Bitcoin, Ethereum, XRP test key support, non-stablecoin activity on TRON network hits new highs

• Bitcoin, Ethereum and XRP are hovering around key support levels after experiencing a steep correction earlier this week.
• The TRON network’s stablecoin activity has reached new highs following the launch of SunPump.
• TRON is trading around $0.1500, almost flat on the day.

Bitcoin, Ethereum, XRP Updates

• Bitcoin is trading at just over $56,000 at the time of writing. The largest asset by market capitalization has seen seven consecutive days of outflows from Bitcoin Spot ETFs. Data from Farside Investors shows outflows of $211.1 million on Thursday.

Bitcoin ETF Streams

• Ethereum is trading below $2,390 at the time of writing. The second largest cryptocurrency has seen consistent outflows in its Spot ETFs, similar to what is seen in Bitcoin.
• XRP is trading at $0.5440, down 0.10% on the day. Ripple’s request to suspend the monetary portion of the Securities and Exchange Commission (SEC) process has been approved by the US financial regulator.
• The TRON network’s non-stablecoin activity has hit new highs following the launch of the Sun.pump meme coin on August 9th.

Chart of the day

EGLD/USDT Daily Chart

MultiversX (EGLD) is trading at around $24.80 at the time of writing, losing over 1% on the day. EGLD could extend losses by another 12% and fall to the August 5 low of $21.77. The MACD (Moving Average Convergence Divergence) indicator shows red histogram bars below the neutral line, signaling an underlying negative momentum in the EGLD price trend.

Market updates

• Binance Kazakhstan has obtained a license from the Astana Financial Services Authority (AFSA), including a series of internal and external audits and regulatory inspections. The exchange is authorized to operate a virtual asset trading facility and provide users with a wide range of services related to virtual assets.
• Ethereum spot market prices are more likely to move 5% in either direction after the launch of the Spot Ether ETF, according to CCData.
• In a post on Reddit, Ethereum co-founder Vitalik Buterin said that the Ethereum Foundation’s current budget strategy is to spend 15% of its remaining funds each year.

Industry updates

• Binance CEO Richard Teng told Axios that former CEO Changpeng Zhao (CZ) is banned from running the exchange for life. CZ will continue to have a say in Binance’s operations as the majority shareholder.
• Ripple co-founder Chris Larsen signed a letter alongside 88 other business leaders endorsing US presidential candidate and Vice President Kamala Harris, according to a CNBC report.
• Crypto-friendly United Texas Bank is facing a cease and desist order from the US Federal Reserve. The agency cited significant deficiencies in the bank’s adherence to anti-money laundering (AML) laws in its dealings with crypto customers, according to DL News.