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As Bitcoin (BTC) stalls near the $113,000 level, Ethereum (ETH) continues to show strength, highlighting a clear divergence in price action between the top two cryptocurrencies by market cap. This contrast has some investors considering a rotation from BTC into ETH to capture the latter’s bullish momentum. Bitcoin Shows Correction Risks – Is ETH Safe? According to a CryptoQuant Quicktake post by contributor XWIN Research Japan, on-chain data reveals underlying weakness in BTC price action. By contrast, ETH is displaying notable resilience even as broader crypto market momentum fades. Currently, Bitcoin’s exchange reserves are hovering around 2.53 million BTC, showing little sign of declining despite recent volatility. For context, BTC has fallen 5.4% over the past week. Historically, shrinking exchange reserves have indicated BTC moving off exchanges for long-term holding, which reduces near-term sell pressure. This time, however, reserves remain flat, suggesting that a significant portion of BTC supply is still liquid and available for selling. Flat exchange reserves – combined with BTC’s recent drop from $123,000 to $113,000 – have raised red flags for a possible short-term correction. Meanwhile, ETH’s on-chain dynamics tell a very different story. Unlike BTC, ETH has consistently recorded large net outflows from exchanges, with multiple spikes exceeding 300,000 ETH in late July and mid-August. XWIN Research Japan explained: Outflows usually reflect coins moving into cold storage, staking, or institutional custody, tightening the available supply on the open market. ETH’s price has been between $4.150 to $4,400, aligning with the outflow trend and reinforcing a bullish narrative of a potential supply shock. In short, while BTC is consolidating with lingering sell-side liquidity, ETH’s declining exchange balances signal rising institutional demand. These opposing dynamics suggest capital may be rotating from BTC to ETH. Different Dynamics Between BTC And ETH Beyond exchange reserves, other indicators also highlight further downside risk for BTC and growing institutional interest in ETH, reinforcing the market’s preference for Ethereum over Bitcoin. For instance, noted crypto analyst Xanrox recently offered a dramatic price prediction for BTC, stating that it may crash all the way down to $60,000 – almost a 50% fall from its current market price. Meanwhile, whales continue to increase their exposure to ETH, growing their holdings at a rapid pace as ETH’s relative strength compared to BTC improves. Yesterday, an Ethereum whale went long on $300 million worth of ETH on-chain. From a technical perspective as well, things look positive for ETH, with a potential recovery to $4,788 on the cards. At press time, BTC trades at $112,283, down 0.7% in the past 24 hours.

Cardano’s price is caught in a tight range, holding above key support while facing resistance overhead. With momentum weakening, will ADA break higher or slide back toward lower levels in its next decisive move? Bearish AB=CD Pattern Completed With Rejection At $0.95 Alpha Crypto Signal, a crypto analyst on X, recently shared insights on Cardano’s price action, noting that ADA has just completed a bearish AB=CD pattern on the daily timeframe. The rejection around the $0.95 level confirms this setup, suggesting that the market may be preparing for a corrective move. Such harmonic patterns often signal exhaustion in the preceding trend, hinting that ADA could face additional downward pressure in the short term. Currently, Cardano is trading below the 9-day EMA at $0.88, indicating that momentum has weakened following its recent attempts to push higher. Trading beneath this moving average often reflects a bearish shift in sentiment, where buyers struggle to maintain control. The analyst highlighted a critical support zone between $0.74 and $0.77, which will likely act as the first line of defense for bulls. Should this area give way, ADA could extend its decline toward the $0.70–$0.68 range, marking a deeper retracement and potentially testing the patience of long-term holders. Still, the outlook is not entirely bearish. According to the analysis, bulls could regain momentum if ADA manages to reclaim the $0.90 level and establish support above it. A successful recovery beyond this threshold would weaken the bearish narrative and possibly set the stage for another upward push. Cardano Holds Key Level After Pullback CryptoPulse, another market analyst, noted in an X update that Cardano is currently holding above a key support level following a pullback. This resilience suggests that buyers are still defending critical price zones despite recent bearish pressure. Related Reading: Cardano Defies Market Pullback: Could On-Chain Momentum Signal a 70% Run Ahead? According to the analyst, as long as the price maintains this support just above $0.80, ADA has the potential to rebound toward the $1.06 region, which aligns with the 0.382 Fibonacci retracement level. A move in this direction would indicate that momentum is shifting back in favor of the bulls. However, CryptoPulse cautioned that if support fails and ADA breaks lower, a backtest could occur, raising the risk of the price revisiting its range lows. Such a move would reinforce bearish sentiment and potentially delay any significant recovery attempts. In the meantime, the levels are clearly defined, leaving the market to decide its next direction. Whether ADA manages to build on its current support and push higher, or slips back into deeper corrective territory, will depend on how traders respond around these pivotal zones.

Log in to today's North American session Market wrap for August 22. Markets had been dawdling around throughout the whole past week, eagerly awaiting for FED Chair Powell's speech – and it did not disappoint. The US Dollar got sent dropping, rate cut expectations for September back up strong, and all Forex currencies and Cryptos are now back in euphory. I strongly invite you to check these two pieces to spot how strong the reactions are after the dovish speech from Powell: Read More: Dow Jones new all-time highs! Market reactions to FED Chair Powell's Jackson Hole speechA detailed look at the FX Market after the Powell speech – Technical levelsCross-Assets Daily Performance Cross-Asset Daily Performance, August 22, 2025 – Source: TradingView As seen in our previous articles, every asset class went wild after Powell's speech at the JH Symposium. It seems that the current move might be slightly over-extended when looking at what the FED Chair said. Data will have to be monitored even more closely in the coming period. By the way, I had to mask ETH as it prevented a nice reading of the charts, but the second largest crypto is close to a new all-time high record and up 13% on the day! A picture of today's performance for major currencies Currency Performance, August 22 – Source: OANDA Labs Looking at the Currency board confirms that the rise in all assets was more about US Dollar selling rather than actual buying – This will be a story to confirm on Monday and promises to be interesting. Maybe an overplay from the pricing of a 25 bps? A look at Economic data releasing in Monday's session For all market-moving economic releases and events, see the MarketPulse Economic Calendar. With the Jackson Hole Symposium going all the way to Sunday evening, expect a few big speeches and headlines from Central Bank heads including ECB's Lagarde, Bank of Japan's Ueda, BoE's Bailey and many others. For the rest, NZD traders will have to log in on Sunday evening for the NZ Retail Sales. Monday should be a bit calmer on paper, still stay connected for the FED's Williams speech at 19:15 P.M. Safe Trades and an enjoyable weekend! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Week in review Wall Street's main indexes surged on Friday after Federal Reserve Chair Jerome Powell hinted at a possible interest rate cut during his speech at the Jackson Hole Symposium. The Dow Jones rose 887.83 points (1.99%) to a record high of 45,680.14. The S&P 500 gained 102.14 points (1.61%) to 6,472.31, and the Nasdaq climbed 421.85 points (2.00%) to 21,520.79. Ten of the 11 S&P 500 sectors were up, with consumer discretionary stocks jumping nearly 3% and communication services rising 2.3%. The Philadelphia Semiconductor Index soared 3.3%, while major growth stocks also saw gains, led by Tesla, which rose 5.7%. The Russell 2000 Index, which is sensitive to interest rates, surged 3.9%, reaching its highest level this year. Source: LSEG Fed Chair Powell Pivots. September Cut Incoming? Chair Powell’s Jackson Hole speech represented a marked shift in tone from the Fed’s July minutes earlier this week. The minutes suggested that most FOMC members saw the upside risks to inflation as “more salient” than the downside risks to inflation, but Chair Powell acknowledged today that the balance of risks "appears to be shifting”. Chair Powell's speech highlighted a tricky situation: inflation risks are rising, while employment risks are falling. He explained that when these goals conflict, the Fed's approach is to balance both. He noted that interest rates are now much closer to a neutral level than they were a year ago, and the steady unemployment rate gives the Fed room to carefully consider any policy changes. However, since rates are already high, the changing economic outlook might require adjustments to policy. Powell's tone was more cautious (or "dovish") than expected. He didn’t push back against the idea of a rate cut, keeping his options open. A key point was his reduced concern about inflation caused by tariffs, likely due to signs of a weakening job market. Markets reacted strongly to his comment about "shifting risks may warrant adjusting policy," as many had feared he would take a more aggressive (or "hawkish") stance. As a result: -Short-term bond yields dropped below 3.7%. -The 10-year yield also fell, nearing 4.25%. -The chances of a rate cut in September jumped back to 90%, up from less than 70% before his speech. The dollar index dropped 0.96% to 97.66 after Powell's comments. It had been around 98.7 earlier in the day. The euro rose 1.06% to $1.1728, hitting $1.1742 at one point, its highest since July 28. The dollar weakened 1.08% against the Japanese yen, falling to 146.77. The British pound gained 0.86%, reaching $1.3527. The Australian dollar climbed 1.14% to $0.6492. In cryptocurrencies, Bitcoin jumped 4.10%, reaching $117,035. Gold received a much needed shot in the arm rising close to the $3380/oz mark after Fed Chair Powell's speech. Most Read: Markets go wild from the Jackson Hole Symposium – Market wrap for the North American session - August 22 The Week Ahead The week ahead will be all talk around a potential Fed Pivot while high impact data from the US and Japan will be in focus. Asia Pacific Markets - BoJ in Focus as Ueda Speaks at Jackson Hole, Tokyo Inflation Next Week From China we will get July's industrial profits data, released on Wednesday, is expected to show ongoing declines. To address issues like deflationary price wars, policies to reduce excessive competition and industrial overcapacity will be important. However, these measures may have side effects and are likely to be implemented slowly. As a result, profits could stay weak throughout the year. Over the weekend we will hear from BoJ Governor Ueda who will be speaking at the Jackson Hole Symposium. Market participants will be hoping for signs of whether a rate hike will be coming anytime soon especially after headline inflation hit an 8 month low. Tokyo's inflation data is highly anticipated, with overall prices expected to slow to 2.6% in August from 2.9% in July, mainly due to lower energy costs, though fresh food prices are still rising. Core inflation (excluding fresh food and energy) is likely to stay above 3%, giving the Bank of Japan more confidence that underlying inflation is nearing its 2% target. Industrial production is predicted to drop by 1.2% in July, partly reversing June's 2.1% increase, as temporary output boosts from tariff-related demand return to normal. However, retail sales are expected to grow, helped by strong wage increases. The unemployment rate is likely to stay at 2.5%, reflecting a tight job market that could lead to more stable wage growth over time. Euro Area Economic Sentiment and the Feds Preferred Inflation Gauge Eurozone sentiment will be closely monitored next week to see if it matches the positive results of last Thursday's PMI. The strong manufacturing data gave hope that the trade war's impact has been smaller than expected. If the European Commission's data confirms this, it would strengthen the outlook for a better-performing eurozone economy. The Fed's preferred inflation measure is expected to match the 0.3% month-on-month increase seen in core CPI. However, there's a chance it could come in slightly lower. While producer price data was strong, the parts that directly impact core PCE were more mixed. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Week - US Dollar Index (DXY) This week's Chart of the week is the US Dollar Index (DXY). The DXY rallied earlier this week before running into the long-term descending trendline. This coincided with Fed Chair Powell's speech which sent the Dollar Index tumbling. The index has broken below the ascending triangle which was in play from the July low at 96.37. This leaves the index vulnerable to further downside with immediate support now at 96.90. The period-14 RSI also broke back below the 50 neutral level which hints at a shift to bearish momentum once more. Gold (XAU/USD) Daily Chart - August 22, 2025 Source:TradingView.Com (click to enlarge) Key Levels to Consider: Support 96.9096.3695.00Resistance 98.6098.9899.57Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

