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Overview: The broad consolidative tone in the foreign exchange market is continuing today even though nearly all the preliminary August PMI readings showed improvement, including the first time since Russia's invasion of Ukraine that the eurozone's manufacturing PMI is above the 50 boom/bust level. Still, outside of the Norwegian krone, lifted by a stronger-than-expected Q2 GDP (mainland 0.6% vs 0.3% expectations, and Q1 growth was revised to 1.2% from 1.0%, quarter-over-quarter), the G10 currencies are in a narrow range (+/- 0.15%). Emerging market currencies are mostly lower. Equities have not responded as well to the favorable PMI reports. Japan and Hong Kong equities fell, while Taiwan and Australia led the region with more than 1% gains. Chinese stocks were mixed, but the Shanghai Composite extended its dramatic rally. The Stoxx 600 three-day rally in Europe is under threat, and US index futures are nursing small losses. European 10-year yields are around 2 bp higher, but the 10-year Gilt yield is up nearly four basis points. The 10-year US Treasury yield is up about 1.5 bp to above 4.30%. Weak equities and a solid reception to the 20-year bond auction yesterday saw the 10-year yield slip to almost 4.27% yesterday, the low for the week. Gold initially extended yesterday's nearly 1% rally but encountered selling pressure as it rose above $3350. It is trading near $3340 now, after settling last week slightly above $3336. October WTI is bid at a seven-day high near $63.40. Resistance is seen in the $64.20-35 area. USD: The Dollar Index made a marginally new six-day high yesterday near 98.45, where the 20-day moving average was found. It was sold after President Trump called for the resignation of Federal Reserve Governor Cook over some claims of that she received mortgages in two different states, claiming each would be her primary residence. There has been no investigation. DXY steadied near 98.10. It is trading within yesterday's range today. Of the slew of US data today, two reports stand out. The first is weekly jobless claims. Recall that last week, the four-week moving average rose for the first time since mid-June. Net-net continuing claims are little changed from late May levels. The second is the preliminary PMI. The manufacturing PMI held above the 50 boom/bust level in H1 25 after being below 50 throughout H2 24. It slipped to 49.8 in July and may have slipped more in August. The composite PMI rose to 55.1 in July, a new high for the year. If we are right and the economy is losing momentum, the composite PMI is likely softening this month. EURO: On the back of Trump's thinly veiled attempt to secure another nomination to the Federal Reserve, the euro was bid to within 1/100 of a cent of the $1.1675 level, where slightly more than 1.1 bln euro in options expired. The euro had initially seen some follow-through selling after falling Monday and Tuesday. It found support near the 20-day moving average, slightly below $1.1625. That has held today, and the euro recovered to almost $1.1665. The preliminary August composite PMI rose to a new high for the year 51.1 (from 50.9). Of note. the manufacturing PMI rose every month this year and is now above 50 (50.5) for the first time since Russia's invasion of Ukraine. Separately, both Germany and France's composite PMI firmed, but the former remained above 50 and the latter, below. CNY: Yesterday, the dollar traded on both sides of Tuesday's range and settled below Tuesday's low (~CNH7.1820). The "outside down day" is often seen to reflect bearish psychology. Follow-through selling pushed the dollar to almost CNH7.1715 today. However, the currency is actively managed and remains the trading range that has dominated since August 2 of about CNH7.1680-CNH7.1980. After setting the dollar's reference rate higher on Tuesday and Wednesday, the PBOC set it at CNY7.1287 (vs. CNY7.1384 yesterday), a new low since last November. JPY: After briefly poking above JPY148 on Tuesday, the dollar was sold to almost JPY147 yesterday. The dollar was broadly weaker following after President Trump called for the resignation of a Federal Reserve governor. If Chair Powell does not resign after his term as governor when his term as chair ends, there are no other scheduled seats for Trump to fill until 2028. Weaker US equities and soft US yields may have helped the yen. It is trading quietly today in about a JPY147.25-JPY147.70 range. The foreign exchange market typically does not respond much to Japan's PMI. The composite finished last year at 50.5 and was at 48.9 at the end of Q1 25. though we now know the economy expanded by 0.6% at an annualized. It rose to 51.5 at the end of Q2, the highest since February, and the initial estimate of growth was 1.0% annualized. The preliminary estimate is 51.9 in August from 51.6 in July. Outside of June, when the manufacturing PMI rose above 50 (50.1), it has been consistently below there since the end of H124. It rose to 49.9 in August (from 48.9 in July). GBP: Sterling stuttered yesterday, after the higher-than-expected July CPI. It recorded the session high after the data near $1.3510. Yet through most of the European and early North American session, sterling trended lower. It fell slightly below $1.3450 in late North American dealings, a new low for the session. Today, sterling initially extended its losses for a fourth consecutive session, falling to $1.3435 to approach the next area of support near $1.3415-20. It recovered to almost $1.3485 in Europe, helped by a jump in the preliminary composite PMI. It rose to a new high for the year (53.0 from 51.5). Still, the PMI fell for the first time in six months (47.3 from 48.0) and has not been above the 50-threshold since last September. The services PMI jumped to 53.6 (from 51.8), the best since last August. CAD: The greenback reached CAD1.3885 today, its highest level in nearly three months. A foray above CAD1.3900 may find little resistance ahead of CAD1.40. Initial support is seen near yesterday's low (~CAD1.3855). What has shifted is the risk of another Bank of Canada rate cut this year. In late July, the swaps market was 50-50, but now the cut is nearly fully discounted. The implied rate in 12 months has fallen by more than 20 bp since the middle of July. Canada reports July industrial product prices and raw materials price index, but they tend not to have much market impact. AUD: The Australian dollar fell for the third consecutive session yesterday and is threatening to extend the streak today. It peaked last week near $0.6570 before reversing lower. It fell to $0.6415 today, a marginal new low for the month. The daily momentum indicators warn of more downside risk. A break of $0.6400 could spur a move toward $0.6355-85. The composite PMI rose to 54.9 (from 53.8), a new cyclical high. It was at 50.2 at the end of last year. Australia is one of the few G10 countries that the manufacturing PMI remained above 50 this year. The preliminary August estimate is 52.9 (51.3 in July). The services PMI stands at 55.1 (54.1 in July). MXN: The peso continues to trade quietly. The US dollar remains in the range set on Monday: ~MXN18.7120-MXN18.8675. Yesterday, the dollar did not trade above MXN18.85 or below MXN18.74. So far today, it is in about an MXN18.7670-MXN18.8120 range. Mexico reports June retail sales today, and after a dramatic 1.8% jump in June, a modest pullback should not surprise. The minutes from the recent central bank meeting will be released. We know that the overnight target rate was cut by 25 bp (to 7.75%), though Deputy Governor Heath dissent in favor of leaving policy unchanged. The central bank signaled scope for additional cuts. The swaps market is discounting a terminal rate near 7.25%. Tomorrow, in addition to another look at Q2 GDP (0.7% quarter-over-quarter), Mexico reports CPI for the first half of August, and a small acceleration in the year-over-year pace is expected. Disclaimer

