Daily Crypto Roundup - 26 Aug

Today’s Market Update

Bitcoin and other cryptocurrencies were dropping again on Tuesday, extending a poor recent run for digital assets.

Bitcoin was last down 1.39% at $109,778, Ethereum was down 3.97%, Solana was down 4.98%, and XRP was down 1.47% over the past 24 hours.

Digital-asset investors have pivoted out of Bitcoin and into Ethereum in recent weeks, with the latter token hitting a new high on Sunday after Federal Reserve Chair Jerome Powell signaled that the central bank could soon cut interest rates.

Ethereum prices have slid since then due to traders taking profit, but "even after the pullback, liquidity and volumes remain supportive," Kaiko analysts said in a research note on Monday.

Still, investors will be hoping a new Bitcoin catalyst emerges soon. The token didn't bounce much after Powell's speech in Jackson Hole, even though stocks rallied on the prospect of lower rates. Risk assets tend to benefit when borrowing costs fall, because they have more relative appeal compared with interest-yielding investments such as bonds.

Crypto Dynamics Roundup

Trump’s Crypto Advisor: “No More Bitcoin Bear Markets in the Coming Years”

According to @Cointelegraph, Trump’s crypto advisor David Bailey stated, “There will be no more Bitcoin bear markets in the coming years.”

Yi Lihua: ETH Bull Market Trend Unchanged, Dip to $4,100-$4,300 May Be Best Buy Point

Liquid Capital (formerly LD Capital) founder Yi Lihua stated that Ethereum’s price rise from $1,400 to $4,900 included multiple pullbacks followed by rallies, suggesting a dip to $4,100-$4,300 could be an optimal buying opportunity. Despite short-term profit-taking, he believes the overall bull market trend remains intact.

UAE Holds ~6,300 Bitcoins, Ranks 4th Among Nations

According to Cointelegraph, the UAE government, via Citadel Mining, holds approximately 6,300 Bitcoins, valued at $740 million, making it the world’s fourth-largest national Bitcoin holder.

Bitwise: Bitcoin to Hit $2.9 Million by 2035

Bitwise’s first “Bitcoin Long-Term Capital Market Assumptions” report outlines a bullish outlook, predicting Bitcoin will reach $2.9 million by 2035.

Tom Lee Retweets Analyst: ETH May Bottom at $4,300, Rally to New Highs

BitMine Chairman Tom Lee retweeted analyst Mark Newton, noting ETH’s favorable risk-reward ratio, predicting a bottom at $4,300 within hours, followed by a rally to $5,100-$5,400 or $5,450.

CryptoQuant: Ethereum Likely to Outperform Bitcoin Short- to Mid-Term

CryptoQuant analyst CryptoMe stated that Ethereum has recently outperformed Bitcoin. Rising open interest (OI) on the Chicago Mercantile Exchange and lack of retail participation suggest this divergence may persist short- to mid-term.

Online Broker Webull to Resume Crypto Trading for U.S. Clients

Bloomberg reports that online broker Webull Corp. will reinstate crypto trading for U.S. clients on its platform, having dropped it during a 2023 IPO attempt. Trading begins Monday for all U.S. clients, following a June launch in Brazil, offering over 50 assets including Bitcoin, Ethereum, and Solana, with plans to expand to other markets in coming months.

Bitmine’s Crypto and Cash Holdings Rise $2.2B to $8.8B in a Week

PR Newswire reports that U.S.-listed Bitmine announced its crypto and cash holdings exceed $88.2 billion. As of 5:30 PM EDT on August 24, holdings include 1,713,899 ETH, 192 BTC, and $562 million in unrestricted cash. Over the past week, holdings increased by $2.2 billion to $8.8 billion, adding over 190,500 ETH (from 1.52 million to 1.71 million).