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

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• Big Bitcoin wallet investors started accumulating BTC after the asset was withdrawn in early August.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.

• 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.