In a video published earlier this week titled “SHIBA INU — HOW HIGH WILL PRICE BE IN 2025?!! MY HONEST THOUGHTS!,” the crypto analyst behind the LuckSide Crypto channel argued that Shiba Inu’s upside for the remainder of 2025 depends almost entirely on whether retail investors finally return to crypto in size. “Retail has not shown up yet,” he said, adding that the share of people in crypto “remains very much unchanged from last market cycle,” which he put at “5 to 6% of the world.” In his view, without a fresh retail wave, Shiba Inu (SHIB) can rise but is unlikely to break its longer-term range; with a retail surge, he believes the token could “drop a zero” and set a new all-time high. LuckSide situated SHIB’s performance within a broader meme-asset rotation. He contended that the top tier of memes has been diluted as new entrants and brands pulled liquidity from incumbents: “When we look at Dogecoin, we’ve had Shiba Inu pull some of that market cap from Doge… Pepe has pulled some market cap from SHIB… and as each one of these has entered the space and done well… it’s just sucked… some of the life out of these assets.” He emphasized that this dynamic does not mean “SHIB is dead,” only that the ceiling has lowered until new participants arrive. Macro headwinds dominated his account of the past 18 months. He summarized 2025 as a year of “tariffs, economic uncertainty, quantum computing concerns, [and] black swan events,” and described 2024’s late spring and summer as a period of “high interest rates” and “slowing down economy,” with overhangs such as “German government dumping” and “Mt. Gox concerns.” Against that backdrop, he argued, meme coins—“a small percentage of the total market”—typically require “a lively” market and “adoption taking place” to outperform. He framed the current meme-coin capitalization at “$69.88 billion versus the total market cap of crypto which is 4 trillion” to underline how dependent the niche is on incremental retail flows. How High Can Shiba Inu Still Go In 2025? On SHIB-specific fundamentals, LuckSide pointed to what he sees as constructive on-chain behavior: “We’ve seen whale accumulation except for like the last week or so,” and “huge supply removal from exchanges.” He also reiterated a long-standing call about price resilience during the drawdown: “Shiba Inu has not dropped off a zero. While many people said it would, I called… that Shiba Inu would never add back a zero.” Those signals, he said, have “set the table for basically a big Shiba Inu boom” if and when retail returns. His 2025 path splits into two scenarios. If retail continues to lag, he expects SHIB to remain capped within its broader trend, even if reflexive rallies occur: “Let’s say we get up here somewhere in September… that’s… kind of sucks in the grand scheme of things,” he said, arguing that such a move would still leave the token range-bound. If retail adoption is “actually triggered and you see the masses flow into the market… which… is when the meme-coin percentage of market cap really tends to surge,” he believes SHIB could “drop a zero, moving past $0.0001 for the first time ever.”. In his words, “FOMO is a hell of a drug. Supply shock is a hell of a thing to witness in the market.” On timing, LuckSide sees a narrowing window in late 2025 into early 2026 for a renewed meme-coin phase. “Whether that’s here in 2025 still, whether that’s early 2026, I think our window is really closing to where the market is actually going to take off and you’re going to see this big meme-coin boom yet again,” he said. Until then, he counseled patience and focus on on-chain support: “We just have to… understand that we need fundamentals to stay strong, and eventually things are going to work themselves out.” The bottom line of his “honest” assessment is conditional rather than numeric. Absent a fresh retail cohort, SHIB’s upside in 2025 may be incremental. With a decisive retail return—evidenced by “people downloading exchange apps and actually pushing capital into the space”—he argues the token could finally shed a decimal and set new highs. As he put it, “Retail will not always be delayed in getting to the markets… and when it does… we have the potential for SHIB to hit some pretty insane highs.” At press time, SHIB traded at $0.00001212.

Americas Gold & Silver (TSX: USA; NYSE-A: USAS) on Friday said it had traced a high-grade upper extension of the producing 149 Vein at its Galena Complex in Idaho. Drilling returned exceptional silver and copper grades in spots, sending shares higher. Hole DDH 43-317 cut 0.21 metres at 24,913 grams silver per ton (equivalent to 25,312 grams silver per tonne) and 16.9% copper from 110 metres deep. The new intercepts sit roughly 120 metres above the current mining level and could lift mill feed quality, the company said. “Identifying this copper-silver-antimony extension positions us to potentially expand production from an already high-performing vein and enhance mill feed quality,” CEO Paul Andre Huet said in a news release. “This extension positions us to potentially expand production from an already high-performing vein.” Drilling from the 4300 Level returned two more standout hits: 1.05 metre at 2,816 grams silver per ton, 2% copper and 1.05% antimony from 107.44 metres deep. Hole DDH 43-316 returned 2,354 grams silver per ton and 1.7% copper from 106.25 metres depth. Antimony assays for the narrowest intercepts are pending. The 149 Vein currently being mined already contributes 600 – 700-ton cuts averaging 700 – 950 grams silver per ton below the new hits, according to company data. The results sent the company’s Toronto-listed shares up 8.8% by midday at $1.36 apiece. Americas Gold & Silver has a market capitalization of $923.5 million (US$668.3 million). Americas had earlier this week effected a 2.5-for-1 share consolidation; trading on a post-consolidation basis is expected to begin Aug. 26 on both the TSX and NYSE American. Antimony counts Americas’ new 149 Vein hits slot into a back-to-silver pivot. After taking 100% of Galena in December 2024 and securing up to US$100 million to fund growth, the company is trying to lift head grades and throughput at Galena. It further targets more than 80% of revenue from silver by year-end and de-risked concentrate handling by signing a multi-metal offtake to Teck Resources’ (TSX: TECK.A, TECK.B; NYSE: TECK) Trail smelter in British Columbia. The vein sits in the transition between the Upper Revett and St. Regis formations and remains open. Americas has drilled 4,878 metres of a planned 18,100 metres from this station. The vein is a strong candidate currently under review for long-hole open stoping, the company said. The new hits build on other recent exploration gains at Galena. Earlier this month, the company highlighted 3.4 metres at 983 grams silver per ton in the new 034 Vein and outlined an initial target of 1.2 – 1.5 million oz. silver from that structure. The company cautions the bonanza intercepts are narrow and follow-up drilling is still underway to confirm its continuity and mineability. Further infill and step-outs are planned. However, metallurgical tests showed over 90% recovery of the antimony, supporting a new U.S. antimony by-product stream for the company.