BTC USD surged to all-time highs in August, breaking $123,000 and peaking at $124,700. Since then, it has been a rollercoaster for optimistic Bitcoin traders. Although prices briefly stabilized last weekend, the early-week dump has yet to reverse. The world’s most valuable coin remains capped within the bear bars of August 18 and 19. (Source: TradingView) DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 BTC USD Shaky: What’s Next? Will Bulls Return and Stop the Bleeding? The daily chart shows the uptrend from early April remains intact. As expected, BTC ▼-0.28% prices didn’t rise linearly. It took weeks for bulls to rebound from $74,000 to $100,000. Once prices broke $110,000, Bitcoin bulls gained momentum, pushing bears back and hitting all-time highs. BitcoinPriceMarket CapBTC$2.26T24h7d30d1yAll time However, despite the rapid climb to $124,000, prices reversed immediately. Since August 14, BTC USD has trended lower and may fall below the psychological $110,000 level. If this happens, analysts expect a wave of long liquidations, possibly accelerating the sell-off to $100,000 or lower. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Eyes on Spot Bitcoin ETF Inflows and RRP Several fundamental factors will determine whether bulls find support or sellers press on. At the forefront are inflows to spot Bitcoin ETFs. Recently, institutions have been redeeming shares for BTC, possibly selling in secondary or OTC markets. If inflows don’t resume soon, retail investors may see this as a bearish signal and exit to secure profits. While institutions play a role, an analyst on X suggests Bitcoin and crypto may decline further due to the Federal Reserve’s actions, particularly as it rebuilds its reverse repo facility (RRP). In recent months, the RRP balance has dropped to near-zero, creating uncertainty about future liquidity injections. The Federal Reserve’s overnight Reverse Repo Facility (RRP) allows eligible institutions, like regulated banks and money market funds, to park excess cash at the central bank in exchange for treasury securities, earning a small yield. A high RRP balance signals excess liquidity in the financial system, while a low balance indicates tighter liquidity, with less cash flowing to risky assets like crypto. Analysts view a low RRP balance as a sign of reduced liquidity. DISCOVER: 20+ Next Crypto to Explode in 2025 Why the Federal Reserve’s RRP Balance Matters for Bitcoin and Crypto As of August 20, the RRP balance was $35 billion, the lowest since April 2021, down from $214 billion at the end of July. If more funds are withdrawn, the balance could hit zero by the end of the month. This decline is largely due to the Treasury issuing short-term bills to rebuild its Treasury General Account (TGA), siphoning cash from the financial system. (Source: Federal Reserve) Since Bitcoin is a risk asset, it thrives in high-liquidity environments where cash is abundant, allowing institutions to speculate. As liquidity tightens, investors may pull back from speculative assets like Bitcoin and top Solana meme coins, exacerbating the sell-off. Historical patterns support this. In 2022, Bitcoin crashed to $15,500 after the RRP balance peaked at over $2 trillion. As the RRP drained in 2023, Bitcoin prices rose with increased liquidity. With the RRP nearly depleted and the Treasury rebuilding its TGA, excess cash will likely be absorbed, driving Bitcoin and some of the best cryptos to buy lower from current levels. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 BTC USD Under Pressure, Will Bitcoin Price Recover Above $125k? BTC USD drops from $124,700 peak, risking a fall below $110,000 Institutional redemptions of spot Bitcoin ETF shares signal bearish sentiment A low RRP balance of $28.8B signals tighter liquidity, which is hurting crypto Bitcoin’s sell-off may drag Solana meme coins and other risk assets lower The post BTC USD Weak: Here’s Why Bitcoin Traders Are Bracing for Tough Times appeared first on 99Bitcoins.

The world is witnessing the rise of the dollar-pegged stablecoin. However, China, for one, is not happy with its growing dominance in global finance. A Chinese stablecoin might be on the horizon as the country explores yuan-backed stablecoins, in a major pivot towards digital assets. According to an article published by Reuters on August 21, 2025, the Chinese Council is exploring ways to internationalise the Yuan and is reportedly set to review a roadmap for the same later this month. This plan includes the development of a Chinese stablecoin. Sources indicate that this initiative is a direct response to the growing influence of US dollar-pegged stablecoins, such as USDT and USDC, which have become a cornerstone of the global cryptocurrency markets and are being increasingly used in cross-border transactions. According to Reuters, Hong Kong and Shanghai will serve as launchpads for this project, where high-level leadership are to convene a study session on stablecoins to develop the state’s policy for the Chinese stablecoin. EXPLORE: Top 20 Crypto to Buy in 2025 Chinese Exporters’ Use Of USDT, USDC Drives Chinese Stablecoin Pivot The dominating position held by the dollar-pegged stablecoins has sparked an urgent decision in China to pivot to a yuan-backed stablecoin. Since stablecoins are mostly used for cross-border transactions, a stablecoin pegged to the dollar gives the US a major advantage over China. According to the Bank for International Settlements, US-pegged stablecoins make up over 99% of the global stablecoin supply. However, what caused the Chinese to pivot to stablecoins is the growing use of dollar-pegged stablecoins by Chinese exporters, as noted by Reuters’ report. This is a major cause for concern for the Chinese authorities since each transaction settled in either USDT or USDC further contributes to the dollar’s dominance and also helps to contribute to a parallel financial infrastructure that bypasses traditional oversight. Growing usage of the USDT or the USDC in China further haemorrhages the efforts made by the Chinese authorities to internationalise the Yuan. The Shanghai Cooperation Organisation Summit set to take place in Tianjin later this month will serve as the diplomatic debut for China’s new financial strategy. Discussions will likely centre around the promotion of yuan-based settlements and introducing its early-stage stablecoin to member states as Beijing pushes for a multipolar financial landscape that is less dependent on Western financial systems. EXPLORE: The 12+ Hottest Crypto Presales to Buy Right Now People’s Bank Of China To Lead The Charge According to the report, the People’s Bank of China and other domestic regulators will implement the plan. This sudden pivot to stablecoins is in contrast to China’s blanket ban on crypto, first introduced in 2021 and recently reinforced. In 2021, Chinese authorities enforced a ban on crypto trading and mining due to concerns regarding speculative risks and financial stability. The ban specifically targeted decentralised, privately issued assets that were beyond regulatory control. In contrast, their pivot to stablecoin represents centralised control where authorities can leverage blockchain’s technical advantage. In this situation, the state is repurposing crypto, without adopting its ethos to realise its geopolitical objectives. EXPLORE: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 Key Takeaways Chinese authorities are exploring a Chinese stablecoin alternative to counter the dollar’s dominance People’s Bank of China and other domestic regulators will implement this new financial plan The growing use of dollar-pegged stablecoins by Chinese exporters sparked China’s pivot to stablecoins The post Beijing Explores A Chinese Stablecoin Solution To Counter Dollar’s Dominance appeared first on 99Bitcoins.

Bitcoin’s near-term path, argues macro commentator Bruce Florian–founder of the Bitcoin Self-Custody Company Schwarzberg and a bestselling author–is being set far from crypto order books and deep inside the US money markets, where a once-enormous pool of excess cash has finally run dry. In a thread on X, Florian frames the Federal Reserve’s overnight reverse repo facility (RRP) as the “surplus pot” that quietly powered asset prices for two years—and now, with that pot empty, he believes markets are about to feel the unfiltered weight of tighter liquidity. Why This Means Pain For Bitcoin Florian starts by locating the inflection point: “The reverse repo facility (RRP) is at its lowest level in four years.” He then walks through the basic plumbing. During the pandemic response, “so much money was printed… there were fewer assets than excess cash,” so banks and money funds “parked [it] with the Fed in the RRP. Safe and earning interest.” As that pool drained, it didn’t disappear—it “was continuously pumped into the market over the last few years. Mainly into government bonds.” In his accounting, “around $2 trillion in excess liquidity from 2020/21 flowed into the market over the last 24 months,” keeping valuations buoyant despite higher policy rates and formal quantitative tightening. The metaphor he uses is deliberate and evocative: “It’s like a tanker traveling at full speed. Even if you turn off the engine, it will continue to drift for many kilometers, solely due to the speed it has built up.” For Florian, that drift—the lagged effect of past liquidity—is ending. “Now the propulsion is gone. The surplus pot is empty, and the tanker comes to a standstill.” He connects that mechanical turn to the looming supply calendar: “There are still trillions in government bonds that need to be purchased in the coming months and years.” With the RRP no longer acting as a buyer of first resort, “we will feel the full brunt of the reduced liquidity since 2022.” The near-term cross-asset message is unambiguous. “This is bad for stocks, bonds, and Bitcoin in the short term,” he writes, adding that “stocks and Bitcoin can afford short respites… bonds cannot.” The constraint, in his view, is structural: “The US bond market is the most important market in the world.” If the RRP isn’t there to absorb cash and recycle it into Treasuries, “bond yields will continue to rise to attract investors.” That dynamic, he warns, collides with political and macro limits: “interest rates are already far too high for the current administration.” His base case is that the central bank ultimately has to step in: “The Fed will likely intervene and rescue the bond market by providing new liquidity.” The path from here is “unclear… in the short term,” but the contours of the pressure are, in his telling, set by the plumbing. Florian repeatedly stresses that any turbulence should not be misread as a Bitcoin-native failure. “The turmoil is once again coming from the fiat system, not from Bitcoin. Bitcoin merely reflects this development with its volatility.” That framing places Bitcoin downstream of dollar liquidity rather than in opposition to it. The market, he cautions, will “do everything it can to drive you out of your position.” His counsel for positioning is psychological as much as financial: “If you know what you own, you can stay relaxed.” The long-term thesis remains intact in his mind—“Remember where Bitcoin is headed as an ideal store of value”—but navigating the next phase requires horizon discipline: “Because if you keep your eyes on the horizon, you won’t get seasick.” At press time, BTC traded at $113,736.

