The rise of IBIT and FBTC among top ETFs highlights growing institutional interest in crypto, potentially reshaping global investment strategies.
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Markets
5 things to expect from US jobs report data: numbers, warnings, and reactions
Potentially misleading US jobs data could trigger market volatility, reignite recession fears, and influence Federal Reserve policy decisions.
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Tether introduces UAE Dirham-pegged stablecoin
Tether's Dirham-pegged stablecoin could enhance UAE's digital economy, streamline international trade, and reduce transaction costs.
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Solana price hits a wall at $150 as several headwinds intensify
SOL price struggles to gain upward traction as DApp volumes plunge, spot ETF odds dwindle, and memecoins fail to rally.
Solana’s native token, SOL (SOL), has struggled to close above $150 since Aug. 11. Despite showing consistent buying activity each time it tests the $125 support, SOL remains largely flat compared to four months ago.
Even more troubling is the fact that the Solana network has experienced significant growth in deposits and activity during this period, but this expansion has yet to be reflected in SOL price. Let’s examine the factors keeping SOL’s price below $150 and what needs to occur for it to surpass this level.
Some market participants argue that SOL’s recent hype was driven by a few airdrops, memecoins, and pump.tun activity, which proved unsustainable. Over the past thirty days, notable price corrections include Dogwifhat (WIF) with a 38% drop, BONK losing 39%, Lido (LDO) declining 43%, POPCAT falling 48%, and Wormhole (W) decreasing 31%. According to DappRadar, pump.fun volume has dropped 44% over the past week, now totaling $133.5 million.
Binance and Macau police team up to fight against online scams
The collaboration between Binance and Macau police could significantly enhance user protection and reduce financial crimes in the crypto space.
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Bitcoin’s range-bound price action could kickstart BNB, TON, AAVE and HNT
Bitcoin’s price consolidation could convince traders that it's time to play with altcoins. BNB, TON, AAVE and HNT are the ones on Cointelegraph's radar.
Bitcoin (BTC) continued its sideways price action as buyers successfully defended the $55,724 support this week. Large fund managers have used the period of consolidation to add spot Bitcoin exchange-traded funds (ETFs) to their portfolios. According to an analysis by CoinShares Research, Goldman Sachs bought $419 million, Capula Management acquired $470 million, and Avenir Tech purchased $388 million worth of Bitcoin ETFs since March.
A report published by cryptocurrency exchange Coinbase shows that institutional investors labeled as investment advisers increased their Bitcoin ETF holdings by 3% in the second quarter of 2024. During the same period, the hedge fund holdings declined slightly. Coinbase believes that the summer period in the United States (June to August) may delay “large inflows,” keeping the price action choppy.
Crypto analyst Matthew Hyland said in a video analysis that Bitcoin is following patterns similar to those in previous US election years. According to that, Bitcoin may remain in the range for “a little bit longer” and break out probably in October or November.
Ethereum DApp volumes drop 33% in a week — Is more ETH price weakness ahead?
Ethereum’s dominance in decentralized application deposits compensates for the reduced onchain volumes, but what about ETH price?
Ether (ETH) has been trading within a narrow $230 range since Aug. 9, maintaining a solid support level at $2,550. However, this represents a 20% decline from three weeks ago, when ETH closed July above $3,300. This decline follows a broader contraction in cryptocurrency prices, but Ether is encountering specific challenges of its own. The Ethereum network’s decentralized applications (DApps) have seen a significant drop in activity over the past seven days.
Part of Ether’s failure to sustain a bullish momentum can be attributed to the lackluster performance of spot Ether exchange-traded funds (ETFs). The recently launched ETFs have experienced a combined $30 million in net outflows since Aug. 9, according to data from Farside Investors. Despite these outflows, traders remained optimistic that inflows from major players like BlackRock and Fidelity would counterbalance the outflows from Grayscale’s ETHE, although this remains to be seen.
The Ethereum network continues to lead in terms of total value locked (TVL) and transaction volumes, even though it charges significantly higher fees compared to its competitors. This fee difference presents a challenge, as the user experience on Ethereum does not favor second-layer solutions, thereby creating opportunities for niche markets to gain traction on alternative networks such as Solana (SOL), BNB Chain (BNB), and TON. Indeed, according to DappRadar data, none of the top 12 DApps by user count are based on Ethereum.
Solana ETF ‘still in play’ despite Cboe filing removal — VanEck exec
VanEck is still advocating for its Solana ETF with regulators, said Matthew Sigel.
Asset manager VanEck’s plans for a Solana exchange-traded fund (ETF) are “still in play” despite the removal of Cboe Global Markets’ regulatory filing proposing to list the fund on its exchange, according to an X post by Matthew Sigel, VanEck’s head of digital assets research.
“Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website,” Sigel said, adding:
On July 9, national securities exchange Cboe filed a request with the United States Securities and Exchange Commission seeking to list VanEck’s and 21Shares’ planned SOL (SOL) ETFs and asking the SEC to make a final decision by March. The filing is referred to as a 19b-4 and is distinct from the S-1s filed by issuers.
Solana funds see record $39 million outflows as meme coin volumes plummet
Solana's record outflows and meme coin decline highlight shifting investor sentiment and potential volatility in the crypto market landscape.
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Franklin Templeton seeks approval for Bitcoin, Ether crypto index ETF
Franklin Templeton's move signals growing institutional acceptance of digital assets, potentially boosting mainstream adoption and market legitimacy.
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