News & Analyses

EUR/USD Underpinned by Better-Than-Expected Euro Area PMIs, Weak US Dollar

EUR/USD and GBP/USD Rallies Fuelled by Ongoing US Dollar Weakness

FTSE 100, DAX 40 and S&P 500 await US payroll revision and FOMC minutes

Strong Yen Weighed on Japan’s Trade Balance in July, Fed Speakers up Next

Gold, Silver Price Action Setups Ahead of FOMC Minutes, Jackson Hole

Nikkei 225 Boosted by Strong Dow and Nasdaq 100

US Dollar Remains Weak Ahead of Jackson Hole, USD/JPY and Gold Latest

Meme coin supercycle returns, Ripple advance fades while Bitcoin eyes rally to $65,000

Bitcoin rallied above $60,000 on Friday, reflecting a market-wide recovery in crypto.
Ethereum makes steady progress towards the $3,000 resistance level, while XRP erases recent gains.
Meme coins surged, posting double-digit gains on the day after a week-long correction in the category.

Bitcoin, Ethereum, XRP update

Bitcoin trades above key support at $60,000 at the time of writing. The largest asset by market capitalization noted a 7.5% increase in open interest, above $28 billion per Coinglass data.
Ethereum trades above $2,500 on Friday, making progress towards its $3,000 target. Founder Vitalik Buterin moved $8 million in Ether to a new wallet sparking the possibility of a sale or donation.

Ether transfer by Vitalik Buterin

Chart of the day

MATIC/USDT daily chart

MATIC broke out of its multi-month downtrend on July 13, 2024. Polygon’s token suffered a steep correction in the market-wide crypto crash and dipped to its August 5 low of $0.3342. MATIC started its recovery and is likely to extend its gains by over 18% to hit its $0.50 target.

MATIC faces resistance in the Fair Value Gap (FVG) between $0.4249 and $0.4420.

Market updates

Fox Business reporter Eleanor Terret reaches out to the Securities and Exchange Commission for comments on the Ripple ruling and says an appeal is likely.

NEW: I reached out to the @SECGov for comment on the @Ripple ruling and a spokeswoman gave me this statement:

“The Court granted the SEC’s motion for remedies including an injunction barring Ripple from committing additional violations of the securities laws and significant… https://t.co/TC2xk7pBD2

— Eleanor Terrett (@EleanorTerrett) August 8, 2024

Data shows that TON is less correlated with Bitcoin and more with altcoins like Uniswap (UNI) and MATIC.

The Bitcoin Coinbase Premium Index tracks price gaps between Bitcoin on Coinbase and Binance. The Index has turned positive signaling there is institutional demand on Coinbase, pushing the asset’s price higher.

Bitcoin Coinbase Premium Index

Industry updates

Thailand launched a regulatory sandbox for firms to experiment with crypto services.
The Tether Treasury minted over $1.3 billion Tether since the Bitcoin crash on Monday, it remains to be seen whether the stablecoin inflow will help drive demand for the asset.