Bitcoin Eyes Back Above $65,000 As Risk Appetite Returns In Markets As Ether, XRP Struggle

• Bitcoin rose to $65,000 on Sunday, signaling a return to risk appetite among market participants.
• Bitcoin has seen an increasingly positive correlation with US stocks, trading at $62,442 at the time of writing.
• Ethereum and XRP are lagging, with ETH struggling below the $2,700 resistance and XRP falling below key support.

Bitcoin, Ethereum, XRP Updates

• Bitcoin hit $65,000, a key level on Sunday. The rise in the risk asset is likely a sign of the return of risk appetite among traders. Comments from US Federal Reserve Chairman Jerome Powell in Jackson Hole confirmed expectations for a potential rate cut in September, which added to traders’ optimism.
• Bitcoin is seeing a growing positive correlation with US stocks, according to a recent Bloomberg report. This is likely a positive sign for the asset, and a broader rally could see Bitcoin gain alongside US stocks.
• Ethereum failed to start its recovery and saw a 13% drop from the $3,000 level in the last two weeks. The $3,000 level is key resistance for Ether and several factors have contributed to increased selling pressure on ETH.
• Ethereum struggles below $3,000 with eight straight days of Ether ETF exits to come
• XRP fell below $0.65, a key level for the altcoin, on July 31. Since then, the altcoin has traded sideways and is hovering around $0.60 early Tuesday.

Chart of the day

Toncoin (TON) has broken out of the uptrend and is likely to extend losses by 8.48% to sweep liquidity to $5.009, the lowest since August 26 for the asset. The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars below the neutral line, implying an underlying negative momentum in the TON price trend.

TON/USDT daily chart

A daily candlestick close above $5,680 could invalidate the bearish thesis and signal that the asset has sustained its uptrend. TON could rise towards the lower bound of the fair value gap (FVG) between $5.995 and $6.495.

Market updates

• The DeFi protocol AAVE proposes to integrate the BUIDL fund of the asset management giant BlackRock.

• Real-world asset tokenization firm Centrifuge launches lending marketplace in partnership with Morpho Labs based on Coinbase’s Ethereum Layer 2 platform.
• Ethereum ETFs have seen nearly half a billion dollars in net outflows since launch, according to data from Farside.

Industry updates

• The Maker Protocol completes the official rebrand to Sky, with decentralized stablecoins Dai (DAI) renamed USDS.

• Analysts at crypto intelligence tracker Glassnode are predicting increased volatility in Bitcoin, according to their latest research.

• Meme coin project Floki is the official sponsor of the University of Miami Athletics for the 2024-25 season, according to the announcement on X.