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Happy Monday Folks! Over the weekend, there was a lot of chatter about the Bitcoin Spot ETF as it continues to keep the markets at bay. Today, the most covered news is about Ethereum; the price is stagnant but it appears that Donald Trump holds half a million worth. In addition, Jamie Coutts believes that an approval of the ETF by the SEC will spark a rally in $ETH. The price of Bitcoin is currently trading at $29,330.82 and continues to remain above the 200 Weekly Moving Average; still waiting on it to do something. Let's dive into the news...

Crypto exchange-traded-funds (ETFs) add capital to the market not just by creating demand in the spot market, but the market signal of regulatory approval of these products produces a growth flywheel for retail and other institutional flows that are seeking legitimacy, broker Bernstein said in a report Monday.

BTC price breakout by end of August? 5 things to know in Bitcoin this week (Cointelegraph):

• Bitcoin copycat move begins new rangebound week
• Weekly close clinches key BTC pric level
• Low volatility spurs BTC price breakout predictions
• Whale “reaccumulation” narrative strengthens
• Fed FOMC minutes lead cool macro week

Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone. Bitcoin was trading at around $19,800 on September 1, 2022, an average increase of about 74% would propel BTC’s price to more than $34,400 on September 1, 2023. Digital asset funds saw inflows of $28.5 million last week, primarily driven by bitcoin and reversing three weeks of outflows. Meanwhile, Bloomberg Intelligence’s senior macro strategist Mike McGlone says that a liquidity crunch will soon push the economy into a recession and cause a Bitcoin (BTC) correction.

Javier Milei, a libertarian candidate who has advocated for the elimination of the central bank and spoken favorably of Bitcoin (BTC), won the primary presidential election in Argentina. A Bitcoin ETF is on the cusp of receiving approval in the United States — and it may not be long before we see one in Hong Kong or elsewhere in Asia. However, recent comments from former SEC Attorney John Reed Stark have further dampened optimism about the regulator approving any of the pending Spot Bitcoin ETF applications.

Ethereum price is attempting a recovery wave from the $1,835 zone against the US Dollar. ETH could start a steady increase if it clears the $1,860 resistance. Meanwhile, Donald Trump holds up to half a million in Ethereum, according to a recently released financial disclosure form submitted to a federal ethics agency. Jamie Coutts, a crypto market analyst at Bloomberg Intelligence, says that market participants are discounting the fact that PayPal’s network is hundreds of times larger than Ethereum’s. Ripple’s XRP might be in for increased volatility throughout the coming days as there are some interesting upcoming developments that may fuel market participation; SEC appeal request and price approaching a critical support zone. The journey of Cardano (ADA) toward reclaiming the $0.3 price level seems to be growing more challenging in the days ahead, as the cryptocurrency grapples with persistent bearish pressure.

Jamie Coutts, Crypto Market Analyst, Bloomberg Intelligence (Bloomberg’s research arm on the Bloomberg Terminal) recently highlighted the potential impact of PayPal’s new stablecoin on the Ethereum network. Coutts believes that the implications of PayPal’s stablecoin launch have not yet been fully factored into the market.

Brian Armstrong candidly highlighted flaws in the exchange’s app, admitting that even the biggest names in the industry have UX challenges to conquer.

The United States’ securities regulator could completely u-turn its approach to crypto enforcement, depending on the Presidential election in the United States in 2024, according to former SEC official John Reed Stark. Bankrupt crypto lender Celsius can start sending out ballots to its customers for a vote on a proposed settlement plan that would see a consortium called Fahrenheit buy Celsius’ assets and launch a new company. That company would distribute Celsius assets and equity in the new company to its customers.

Information security firm Distrust says a total of at least $900,000 was stolen across multiple blockchains. Hackers were able to exploit a vulnerability in the Libbitcoin explorer, an open-source command line tool or text interface used by Bitcoin developers to produce cryptographic keys and communicate with the blockchain.

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Sources: 

Crypto Report (CoinDesk)
Bitcoin Price (NewsBTC | Finbold | TB | TDH | TDH)
Argentinian Bitcoin Candidate (CoinDesk | Cointelegraph)
Bitcoin ETF (Cointelegraph | NewsBTC)
Ethereum (NewsBTC | CoinDesk | TDH | CoinDesk | Finbold)
XRP (CryptoPotato)
Cardano (NewsBTC)
PayPal Stablecoin (Cryptoglobe)
Coinbase (Blockworks | Cointelegraph | TB)
SEC (Cointelegraph)
Celsius (Cointelegtraph | TB)
Libbitcoin (CoinDesk)