government’s recent crypto sale and emphasizing that the US must remain competitive in the crypto space. Trump described cryptocurrency as a very modern currency, comparing it to artificial intelligence, and stated that if the US does not adopt it, other countries such as China will take the lead.
USA Transferred 300 ETH
Arkham Intelligence reported that a wallet believed to be controlled by the US government transferred 300 ETH worth approximately $699,000 on August 5. Additionally, the widespread financial market decline triggered by the Bank of Japan’s interest rate hike and the intense selling pressure from market makers negatively affected the price of ETH. CoinShares reported significant outflows from Ethereum investment funds, totaling $430 million since the ETF launch. Macroeconomic and geopolitical factors are stated to have contributed to the current market decline.
Ripple Faces Backlash from XRP Developers
Ripple drew fire from XRP Ledger developers by editing a podcast recording and faced accusations about lack of transparency and community engagement. “Thousands of developers are building projects,” the discussion reads from the podcast recording featuring CTO David Schwartz and President Monica Long. regarding the removal of the statement. This incident highlights the tension in the XRPL community and the need for Ripple to provide better communication and support to maintain strong relationships with developers.
Grayscale, BlackRock and Fidelity Show Resilience in Crypto Market Crash
Over the past day, crypto markets have been unstable, with most cryptocurrencies experiencing sharp declines. This situation led to investors losing more than 1 billion dollars and significant liquidations in the stock markets. Despite this volatility, major financial institutions such as BlackRock, MicroStrategy, Fidelity and Capula Management did not sell their crypto assets. This attitude of theirs indicates a long-term upward trend. Factors contributing to the market decline include geopolitical tensions, changes in monetary policy and the liquidation of Jump Crypto and Mt. Specific events such as Gox payments are included. Turbulence in crypto markets has also affected traditional financial markets, causing disruptions on major US trading platforms. But the resilience of institutional investors demonstrates confidence in Bitcoin’s long-term potential.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $55,742 with a 3.12% 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.
ETHEREUM (ETH)
ETH is priced at $2516 with a 4.05% 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 $0.5131 with a 4.91% 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 $20.75 with a 6.24% gain in value as of the morning hours. With the horizontal band breaking downwards, the retreat deepened. If the withdrawal deepens, a withdrawal may occur up to $11.83. In case of an upward movement, $23 will appear as resistance.
SOLANA (SOL)
SOL is priced at $140.44 with an 8.15% 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. If this movement continues, the $150 and $160 levels can be followed as resistance. As short-term support, the $135 level appears.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at 10 dollars with a 5.69% gain in value. When we examine the daily chart, we see that there is a good reaction movement from the $ 8.50 region, which we follow as an important support zone, and the $ 10 level is tested. If it persists above this region, a rise towards the 12 dollar region may be possible. In case of withdrawals, the $9 level can be followed as support.
FTM
FTM is priced at $0.3120 with a 7.16% 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 remains above the $0.30 area, which we follow as a resistance area, we can expect the upward movements to continue. In case of withdrawals, the breakout zone of $0.30 can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2402.38 dollars with a 0.35% loss in value. The rise continues after receiving a reaction from $2353. The $2485 area is a critical area. In case of an upward break, increases up to 2500 dollars may be seen. The $2400 region is a region that is likely to act as support in retreats.
OUNCE OF SILVER
Silver is priced at $27.19 with a 0.18% loss in value as of the morning hours. When we examine the four-hour chart, we see that there was a downward break yesterday and this region was momentarily retested. In downward movements, the $27 level can be followed as short-term support. In upward movements, if there is persistence above the $ 27.50 level, the $ 28 level can be tested.