Arthur Hayes, the billionaire co-founder of BitMEX, is shifting his attention from perpetual swaps to perpetual life as the market expert targets longevity science for mega growth. Fresh off a presidential pardon by Donald Trump in March that erased his conviction for Bank Secrecy Act violations, Hayes has taken a board seat and major equity stake in a stem cell company where he has also been a patient. Hayes told reporters he has been undergoing treatments at the firm’s clinics in Mexico and Bangkok for more than a year, underscoring his personal conviction in the longevity sector. “I want to live as long as possible, as healthy as possible,” he said, noting that regulatory barriers around stem cell therapies are easing in several countries. The company, currently rebranding, has not yet been identified. First Vitalik, Now Hayes: Crypto Wealth Funnels Into Longevity Hayes is not alone. A growing number of crypto titans are redeploying fortunes made in digital assets into life-extension ventures: Vitalik Buterin has funded the SENS Research Foundation and set up the Zuzalu “pop-up city” experiment in 2023 to incubate new approaches to anti-aging. Brian Armstrong, CEO of Coinbase, co-founded NewLimit, a cellular reprogramming startup that raised $130 million this year. Balaji Srinivasan, former Coinbase CTO, co-founded Counsyl, a genomics startup that pioneered affordable screening for hereditary diseases. This crossover between crypto and longevity reflects a broader conviction that both sectors share: breaking entrenched systems, whether financial infrastructure or biological inevitabilities. DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now DeSci and the Rise of BIO Protocol: Is Decentralized Funding The Answer? The pivot by Hayes also coincides with a revival in decentralized science (DeSci), where blockchain-based funding mechanisms are powering biomedical research once starved of capital. Bio Protocol (BIO), the leading DeSci token, has recently surged 13% following its Bithumb listing, adding to momentum from earlier Binance inclusion and Ethereum-based staking mechanics. Bio ProtocolPriceMarket CapBIO$247.89M24h7d30d1yAll time BIO’s structure allows researchers and patients to coordinate through BioDAOs, directly funding areas like rare disease trials or brain health studies that traditional capital markets ignore. Tokenomics link utility with results: intellectual property generated through BioDAOs can return royalties back to token holders, a closed-loop incentive system absent in conventional science funding. Projects like VitaDAO and Armstrong-backed RSC are already channeling millions into longevity research, while on-chain “BioAgents” use AI simulations to generate and tokenize hypotheses, turning lab ideas into liquid, tradable intellectual property. DISCOVER: Best New Cryptocurrencies to Invest in 2025 From Perpetual Swaps to Perpetual Life Hayes’ fund, Maelstrom, continues to support open-source Bitcoin development and digital asset treasuries, but his pivot signals a deeper trend: crypto’s early billionaires are no longer content with just reshaping markets, they want to reshape mortality itself. With $800M+ in cumulative revenues already coursing through DeSci platforms like Pump.fun and BIO gaining traction across Asian exchanges, the financial infrastructure is beginning to align with the scientific ambition. For Hayes, the next big bet may not be on market cycles but on biological ones. And just as BitMEX once set the tone for crypto derivatives, his stake in longevity could anchor the DeSci sector as the next trillion-dollar intersection between blockchain and science. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 The post Arthur Hayes Turns to Longevity: From Derivatives to Stem Cells and DeSci appeared first on 99Bitcoins.

I don’t like the name Jackson Hole. It makes me feel like I’m forced to watch important events going on in a man’s … well, you know. It all sounds so ominous! More importantly, the Jackson Hole, Wyoming, Fed meeting is what started the great bear market of 2020, when Powell announced rate hikes, and now that might happen again. Last week, U.S. producer inflation (PPI) came out super high, rising another percentage point, which now puts the three-rate cut scenario by the end of the year in question. All risk assets are falling with BTC ▼-0.28% down 6.6% on the week and tech stocks like Palantir shaving off 20% and dragging the entire tech sector down. Here’s what else you should know and if this is time to sell: BitcoinPriceMarket CapBTC$2.26T24h7d30d1yAll time Jackson Hole and Powell’s Balancing Act Worries are mounting that there was never a rate cut scenario. All economists were projecting ZERO rate cuts in 2025, and only retail thinks there still is. The reasoning for this is that Powell’s tenure has been marked by persistent inflation above the Fed’s 2% target and a labor market that is beginning to show signs of weakness. Additionally, with President Donald Trump in office, Powell has to balance those pressures while maintaining the Fed’s independence under growing political scrutiny. “For four years, inflation has persistently surpassed the Fed’s 2% target,” analysts noted. “Evidence indicates a weakening labor market, undermining the Fed’s dual mandate.” (BLS) The internal picture is no less complicated. A rare dual governor dissent in recent meetings shows a divided committee, and newly nominated governor Stephen Miran is expected to be a sharp critic of Powell’s leadership. Investors are glued to every clue about where U.S. interest rates head next. DISCOVER: 20+ Next Crypto to Explode in 2025 There Are 2 Rate Cuts in The Forecast, For Now Although the FUD has started that Powell will back out of rate cuts, according to the CME’s FED watch tool there are two rate cuts in the forecast. The data also paints a split picture. Headline CPI cooled more than expected, but producer prices climbed and consumer surveys revealed higher inflation expectations. (CME) Prediction markets like Polymarket also give the FED a 67% chance for a 25 bps rate cut. Meanwhile, U.S. job numbers add their own contradictions with unemployment holding near 4%. Flows into defensive assets such as gold and silver remain strong, with gold holding around $3,340/oz and silver near $37.8/oz. (X) Across equities, defense stocks rose 1% as speculation over a Ukraine-Russia peace framework weighed on sentiment, while oil firm Aker BP gained 3.1% after announcing a significant discovery in the North Sea. Asian markets were mixed, with Japan’s Nikkei 225 falling 0.68% as the yen weakened against the dollar, while China’s Shanghai Composite gained 0.50%. In the euro zone, investors are also awaiting flash PMI data for August, with results from Germany, France, and Britain expected later in the day. DISCOVER: Top 20 Crypto to Buy in 2025 So, Should You Sell Ahead of Jackson Hole? Looking at the past two Jackson Hole events, markets pumped then dumped, and this year we might see the same. It’s best to avoid trading with leverage and maybe not bet the farm on YZY coin. With all that said, we do see a different macro picture under Trump so we should see tech and crypto extend their rallies in Q4. EXPLORE: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Jackson Hole, Wyoming, Fed meeting is what started the great bear market of 2020, when Powell announced rate hikes, and now that might happen again. Worries are mounting that there was never a rate cut scenario. All economists were projecting 0 rate cuts in 2025, and only retail thinks there still is. The post Jackson Hole Chaos: Markets Hold Steady Ahead of Powell’s Final Speech appeared first on 99Bitcoins.