Tron (TRX) has entered a period of consolidation following its impressive surge to multi-year highs last week. After strong momentum carried prices upward, the market is now moving in a tighter range, reflecting a phase of recalibration. Despite this pause in price action, the overall structure remains bullish, with higher lows and strong resilience from buyers supporting the trend. Fundamentals continue to play a significant role in driving Tron’s growth. The network’s expanding footprint across decentralized applications, payments, and stablecoin transactions has reinforced confidence among both retail and institutional participants. This resilience has allowed TRX to maintain upward momentum even amid broader market volatility. Data from CryptoQuant suggests that the current phase may represent more than just consolidation. The metrics point to conditions aligning with the formation of a local bottom region, often a precursor to renewed upward movement. As buyers gradually regain dominance and selling pressure begins to fade, analysts highlight the potential for TRX to extend its bullish trajectory. Tron Spot Market Signals Local Bottom According to CryptoQuant analyst Burak Kesmeci, the Spot Taker CVD (Cumulative Volume Delta) has been a highly reliable tool for gauging buyer-seller dominance in the Tron (TRX) spot market over the past year. This indicator tracks whether aggressive buyers or sellers are dominating trades, and its historical performance has produced accurate signals for major price shifts. One notable example was during November–December 2024, when buyer pressure clearly strengthened. The Spot Taker CVD confirmed this shift, and TRX surged by more than 180% in just a few weeks. This case highlights the indicator’s ability to capture market dynamics at critical turning points. Fast-forward to August 2025, and the CVD is once again sending important signals. On August 13, 2025, seller dominance reached its highest point in the past year, marking extreme pressure in the market. However, since then, that dominance has begun to weaken, suggesting that selling momentum is fading. Historically, such conditions often precede a local bottom formation as selling exhaustion gives way to renewed buying activity. Kesmeci points out that the current setup indicates bulls may be regaining strength. If this trend continues, TRX could be on the verge of another strong leg upward. The coming days will be critical, as confirmation of weakening sell pressure may open the door for a renewed rally, further extending Tron’s bullish market structure. TRX Consolidates Below Key Levels The daily chart of TRON (TRX) shows the asset consolidating near $0.3567 after reaching new multi-month highs earlier in August. Despite recent pullbacks, TRX continues to trade well above its key moving averages, with the 50-day SMA at $0.3238, the 100-day SMA at $0.2990, and the 200-day SMA at $0.2693. This alignment reflects a strong bullish structure, as the short-term averages remain stacked above the longer-term ones, confirming that momentum is still in favor of the bulls. The recent consolidation just below $0.38 suggests that TRX is pausing after a strong rally rather than reversing. Price action is holding above the 50-day SMA, which is now acting as dynamic support. If buyers manage to push the price above the recent highs, the next target could be the psychological $0.40 level, with potential continuation toward $0.45. On the downside, a failure to hold above $0.32 would expose TRX to deeper corrections, with the 200-day SMA near $0.27 serving as a key long-term support. TRX remains in a bullish trend, with consolidation signaling a potential base for the next leg upward. Bulls need to maintain support above $0.32 to keep momentum intact. Featured image from Dall-E, chart from TradingView

Dogecoin (DOGE) is again drawing attention with new analysis from an investment data analysis platform, Alphractal points to strengthening network metrics that could pave the way for a significant price breakout. With miners driving hash rate levels toward record highs and long-term valuation models signaling room for growth, the popular meme coin appears to be building a solid base for its next potential move higher. Dogecoin Market Metrics To Spark Breakout In an X social media post on Thursday, Alphractal highlighted that Dogecoin’s underlying blockchain strength may set the stage for a potential breakout. Despite being one of the most volatile assets in the crypto market, Dogecoin’s mining network continues to showcase resilience, with hash rate activity trending toward record highs. Related Reading: Dogecoin Targets $1.25, But This 170% Move Is The Start The latest data shows that Dogecoin’s mean hash rate has steadily climbed since 2020, closely mirroring its price growth, and signaling that miner commitment has persisted and intensified even during long consolidations. This level of mining participation demonstrates miners’ continued confidence and reflects the DOGE network’s growing robustness. With hash rate trending near its highest historical levels, the meme coin’s security and transaction reliability remain well-supported, mitigating concerns over structural weakness. At the core of Alphractal’s analysis is its newly developed Network Stress Index, a metric designed to gauge blockchain health by combining multiple key stress indicators. Higher readings on the stress index typically point to turbulence or instability, while lower values reflect a balanced and secure network environment. Recent readings show that Dogecoin’s network is currently stable, with no immediate signs of systemic stress, opening the door for potential upward momentum. The resilience of Dogecoin’s network metrics may also play a key role as it continues trading around what Alphractal calls the True Market Mean Price. As DOGE consolidates within this range, a strong foundation is being built for a potential breakout that could drive the meme coin toward its next major price milestone. Alpha Price And CVDD Highlight DOGE’s Long-Term Upside Beyond network resilience and hash rates, Alphractal’s models, such as the Alpha Price and the Cumulative Value Days Destroyed (CVDD), provide deeper insights into Dogecoin’s valuation potential. The Alpha Price acts as a sentiment-driven gravitational model, capturing where the asset should trade relative to broader psychological and technical conditions. Related Reading: Dogecoin Open Interest Remains Above $3 Billion, Can Bulls Take Control? Historical alignment between Dogecoin’s market price and the Alpha Price suggests that this model often serves as a reliable compass during rallies and corrections. Meanwhile, the CVDD model has been one of the most accurate indicators for identifying long-term tops and bottoms in UTXO-based blockchains like Dogecoin, Bitcoin, and Litecoin. According to Alphractal, current CVDD readings for Dogecoin highlight how the price is consolidating between the lower and upper bands, mirroring patterns seen ahead of previous major rallies. The analysis reports that the CVDD top currently sits at around $0.54, but this threshold could rise as dormant coins begin moving back into circulation. This dynamic is expected to drive the DOGE price to $1, particularly if heightened network activity sparks a new wave of speculative demand.

