Russia Legalizes Crypto Mining
Russian President Vladimir Putin has approved a law aimed at reducing reliance on the US dollar in international trade. The law, which will come into force in November 2024, allows approved firms to mine cryptocurrencies, with oversight shared between the Bank of Russia, the Ministry of Finance and a select cabinet of ministers. The law also bans mass advertising of cryptocurrencies in Russia. Meanwhile, the BRICS bloc (Brazil, Russia, India, China, South Africa) continues to explore an alternative digital currency for international trade, but critics are skeptical that the currency could shake the dominance of the US dollar.
Spot Bitcoin ETF Options Could Be Added in the Fourth Quarter, According to Bloomberg ETF Analyst
Bloomberg ETF analyst James Seyffart said that options features are likely to be added to spot Bitcoin ETFs in the US in the fourth quarter. In addition, Seyffart noted that it could start in the third quarter, as the deadline for the US Securities and Exchange Commission (SEC) to make a decision is approximately September 21. The addition of options features would require approval not only from the SEC, but also from the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC).
CFTC Orders FTX to Pay $12.7 Billion to Customers
The U.S. Commodity Futures Trading Commission (CFTC) said on Thursday that a U.S. court has ordered failed cryptocurrency exchange FTX to pay $12.7 billion in aid to its customers. CFTC Chairman Rostin Behnam said in a statement that FTX lured customers under the illusion that it was a safe and secure place to access crypto markets and then misused customer deposits to make its own risky investments. The CFTC settlement removes a potential hurdle to that repayment, ensuring that the government’s lawsuit against FTX will not reduce the funds available to its customers.
Franklin Templeton’s On-Chain Money Market Fund Launches on Arbitrum
Global asset management giant Franklin Templeton has launched the OnChain US Government Monetary Fund (FOBXX) on Arbitrum in partnership with the Arbitrum Foundation. Investors will be able to hold FOBXX assets in digital wallets via Franklin Templeton’s blockchain-integrated Benji Investments platform and BENJI token. The collaboration is designed to further accelerate the integration of traditional finance into the DeFi world. “Expanding into the Arbitrum ecosystem is an important step in our journey to strengthen our asset management capabilities with blockchain technology,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.
NEAR Protocol Unveils Technology Called Chain Signatures
NEAR Protocol has introduced a technology called Chain Signatures that allows smart contracts to sign transactions on any blockchain without relying on interchain bridges, according to an announcement on August 8. Chain Signatures allows NEAR account holders to interact with nearly all blockchains, including Bitcoin, Ethereum, Dogecoin, XRP, Cosmos, and Polkadot. The blockchain network plans to add support for Solana, TON, and others by the end of the year.
JPMorgan Sees 35% Chance of US Recession This Year
The recent market scare, which led to trillions of dollars in losses for the S&P 500, has led major financial firms on Wall Street to reassess their stance on the possibility of a U.S. recession. JPMorgan raised the probability of a U.S. recession by the end of the year to a 35% chance in August, up from a 25% chance in early July. Similarly, Goldman Sachs raised the probability of a U.S. recession to 25% from a 15% chance. The July unemployment report showed the unemployment rate rising to 4.3%, the highest since November 2021 and triggering the Sahm Rule indicator. However, Goldman Sachs believes this risk is limited and that the Federal Reserve can cut interest rates quickly if necessary.
Bitfarms Shares Up 22%
Bitfarms saw its shares jump nearly 22% after reporting better-than-expected second-quarter earnings. The company reported a loss of 7 cents per share, compared to the 11 cents per share loss analysts had predicted. While total revenue fell 16% to $42 million due to a decline in Bitcoin rewards, Bitfarms is considering expansion into areas such as high-performance computing (HPC) and artificial intelligence (AI). The company is targeting significant growth through 2025 with ongoing fleet upgrades and geographic expansions.
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BITCOIN (BTC)
BTC is priced at $60,890 as of the morning hours, down 1.27%. After rising to $70,000, serious selling pressure was encountered and a decline to $48,500 was experienced. It seems that there was a reaction from this region. $59,000 is the resistance level. If pricing is seen above $59,000, an increase to $65,000 may occur. In the event of a fallback, $60,000 is a strong region as support.
ETHEREUM (ETH)
ETH is priced at $2672 as of the morning hours, with a 0.42% loss in value. After losing the $2800 level, it quickly fell to $2160. It seems to have reacted from here for now. In case of an upward reaction, an increase to $2850 can be seen. In case of a decrease, a pullback to $2500 can be seen.
RIPPLE (XRP)
XRP is priced at $0.6038 with a 2.14% loss in value as of the morning hours. After yesterday’s news, there was an increase from $0.49 to $0.65, but it could not be sustained. $0.58 is currently strong. In case of an upward reaction from here, prices above $0.66 can be seen. In case of a pullback, $0.54 appears as a major support.
AVALANCHE (AVAX)
AVAX is priced at $21.80 with a 4.53% loss in value as of the morning hours. The pullback deepened with the downward break of the horizontal band. If the pullback deepens, a pullback to $11.83 may occur. In the event of an upward movement, $23 will appear as resistance.
SOLANA (SOL)
SOL is priced at $157.22 with a 3.64% loss in value as of the morning hours. When we examine the hourly chart, we see that the $165 level was tested with the upward movement that took place yesterday and then a pullback movement towards the $155 region occurred. If the reaction movement from the $155 level, which we follow as the support region, continues and persistence is achieved above the $160 level, upward movements may continue.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $10.45 with a 2.33% loss in value. When we examine the hourly chart, we see that the breakout movement occurred with the movement above the $10 level and that it is testing this area again. In short-term movements, if it is maintained above the $10.45 level, the $11 level can be targeted. In downward movements, the $10 level can be followed as support.
MKR
MKR is priced at $2042 with a 0.63% loss in value as of the morning hours. When we examine the hourly chart, we see that the horizontal movement has been broken upwards. If the upward movement continues and persists above the $2000 level, a price movement towards the $2200 region may be possible. In pullbacks, the $2000 level can be followed as support.
OUNCE GOLD
The ounce of gold is priced at $2419 with a 0.35% loss in value as of the morning hours. The decline continues after rising to $2478. The $2350 region is a critical support region. In case of an upward movement, increases up to $2500 can be seen. The $2350 region is a region that is likely to work as support in pullbacks.
OUNCE SILVER
Silver is priced at $27.44 with a 0.37% 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, despite breaking upwards, could not be sustained and there was a downward movement again. If this movement continues, the $27.20 and $27 levels can be followed as support.