Asia Market Wrap Most Read: Bitcoin (BTC/USD) Price Outlook: Mixed Signals as Bearish Potential Grows, $108600 May Hold the Key Asian tech stocks climbed, and Nasdaq 100 futures bounced back from earlier losses as dip buyers helped stabilize the index late in U.S. trading. In the MSCI Asia Pacific Technology Index, two stocks gained for every one that fell. Advantest and Samsung Electronics were among the top performers, while Taiwan Semiconductor Manufacturing Co. rose 0.9% after experiencing its biggest single-day drop in four months on Wednesday. Japan's Nikkei .N225, which reached a record high during trading on Tuesday, fell by 0.6%. Meanwhile, South Korea's KOSPI .KS11 rose 0.7% after hitting a six-week low on Wednesday. Despite the dip, it remains close to the four-year high it achieved on July 31. Euro Area Composite PMI Hits 15-Month High The HCOB Eurozone Composite PMI rose to 51.1 in August 2025, up from 50.9 in July, surprising markets that expected a drop to 50.7. This marks the fastest growth in the Eurozone's private sector since May last year, based on a flash estimate. Growth was driven by the services sector expanding for the third month in a row (50.7 vs 51) and an unexpected recovery in manufacturing (50.5 vs 49.8), the first in over three years. New orders increased for the first time in 14 months, even though export orders declined. This rise in demand led businesses to hire more staff for the sixth consecutive month. However, input costs rose to a five-month high, prompting companies to raise their prices at the fastest rate in four months. Despite the positive numbers, business confidence dropped for the second month due to concerns about U.S. tariffs and economic challenges in the Eurozone. Overall, the PMI suggests the economy isn’t being hit too hard by the trade war right now. With a trade deal in place, there’s a chance for economic growth to pick up as uncertainty fades. However, there are still plenty of risks to watch out for in the future. UK PMI Hits 1-Year Highs The UK S&P Global Composite PMI rose to 53 in August 2025, up from 51.5 in July, beating expectations of 51.6. This marks the fastest growth in private-sector business activity in a year, based on a flash estimate. Growth was driven by the services sector, which hit a one-year high (53.6 vs 51.8 in July), offsetting a sharper decline in manufacturing (47.3 vs 48). The strong performance in services boosted overall new business volumes to their highest level since October last year, even as factories saw the biggest drop in new orders since April due to rising costs and global trade challenges. Input costs rose to their highest since May, with businesses pointing to higher National Insurance payments and labor costs. Despite these pressures, business confidence for the year ahead improved. European Open European stock markets opened steady as investors prepared for three days of important updates from the Federal Reserve's annual meeting in Jackson Hole. Central bankers from around the world will attend, with the main focus on Fed Chair Jerome Powell's speech on Friday, as traders look for clues about a possible rate cut in September. The pan-European STOXX 600 index and Germany's DAX stayed mostly unchanged. Britain's FTSE 100 rose slightly by 0.1%, while France's CAC 40 dipped by 0.1%. Defense stocks rose 1.4% after being under pressure earlier in the week due to hopes of a Ukraine-Russia peace deal. Talks about Ukraine's security in case of a peace deal with Russia continued, with Germany showing hesitation about sending peacekeeping forces, despite the Chancellor being open to the idea. In other news: WH Smith shares plunged 36%, the biggest drop on record, after the company lowered its profit forecast for its North America division due to an accounting error.Dutch insurer Aegon gained 6.8% after doubling its share buyback to 400 million euros and considering moving its headquarters to the U.S.German ticketing company CTS Eventim fell 18.8% after reporting disappointing second-quarter results.Aker BP, a Norwegian oil company, rose 3.1% after discovering a large oil field in the North Sea.On the FX front, The dollar index stayed steady at 98.33 on Thursday, after reaching its highest level since August 12 at 98.441 the day before. The dollar also rose 0.2% to 147.58 yen. The euro and British pound were unchanged, trading at $1.1641 and $1.3446, respectively. Currency Power Balance Source: OANDA Labs Economic Data Releases and Final Thoughts Looking at the economic calendar, it is a busy day ahead in the US session. The major event of the day comes from the US with PMI and home sales data. However, market participants may be more focused on the Jackson Hole symposium which kicks off today. As things stand it appears Fed Chair Jerome Powell only speaks tomorrow and thus today could be a choppy one for financial markets as the anticipation grows. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 finally breached the 9200 and made a move to the upside with fresh all time highs printed late yesterday at 9323. We are already seeing a significant pullback for the FTSE which is trading at 9274 at the time of writing. If the pullback does continue, immediate support rests at 9223 before the recent swing low before the impulse move higher at 9180 comes into focus. The FTSEs rise yesterday came as US markets experienced a selloff before finding support. If there is a similar move later in the day, the first area of interest will come in at 9300 before the all-time high at 9323 comes into focus. FTSE Two-Hour Chart, August 21. 2025 Source: TradingView.com (click to enlarge) Follow 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.

Yeezy money is here. It’s real. Better known as “YZY Meme coin,” Kanye West, now known simply as Ye, launched his YZY token on Solana, sparking immediate frenzy. Within just 40 minutes of release, the coin’s market cap ballooned to $3 billion, before tumbling back to $1.05 billion, according to Nansen data. There’s only one other celebrity with that kind of MCAP for a cryptocurrency and it’s TRUMP. As big as Ye is, many are starting to believe there’s no room to make money here. (YZYUSDT) On X, Ye promoted the token as part of “Yeezy Money,” which he described as: “A NEW ECONOMY, BUILT ON CHAIN,” Ye wrote. “The official YZY token just dropped,” he later added. And a new shilling campaign starts… so is YZY legit or a scam? DISCOVER: 20+ Next Crypto to Explode in 2025 YZY Meme Coin: Allegations of Insider Trading Despite the hype, on-chain analysts quickly raised red flags. Coinbase director Conor Grogan said that insiders held 94% of the supply, with one wallet initially controlling 87% before dispersal. Lookonchain reported that liquidity was structured in a way that gave developers outsized control over sales. Conor Grogan: “At least 94% of the supply was insider-held.” (X) Some insiders made millions in profit. One trader spent $24,000 in Solana priority fees to secure $3.4 million gains, while another pocketed $6 million at peak. Others weren’t as lucky—one user lost $710,000 after buying the wrong contract before recovering on the correct one. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Is This Giving Anyone End-of-Bullrun Vibes? High-profile traders didn’t shy away. Leveraged trader James Wynn said he aped into YZY, comparing it to Trump’s $TRUMP memecoin: “Aped $YZY on a 60% pull back. $TRUMP ran from $4bn to $15bn in 28 hours. 4x,” Wynn said. BitMEX co-founder Arthur Hayes also appeared to join in, underscoring the appetite for celebrity tokens despite risks. (X) Only Down From Here. BTC Back to 105k After Trump launched his meme coin in January, Bitcoin slid dramatically. Could we see something similar here? YZY’s debut stormed into the top five fastest tokens to hit a $1B market cap this year, only to collapse just as quickly, echoing that traders are drunk on gambling right now. YZY could be the canary in the coal mine. EXPLORE: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Yeezy money is here. It’s real. Better known as “YZY Meme coin,” Kanye West, now known simply as Ye, launched his YZY token on Solana. YZY’s debut stormed into the top five fastest tokens to hit a $1B market cap this year, only to collapse just as quickly The post Kanye West’s YZY Meme Coin Rockets to $3B, But Insider Concerns Cast a Shadow appeared first on 99Bitcoins.

Sonic Labs, one of DeFi’s most aggressive growth stories, has just placed a $150M bet on Wall Street. In its first governance proposal, the Sonic crypto protocol is seeking approval to launch Sonic USA, a Delaware-registered entity tasked with bridging decentralized liquidity into the heart of U.S. capital markets. The proposal outlines three pillars: a $50M allocation toward a regulated exchange-traded product (ETP/ETF), a $100M NASDAQ private placement (PIPE), and the issuance of 150M S tokens to capitalize the new entity. Custody will run through BitGo, ensuring compliance with U.S. institutional standards. SonicPriceMarket CapS$923.22M24h7d30d1yAll time The DeFi-to-Wall Street Gambit: Sonic Labs Joins The New Play The ETF component is the headline. Sonic is effectively bidding to stand alongside BlackRock, Fidelity, and Grayscale in the battle for crypto exchange-traded products. But unlike single-asset spot Bitcoin or Ethereum ETFs, Sonic proposes an ecosystem ETF, a structured vehicle that would directly track the S economy. If approved by regulators, it would mark the first DeFi-native ETF with governance tied back to token holders. The PIPE allocation signals an even bolder ambition: a pathway to NASDAQ listing. While still exploratory, a PIPE gives Sonic access to traditional equity investors who have historically avoided tokens but are comfortable with regulated capital raises. This dual-track strategy suggests Sonic is preparing to raise capital and institutionalize its governance model in the eyes of public markets. DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now Why Corporate Crypto Treasuries Are Watching With Interest The timing is critical. Corporate treasurers across the U.S. have been under increasing pressure from groups like the National Center for Public Policy Research (NCPPR) to diversify reserves into Bitcoin or digital assets. While Amazon and Microsoft have resisted direct allocations, cases like MicroStrategy’s $6.8Bn Bitcoin play and Critical Metals Corp’s $500M convertible note for BTC purchases, and recent altcoin treasury moves by the likes of Sharplink Gaming have shifted the Overton window. For treasurers, the appeal of a Sonic ETF is obvious: regulated, liquid exposure to crypto growth without the operational burden of custody or token management. The move could allow conservative corporates, the very players that have dismissed direct token buys as “too volatile” to allocate via familiar ETF wrappers. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Sonic Labs Plans Are a Litmus Test for DeFi Governance Community support has been overwhelming, with over 99.9% of votes cast in favor. But the governance vote is more than a procedural green light. It is a referendum on whether decentralized communities are ready to play by Wall Street’s rules, compliance, filings, and fiduciary obligations, while retaining a decentralized identity. Sonic’s successful expansion would redraw the lines between DeFi and TradFi and set a precedent. A DeFi-native ETF trading on NASDAQ would normalize protocols as investable entities, not just speculative assets. In the words of one investor, “If Sonic can pull this off, it stops being another token and starts being a financial institution.” Voting closes August 31, but whatever the outcome, the move signals a new era: DeFi is no longer content circling the edges of Wall Street, it’s kicking down the door. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 The post Sonic Labs Aims Wall Street: ETF Bid and $150M U.S. Push Signal DeFi’s Boldest Move Yet appeared first on 99Bitcoins.