Forex Markets are going bonkers since Powell's dovish speech at the Jackson Hole conference. The US Dollar is getting sold off aggressively as the Market interpreted dovish signs for a cut in the September, even in a relatively nuanced speech – Markets didn't need much! The Canadian Dollar is the worst performer (still up against the USD) while the JPY, Euro and Australian Dollar are all up above 1% as we speak. Discover currency charts and levels by performing order, from best to worst. Read More: Dow Jones new all-time highs! Market reactions to FED Chair Powell's Jackson Hole speechAll FX Majors 4H Charts with the immediate key levels in playSome relief for the Yen – USDJPY USDJPY 4H Chart, August 22, 2025, Source: TradingView The Yen is the biggest winner from the speech. Usually, the Japanese currency appreciates from converging interest rates. One of the reasons why the yen had been performing so badly in the past period was because of the pushback in rate cut expectations. The pair was rangebound but is now aggressively heading to the 146.00 Key support Levels to watch for USDJPY: 150.00 Main ResistancePivot at High of May Range from 147.50 to 148 (acting as immediate resistance) and convergence with the 4H MA 50 and 200146.00 Main SupportAUDUSD – A sharp rebound from the prior week selloff AUDUSD 4H Chart, August 22, 2025, Source: TradingView AUDUSD has formed a significant Double bottom and is now moving above its 50-period MA, going towards the 200 MA (0.6512) – Bulls are pushing the pair from the immediate support zone, levels just below: Levels to watch for AUDUSD: 0.6580 to 0.66 Main Resistance0.6550 Pivot Zone (acting as mid-term resistance)0.6512 4H MA 200 (immediate resistance0.6480 to 0.65 Immediate SupportThe Euro, always loving US Dollar weakness EURUSD 4H Chart, August 22, 2025, Source: TradingView Things have changed significantly since our most recent report on EUR/USD, with buyers bringing the pair above August highs. Levels to watch for EURUSD: Main resistance 1.18 at 2025 highs (1.1830)1.1750 Intermediate Resistance/Pivot1.1640 4H MA 200 acting as immediate support1.16 Current main SupportThe Swissie regains some strength – USDCHF USDCHF 4H Chart, August 22, 2025, Source: TradingView The Swiss franc had been one of the worst performing currencies since the July rebound in the Greenback, but things are changing today! Levels to watch for USDCHF: 0.8050 Main Resistance0.80 Immediate Pivot0.79 Main Support2025 Lows 0.78730The Pound is back on track – GBPUSD GBPUSD 4H Chart, August 22, 2025, Source: TradingView GBPUSD has just invalidated a head and shoulders pattern mentioned in a previous analysis of the pair – now evolving in an upwards channel, it also looks like an inverted Head and shoulders (showing further bullish potential) could be in play. Levels to watch for GBPUSD: Top of channel around 1.37 to 1.37301.36 Main Resistance1.34 current Daily pivot (acted as Support)1.32 Main SupportUSDCAD right back towards the July range USDCAD 4H Chart, August 22, 2025, Source: TradingView USDCAD was moving stubbornly higher but has reversed course in a flash since our Wednesday NA Markets analysis – The North-American currency pair is moving below its 50 period MA and is almost back below the 1.38 handle. Levels to watch for USDCAD: Immediate resistance at Aug Highs 1.387501.38 Major Pivot (immediate Support)1.3740 Support Safe Trades as the weekend approaches! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Reports from CryptoQuant suggest that large holders are moving aggressively while smaller players are bailing out. Over the past week, wallets linked to key Bitcoin participants grabbed more than 16,000 BTC during a price decline. At the same time, retail investors have been selling into weakness, taking losses and widening the gap between whales and small traders. Analysts see this as a possible clue that the market could be forming a local bottom. Seasonal Pressure And Fed Expectations The timing of these moves adds more complexity. September is rarely kind to markets. Data over the last 35 years shows the S&P 500 slipping an average of 1% during this month, and Bitcoin has often mirrored that seasonal drag. Now, throw in a Federal Reserve meeting on September 15-16, where traders assign an 80% chance to a 0.25% rate cut, and you have a cocktail of uncertainty. For some, a cut signals potential relief for risk assets. For others, the historic pattern overshadows any short-term optimism. Either way, volatility seems unavoidable. BlackRock Transfer Triggers Fear Of Selling Amid this macro backdrop, a single transaction set off alarms. BlackRock shifted over 10,584 BTC—valued close to $1.20 billion—to Coinbase in one day. That kind of move rarely goes unnoticed. Transfers to exchanges often imply a readiness to sell, and the market responded immediately. Bitcoin slid to a little over $112,000, a level that previously acted as the launchpad for the rally that pushed prices to the all-time high of $124,000 this August. Traders are now watching that number like hawks, questioning if it can act as a safety net once more. Technical signals, however, don’t tell a unified story. The relative strength index sits at 32.90, scraping the oversold zone, which can sometimes hint at an exhausted sell-off. But the MACD is still weak, with its line staying under the signal mark, suggesting negative momentum. This split in indicators keeps traders guessing whether the next big move will be up or down. Crypto Market At A Crossroads If $112,000 holds, a rebound is on the table. Break it, and the downside could accelerate, especially if institutions start unloading more Bitcoin. Add whale accumulation, seasonal weakness, and a looming Fed decision, and the short-term outlook looks less like a straight line and more like a curve with surprises waiting around the bend. For now, the battle is clear. It’s between confidence and fear, and the outcome may depend on what happens before this month closes. Featured image from Unsplash, chart from TradingView

Gold prices advanced on Friday, buoyed by rising optimism of a September rate cut following comments by Federal Reserve Chair Jerome Powell at this year’s Jackson Hole symposium. Spot gold rose 1% to $3,372.60 per ounce by 12:30 p.m. ET, the highest in nearly two weeks. US gold futures also gained 1%, trading at $3,416.90 an ounce in New York. Click on chart for live prices. In his highly anticipated speech Friday morning, Powell acknowledged that the US economy is facing a “challenging situation”, with inflation risks now tilted to the upside and employment risks to the downside. This shift in the balance of risks, he remarked, may warrant adjusting the Fed’s policy stance. While the Fed Chair stopped short of committing to a rate cut next month, the market interpreted his comments as more dovish than expected. Traders now see a 90% chance of a 25 basis-point rate cut in September, up from 75% before the speech, CME’s FedWatch tool showed. “Powell surprised a worried market, opening the express lanes to a September rate cut, which has boosted every single asset, including gold,” Tai Wong, an independent metals trader, told Reuters. A Fed rate cut would bode well for gold, as it yields no interest and therefore has more appeal in a low-rate environment. Meanwhile, the US dollar went down 0.7%, further supporting bullion’s rising status as an alternative reserve asset. “It will be important to see if gold can break and hold above $3,400 in the coming days,” Wong added. “With those US rate cut bets now intensifying after the speech, gold could be poised for another fresh record high,” said Ewa Manthey, a commodity strategist at ING Groep. The speech by the Fed chair is “the one catalyst that’s been missing to reignite that rally we’ve seen earlier this year.” To date, gold has risen by nearly 29% on expectations of lower borrowing costs, along with geopolitical tensions and central bank buying. While the precious metal has been range-bound over the past few months, market watchers, including UBS Group and Citi, are anticipating more upside and recently raised their price forecasts. (With files from Bloomberg and Reuters)

The Market is going wild from Powell's speech, interpreted as largely dovish! In case you missed it, you can access the text and a review of his live speech at the Jackson Hole Economic Symposium on this page: Access Jerome Powell's full speech at the Jackson Hole Symposium Jerome Powell just concluded his nuch-anticipated speech at the Jackson Hole economic conference and the reactions are strong. Holding a very nuanced approach, as we're used to from Powell, Markets still interpreted some of his wording as a slightly dovish opening. These lines on employment are a good example: "Overall, while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are rising. And if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment." The more balanced approach is a shift from his July FOMC speech where he only held a few mentions of downside risks to employment. An amazing recap of Powell's speech and the changes to his wording can be found here if you look for more details. Let's dive right in a few key charts pointing to the strong reactions following the speech. Market reactions – US Dollar selling hard allowing everything else to jump higherDollar Index 4H Chart – The US Dollar gets slammed US Dollar 4H Chart, August 22, 2025 – Source: TradingView Crypto Market goes to the moon Crypto Market overview, August 22, 2025 – Source: Finviz BTC recovers fast – Bitcoin 1H Chart Bitcoin 1H Chart, August 22, 2025 – Source: TradingView You can access our latest Bitcoin analysis right here. Ethereum goes to retest its recent highs up 11%! – ETH 4H Chart Ethereum 4H Chart, August 22, 2025 – Source: TradingView Gold sees some relief – Currently up 1% Gold 4H Chart, August 22, 2025 – Source: TradingView The Dow Jones rallies to new All-time Highs Dow Jones 4H Chart, August 22, 2025 – Source: TradingView FX pairs go wild from the US Dollar selloff Forex Market overview, August 22, 2025 – Source: Finviz Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

