Cryptocurrency

JPMorgan’s analysts highlighted the ongoing trend of outflows for both Ether and Bitcoin ETFs, with Ether ETFs closing the week with $105 million in net sales, while Bitcoin ETFs saw net redemptions totaling $169M.Spot Ether exchange-traded funds in the U.S. bourses continued negative flows on Friday, recording $16M in net outflows on their 16th trading day, JPMorgan said in a research report.According to the bank calculations, Grayscale’s Ethereum Trust (ETH) (NYSE:ETHE) fund led the outflows with a reduction of $42M, though this was below its average since launch. In contrast, BlackRock’s iShares Ethereum Trust ETF (NASDAQ:ETHA) continued to perform relatively well, attracting $20M in sales, pushing its total net flows to over $900M since its launch. However, the world’s largest asset manager said the management fee for its ether fund will not increase from 12 basis points to 25 basis points until the fund reaches $2.5 billion in assets.On the same day, U.S. spot Bitcoin ETFs also suffered net redemptions of $90M, following a strong performance the previous day. Grayscale’s Grayscale Bitcoin Trust (BTC) (NYSE:GBTC) led outflows among 12 bitcoin funds with $77M. GBTC continues its notorious streak as the worst-performing ETF by outflows since its launch in January, with a total of roughly $20B pulled out so far.However, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) managed to bring in $10M in sales. The largest spot bitcoin ETF in terms of net asset value contributed to the $266M in net sales since its spin-out from GBTC two weeks ago. More

Zeus Network announced the launch of its first dApp APOLLO, built on top of Zeus Program Library (ZPL) and marking the final Testnet to integrate Bitcoin liquidity with the Solana ecosystem. In just 72 hours, the testnet has seen over 15,000 wallets connected since its launch on August 8th, demonstrating high engagement from the crypto community.The APOLLO testnet aims to place Bitcoin into an optimized DeFi utilization on Solana, allowing the conversion of Bitcoin into zBTC, a token native to Solana. This testnet launch advances the utility of Bitcoin in decentralized finance and innovation within the Solana network. Building up to a forthcoming ZEUS token utility and staking program, the launch of APOLLO is a part of Zeus Network’s larger goal to integrate Bitcoin liquidity seamlessly into Solana.The testnet has progressed through several phases, with the initial testnet launched six months prior with 4,000 users and growing to a broader testnets that saw engagement from over 70,000 participants. The current and final testnet is anticipated to involve over 100,000 participants, reflecting growing interest and confidence in the project.APOLLO allows users to claim test Bitcoin (tBTC), deposit it on the APOLLO platform for conversion to zBTC, and withdraw zBTC back to the Bitcoin blockchain. The testnet supports various wallet connections, including Muses Wallet (a Bitcoin wallet provided by Zeus Network available exclusively for APOLLO Testnet), Solana Wallet, and Bitcoin Devnet Wallet. It also includes programs such as the Two-way Peg Program and zBTC Minting Program, with ongoing developments in liquidity management.In conjunction with the testnet, Zeus Network has launched the testnet point system on Galxe titled “Prophecy of Light.” Participants can earn Galxe Loyalty Points by engaging with the testnet, which can be redeemed for future rewards on the APOLLO mainnet.For more information and to participate in the APOLLO Final Testnet, visit APOLLO Testnet and join the Galxe campaign.About Zeus NetworkZeus Network transforms blockchain interaction by providing an interoperable solution for the Solana ecosystem. Powered by Solana Virtual Machine (SVM), Zeus Network empowers Zeus Nodes to ensure robust security and seamless data exchange. This initiative clears the path for Solana to become the premier hub for all ecosystems, captivating millions of users across diverse blockchains.Facilitating interoperable communication among cross-chain dApps, Zeus Network empowers liquidity and complex applications to seamlessly engage with Solana in a decentralized and permissionless environment, making it accessible to everyone.Website | Zeus on X | APOLLO | Discord | DocsContactHead of CommunicationFranck KUOpr@zeusnetwork.xyzThis article was originally published on Chainwire More