Bitcoin has entered a precarious situation after falling below $114,000, and sellers continue to mount pressure on it. This comes after a rise to new all-time highs, and sticking to previous trends, Bitcoin looks to be testing previous support levels before continuing on its journey. However, as the price continues to struggle, crypto analyst Xanrox has predicted that a crash is in the future, warning investors to beware of investing in BTC. Bitcoin Shows Signs Of Crash In the analysis, Xanrox pointed out that the Bitcoin price is already primed to crash in the short term. This is due to the appearance of a Fair Value Gap (FVG) that is yet to be filled, and the price is already pulling back down toward this level to fill it again. The first crash is expected to send Bitcoin to the $110,600 level, which is a previous peak. At this junction, there is a lot of support, and the Bitcoin price will probably resist the crash here for a while before continuing. The crypto analyst also explained that the strong support is due to the fact that the $110,600 level has never been tested previously. There is also the 100-day moving average standing around this level, and this, too, provides support for the price. Given this, the crypto analyst believes that this would be good support for investors looking for intraday trades as the price hits $110,600. Moving forward, Xanrox expects the price to eventually break below $110,600, and the next major level is sitting at $104,800. This is also a strong support level because there is a range and a bull flag here. The most important thing of all is that the fair value gap is sitting at this level to be filled. “The previous major swing low of 105,130 is something where people put a lot of stop losses below it,” the analyst said. “That’s a magnet for whales; they probably want to buy here.” Why Price Is Headed Below $60,000 In light of the current bearish trend, Xanrox predicts that the Bitcoin price will eventually crash below $60,000. This is as a result of the completion of the five waves of the Elliot Wave Theory, suggesting that the market is now heading into the bearish portion. The analysis also points to the break below the trendline that began back in April, marked in red. This trendline has held as the price has climbed, not breaking in five months since then. Therefore, the current break suggests a continuation of the bearish rally. As for when the Bitcoin price will fall below $60,000, the analyst predicts that this will happen in 2026.

Chainlink (LINK) is attempting to reclaim a crucial area after recovering 10%, surpassing most of the market in the past day. Some analysts suggested that the altcoin is ready to break out to new highs, but warned that a rejection from the current levels could lead to volatile retests. Chainlink Reclaims Key Levels On Wednesday, Chainlink led the crypto market as it started to recover from the recent pullback, which saw most cryptocurrencies retest their range lows for the first time in two weeks. LINK recorded the second-best performance among the top 100 cryptocurrencies, with an 11% increase in the past day. Notably, the altcoin hit a six-month high of $26.76 on Monday, after recovering 14% from the weekend lows. As it hit its multi-month high, analyst Ali Martinez pointed out that Chainlink added nearly 3,000 new addresses. According to the post, 2,995 new LINK addresses were created on August 18, the highest growth in 5 months. However, the start-of-week correction halted the bullish momentum, sending the cryptocurrency’s price to retest its breakout zone, around the $23.50 mark on Tuesday. After testing this area as support, Chainlink rebounded and reclaimed the $24.50-$25 range, briefly hitting the $26.50 barrier on Wednesday morning before retracing. Analyst Rekt Capital asserted that LINK is attempting to reclaim the $23.86-$34 price area after the recent performance. He highlighted that the lows of this range have historically been a “key support and successful retests here have enabled rallies to the Range High around $34.” Chainlink’s continued stability at the $23.86 level will be crucial for the rally to the range high. The market watcher noted that volatility below this range is possible as part of a volatile retesting process. LINK’s Levels To Watch The cryptocurrency’s monthly close is one of the most important levels to watch, as closing above the range low would position Chainlink for a bullish rally continuation. On the contrary, failing to reclaim this area in the monthly timeframe could lead to a deeper pullback toward the $19.41 level, not seen since the early August breakout. Rekt Capital explained that this level “has often acted as a volatile retest zone in bullish cycles, serving as a base for successful reversals, most prominently in mid-2021,” concluding that the cryptocurrency’s next move will be determined by a reclaim of the $23.86 resistance or a volatile retest of the $19.41 support. Altcoin Sherpa suggested that Chainlink will continue its path to the $30 barrier if the flagship cryptocurrency continues its uptrend. He affirmed that if Bitcoin loses the $110,000 support, LINK will likely see another dip. However, if BTC’s price stabilizes, the analyst considers that the altcoin could soar to the crucial resistance. Meanwhile, market watcher CW asserted that Chainlink faces one more key area before rallying to $30. According to the post, if LINK breaks through the current sell wall, around the $26.25-$26.75 levels, it will continue its run toward the $30 resistance, where another selling wall is situated. As of this writing, Chainlink trades at $26.15, a 35% increase in the monthly timeframe.

In a recent address, pro-crypto Senator Cynthia Lummis revealed her efforts to expedite the passage of a crucial piece of legislation known as the Market Structure Bill. This initiative follows the recent enactment of several significant laws, including the GENIUS Act, the CLARITY Act, and the Anti-CBDC bills, all aimed at shaping the future of digital assets in the United States. Keys Behind The Responsible Financial Innovation Act Since the House of Representatives passed these key crypto bills last month, the Senate Banking Committee has been crafting its version of a comprehensive regulatory framework for cryptocurrencies. Under the leadership of Chairman Tim Scott and alongside Senators Lummis, Bill Hagerty, and Bernie Moreno, the committee introduced the draft of the “Responsible Financial Innovation Act of 2025.” This piece of crypto legislation seeks to provide much-needed regulatory clarity, promote innovation, and address the significant risks often associated with the evolving digital asset landscape. The Senate’s proposed framework builds on the foundation laid by the Clarity Act, which primarily aimed to empower the Commodity Futures Trading Commission (CFTC) and classify digital assets as commodities. In contrast, the Senate bill grants the Securities and Exchange Commission (SEC) primary regulatory oversight over what it terms “ancillary assets.” Notably, the bill specifies that these ancillary assets should not be classified as securities, and transactions involving them would not fall under federal securities laws, including the Securities Investor Protection Act of 1970. This comes on the heels of statements from SEC Chair Paul Atkins, who suggested that only a small number of tokens could be classified as securities, depending on how they are packaged and marketed. Crypto Legislation’s Thanksgiving Deadline The bill also takes a stance on combating illicit financial activities associated with digital assets. It mandates new regulations for anti-money laundering (AML) efforts and countering the financing of terrorism. The draft unveils that one of the most pressing challenges in developing a robust digital asset market is determining how traditional banks and financial institutions fit into this evolving ecosystem. An increasing number of banks such as Morgan Stanley, Citigroup, and Bank of America, are now considering the integration of crypto assets, particularly stablecoins, as a means to overcome traditional payment barriers. The proposed legislation aims to address this issue by explicitly allowing banks and financial holding companies to engage in a variety of digital asset activities, including custody and trading. During a recent conversation at the SALT conference in Jackson Hole, Wyoming, Senator Lummis expressed her confidence in the crypto bill’s momentum, stating, “We will have it on the President’s desk before Thanksgiving.” Featured image from DALL-E, chart from TradingView.com

Data shows the Bitcoin Fear & Greed Index has seen a bearish flip following the plunge in the cryptocurrency’s price to $113,000. Bitcoin Has Continued Its Recent Drawdown Since setting a new all-time high (ATH) above $124,000 one week ago, Bitcoin has been facing a downtrend. The bearish momentum has only furthered during the past day, with BTC hitting a low under $113,000. Below is a chart that shows how the coin’s recent performance has looked. From the graph, it’s visible that BTC has seen a bit of recovery after forming a low around $112,400, but at the current price of $113,800, the asset is still notably below the levels from the last few days. As is usually the case, the bearish price action has worsened the sentiment among investors. Fear & Greed Index Is Now Suggesting A Fearful Market The “Fear & Greed Index” refers to an indicator created by Alternative that tells us about the average sentiment present among traders in the Bitcoin and wider cryptocurrency markets. The index determines the investor mentality using the data of five factors: trading volume, market cap dominance, volatility, social media sentiment, and Google Trends. It then represents it as a score lying between zero and hundred. When the metric has a value greater than 53, it means the investors as a whole share a sentiment of greed. On the other hand, it being under 47 implies the presence of fear in the market. A level lying between the two thresholds naturally corresponds to a net neutral mentality. Now, here is how the sentiment in the sector currently looks according to the Fear & Greed Index: As displayed above, the index is sitting at a value of 44, indicating that Bitcoin investors are fearful. This is a shift from how the mood has been like in the market for the past couple of months. The Fear & Greed Index was previously in the greed zone since June, but the latest decline in BTC’s price has meant the investors have finally let go of bullish sentiment. If history is anything to go by, this flip in trader mentality could actually turn out to be a positive sign for Bitcoin and other cryptocurrencies. The market often tends to move in the direction that goes contrary to the expectations of the majority, with an excess of FUD facilitating bottoms and overhype resulting in tops. This effect was seen in action during the aforementioned June sentiment low, which coincided with BTC’s bottom under $99,000. The turnaround in the asset only required an index value of 42, but generally, a more powerful fear sentiment is needed before a bottom can occur. It now remains to be seen whether the latest dip into fear is enough to induce a reversal in Bitcoin and other coins, or if sentiment will deteriorate further.

