Bitcoin, Ethereum and XRP rally as traders shift focus to Nvidia’s Q2 earnings

• Bitcoin, Ethereum and XRP rose slightly on Wednesday, approaching key support levels.
• The TON blockchain is experiencing a temporary outage, according to the official announcement.
• Binance is facing scrutiny for allegedly seizing funds from Palestinian users.

Bitcoin, Ethereum and XRP Updates

• Bitcoin hovers around $60,000 early Wednesday. The largest cryptocurrency is extending its value by nearly 1% on the day after suffering heavy losses the previous day, trading at $59,978 at the time of writing.
• Bitcoin options data from Deribit shows that there is bullish sentiment towards a BTC rally to $90,000 by September.
• The contracts expiring on September 27 have a total open interest of 76,630 BTC with a put-to-call ratio of 0.56. The charts show a concentration of open interest at the strike price of $90,000, for almost 50,000 Bitcoins. The data indicates that a large percentage of derivatives traders betting on Bitcoin could rise to or exceed $90,000 by the end of September.

September 27 Bitcoin Options Data

• Ethereum has added nearly 3% to its value and is trading at $2,524 at the time of writing.
• XRP gains 2.59% to $0.5813 on Wednesday.

Chart of the day

Artificial Superintelligence Alliance (FET) broke out of its downtrend on August 22. FET extended gains to a peak of $1,477 on Tuesday and has since corrected. If the bullish momentum returns, especially if Nvidia’s earnings give a boost to AI-related crypto tokens, FET could rise towards $1,500, adding almost 15% to its value.

The MACD (Moving Average Convergence Divergence) momentum indicator is flashing green histogram bars above the neutral line, signaling an underlying positive momentum in the FET price trend.

The Relative Strength Index (RSI) reads 64, below the overbought zone. Traders need to be wary of RSI entering the overbought zone as this generates a sell signal.

FET/USDT Daily Chart

Looking to the downside, the artificial intelligence (AI) token could find support in the fair value gap (FVG) extending between $1,050 and $1,200.

Market updates

• Ray Youssef, the co-founder of Paxful, reported that Binance allegedly seized the funds of Palestinian users on the instructions of the Israel Defense Forces (IDF). The exchange responded to the allegations and stated that only a small number of accounts were restricted and that they were linked to illicit funds.

• Nasdaq is seeking approval from the US Securities and Exchange Commission to launch and trade options on a Bitcoin index, according to a Reuters report.
• The TON blockchain suffered a temporary outage according to an official report on X.

Industry updates

• Indian crypto exchange WazirX has filed an application in the Singapore High Court for a 30-day moratorium. The exchange is seeking more time to restructure its finances after the $230 million tap from July 2024. WazirX has sought legal protection from creditors.
• The crypto market cap has erased 4% of its total value in the last 24 hours ahead of Nvidia’s ( NVDA ) Q2 earnings report as traders anticipate volatility on Wednesday. Previous earnings releases from the chip maker have led to sharp moves in cryptocurrency markets, particularly for AI-related tokens.
• Analysts at Greeks.Live note that the anticipation of Nvidia’s Q2 earnings report likely led to a small increase in implied cryptocurrency volatility on Wednesday. Analysts note that cryptocurrency prices have experienced a sharp decline recently.