As Australian gold producers set annual guidance for the 2026 financial year, a clear trend has emerged across the sector. While miners outside the gold sector are expecting to see flat to lower unit costs for the 12 months to June 30, 2026 (FY26), gold miners are almost universally forecasting a rise in costs. Shares in sector leader Northern Star Resources (ASX: NST) were heavily sold off last month after the company said it expected all-in sustaining costs (AISC) for FY26 to rise to A$2,300-2,700 an ounce ($1,477-1,862/oz) from A$2,163/oz in FY25. “Unfortunately, we’re not seeing costs plateau, and that pressure still remains and you’re seeing that across the sector,” Northern Star managing director Stuart Tonkin told reporters. “We haven’t really seen the relief that was expected when nickel and lithium projects were paused or wound down. If anything, gold has picked up that and then some and so that’s just added to the pressure.” Labor pains Tonkin said the main sticking point was labor, where the company was seeing a 3-4% increase for FY26. “With the service providers, we’re seeing more than that because they have stale contracts that might have been formed a few years ago, and there’s been that build-up,” he said. Evolution Mining (ASX: EVN) guided AISC costs of A$1,720-1,880/oz for FY26, up from A$1,572/oz in FY25. The guidance factored in 4% inflation, equating to A$105-125/oz. According to the company, around 50% of its cost base is labor. Western Australia producer Ramelius Resources (ASX: RMS) reported AISC of A$1,551/oz for FY25. While the company is yet to report FY26 guidance, managing director Mark Zeptner said costs were set to rise. “I think there’s a little bit more cost coming into the business,” he said on the sidelines of the Diggers & Dealers Mining Forum in Kalgoorlie this month. “On wages, we’re looking at between 4% and 5% increases, where we were probably talking more 3% 12 months ago. “I think it’s probably really a gold-based boom and iron ore is ticking up as well. Everyone in the gold space seems to be either expanding their projects or restarting projects and we’re the same, so I think there’s potentially a bit of stress coming into the labor market.” Zeptner suspected it may add around A$100/oz to Ramelius’ AISC, allowing the company to retain its position as a low-cost producer. “I don’t think it’s anywhere near as bad as it was when inflation was double digits, but it has ticked up a bit,” he said. Higher-cost production Westgold Resources (ASX, TSX: WGX) this month set cost guidance A$2,600-2,900/oz, higher than FY25. The company hauls its ore as far as 180 kilometres from the Fortnum mine to the Meekatharra plant in WA. Managing director Wayne Bramwell said the company was seeing the largest cost increase in haulage, rather than labor. “Haulage is a big chunk of our business, and if you’re hauling more tonnes, you pay more dollars,” he said. “As the gold price is high, there’s always the risk – and we’ve done in the past – you lower your head grades to chase more gold, but you’re processing more tonnes, so your unit cost goes up, so that’s a fool’s errand in some sense. “That’s why we’re trying to get away from a mentality of chasing volume and try to chase grade. It’s about margin, not about the headline of how many ounces you produce.” Regis Resources (ASX: RRL) has tipped AISC to rise from A$2,531/oz in FY25 to A$2,610-2,990/oz in FY26. CEO Jim Beyer said the company was experiencing the same cost pressures as its peers, but that Regis’ costs were also higher due to the company’s plan to take advantage of the higher gold price. “I need to be clear: our strategy of bringing in higher-cost, lower-margin ounces is still making money at the moment, not at the expense of our long-term ‘good’ ounces,” he said. “We are not delaying good ounces and bringing in ordinary ones. We’re doing both what we originally planned with what we call our core ounces, and we’re adding marginal ones while it makes sense.” Retention strategies Northern Star’s largest operation is KCGM in Kalgoorlie, which is also one of Australia’s largest gold mines. The workforce is largely residential, but a A$1.5 billion plant expansion currently underway has forced the company to invest A$30-35 million in an accommodation camp and increase its reliance on a fly-in, fly-out (FIFO) workforce. Tonkin said that given the expansion construction jobs were temporary, it didn’t motivate people to move to Kalgoorlie. “FIFO is expensive for us as accommodation, so those are the things that all fit back into this cost structure uplift,” he said. Meanwhile, Evolution’s Mungari operation, outside Kalgoorlie, experienced extremely high turnover rates of as high as 38% only two years ago. Evolution managing director Lawrie Conway said the company had managed to reduce that turnover rate to 15% via its incentive-based remuneration scheme. “There is that demand picking up again, particularly with gold, but I think we’ve got the right remuneration structure in place for our workforce to not see that as a bigger impact,” he said. “Anyone in the organization, from an entry level, maintenance, through to myself, has an at-risk component, and what we did a couple of years ago, when we saw inflation really rising, we actually increased the percentage of our quarterly bonus for the operator level, and we increased that rather than lifting their salaries. “And you know what we saw through the last 12 months with our performance? It was probably the equivalent of them getting a 4% pay rise in what they got in their bonus, but it’s not fixed in and that’s why we think the balance between the fixed and the variable structure works really well.”

Bitcoin is trading at a pivotal level after losing momentum from the $120,000 zone and slipping into deeper volatility. The price is now testing the $112,000 support level, a key zone for bulls to defend in order to avoid further bearish pressure. While the broader trend remains constructive in the long term, the short-term outlook has tilted toward weakness, with momentum indicators showing a leaning toward the downside. Analysts highlight this moment as a potential inflection point for the market. A strong defense of current levels could reset sentiment and allow Bitcoin to consolidate before another breakout attempt. However, failure to hold above $112K may trigger a sharper correction, opening the path toward deeper support levels. Adding to the cautious tone, CryptoQuant’s head of research, Julio Moreno, shared new data showing that the CryptoQuant Bull Score Index has shifted into a neutral signal. This shift highlights that while selling pressure hasn’t fully taken over, the market is no longer in clear bullish territory. The coming days will be decisive in determining Bitcoin’s short-term trajectory. Bitcoin Indicator Signals Caution According to CryptoQuant’s head of research, Julio Moreno, Bitcoin’s Bull Score Index has shifted from a “Bullish Cooldown” phase to a “Neutral” phase. The index, which tracks overall market strength using a combination of trading flows, investor behavior, and derivatives data, declined from 70 to 50. This move signals that bullish momentum has weakened, leaving Bitcoin in a more balanced state between buyers and sellers. Moreno noted that “for risk management purposes, further softening in the index indicates price could go lower.” This means that while the neutral zone doesn’t yet imply a confirmed downtrend, any additional deterioration could increase the probability of deeper corrections. Traders are therefore closely watching upcoming sessions, as price action around the $112K–$115K support zone will be critical in shaping short-term direction. The broader context remains constructive. Bitcoin has been in a steady uptrend since 2023, a cycle that has already delivered massive gains and propelled the asset to new all-time highs above $124K earlier this month. Many analysts argue that the market is now in the final phase of this bull run, where volatility typically rises and investor sentiment becomes divided between expectations of continuation and warnings of exhaustion. As the month comes to an end, global macroeconomic factors—including interest rate policies, institutional inflows, and liquidity conditions—will play a decisive role. If Bitcoin holds its support and fundamentals remain strong, this neutral phase may simply represent a healthy pause before the next upward move. Conversely, if weakness persists, the market could be signaling the start of a deeper consolidation phase. Price Action: Testing critical Support Level Bitcoin is currently trading around $112,837, after a sharp decline from its all-time high near $123,217. The daily chart shows that BTC has slipped below the 50-day SMA ($116,158) and is now testing the 100-day SMA ($111,224) as support. This level has become a crucial line of defense for bulls. The rejection from the $123K region highlights strong resistance overhead, which has led to several failed breakout attempts. The structure suggests that BTC has entered a consolidation phase, with the $111K–$116K zone serving as the immediate range. A decisive breakdown below $111K could open the way toward the 200-day SMA ($100,597), a level many analysts see as the final support for this cycle’s uptrend. Momentum indicators also align with weakening bullish pressure, as recent candles show lower highs and lower lows. However, holding above the 100-day moving average would strengthen the bull case, potentially setting up a rebound toward $118K and eventually retesting $123K. Featured image from Dall-E, chart from TradingView

