- Market reacts to the Grayscale news and some cryptocurrencies see significant appreciation amid the positive euphoria.
- x.com is aiming towards the implementation of cryptocurrency payments within the platform.
- Scientific data and the latest stories keep Bitcoin a strong digital asset.
During August 29 of this year, various cryptocurrencies appreciated and some positive data hit the cryptocurrency market quickly. In this post we present you the daily summary of everything that has happened without chronological order.
Judicial Victory
Bitcoin appreciates approximately more than 5% after the decision of the supreme court of the United States to plead in favor of GrayScale and against the Securities and Exchange Commission (SEC).
According to court filings on Aug. 29 and as reported by CoinTelegraph, US Circuit Court of Appeals Judge Neomi Rao ordered Grayscale's petition for review to be granted and the SEC's order to be struck down. to deny GBTC's listing request.
Basically what Grayscale is looking for is to convert the entire GBTC fund into an institutional fund or ETF.
At this time, the Grayscale team is reviewing the details outlined in the Court's opinion and will share more information on next steps in the ETF conversion process as soon as practicable, says the official announcement.
Likewise, STX, a native cryptocurrency of the Stacks network —a Bitcoin side chain— increased in price from USD 0.44 to its current price of USD 0.53, during the day of this August 29.
The increase in cryptocurrency was 16% in a few minutes and this is attributed to the legal victory obtained by the investment firm Grayscale against the United States Securities and Exchange Commission (SEC), as reported by Criptonoticias.
Doge Mania Crypto Social
Another altcoin that stands out for the increase in its price is bitcoin cash (BCH).
At the time the news of Grayscale's victory broke, its price went into "bull mode" and rose more than 15% in a few minutes.
The market seems to have interpreted that if a news positively impacts bitcoin (BTC), it should have a similar effect on its most well-known fork.
The most popular meme cryptocurrency (or memecoin), dogecoin (DOGE) was another favorite on this Green Tuesday. The news that X (or Twitter) is legally allowed to trade cryptocurrencies immediately impacted its price, which rose almost 10%.
On-Chain Data In Sight
According to fxstreet.com, supporting this bullish outlook for Polygon (MATIC) price would be the whale transaction metric that tracks transfers worth more than $1 million.
A spike in this metric after a rally would generally indicate a sell signal, but the same uptick during or after a downtrend is attributed to accumulation from whales. In this case, data from Santiment shows that whales, or large-wallet investors, have recently increased their holdings of the token despite the price decline.
The whales opened the week extremely active, and judging by the market capitalization growth of many altcoins today, it looks like they are having an impact.
Pay special attention to networks with transfers of more than $10 million triggering and creating volatility, such as AAVE, COMP, CRV, IMX and YGG.
Bitcoin onchain transaction volume has dropped to a 3-year low. This measures the amount of peer-to-peer payments, deposits and withdrawals on exchanges, and mining fees.
A decline in network activity is not necessarily bearish sentiment, but it certainly indicates a FUD trader.
In the last 10 days, miners have halved their sales and the current flow is down from the average annual volume.
There will be no BTC from miners on the market except through OTC, but this does not affect the price.
In addition, the inflow of all stablecoins on all exchanges has been decreasing for 10 days, approaching $19 billion daily.
BTC trading volume also decreased, reaching $11 billion daily. For comparison, the same indicator before the New Year was $8.9 billion.
As related fxstreet.com, Shibarium, a new layer-2 blockchain for Shiba Inu (SHIB) has surpassed 100,000 wallets on its platform with 35,000 coming within 24 hours of Shibarium's relaunch on Aug. 28.
At the time, Kusama noted that Shibarium tallied 65,000 wallets across 350,000 transactions — however, those figures have rocketed upwards since, respectively increasing 55.8% and 20.2%, according to Shiariumscan.io.
The relaunch of Shibarium reflected well in SHIB’s price, increasing 3.6% to $0.00000825 over the last 24 hours, according to CoinGecko.
Final Recommendations
Most of the time, the fundamental analysis will always point to accumulation and waiting criteria during the market distribution stage, so we recommend not taking leave for the interest of the news in relation to an event that is about to happen.
We understand that investment funds will be the driving force for the next bull market cycle. But technically, we recognize that there is no weekly high convergence that could be key to talk about a continuation of the trend to reach new highs.
With the previous idea, a Bitcoin and other cryptocurrencies present a pejorative idea of impulse towards the accumulation and consolidation of prices. The game has changed. The institutions have taken power within the market and the great flow of money is there, waiting to enter at any moment. That is why it is important to stay on the daily expectation.
Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.
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