Solana started a fresh increase from the $175 zone. SOL price is now recovering higher and might aim for a move above the $188 resistance zone. SOL price started a recovery wave after it tested the $175 zone against the US Dollar. The price is now trading above $182 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $183 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $188 resistance zone. Solana Price Eyes Steady Increase Solana price extended losses after there was a close below $188, like Bitcoin and Ethereum. SOL traded below the $185 and $108 support levels to enter a short-term bearish zone. A low was formed at $175 and the price is now attempting a fresh increase. The price surpassed the $180 and $182 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $210 swing high to the $175 low. Besides, there was a break above a connecting bearish trend line with resistance at $183 on the hourly chart of the SOL/USD pair. Solana is now trading above $182 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $188 level. The next major resistance is near the $192 level or the 50% Fib retracement level of the downward move from the $210 swing high to the $175 low. The main resistance could be $195. A successful close above the $195 resistance zone could set the pace for another steady increase. The next key resistance is $200. Any more gains might send the price toward the $210 level. Another Decline In SOL? If SOL fails to rise above the $188 resistance, it could continue to move down. Initial support on the downside is near the $184 zone. The first major support is near the $180 level. A break below the $180 level might send the price toward the $175 support zone. If there is a close below the $175 support, the price could decline toward the $166 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $180 and $175. Major Resistance Levels – $188 and $192.

Bitcoin has retreated from last week’s record high above $124,000, slipping by over 8% in recent days. At the time of writing, the cryptocurrency trades around $113,867, reflecting a 6.3% decline over the past seven days. The correction has raised questions about the forces driving current market dynamics, particularly the role of large holders in shaping price momentum. On-chain data has pointed to a consistent pattern of selling activity from whales on Binance, the world’s largest exchange by trading volume. According to CryptoQuant contributor Arab Chain, these movements appear to be deliberate, with whales strategically distributing holdings near resistance levels. The data shows a series of deposits in the 100–1,000 BTC range flowing into Binance, suggesting calculated selling activity aimed at capturing profits while minimizing sharp price impacts. Bitcoin Whale Activity and Market Distribution Arab Chain’s analysis highlights that Bitcoin’s recent dip to levels near $112,500 coincided with an increase in whale inflows to Binance. These deposits were not massive, singular transfers exceeding 10,000 BTC, but rather repeated transactions over several days, creating what the analyst described as a “coordinated distribution pattern.” This behavior aligns with historical whale strategies, selling gradually at key resistance zones, in this case between $118,000 and $120,000, rather than triggering abrupt market declines. The analyst also observed that despite these movements, the 30-day cumulative whale flow indicator has remained steady around $4.8 billion, signaling that broader accumulation trends remain intact. However, short-term pressure persists. The data shows that each rebound attempt by Bitcoin is met with additional whale deposits to exchanges, reinforcing selling momentum. If this trend continues without a significant pickup in buying activity, Arab Chain warned that Bitcoin could face further downside, potentially testing the $110,000 support zone. Broader Market Context and Institutional Positioning While whale activity has been the focus of near-term market analysis, other perspectives suggest a more layered view of Bitcoin’s position. Another CryptoQuant contributor, known as IT Tech, noted that institutional strategies such as dollar-cost averaging (DCA) via over-the-counter (OTC) desks and on-chain settlements also play a role in shaping demand. However, these flows alone do not always determine immediate price direction. Instead, IT Tech emphasized the importance of monitoring ETF inflows, spot cumulative volume delta (CVD), and exchange premiums, such as those on Coinbase, to gain a clearer understanding of market sentiment. This mix of whale-driven selling and institutional accumulation highlights the complexity of the current market. On one hand, short-term tactical selling on exchanges like Binance creates downward pressure, while on the other, longer-term investment vehicles continue to add to Bitcoin’s demand base. The interaction of these factors will likely determine whether Bitcoin stabilizes above current levels or moves toward a deeper correction. Featured image created with DALL-E, Chart from TradingView

XRP price is showing bearish signs below the $3.00 resistance zone. The price is struggling to recover above the $2.950 and $3.00 levels. XRP price is declining below the $3.00 and $2.950 levels. The price is now trading below $2.950 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2.9650 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below the $3.00 zone. XRP Price Recovery Faces Hurdles XRP price remained in a bearish zone after a close below the $3.050 level, like Bitcoin and Ethereum. The price extended losses and traded below the $3.00 support zone. The price even declined below $2.90. Finally, it tested the $2.820 support zone. A low was formed at $2.820 and the price recently corrected some losses. There was a move above the $2.90 level. The price surpassed the 50% Fib retracement level of the downward move from the $3.095 swing high to the $2.820 low. However, the bears are active below the $3.00 level and the 61.8% Fib retracement level of the downward move from the $3.095 swing high to the $2.820 low. There is also a bearish trend line forming with resistance at $2.9650 on the hourly chart of the XRP/USD pair. The price is now trading below $2.950 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.950 level. The first major resistance is near the $2.9650 level. A clear move above the $2.9650 resistance might send the price toward the $3.00 resistance. Any more gains might send the price toward the $3.050 resistance. The next major hurdle for the bulls might be near $3.120. Another Decline? If XRP fails to clear the $2.9650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.90 level. The next major support is near the $2.850 level. If there is a downside break and a close below the $2.850 level, the price might continue to decline toward the $2.820 support. The next major support sits near the $2.780 zone, below which there could be a sustained drop. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.90 and $2.850. Major Resistance Levels – $2.9650 and $3.00.

As traditional financial firms increasingly explore the integration of stablecoins into their operations, Goldman Sachs has made a bold prediction: the stablecoin sector could soon reach valuations in the trillions. This optimism comes on the heels of significant regulatory developments, most notably the recent introduction of the GENIUS Act, which aligns state and federal frameworks for stablecoin regulation. ‘Stablecoin Gold Rush’ US Treasury Secretary Scott Bessent expressed confidence in the role of stablecoins, suggesting they could significantly boost the market for US Treasuries. According to a report from the Financial Times, Bessent has indicated that the government may increase the sale of short-term debt to meet the anticipated demand for these cryptocurrencies. Goldman Sachs views this moment as the dawn of a “stablecoin gold rush.” In a recent research paper authored by Will Nance and his team, the bank noted that the global market for stablecoins currently stands at approximately $271 billion. They anticipate significant growth, particularly for Circle’s USD Coin (USDC) stablecoin, which they believe will gain market share both on and off the Binance platform. The report estimates that USDC could see an impressive $77 billion increase, representing a compound annual growth rate (CAGR) of 40% from 2024 to 2027. The Potential Impact Of Dollar-Pegged Cryptocurrencies The potential market for stablecoins is vast, with Goldman Sachs highlighting that Visa estimates the addressable market for payments at around $240 trillion in annual payment volume. Consumer payments alone account for about $40 trillion, while business-to-business (B2B) payments and person-to-person (P2P) transactions make up the remainder. The unique structure of stablecoins—requiring them to be backed one-to-one with US dollars or government bonds—means that each stablecoin issued directly increases demand for the bonds that back them. Some market analysts believe this approach will have a profound impact on the bond market, particularly for short-dated bonds, which often yield low interest rates. A research paper from the Bank for International Settlements also supports Goldman Sach’s view, suggesting that significant inflows into the stablecoin market could lower three-month Treasury yields by 2 to 2.5 basis points within a short time frame. However, the bank’s paper also notes that the effects of stablecoin outflows are disproportionately greater, causing yields to rise by two to three times as much. Amid significant regulatory progress from the Trump administration, including the passage of the GENIUS Act for stablecoins, the CLARITY Act, and the Anti-CBDC bill, there have been increased inflows in the broader crypto market. Significant capital has entered Bitcoin and Ethereum exchange-traded funds (ETFs), and there is a new trend of adopting cryptocurrencies as treasury reserves. These factors have led to a new all-time high in total crypto market capitalization of $4.17 trillion. As of this writing, the figure has dropped to $3.81 trillion, as the market’s largest cryptocurrencies have led the correction witnessed since last week. Featured image from DALL-E, chart from TradingView.com

