Bitcoin tops $60,000, Ethereum and XRP gain slightly

• Bitcoin rises more than 5% and Ethereum gains more than 3% on Tuesday on prospects of greater institutional adoption.
• XRP is up nearly 1% on the day, near key resistance at $0.60.
• Pro-XRP attorney John Deaton criticized the US SEC for causing losses to small investors in a recent YouTube discussion.

Bitcoin, Ethereum, XRP Updates

• Bitcoin (BTC) is trading above $60,000, racking up gains of nearly 5% on Tuesday. Bitcoin Spot ETFs saw $12.9 million in inflows on Monday, according to SoSoValue data. This marks three consecutive days of influxes.
• Two key market drivers are likely behind the recent gains: Apart from ETF inflows, Singapore’s largest bank DBS announced on Monday that the firm plans to launch Bitcoin and Ethereum options trading soon.
• Ethereum (ETH) is trading above $2,300 at the time of writing. Steven Goldfeder, co-founder of Offchain Labs, gave his opinion on the debate between Layer 1 and Layer 2 blockchains in a podcast on Bankless HQ. Goldfeder said that even though governance challenges on Ethereum have given way to innovation in scaling and reducing transaction costs, there is no competition between Tier 2 chains and Ethereum.
• While it is a common belief among market participants that protocols built on top of Ethereum siphon revenue from the chain by competing with it, there is no competition with the altcoin, he said. Each Layer 2 chain helps extend the underlying mainnet, increasing its utility and adoption among users, Goldfeder added.

• Ripple (XRP) is trading hands at $0.5915, just below key resistance at $0.6000.

Chart of the day: SUI

SUI/USDT daily chart

SUI is trading at $1.1626, up 11% on Tuesday, making it one of the most popular tokens on CoinGecko. Moving Average Convergence Divergence (MACD), a momentum indicator, displays green histogram bars, signaling underlying positive momentum in the SUI price trend.

If the current uptrend continues, the SUI could extend gains by nearly 14% to $1.3227, which lines up with the 50% Fibonacci retracement of the decline from the March high of $2.1829 to the August low of 0 .4625 USD. In case of a correction, SUI could find support in the fair value gap (FVG) extending between $0.9335 and $0.9557.

Market updates

• Hong Kong’s Financial Services and Treasury Bureau (FSTB) plans to issue a framework for the ethical use of artificial intelligence in financial markets, according to a Bloomberg report citing an anonymous source.
• USD (USDC) coin from stablecoin issuer Circle is available in Brazil and Mexico. Local real-time payment systems can be used to convert Brazilian Real (BRL) and Mexican Peso (MXN) to USDC. This is a key development as it bypasses the need to first convert fiat currency into US dollars (USD).
• Dogecoin (DOGE), the largest meme coin by market capitalization, processed 1.93 million transactions last week. The meme coin has reached its highest number of weekly transactions since the beginning of July, according to data from IntoTheBlock.
• John Deaton, a pro-XRP attorney, recently discussed how the actions of the US Securities and Exchange Commission (SEC) negatively impacted the holdings of small investors and called out the regulator for causing losses of nearly 15 billion dollars through their regulatory actions.

Industry updates

• WalletConnect, an open-source protocol that allows users to connect their crypto wallets to decentralized applications (dApps), is preparing to release 185 million WCT tokens, its native cryptocurrency.

• Circle announces that native USDC is ready for launch on the Sui Network, a Tier 1 blockchain competing with Ethereum.

• The Terra Luna Classic community passed a key proposal focused primarily on correcting the number of validators allowed on the network. This development is likely to fuel positive sentiment among LUNC as it allows for a correction expected by community members.