Germany’s GDP fell 0.3% q/q in Q2 2025 (0.2 pp below the flash); y/y: –0.2% unadjusted, +0.2% calendar-adjusted. Previous quarters: +0.3% (Q1 2025), +0.2% (Q4 2024). Destatis’ annual revision altered earlier quarters by –0.7 to +0.6 pp.Demand & supply: consumption edged up (total +0.3% q/q; households +0.1%, government +0.8%), but investment –1.4% and negative net exports (exports –0.1%, imports +1.6%) dragged growth. By sector: construction –3.7%, manufacturing –0.3%, IT & business services +0.5%.Labour, incomes & peers: employment ~46m (stable), productivity/hour +0.3% y/y, wages +4.8%. Consumption rose faster than income (+3.7% vs +2.5%), cutting the saving rate to 9.7%. Germany –0.3% q/q vs EU +0.2% (y/y, cal-adj: Germany +0.2% vs EU +1.5%). Final Destatis data show that in Q2 2025 the German economy contracted by 0.3% q/q (seasonally and calendar adjusted). That’s 0.2 pp worse than the flash estimate and a clear reversal after gains at the turn of the year (+0.3% in Q1 2025 and +0.2% in Q4 2024). Year over year, the picture is mixed: –0.2% y/y in constant prices without calendar adjustment and +0.2% y/y with it. Germany GDP, source: Destatis Demand: consumption holds up, investment disappoints, net exports drag On the demand side, the only bright spot was consumption. Total consumption rose 0.3% q/q, of which household spending increased just 0.1% (below expectations) and government consumption rose 0.8%. That wasn’t enough to offset pronounced weakness in gross fixed capital formation: investment fell 1.4% q/q, including machinery and equipment –1.9% and construction –2.1%. Foreign trade also weighed on growth: exports slipped 0.1% (goods –0.6%, services +1.4%), while imports rose 1.6%, implying a negative net export contribution to GDP. In y/y terms, private demand looks better: consumption +1.5% (households +1.2%, mainly on food; services grew weakly), while government consumption rose 2.1%. Against that backdrop, investment declined 1.9% y/y (machinery –3.9%, construction –2.9%). External trade was weak: exports –2.4% y/y (goods –3.6%, services +1.8%) alongside imports +3.3% y/y (goods +4.7%, services +0.3%). Supply side: construction and manufacturing down, tech services up On the supply side, gross value added fell 0.2% q/q. The steepest drop was in construction (–3.7%), partly unwinding a strong Q1. Manufacturing –0.3%, with declines in most branches; the automotive and transport segment was a notable exception. Trade–transport–accommodation–food services recorded –0.6%, while public services, education and health were slightly positive (+0.1%). Modern sectors stood out: IT and communications and business services +0.5%. Compared with a year earlier, total GVA was down 0.7%, with industry –2.2%, construction –6.9% and services stagnating (0.0%). Labour market and productivity: stable employment, mixed efficiency Employment held around 46 million people (virtually unchanged y/y). Hours worked fell 0.5% y/y, which, together with slight GDP growth, translated into labour productivity per hour up 0.3% y/y, but productivity per person down 0.2% y/y. In other words: firms worked fewer hours, were a bit more efficient per hour, but saw no improvement per job. Germany unemployment change, source: tradingeconomics.com Incomes, wages and savings: consumption outpaces income At current prices GDP rose 2.7% y/y, and gross national income 3.1%. Wages were up 4.8% (average gross wages +4.3%, net +3.6%), while property and entrepreneurial income fell 3.5%. Notably, consumption grew faster than income (+3.7% vs +2.5%), lowering the saving rate to 9.7% from 10.8% a year earlier. This signals that households are sustaining spending partly by drawing down buffers. Versus peers: Germany at the back of the European pack Quarter on quarter, Germany –0.3% lags clearly behind the EU overall (+0.2%). Among large economies: Spain +0.7%, France +0.3%, Italy –0.1%; outside Europe, the US +0.7%. On an annual (calendar-adjusted) basis Germany +0.2% y/y versus EU +1.5% y/y—the divergence persists. Revisions: adjustments up and down reaching back to 2008 Destatis conducted its annual revision of the time series from 2021, with quarterly changes ranging from –0.7 to +0.6 pp. Smaller tweaks reached back to data from 2008, including improved coverage of multinational groups’ activity. Technically, this enhances historical comparability, though the current cyclical picture—after the Q2 downgrade—is weaker. Markets reaction: DAX and EURUSD DAX index and 10-year yield german bonds, daily interval, source:TradingView The DAX index remains in a medium-term upward trend. However, for the past few months it has been moving within a consolidation range between 23500 and 24600 points. A key condition for the continuation of the rally is a breakout above the upper boundary of this range, which could pave the way for further gains. The yield on 10-year German government bonds currently stands at 2.73%, reflecting stability in the debt market. In the currency market, the EURUSD is trading at 1.1713, testing the upper boundary of the corrective pullback. The weakening of the dollar is linked to Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, which was interpreted as supportive of upcoming interest rate cuts in the United States. A sustained breakout above 1.1720 could signal a new upward impulse in the main currency pair. EURUSD, daily interval, source: TradingView Takeaways: a technical setback and narrowing sources of growth The economy entered H2 2025 with weak momentum: investment and exports remain headwinds, while consumption—though positive—is only marginally better than stagnation. On the supply side, construction and much of manufacturing are a drag, whereas IT and business services are rare islands of growth. A stable labour market limits the downturn, but the falling saving rate suggests the consumption boost may have limited durability. Q2 brings a technical setback and confirms that a durable recovery will require unlocking investment and improving export competitiveness—otherwise Germany will continue to lag the EU average. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

A new study from the Colorado School of Mines has found that the United States could meet much of its demand for critical minerals by recovering materials currently discarded in mining waste. Published this week in Science, the analysis shows that nearly all critical minerals used in clean energy technologies, electronics, and defense applications are already present in ore processed at US mines. However, the majority of these materials end up in tailings and other waste streams rather than being refined for use. The analysis highlights cobalt and germanium as prime examples. Recovering less than 10% of the cobalt already mined and processed but lost to waste streams would be sufficient to supply the entire US battery market. For germanium, reclaiming under 1% from existing zinc and molybdenum operations would eliminate the need for imports altogether. The study examined 70 elements across U.S. mining operations. Aside from platinum and palladium, the researchers found that all could theoretically be sourced domestically with improved recovery methods. Elizabeth Holley, associate professor of mining engineering at Colorado School of Mines and lead author of the study, described mine tailings as a significant untapped resource. “We’re already mining these materials,” she said. “The question is whether we capture them or throw them away.” The team combined production data from federally permitted US mines with ore concentration data from the US Geological Survey and other international sources to estimate the amount of critical minerals lost in waste streams. The findings highlight both a strategic opportunity and a challenge. While recovering minerals from tailings could reduce US dependence on foreign sources and lower the environmental footprint of mining, the researchers note that current market conditions often make byproduct recovery uneconomic. They suggest that additional research, development, and policy incentives will be needed to make large-scale recovery viable. The study comes as the Trump administration is seeking to secure supplies of critical minerals needed for the energy transition, amid concerns about China’s dominant position in mineral production and processing.

Recent drill results by First Nordic Metals (TSXV: FNM), in which Agnico Eagle Mines (TSX, NYSE: AEM) holds a stake, have identified new gold-bearing structures at its Aida target in Sweden’s north near a producing mill. Highlight hole 2025-AID-038 cut 21.5 metres grading 1.94 grams gold per tonne from 317 metres depth in the Central zone, First Nordic reported on Thursday. That intercept included 7 metres at 1.3 grams gold in the eastern contact of the main Aida shear and 6.7 metres grading 1.45 grams gold in the newly-identified Pharao zone. Aida, inside the company’s Paubäcken project, is about 630 km north of Stockholm. “We are encouraged by this first batch of results, with notable grade-width combinations seen in many of the gold intercepts,” First Nordic CEO Taj Singh said in a release. “The identification of multiple parallel mineralized zones adjacent to the Central zone (original discovery) is particularly compelling; not only does it build on cumulative strike length, but any future development could potentially be shared across the zones.” First Nordic shares gained 4% to C$0.39 apiece on Friday morning in Toronto, for a market capitalization of C$121 million. Aida on Gold Line The company’s Aida target, a structural trend more than 4 km long, sits in the regional Gold Line corridor and is 40 km south of the company’s resource-stage Barsele project that it holds in a joint venture with Agnico. The gold major last year invested C$8.2 million to help advance First Nordic’s Oijärvi gold project that Agnico used to own, in neighbouring Finland. Agnico holds a 13% interest in Nordic. It’s also 4 km northeast of the Svartliden mill, processing gold from Botnia Gold’s (STO: BOTX) Fäbodtjärn mine, the country’s newest. Another noteworthy hole at Aida, 2025-AID-027, cut 17.5 metres at 1.17 grams gold from 335 metres depth in the freshly identified Pharao zone, a blind-to-surface structure with no identifying features on the ground. The zone is 40 metres wide and has been traced to 250 metres in drilling, First Nordic said. New Northern zone A third impressive result was in 2025-AID-030 that returned 4.6 metres grading 5.45 grams gold from 296 metres depth inside the newly identified Northern Mafic zone, parallel to the main Aida corridor. This year’s drill program, aimed at expanding known mineralization inside the Aida corridor comprised 10,304 metres across 39 holes. Gold-bearing structures were intercepted in 12 of 14 holes, including visible gold in five holes. Results are pending for most of the remaining holes.

