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Bitcoin, Ethereum and Ripple are holding steady as US inflation cools slightly

VaselineAugust 14, 2024

0 3 minutes read

Bitcoin, Ethereum and Ripple are holding steady as US inflation cools slightly

Bitcoin trades above $61,000 on Wednesday as traders grow hopeful in response to US macroeconomic easing.
Ethereum eyes return to $3,000 level, holds above $2,700 as sentiment among traders improves.
Ripple is holding above key support at $0.57, XRP traders are piling up the asset as whales distribute their holdings.

Bitcoin, Ethereum, XRP Updates

Bitcoin (BTC) is trading at $61,063 on Wednesday. Crypto Fear and Greed Index rose from 26 to 30 on August 14; the feeling among traders is “fear”. The largest asset by market capitalization could extend gains this week as institutional investors pour capital into spot Bitcoin exchange-traded funds (ETFs).
Spot Bitcoin ETFs saw inflows of nearly $39 million on August 13, the second consecutive day of inflows this week.
Ethereum (ETH) moved closer to the psychological target of $3,000 on August 14. ETH price extended gains on Wednesday, trading at $2,729 at the time of writing.
XRP held steady above the key support at $0.57 amid positive developments in the Ripple ecosystem.
Macro Update: Analysts at FXStreet reported that the U.S. consumer price index (CPI) inflation rate fell to 2.9 percent annually in July from 3 percent in June, according to Wednesday’s report from the Bureau of Labor Statistics ( BLS) from the US. Inflation cools with reading in line with market expectations.

Chart of the day

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AAVE/USDT Daily Chart

AAVE could extend gains by 11.17% and reach a target of $114.74, this marks a key resistance on AAVE’s daily chart as it represents the neckline of the W formation. AAVE is trading at $103.15 at the time of writing of this article. The DeFi token is facing resistance at $112, a key resistance level since mid-April 2024.

AAVE could sweep liquidity between $86 and $95 in the imbalance zone on the daily price chart. AAVE could find support at the lower bound of FVG at $86. The Relative Strength Index (RSI) reads 54.41, signaling positive momentum in AAVE’s price trend.

Market updates

Grayscale begins transfers to Coinbase Prime of holders’ 2.31 million Ether, worth over $6 billion, on chain data.

Big Bitcoin wallet investors started accumulating BTC after the asset was withdrawn in early August. Cumulative Volume Delta (CVD) on centralized exchanges shows that there is more selling than buying activity.

Following bitcoin’s pullback in early August, long-term investors, especially large holders, began to accumulate coins again. The Cumulative Volume Delta (CVD) on the CEX indicates the prevalence of selling from the ATH. pic.twitter.com/Djo8Yz0HKW

— NekoZ (@NekozTek) August 14, 2024

Neutron, Sui Network, and Flare Networks are the top 10 blockchains by total value of locked assets (TVL), according to data from Cryptorank.io.

Industry update

MetaMask launches blockchain-based debit card developed in partnership with Mastercard and Baanx.
Bitmex co-founder Arthur Hayes predicted that Bitcoin will reach $100,000 by the end of 2024 and could reach $1 million by 2025 in a recent blog post.
Bitcoin podcaster Stephan Livera talks about Dark Skippy, a new attack on Bitcoin hardware wallets to make users aware of how malicious actors can steal their assets.

Dark Skippy: A New Attack on Bitcoin Hardware Wallets? With Nick, Lloyd and Robin SLP597
Dark Skippy is a new attack that theoretically makes it much easier for a malicious person to steal your coins. Listen in to learn about some of the downsides here, as well as mitigation and… pic.twitter.com/TXsH1cIwbv

— Stephan Livera (@stephanlivera) August 14, 2024

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 14, 2024

0 3 minutes read