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
Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.
Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.
Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for cryptoThe US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.
The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.
Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.
The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.
Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks inThe U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.
The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.