Electra Battery Materials (NASDAQ, TSXV: ELBM) says it is conducting a “comprehensive financial restructuring” to shore up its balance sheet as it looks to advance the commissioning of what would be the first cobalt sulfate refinery in North America. On Thursday, the battery metals developer announced plans to convert approximately $40 million of its outstanding debt into equity, with its lenders receiving shares priced at $0.60 each. This exchange would result in a 60% reduction in Electra’s total debt to $27 million. Its remaining notes will take the form of a new three-year loan. The company will also launch a $30 million equity financing, offering units priced at $0.75 each. The units each contain one common share and one share purchase warrant, with the latter exercisable for three years at $1.25 a share. Existing lenders have committed to $10 million of the financing. Electra’s shares closed at $0.95 apiece on the NASDAQ at Thursday’s close, giving the Toronto-based company a capitalization of $17 million. The stock opened Friday’s session one cent higher at $0.96. Together, the debt conversion and equity financing are designed to strengthen Electra’s capital structure and provide the funding required to advance the commissioning of its cobalt refinery project, the company stated in a press release. “Today marks a turning point for Electra,” Electra’s CEO Trent Mell said in a press release. “By equitizing a majority of our debt and securing bridge financing, we are taking decisive action to create a sustainable capital structure and advance the steps required to complete the cobalt refinery.” Stalled refinery project The $250 million refinery in Temiskaming Shores, Ontario, has been on hold since its construction was halted in August 2023 due to cost overruns and supply chain disruptions. At the time, approximately $60 million was still required to complete the project. Electra has been focused on raising this capital to finish building the facility, from which it expects to produce about 6,500 tonnes of battery-grade cobalt per year, enough to support the manufacturing of a million electric vehicles. To date, it has received federal government support from both sides of the border, including a $20 million award last year from the US Department of Defense and a recent funding on a similar scale (C$20 million) from the Canadian government. “With shareholder approval, lender participation, and government support, we will soon be in a position to complete construction of North America’s first cobalt sulfate refinery,” Mell stated, acknowledging that the note restructuring is “undeniably dilutive and difficult” for shareholders, but it is “both timely and necessary” for the company. “By significantly reducing our debt and securing new capital, we are strengthening our financial foundation and aligning our funding with a clear, executable path to production,” Electra CFO Marty Rendall added. The financing package will also include $2 million in short-term loans to fund working capital. In return, the lenders will have the right to appoint a director to Electra’s board, which will be expanded to seven members post transaction.

XRP has been under pressure in recent days, trading just below the $3 mark after a series of pullbacks that echoed the wider cooling seen across the crypto market. However, according to a technical analysis shared by crypto analyst Nehal, the asset may be approaching a key accumulation zone. According to his outlook, this could set the stage for an explosive rally that carries XRP to at least $5 before the end of 2025. XRP Dips Below $3; Here’s When To Buy After hitting highs above $3.35 earlier in August, XRP has since faced steady selling pressure alongside the rest of the crypto market. This in turn, has seen the cryptocurrency dipping below $2.90 and into the $2.80 zone. Unless there’s a wider bulllish momentum, this decline may continue into the coming trading session, but technical analysis of the 6-hour candlestick timeframe chart shows that a major rebound could be very close. In his post on the social media platform X, Nehal described $2.7 as one of the clearest support levels on XRP’s chart, noting that it carries the lowest probability of being broken to the downside. According to the analyst, the number of buyers waiting at this price range makes it increasingly difficult for the asset to fall further. He personally set his buy orders between $2.76 and $2.8, and this zone is the ideal entry point for traders looking to accumulate before the next big rally. The analyst advised that XRP is unlikely to go much lower, making current levels “way too juicy” for sidelined investors to ignore. Breakout Targets On The Path To $5 Nehal’s chart shows a bullish rebound scenario where XRP rises from the $2.75 zone and begins reclaiming multiple resistance levels. The first resistance level is at $3.04, which was initially a support level that prevented any breakdown below the $3 price level throughout last week. From here, the next price target is $3.23, followed by an order block level of $3.42 in July. The final step in Nehal’s projected rebound is the $3.61 resistance level, which sits just below the all-time high of $3.65 reached in July. Breaking through this level would not only mark a full recovery from the recent pullback but also place XRP on course for price discovery in new territories. Each of these milestones serves as a stepping stone to a wider breakout, which he expects to carry XRP to at least $5 before the end of 2025. At the time of writing, XRP is trading at $2.86 and is steadily approaching the $2.75 buy/rebound level. However, a rebound does not necessarily require a perfect retest of this level. Instead, the XRP price may rebound anywhere between $2.76 and $2.8.

Kodiak Copper’s (TSXV: KDK) first, near-surface drill results of the year from its MPD project confirming near-surface copper-gold across 950 metres in the South zone A highlight result was 111.3 metres grading 0.39% copper, 0.1 gram gold per tonne and 1.63 grams silver, the company reported on Thursday. That result, from 1.5 metres depth in hole RC-AXE-25-010, included 59.4 metres of 0.51% copper, 0.13 gram gold and 2.24 grams silver from surface. Hole RC-AXE-25-006 cut 147.8 metres grading 0.26% copper, 0.06 gram gold and 0.99 gram silver from 4.6 metres. MPD is located roughly between Merritt and Princeton, about 3.5 hours east of Vancouver. “We are very encouraged by the consistency of mineralized intercepts over a substantial strike length at the South Zone,” CEO Claudia Tornquist said in a video accompanying the news release. The highlights came from the 2,746-metre, 22 reverse-circulation-hole program that confirmed near-surface copper-gold across 950 metres in the South zone at MPD. Every hole ended in mineralization. The company expects more results in the third quarter from the West and Adit zones. Kodiak’s shares listed in Toronto traded flat by midday Thursday at C$0.62 apiece, after rising by two-thirds in the past eight months. It has a market capitalization of C$53.2 million. Open at depth The results suggest South’s from-surface intercepts could provide starter-pit optionality when folded into the fourth-quarter resource update, according to Kodiak’s vice-president for exploration Dave Skelton. “Importantly, the [South] zone is still wide open in multiple directions and to depth – and every hole finished in mineralization,” Skelton said in the video. Kodiak is steered by founder and chairman Chris Taylor – the geologist behind Great Bear’s discovery in Ontario – who set up the company. Great Bear later sold for about C$1.8 billion ($1.4 billion). Tornquist is a seasoned mining executive who previously served as a general manager at Rio Tinto (ASX, LSE: RIO) before taking the CEO role at Kodiak in April 2020. Growing system At Kodiak’s MPD, the South, Adit, and Mid zones form a 2.3-km copper-in-soil anomaly. Kodiak interprets this as one large system. It sets the stage for a complete resource update expected in the fourth quarter. This update will include South, West and Adit zones, expanding on June’s initial estimates for Gate, Ketchan, Man and Dillard. These deposits underpin 56.4 million tonnes indicated at 0.31% copper, 0.14 gram gold and 1.18 grams silver per tonne. That accounts for 385 million lb. of contained copper, 250,000 oz. gold and 2.14 million oz. silver.. Kodiak estimates MPD’s inferred resources at 240.7 million tonnes grading 0.24% copper, 0.12 gram gold and 0.91 gram silver. This would represent 1.3 million lb. copper, 960,000 oz. gold and 7.05 million oz. silver. Mining province The project sits in the southern Quesnel terrane – BC’s workhorse porphyry copper-gold belt – with year-round access and infrastructure between Merritt and Princeton. Several mid-tier operators are moving significant volumes of copper in southern BC. Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) approved a C$2.4 billion ($1.76 billion) project last month. It’s expected to extend the life of Canada’s largest copper mine by two decades. Teck has greenlit the Highland Valley Copper mine’s life extension project. This will keep the mine running until 2046. The target is to produce about 132,000 tonnes of copper each year during this time. Hudbay Minerals (TSX, NYSE: HBM) expects its Copper Mountain mine near Princeton to produce 28,000 to 41,000 tonnes of copper this year. This effort supports the Copper Mountain/New Ingerbelle plan, aiming to extend the mine’s life into the 2040s. Earlier this month, the company secured a $600 million deal with Mitsubishi. This agreement gives the Japanese conglomerate a 30% stake in the Copper World project in southern Arizona. Meanwhile, New Gold (TSX, NYSE: NGD) achieved a key milestone in the C-Zone development at its New Afton mine near Kamloops. Developing the zone underpins a longer mine life as production transitions underground.