The Wormhole Foundation has stepped into the spotlight with a challenge to LayerZero’s $110 million bid to acquire Stargate Finance. Rather than sitting on the sidelines, Wormhole is questioning whether the current deal truly reflects Stargate’s value and potential. LayerZero’s Offer Sparks Controversy LayerZero proposed a full buyout of circulating Stargate tokens using its own ZRO token, valuing each STG at roughly 17 cents. For the deal to go through, Stargate’s token holders have to approve it. And not just with a simple majority. The vote needs approval from 70 percent of veSTG holders and must meet a specific quorum. Wormhole Pushes Back on Valuation Wormhole doesn’t think the offer matches the actual strength of Stargate’s position. The protocol has more than $92 million in its treasury, most of it in stablecoins and Ethereum. Beyond that, Stargate has been moving serious volume. In July alone, it processed nearly $4 billion in bridge transfers. That’s a tenfold increase from last year. With nearly $350 million in total value locked across dozens of chains, Wormhole believes Stargate is worth more than what’s on the table. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in August2025 A Call to Pause the Vote Wormhole has asked for a short pause in the voting process. The reason is simple. They want the chance to submit a competing proposal. They argue that combining Stargate’s liquidity and user base with Wormhole’s infrastructure could bring better long-term value. They also believe users deserve time to consider options beyond what LayerZero has proposed. BitcoinPriceMarket CapBTC$2.28T24h7d30d1yAll time LayerZero Holds Its Ground LayerZero is defending its proposal. From their perspective, the token swap already includes a fair premium based on Stargate’s market price and fundamentals. They see it as a way to align both projects, bring order to their resource allocation, and fund future buybacks for the ZRO token using Stargate’s revenue. The team believes this is a logical next step rather than a hostile move. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Governance Vote Now in Focus The Stargate community vote is still underway. For it to pass, at least 1.2 million veSTG tokens need to be counted, and 70 percent of those votes must support the proposal. After facing community backlash, LayerZero did revise the plan to give protocol revenue to those holding locked tokens. But the update hasn’t put the issue to rest. The vote remains divisive. What’s at Stake This decision goes beyond one protocol buying another. It reflects bigger questions about how decentralized finance platforms should grow and who should be steering that direction. If LayerZero succeeds, it could mark a major step toward centralizing cross-chain liquidity under fewer umbrellas. If Wormhole gets its shot, it could introduce a model built more on collaboration than consolidation. Either way, Stargate’s next move will likely ripple through the entire bridge and interoperability landscape. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Wormhole is challenging LayerZero’s $110 million offer to acquire Stargate, questioning whether the valuation reflects the protocol’s true potential. LayerZero’s deal involves a ZRO token swap for all circulating STG tokens, but it requires 70% approval from veSTG holders with a quorum met. Wormhole argues Stargate’s $92 million treasury, $350M TVL, and $4B in monthly bridge volume point to a higher valuation and broader strategic value. Wormhole has requested a pause in the vote to submit a competing proposal, suggesting a more collaborative path forward. The outcome of this vote could set the tone for future DeFi mergers, raising questions about centralization versus protocol alignment. The post Wormhole Stakes Its Claim in Stargate Contest appeared first on 99Bitcoins.

Several major crypto advocacy groups have rallied behind Brian Quintenz to lead the Commodity Futures Trading Commission. The letter of support came from a mix of influential organizations including the Crypto Council for Innovation, Blockchain Association, DeFi Education Fund, Digital Chamber, Satoshi Action Fund, and the Solana Policy Institute. They made it clear they believe Quintenz has the right mix of technical understanding and integrity to take on the role. Urgency Underlined in Letter to the President In their message to the President, these groups didn’t hold back. They described this moment as a rare opportunity to bring the United States into what they called a golden age of digital assets. They pointed to Quintenz’s deep knowledge of blockchain and praised his leadership style, judgment, and professional reputation as reasons to move quickly on his confirmation. Familiar Face, Crucial Time Quintenz is no stranger to the agency. He served as a commissioner at the CFTC from 2017 to 2021, a period when crypto markets were beginning to gain real attention from regulators. More recently, he has been involved with policy at a crypto-focused investment firm, giving him continued exposure to how the space has evolved. That track record gives him credibility with both regulators and industry insiders. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Confirmation Stalled in Senate Even with industry backing, his confirmation has hit a wall. The Senate Agriculture Committee postponed a procedural vote twice in July. That pause, according to sources familiar with the process, came after a request from the White House. There’s also been pushback from certain corners of the industry, including notable voices like the Gemini co-founders, who have raised concerns about his nomination. BitcoinPriceMarket CapBTC$2.28T24h7d30d1yAll time Why the Stakes Are High This isn’t just about filling an empty seat. The CFTC is currently operating with only two commissioners, and both have signaled plans to step down. That leaves the agency in a vulnerable spot just as Congress is debating major legislation around digital assets. Without a confirmed chair in place, it will be difficult for the commission to participate meaningfully in shaping how crypto fits into the broader regulatory system. DISCOVER: 20+ Next Crypto to Explode in 2025 Industry Eyes Confirmation as Turning Point The endorsement of Quintenz reflects how seriously the crypto sector is taking this moment. Advocacy groups view his appointment as a way to bring structure and long-term direction to how digital commodities are governed. Regulators are still adapting to the speed and complexity of blockchain innovation. The call for someone who understands both policy and product is louder than ever. What Comes Next The Senate is still in recess, so for now everything is on hold. But behind the scenes, this confirmation process is being watched closely. Whoever takes the helm at the CFTC will help shape how innovation and regulation interact going forward. It’s not just about one man’s career. It’s about who gets to set the tone for how crypto fits into the future of financial oversight in the U.S. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Top crypto advocacy groups are backing Brian Quintenz for CFTC Chair, calling him the right mix of policy experience and blockchain knowledge. Supporters sent a letter to the President urging a quick confirmation, framing this as a chance to advance responsible crypto regulation. Quintenz previously served as a CFTC commissioner and more recently worked with a crypto investment firm, giving him industry and policy credibility. Despite strong industry support, his confirmation has stalled in the Senate. This is reportedly due to a White House delay and pushback from some crypto figures. The CFTC is facing leadership gaps during a crucial legislative moment. Industry leaders see Quintenz as a key figure to guide crypto oversight. The post Crypto Alliances Back Quintenz for CFTC Chair appeared first on 99Bitcoins.

Ethereum price started a recovery wave from the $4,050 zone. ETH is now back above $4,220 but it faces many hurdles near $4,400. Ethereum started a recovery wave above the $4,150 and $4,220 levels. The price is trading below $4,350 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below the $4,220 zone in the near term. Ethereum Price Faces Resistance Ethereum price extended losses after there was a close below the $4,250 level, like Bitcoin. ETH price gained bearish momentum and traded below the $4,150 support zone. The bears were able to push the price below the $4,120 support zone. Finally, the price tested the $4,065 zone. A low was formed at $4,065 and the price recently started a recovery wave above the 23.6% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low. However, the bears are active near the $4,350 zone and the 61.8% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low. There is also a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,355 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,350 level. The next key resistance is near the $4,380 level. The first major resistance is near the $4,460 level. A clear move above the $4,460 resistance might send the price toward the $4,500 resistance. An upside break above the $4,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,565 in the near term. Another Decline In ETH? If Ethereum fails to clear the $4,380 resistance, it could continue to move down. Initial support on the downside is near the $4,240 level. The first major support sits near the $4,200 zone. A clear move below the $4,200 support might push the price toward the $4,120 support. Any more losses might send the price toward the $4,050 support level in the near term. The next key support sits at $4,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $4,220 Major Resistance Level – $4,380

