Bitcoin, Ethereum gain 1% to 2% Thursday, XRP back above $0.53

• BTC is back above $58,000 and ETH is hovering around $2,363 at the time of writing.
• XRP is back above $0.5369 on September 12, slight gains on the day.
• Ethereum scaling solution Arbitrum sees over 40% increase in daily active users in the last 30 days.
• ARB gains 1.52% on the day, trading at $0.5221.

Bitcoin, Ethereum and XRP Updates

• Bitcoin was trading at $58,180 on September 12. The largest asset by market cap saw net outflows in Spot ETFs on September 11. $43.9 million in institutional capital exited Spot Bitcoin ETFs after two consecutive days of inflows, according to data from Farside Investors.
• Ethereum is changing hands at $2,363. The second largest cryptocurrency gained 1% on the day and saw a steep drop in gas revenue. Fees collected by the Ethereum network have been on a downward trend, as a relatively large percentage of fees are collected by Layer 2, scaling solutions used by merchants.

• XRP is back above $0.5369. The altcoin is recovering as XRP holders keep an eye on the next steps from the Securities & Exchange Commission (SEC). Although the SEC vs. Ripple ended with a result that was considered a partial victory for both sides; it remains to be seen whether the regulator will appeal the final decision. A challenge could affect XRP’s legal clarity and hurt investor sentiment.

Chart of the day: SUI

The SUI broke out of a multi-month downtrend with a close above $0.6167 on August 8. The DeFi token added 9% to its value on September 12. The MACD (Moving Average Convergence Divergence) indicator shows that the SUI price trend has an underlying positive momentum. .

The green histogram bars above the neutral line support the bullish thesis. The SUI could extend gains by 14.51% and target the June peak at $1.1700. SUI faces resistance in the Fair Value Gap (FVG) between $1.0439 and $1.0639.

SUI/USDT daily chart

If SUI sees a daily candle close below the September 11 low of $0.8663, it could invalidate the bullish thesis and the DeFi token could sweep liquidity to $0.8288. This is a key support level and the upper limit of FVG on the daily chart.

Market updates

• Data from crypto-intelligence tracker Lookonchain shows that the wallet identified as Vitalik Buterin deposited 2.27 million USDC obtained from the sale of 950 Ether on September 11 into AAVE. Another 2,851 earlier ethers were also stored in AAVE.

• Binance has announced that the exchange is working with crypto escrow firm Fireblocks HQ to improve its escrow service for users.

• Bitcoin transactions of $100,000 and above are down 33.6% from the asset’s all-time high in March. While this would typically be considered bearish, Santiment analysts note that this may not be a bearish indicator for the asset.

Crypto whale trades

Industry updates

• Arbitrum, an Ethereum scaling solution, sees a 41% increase in daily active users, according to data from DYOR. This implies a higher demand for the asset and relevance among traders.

• Venmo and PayPal have announced a partnership with Ethereum Name Service (ENS) for crypto payments.
• The South China Morning Post reports that Hong Kong is considering having its securities regulator oversee over-the-counter (OTC) cryptocurrency trading services. The Securities and Futures Commission (SFC) will oversee the task in collaboration with the Customs and Excise Department (C&ED).