Jerome Powell is giving a much-anticipated speech at the key Jackson Hole Symposium, known to generate volatility for FX, Equity and all-types of Markets. He is speaking live right here. You can access the text right here. A market-reaction overlook will shortly be available on MarketPulse, stay connected! Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Donald Trump’s new pro-crypto political action committee has received a very large Bitcoin donation that could help shape the future of digital assets in America. Billionaire twins Cameron and Tyler Winklevoss, who are best known as the founders of the Gemini crypto exchange, announced on Wednesday that they donated $21 million in Bitcoin to the group called the Digital Freedom Fund. Winklevoss Twins Back Trump With $21M Bitcoin Donation Cameron and Tyler Winklevoss said they made the donation because they believe Trump has already taken real steps to bring digital assets into the mainstream, and they want to help him keep that momentum. Tyler Winklevoss explained that the president has been able to move quickly on his agenda because of the support he receives from the Republican-controlled Congress, and he added that it is important to protect that support when voters head into the midterm elections in 2026. The Digital Freedom Fund movement aims to preserve what it terms “America’s Golden Age”. For the twins, this means giving Trump the tools to finish his push for stronger crypto reforms. Although the PAC’s website has not yet updated its records to show the $21 million donation, the announcement is already being seen as one of the biggest signs yet that major crypto leaders are ready to get directly involved in politics to shape the rules that will govern the industry. PAC’s Agenda: Pro-Crypto Laws And CBDC Ban The Digital Freedom Fund has outlined a comprehensive plan that focuses on supporting senators and House members who will pass laws that make it easier for crypto companies and users to grow without excessive restrictions. The PAC has also promised to fight for a “Skinny Market Structure Bill” that would limit regulators’ power over crypto markets while protecting the rights of developers, publishers, and users to build and transact freely. As part of this plan, the PAC wants to put forward a “crypto bill of rights” that would clearly state that Americans should always have the freedom to own Bitcoin and other digital currencies, to keep them safe in their wallets, and to use them in everyday transactions without the fear of being punished, which has been a primary concern in past cases such as those involving the Tornado Cash developers and the Silk Road founder Ross Ulbricht. Although the House of Representatives passed a bill in July to block the Federal Reserve from moving forward with a CBDC, the bill is still waiting in the Senate, and the PAC says it will keep fighting until a full ban is in place. With Trump’s leadership and the new funding from the Winklevoss twins, the Digital Freedom Fund is preparing to utilize its resources to shape the 2026 midterm elections and maintain the U.S. on a pro-crypto path.

This week has been rough for risk assets, particularly tech. The Nasdaq has entered a correction phase, and the one for Cryptocurrencies is even steeper. Markets have been awaiting further news from Jerome Powell concerning any type of rate cuts, as seen in the signs of hesitancy in Equities and Crypto. He is about to speak in a few minutes at the Jackson Hole Symposium. You can access the speech right here. Digital assets have always been volatile, a given due to their youth compared to other asset classes: After stellar July and August trading, which took Bitcoin to a retest of its all-time highs and, more surprisingly, Ethereum from $2,500 on July 1st to $4,790 in less than a month and a half of trading, the strong upmoves are getting met with sharp reversals. Bitcoin has been downtrending since attaining a new record High of $124,200 on August 14th. Let’s examine a multi-timeframe analysis of the biggest crypto to spot what's next. Bitcoin Daily Chart Bitcoin Daily Chart, August 22, 2025 – Source: TradingView Bitcoin is regaining its previous all-time high region for the second time in the month around $112,000 – A key support zone! Retesting previous record highs is a healthy process in upward trending products, as it was seen in Equities for example in April with the Trump tariffs fear-flows. On the other hand, bulls will want to make sure they do not breach the $110,000 to $112,000 support zone to avoid a more bearish longer-term outlook. Before breaching the $110,000 handle, we mentioned the $100,000 landmark being the key for the general crypto market health barometer – Keep these levels in check. Let's take a closer look. Bitcoin 4H Chart Bitcoin 4H Chart, August 22, 2025 – Source: TradingView Looking closer shows a mixed picture for the current price action – The Daily RSI momentum starts to enter the bearish territory, while the 4H RSI starts to rebound and even shows a bullish divergence. On the other hand, 4H period Moving averages are starting to see a bearish cross (50 MA crossing the 200 from above) – Conflicting signs! A weekly close below the $110,000 handle would give more probability for a bearish continuation. Holding between $110,000 to $112,000 points to further consolidation, while staying above $112,000 would show the most bullish case of a longer run break-retest to the upper side, signalling further bullish continuation. A descending wedge in also forming on the 4H Chart– A typically bullish sign, however everything will depend on sentiment post-Powell's speech. Levels to watch for BTC trading: Support Levels: $110,000 to $112,000 previous ATH support zone$106,000 Minor support$100,000 Main support at psychological levelResistance Levels: $115,000 to $117,000 Pivot ZoneMajor Resistance $122,000 to $124,500Current all-time high $124,596 Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

According to Anthony Pompliano, Bitcoin is still the clear leader in the crypto market and it’s not likely to give up that spot soon. He made the point during an appearance on CNBC’s Squawk Box, where he pushed back against the old “blockchain, not Bitcoin” line that was popular in the 2016-2017 cycle. He said Bitcoin has proven itself, and he framed the debate as one about what people want to own, not just what the technology can do. Bitcoin Maintains Market Lead Pompliano argued that the idea blockchain alone would outshine Bitcoin has been tested and found wanting. Based on reports from his CNBC interview, he stressed that while blockchain has useful cases, Bitcoin holds a unique position as an asset that many want to own outright. He called the split in investor goals a key reason markets feel more volatile, and he pointed to the years after 2016-2017 as evidence that Bitcoin kept growing in influence. Investors Are Choosing Different Paths Some people want yield; others want the asset itself. Pompliano noted both groups exist and that this split matters. He said some big holders are now converting coins into BTC ETFs. He explained that institutional-style custody and the rules around ETFs make those funds attractive to traditional investors who can’t buy or hold Bitcoin directly. ETF Demand Tied To Security And Access According to Pompliano, ETF funds are held by professional custodians, which makes them harder to steal than coins in personal wallets. That, he said, explains why large holders might move into ETFs even if they own Bitcoin already. But he didn’t predict that everyone would follow that path. He described the move as sensible for some, while also saying a core of the Bitcoin community will keep pushing for self-custody. Custody Choices Are Changing The custody conversation is shifting from purely ideological to practical. Pompliano compared Bitcoin to the S&P 500 in the sense that it’s becoming a mainstream store of value for some investors. Still, many will keep the “not your keys, not your coins” stance and hold private keys themselves, he added, keeping a cultural split alive inside the market. Pompliano warned that splitting capital across ETFs, infrastructure bets, and direct holdings can add to price swings. He said the current market offers enormous opportunity for different strategies, but that same diversity of bets can push volatility higher. That’s a simple trade-off, he suggested: more ways to invest can mean more movement in price. Featured image from Unsplash, chart from TradingView

The Japanese yen continues to lose ground on Friday. In the North American session, USD/JPY is trading at 148.68. Earlier, USD/JPY hit 148.77, its highest level since August 1. Japan's core CPI falls to 3.1%Japan's core CPI, which excludes fresh food, dropped to 3.1% y/y in July, down from 3.3% and just above the market estimate of 3.0%. Headline CPI also declined to 3.1% from 3.3%, as rice inflation, which has skyrocketed, eased slightly. Headline inflation has been above the Bank of Japan's 2% inflation target for 40 consecutive months but the central bank remains hesitant to raise rates, arguing that it needs more evidence that domestic demand and wages will keep underlying inflation sustainable at around 2%. The BoJ meets next on September 19 and the markets widely expect another hold. The BoJ has a habit of catching the markets off guard and a rate hike is certainly a possibiity in September or October. The BoJ upgraded its inflation forecast for fiscal year 2025 at the July meeting from 2.2% to 2.7%, which supports the case for a rate hike in the coming months. Powell to speak at Jackson Hole Central bankers are meeting up in Jackson Hole, Wyoming. The star of the show will be Federal Reserve Chair Powell, who will deliver a speech later today. The markets have priced in a rate cut at next month's Fed meeting and are hoping for some confirmation from Powell. The Fed is caught between a rock and a hard place as it charts a rate path. Inflation is still high, which would support maintaining rates, but the labor market is deteriorating, which supports the case to lower rates and boost economic activity. Should the Fed's primary focus be inflation or employment? There is a split among members, which was reflected in the rare split vote at the July meeting. The majority of the FOMC members, which voted to hold rates, judged the upside risk of inflation to be the primary concern, while the two members who voted to lower rates were most concerned about softening employment. The Fed meets next month and is widely expected to deliver its first rate cut since December 2024. USD/JPY Technical USD/JPY has pushed above resistance at 148.44 and is testing 148.61148.24 and 148.07 are the next support levels USD/JPY 1-Day Chart, Aug. 22, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.