Bitcoin Down, Ethereum Liquidations Biggest Since 2022, Ripple Makes Steady Gains

• Bitcoin hovers below $60,000 on Tuesday as crypto traders await US macroeconomic releases this week.
• Ethereum notes rose in the liquidation of long positions, revisiting the 2022 high as ETH sits below the $2,750 resistance.
• XRP is making steady gains, once again above key support at $0.57.

Bitcoin, Ethereum, XRP Updates

• Bitcoin is trading at $58,894 at the time of writing. The asset has seen a nearly 12% increase in derivatives trading volume over the past 24 hours. The steady flow of capital to Bitcoin Spot Exchange Traded Funds (ETFs) and positive sentiment among traders could influence the price of BTC and catalyze gains.
• Ethereum is trading at $2,648 on Tuesday. The altcoin faces resistance at $2,750. Data from CryptoQuant shows $160 million in long liquidations when Ether fell below $2,100 in August. Liquidations of long positions hit their highest level since 2022.
• XRP extended gains on August 13. Ripple bounced back above key support at $0.57 as traders digested the Securities and Exchange Commission (SEC) lawsuit ruling and Ripple’s recent announcements.

Chart of the day

SUI/USDT daily chart

SUI is trading at $0.9883 at the time of writing. The token could extend gains to the June 2024 peak of $1.17. SUI faces resistance in the Fair Value Gap (FVG) between $1.043 and $1.063 and support in the disequilibrium zone between $0.9306 and $0.9568.

In the event of a correction, SUI could collect liquidity in its imbalance zone seen in the chart above. The Relative Strength Index (RSI) is reading 65.75, below the overbought level of 70. On previous occasions when the RSI has risen to this level, the asset has risen before a correction.

Market updates

• DeFi sector dominance falls to a three-year low according to data from IntoTheBlock.

• Binance will list Toncoin (TON) and users can get the token by staking BNB, FDUSD and TON, staking starts on August 15, 2024.
• Liquidators Three Arrows Capital are suing Terraform Labs and seeking $1.3 billion, claiming that LUNA’s $462 million investment was reduced to $2,700 in the collapse.

Industry updates

• On-chain data shows that a wallet address that received $2.19 billion in Bitcoin from Mt. Gox started test transactions an hour ago. The address is believed to be associated with Bitgo, an exchange partner for distributing Mt.Gox funds to lenders.
• Token Terminal data shows that USD Tether on Tron accounts for a third of Visa’s annual settlement volume.

• Japan’s Metaplanet bought 57 more Bitcoins, holds over 303 BTC.