Crypto saw some relief towards the end of last week, tracking a rebound in broader financial markets as investors bet that fears of a U.S. recession were overblown.But this notion ran out of steam over the weekend, with crypto tokens seeing extended selling in the past two days.Bitcoin fell 1.3% to $59,830.0 by 09:17 ET (13:17 GMT). Trading volumes were also somewhat muted on account of a Japanese market holiday.The world’s biggest cryptocurrency was rangebound between $50,000 and $60,000 over the past week, after sinking as low as $49,000 earlier. Sentiment towards risk-driven markets remained strained, especially in anticipation of key U.S. inflation data on Wednesday, which is set to offer more cues on the Federal Reserve’s plans for interest rate cuts.While stock markets saw some recovery in recent sessions, with Asian shares advancing on Monday, crypto lagged this rebound, given the market’s more speculative nature. Some resilience in the dollar also weighed, with the greenback seeing inflows as traders positioned for Wednesday’s inflation reading. The reading is expected to show inflation cooled further in July, giving the Fed more confidence to begin cutting interest rates. Broader crypto markets saw mixed, mostly flat performance on Monday, as selling in Bitcoin weighed on risk sentiment. World no.2 token Ether added 2.4% to $2,688.56XRP rose marginally to $0.57, steadying following a strong rally last week.XRP issuer Ripple Labs was ordered to pay a fraction of the penalties sought by the Securities and Exchange Commission for illegal sale of securities by the firm. But the case still did not provide any regulatory clarity on whether crypto tokens were considered as securities. Among other altcoins, ADA and SOL slid 1% and 1.2%, respectively.Memetokens SHIB and DOGE traded relatively flat. In other crypto developments, USDT issuer Tether has strongly pushed back against a lawsuit filed by Celsius Network, dismissing it as a “shakedown” and “baseless.”The suit, filed on August 9 in the U.S. Bankruptcy Court for the Southern District of New York, seeks to recover approximately $2.4 billion in Bitcoin that Celsius claims was improperly liquidated by Tether before the crypto lender’s bankruptcy over two years ago.In its response, Tether asserted that it acted according to the terms of a 2022 agreement, which required Celsius to provide additional Bitcoin as collateral when prices dropped.Tether stated that when Celsius failed to meet these requirements, it was instructed by Celsius to liquidate the Bitcoin to cover an $815 million debt.“This lawsuit seeks to improperly impose the costs of Celsius’ mismanagement on Tether,” the stablecoin issuer said, adding that the liquidation was done “at Celsius’ direction and with Celsius’ consent.”The company also criticized the lawsuit’s legal basis, describing it as an “obvious misapplication of the law” and raising concerns about jurisdiction. It reassured investors of its financial stability, noting it had $12 billion in consolidated equity as of June 30, 2024.Celsius, which filed for Chapter 11 bankruptcy in July 2022, argues that Tether did not provide the agreed-upon 10-hour timeframe to meet the final collateral demand, instead proceeding with what it calls an improper liquidation of 39,542.42 Bitcoin. The $2.4 billion claim reflects the current value of Bitcoin.  More

Bernstein analysts expect that the Bitcoin market will remain range-bound until the election picture becomes clearer, possibly closer to the Presidential debates.As for the crypto markets, Bernstein interprets the current sentiment as bullish for Trump and bearish for Harris. “The Trump-led Republican side has made a strong pitch to crypto voters, promising favorable policies and even hinting at a national Bitcoin reserve,” Bernstein analysts said, in a note Monday. In contrast, while some Democrats have supported crypto, the broader community remains cautious, seeking more concrete actions amid ongoing regulatory challenges.The broker is also interested in seeing whether Polymarket’s blockchain-based liquid markets will provide more accurate signals than traditional polls, marking it as a “true crypto killer app.”Polymarket has emerged as the most liquid election market this U.S. election season, handling over $500 million in bets and capturing more than 80% of the market share, according to Bernstein. Unlike traditional election polls, which are often criticized for bias, Polymarket is seen as reflecting more “skin in the game,” though its predictive power remains under scrutiny.Bernstein argues that since the nomination of Vice President Kamala Harris, Polymarket trends have shifted in her favor. “Harris’s odds began climbing after the first Biden vs. Trump debate on June 27 and surged further after her nomination on August 2,” Bernstein analysts wrote. As of now, Harris’s ‘Yes’ odds have surpassed those of Trump by more than 6%, with Harris at 52% compared to Trump’s 46%.The rise in Harris’s odds on Polymarket caused unease in the crypto markets, with Bitcoin struggling to regain its previous highs of around $70,000. Some Republican supporters have dismissed the Polymarket odds as a temporary “honeymoon phase,” arguing that the odds can be manipulated by significant bets. However, Bernstein analysts believe that the Polymarket odds are merely reflecting the momentum Harris has gained in recent polls, noting that the 538 project average shows Harris leading Trump by 2.4%. “The Polymarket odds are probably as good or bad as the election polls in predicting the outcome,” they noted, adding that the true test will come after the Presidential debates in September. More

