Crypto Today: Bitcoin breaks past $60,000, Ethereum and XRP gain slightly
Source Fxstreet
- Bitcoin jumps more than 5% and Ethereum gains over 3% on Tuesday due to prospects of greater institutional adoption.
- XRP increases nearly 1% on the day, close to key resistance at $0.60.
- Pro-XRP lawyer John Deaton criticized the US SEC for causing losses to small investors in a recent talk on YouTube.
Bitcoin, Ethereum, XRP updates
- Bitcoin (BTC) trades above $60,000, piling nearly 5% gains on Tuesday. Bitcoin Spot ETFs noted $12.9 million inflows on Monday, according to data from SoSoValue. This marks three consecutive days of inflows.
- Two key market movers are likely behind the recent gains: Apart from the ETF inflows, Singapore's largest bank DBS announced on Monday that the firm has plans to launch Bitcoin and Ethereum options trading soon.
- Ethereum (ETH) trades above $2,300 at the time of writing. Steven Goldfeder, co-founder of Offchain Labs, gave his opinion about the debate between Layer 1 and Layer 2 blockchains in a podcast on Bankless HQ. Goldfeder said that, even as governance challenges on Ethereum gave way to innovation in scaling and reduced transaction costs, there is no competition between Layer 2 chains and Ethereum.
- While it is a common belief among market participants that protocols built on top of the Ethereum are siphoning off revenue from the chain, competing with it, there is no competition with the altcoin, he said. Every Layer 2 chain helps scale the underlying mainnet further, boosting its utility and adoption among users, Goldfeder added.
LIVE NOW -- Refuting L2 FUD & The State of @arbitrum
— Bankless (@BanklessHQ) September 17, 2024
In the world of Ethereum scaling solutions, the debate between L1s and L2 blockchains has been heating up.
Today, Steven Goldfeder (@sgoldfed), co-founder of @OffchainLabs (the team behind Arbitrum), joins us on the podcast… pic.twitter.com/Xd1gaToN6f
- Ripple (XRP) changes hands at $0.5915, just under key resistance at $0.6000.
Chart of the day: SUI
SUI/USDT daily chart
SUI trades at $1.1626, up 11% on the day, making it one of the top trending tokens on CoinGecko on Tuesday. The Moving Average Convergence Divergence (MACD), a momentum indicator flashes green histogram bars, signaling underlying positive momentum in SUI price trend.
If the current uptrend continues, SUI could extend gains by nearly 14% towards $1.3227, which aligns with the 50% Fibonacci retracement of the decline from the March top of $2.1829 to the August low of $0.4625. In the event of a correction, SUI could find support in the Fair Value Gap (FVG) extending between $0.9335 to $0.9557.
Market updates
- Hong Kong’s Financial Services and the Treasury Bureau (FSTB) plans to issue a framework for the ethical use of AI in financial markets, according to a Bloomberg report that cites an anonymous source on the matter.
- Stablecoin issuer Circle’s USD Coin (USDC) is available in Brazil and Mexico. Local real-time payment systems can be used to convert Brazilian Reals (BRL) and Mexican Pesos (MXN) into USDC. This is a key development, since it bypasses the need for first converting the 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 hit its highest weekly transaction count since early July, according to IntoTheBlock data.
- John Deaton, a pro-XRP attorney, recently discussed how the US Securities & Exchange Commission’s (SEC) actions negatively influenced the holdings of small investors and called out the regulator for causing nearly $15 billion in losses through their regulatory actions.
Industry updates
- WalletConnect, an open-source protocol that allows users to connect their crypto wallets to decentralized applications (dApps), gears up to airdrop 185 million WCT tokens, its native cryptocurrency.
Introducing Connect Token (WCT), the native token of the WalletConnect Network.
— WalletConnect (@WalletConnect) September 17, 2024
The WalletConnect Network is the the onchain UX ecosystem enabling apps and wallets to bring better onchain experiences to 23M+ users.
As the network continues to decentralize, WCT will be key in… pic.twitter.com/S6EvvPmKAu
- Circle announces that native USDC is ready for launch on the Sui Network, a Layer-1 blockchain that competes with Ethereum.
1/ We’re excited to announce that native $USDC and Cross-Chain Transfer Protocol (#CCTP) are coming soon to @SuiNetwork!
— Circle (@circle) September 17, 2024
Explore what native USDC and CCTP will mean for Sui.https://t.co/ctP3iAXcgL
- Terra Luna Classic community passed a key proposal primarily focused 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 that was awaited by community members.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Prioritize filling the $27,000 gap and even try higher.
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.
Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
WTI Price Forecast: Seems vulnerable near $90.50 as technical breakdown comes into playWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.