A significant worry is the declining trading volume. A robust uptrend is usually accompanied by rising volume, which denotes increasing momentum and interest. There are concerns regarding the sustainability of the recent gains given the current decline in volume, which indicates that fewer participants are pushing the price higher. In addition, the pattern of the chart suggests that a downtrend may be beginning, which could negate the recent upward movement in prices.Notwithstanding these worries, XRP’s performance is still seen favorably especially in light of the potential for a golden cross in the near future. When the long-term moving average crosses above the short-term moving average, it forms a golden cross, which traders frequently interpret as a bullish signal. Owing to the recent explosive price movement of XRP, this crossover may occur earlier than anticipated, boosting market sentiment in a bullish manner.A decline in volume during an uptrend frequently suggests that fewer traders are backing the price movement, which increases the likelihood of a reversal in the uptrend. The technical signal that indicates the beginning of a downtrend — the crossing of the 100 EMA below the 200 EMA — adds to the pessimistic outlook.This crossover raises additional questions about how SHIB will recover and raises the possibility that the market is moving in the direction of a longer decline. Currently, SHIB is trading at $0.000014, which is a local resistance level. This level is important because if it is broken it may trigger a stronger upward movement or serve to halt further price increases.But since the 26 EMA is so close to the current price, it is probably going to serve as additional resistance. Because of the additional pressure created by the EMA’s close proximity to the price, SHIB finds it harder to maintain its rally.If this barrier is not broken, sellers may take control and drive Bitcoin’s price back toward lower support levels, which could lead to a significant drop in value. Because of this, the present price movement of Bitcoin is crucial to its near-term future. The 50-day EMA, which is posing a strong resistance, is providing additional difficulty. The inability of Bitcoin to break above the 50 EMA could lead to a continuation of the recent downward trend.The potential consequences of this downward pressure extend beyond Bitcoin and could potentially impact other cryptocurrencies by causing a ripple effect in the cryptocurrency market. To sum up, Bitcoin’s short-term trajectory will probably depend on its capacity to overcome the $60,000 resistance and the 50 EMA.If BTC falls below these levels, the market may experience another decline and altcoins will probably follow. These technical levels should be closely watched by traders and investors in the upcoming days as they may indicate the direction of Bitcoin’s and the cryptocurrency market’s next significant move.This article was originally published on U.Today More

Critics deny Bitcoin the right to be a store of value and to be called Gold 2.0 due to its high volatility compared to traditional assets. Thus, despite its growing popularity, Bitcoin is still widely considered a speculative asset or even a gamble.In a recent post on social network X he decided to debunk the opinion that volatility is a flaw of Bitcoin. Saylor posted a chart showing how MicroStrategy’s MSTR stock skyrocketed nearly 1,000% after the company adopted BTC four years ago.What’s funny is that BTC itself only went up 408% during that time. To put that in perspective, the main U.S. stock market index, the S&P 500, has only gained 59% since August 2020.The chart was accompanied by the statement “Volatility is vitality,” emphasizing Saylor’s perspective that Bitcoin’s volatility is a strength rather than a weakness. “Bitcoin’s volatility is a feature, not a bug,” Saylor added, challenging the conventional view that volatility undermines the cryptocurrency’s value.This article was originally published on U.Today More

Instead of continuing with the current U.S.-based arrangement, custody will now be split between places like Singapore and Hong Kong. Justin Sun has made it clear what his position is in the WBTC ecosystem in spite of these adjustments, stating that it is solely strategic. He claims that the private keys linked to the WBTC reserves are not under his control.BitGo continues to be responsible for the administration and security of these reserves, employing the same reliable cold wallet technology that has been proven to protect WBTC assets. Discussions about Sun’s strategic involvement are crucial, especially given his potential power over the joint venture that will oversee WBTC.But he promises that the current security protocols hold with backups spread throughout several locations and BitGo’s offline keys and cold wallets still protecting WBTC’s reserves. This guarantees that no one, not even Sun, will be able to move or access the BTC reserves without official permission.Aware of the potential risks associated with consolidating influence over such a large asset, BA Labs has advised the Stability Facilitator to take steps to restrict the growth of WBTC exposure in light of the recent changes. The community will be closely watching how these modifications to WBTC’s governance and custody arrangements affect the larger ecosystem while the cryptocurrency market keeps an eye on these developments.This article was originally published on U.Today More

Wu Blockchain citing Whale Alert reports that an address holding 190 BTC, currently valued at about $11.49 million, was activated earlier today after being dormant for nearly 11.4 years.Back in 2013, these 190 BTC were valued at $12,125. Fast forward to today, and the value has surged by an astonishing 94,700%, reflecting a 947-fold increase.Dormant Bitcoin wallets — those that have remained inactive for years — often garner significant attention when reactivated as these wallets are typically associated with early Bitcoin adopters or miners.The sudden activation of this address raises questions about the whale’s intentions — whether it intends to sell, hold, or transfer the Bitcoin stash. In this case, the whale’s intentions remain unknown yet and the market is still on alert for any subsequent movements.Eyes are peeled as Bitcoin is about to complete a death cross, in which the 50-day simple moving average (SMA) falls below the 200-day SMA, which is frequently seen as a bearish indication.Bitcoin whales, however, seem to be portraying a bullish outlook. According to on-chain analytics firm IntoTheBlock, BTC recorded a whopping $1.7 billion net outflows from exchanges in the past week, the largest amount in over one year. This points to large whales accumulating through the recent downturn.Bitcoin’s new addresses are also showing renewed interest. According to IntoTheBlock, the number of daily new addresses has declined since November 2023, indicating fewer new participants, notably in retail.However, the pattern appears to be shifting, as the number of new addresses has increased in recent weeks.This trend indicates increasing interest from retail investors, which might lead to a more balanced market and a stronger foundation for the next growth phase.This article was originally published on U.Today More