TRON (TRX) has maintained relative stability despite recent market-wide corrections, recording only a minor decline of around 2% over the past week. The asset continues to hold above $0.35, reflecting steadiness when compared to other major altcoins. On a longer time frame, TRON remains in an upward trend, posting a 4.7% gain in the last two weeks. This performance stands out against a backdrop of volatility across the broader cryptocurrency market. Analysts suggest that part of this resilience may be tied to TRX’s relative strength against Bitcoin (BTC). Market data indicates that while most leading altcoins have shown weakness in their BTC pairs, TRON has demonstrated consistent momentum. This divergence has drawn closer attention from traders and investors seeking assets that maintain performance during corrective phases in the crypto sector. TRX Outperforms Altcoins in BTC Pairs According to data shared by CryptoQuant contributor Crazzyblockk, TRON has outpaced other major altcoins in weekly BTC pair performance. The TRX/BTC ratio recorded a 2.66% increase, while ETH/BTC remained nearly flat at 0.02%, XRP/BTC dropped by 2.28%, and SOL/BTC rose by just 0.85%. This distinction suggests stronger market demand for TRX compared to its peers. The analyst explained that TRON’s sustained performance in its BTC pair highlights growing investor interest and resilience at a time when other altcoins continue to struggle. “While most altcoins continue to face uncertainty in their BTC pairs, TRON stands out with consistent positive momentum, suggesting stronger demand and resilience,” Crazzyblockk noted. He further added that monitoring TRX’s strength against Bitcoin could provide signals of broader capital rotation toward TRON, especially if the trend continues over the coming weeks. TRON Network Expands as USDT Adoption Surges Beyond price performance, the TRON network has seen notable growth in its role as a leading blockchain for stablecoin activity. Another CryptoQuant analyst, Arab Chain, highlighted that TRON has consolidated its position as the primary network for USDT transactions. From January to August 2025, the number of cumulative addresses receiving USDT on TRON surged from about 5 million to over 35 million. This expansion shows TRON’s increasing use case for remittances and digital payments, supported by its low-cost and high-speed infrastructure. While the number of addresses may not precisely reflect individual user counts, the steady increase points toward broad adoption across exchanges, wallets, and decentralized applications. Arab Chain observed that the consistent rise indicates genuine demand and organic network growth, with new participants entering the ecosystem rather than merely reusing existing accounts. The trend also points to a maturing ecosystem for TRX as a central hub for stablecoin flows. The analyst notes that the platform’s ability to capture a large share of the stablecoin market reinforces its strategic role in the wider cryptocurrency sector. If this momentum continues, TRX could further establish itself as a foundational layer in the digital asset economy, particularly in the context of global stablecoin adoption. Featured image created with DALL-E, Chart from TradingView

Bitcoin price is attempting to recover from $112,500. BTC is back above $114,000 but faces many hurdles on the way up to $120,000. Bitcoin started a recovery wave above the $113,500 zone. The price is trading below $115,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $114,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $115,000 resistance zone. Bitcoin Price Finds Support Bitcoin price started a fresh decline after a close below the $115,500 level. BTC gained bearish momentum and traded below the $113,500 support zone. There was a move below the $113,000 support zone and the 100 hourly Simple moving average. The pair tested the $112,500 zone. A low was formed at $112,400 and the price is now attempting to recover toward the 23.6% Fib retracement level of the recent decline from the $124,420 swing high to the $112,400 low. Bitcoin is now trading below $115,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $114,800 level. There is also a key bearish trend line forming with resistance at $114,800 on the hourly chart of the BTC/USD pair. The first key resistance is near the $115,000 level. The next resistance could be $115,500. A close above the $115,500 resistance might send the price further higher. In the stated case, the price could rise and test the $118,400 resistance level. It is close to the 50% Fib retracement level of the recent decline from the $124,420 swing high to the $112,400 low. Any more gains might send the price toward the $120,000 level. The main target could be $121,500. Another Decline In BTC? If Bitcoin fails to rise above the $115,000 resistance zone, it could start a fresh decline. Immediate support is near the $113,500 level. The first major support is near the $112,400 level. The next support is now near the $111,500 zone. Any more losses might send the price toward the $110,000 support in the near term. The main support sits at $108,000, below which BTC might take a major hit. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $113,500, followed by $111,500. Major Resistance Levels – $115,000 and $115,500.

Digital-asset investment products pulled in $3.75 billion last week, lifting assets under management to $244 billion on August 13. The total ranks among the largest weekly inflows seen recently, CoinShares data shows. Prices rose, but the main driver was money moving into funds rather than a broad retail rush. Concentrated Flows From A Single Product Based on reports from CoinShares, almost all of the inflows came through one provider. The US accounted for $3.73 billion, almost the entire week’s total. Canada added $33.7 million, Hong Kong close to $21 million, and Australia $12 million. By contrast, Brazil and Sweden recorded outflows of $10.6 million and $50 million. Market participants say the bulk of the cash was funneled into a single iShares product, which helps explain how a relatively narrow set of flows moved overall AUM so sharply. Ethereum Draws The Most Money Ethereum attracted the lion’s share of last week’s inflows at $2.87 billion, or 77% of the total. That brings year-to-date net inflows into ETH to about $11 billion. Ethereum now makes up nearly 30% of assets under management, versus Bitcoin’s 11.6%. Bitcoin’s weekly intake was $552 million. Other moves included Solana taking $176.5 million and XRP adding $126 million, while Litecoin and Ton showed small outflows of $0.4 million and $1 million, respectively. These numbers point to a clear shift in where institutional money is parked this week. Corporate Holdings And Supply Notes Reports have disclosed that more than 16 companies have added Ethereum to their balance sheets, according to CryptoQuant. Together they hold about 2.45 million ETH, valued at roughly $11 billion, and those coins are effectively out of circulation while locked in treasuries or cold storage. It’s worth noting that Ethereum does not have a fixed supply like Bitcoin; about one million ETH was added to supply last year, and supply dynamics can vary with network activity. Watch Futures And Large Holders Futures open interest sits near $38 billion, a sizeable figure that raises the chance of swift price moves when positions are closed. Large, concentrated holders and sudden shifts in futures positions have shown they can push prices sharply in either direction. For now, this is a flow-driven event more than a broad retail surge. If the same product keeps taking in large sums, it will keep adding upward pressure. At the same time, thin liquidity and big positions can flip gains into losses fast. Investors and traders should keep an eye on weekly fund flows, futures open interest, and on-chain movements to see whether the trend spreads beyond a few big buyers. Featured image from Meta, chart from TradingView

In a thread on August 19, analyst Miles Deutscher argued that MicroStrategy’s market-implied net asset value (mNAV) premium—the core gear in Michael Saylor’s Bitcoin acquisition flywheel—has compressed sharply, weakening the feedback loop that helped the company outpace Bitcoin through most of the cycle. “Michael Saylor built the craziest BTC flywheel in history. But his buying power is starting to fade. The market is now asking one question: ‘Is the BTC treasury bubble finally popping?’” MicroStrategy’s Bitcoin Premium Is Fading Deutscher grounds the discussion in how investors currently value MicroStrategy. “People often overlook that MicroStrategy has a legacy software business, which continues to generate revenue. However, MicroStrategy has essentially become a company whose valuation is primarily influenced by its BTC holdings. The entire system is powered by mNAV (Market-Implied NAV).” In practical terms, the mNAV multiple is the premium investors pay over the company’s look-through Bitcoin value to access leveraged BTC exposure via MSTR. “An mNAV of ~1.58x means the market is paying a 58% premium for their BTC.” According to Deutscher, that premium “was once a 3.4x mNAV” when Bitcoin was surging, but it has “now decreased to 1.58x. Demand is slowing down.” In other words, what had been a powerful flywheel—high premium enabling cheap equity issuance that funded more Bitcoin purchases, which in turn kept NAV rising and the premium elevated—now spins with much less torque. That shift intersected with a contentious corporate action. “Recently, Saylor sparked controversy by revealing that Strategy had revised its MSTR Equity ATM Guidance to offer greater ‘flexibility’ in executing its capital markets strategy.” The implication, Deutscher argues, is that greater issuance flexibility “may dilute shareholder value and increase financial risk tied to Bitcoin’s volatility.” He notes that “the market is quite divided” on the change. On the constructive side, he quotes @thedefivillain’s take—“Slower concentration of supply in Saylor’s hands,” “Greater leverage to justify mNAV,” and “Reduced buying pressure for BTC in dollar terms”—as reasons the revision could ultimately be benign. But critics worry about “the possibility of a ‘death spiral.’ The removal of the 2.5x mNAV safeguard for equity issuance may allow MicroStrategy to sell shares at lower valuations.” Reflexivity, in Deutscher’s telling, is the operative risk factor: “Reflexivity is a brutal force that operates in both directions.” A Hypothetical Scenario Deutscher then sets up a stress-test to illustrate how that reflexivity could bite if Bitcoin weakens and the premium compresses to parity. “If BTC’s price drops 20% and MicroStrategy’s mNAV multiple falls to 1.0x, the stock might plummet by 46.5%.” He walks through the arithmetic from a notional baseline of $115,000 per BTC, which on a 20% decline would fall to $92,000. On MicroStrategy’s “226,331 BTC,” he calculates that would put look-through NAV at $20.82 billion. To align an mNAV of exactly 1.0x, he backs into enterprise value and market cap under that scenario: “Starting with an enterprise value of $20.82 billion, we subtract MicroStrategy’s $2.2 billion in debt and add its $0.1 billion in cash. This calculation unveils the company’s market cap, hitting $18.72 billion, a significant pullback from its original $35 billion market cap.” The conclusion he draws from the modeled path—BTC −20% to ~$92,000, mNAV → 1.0x, MSTR market cap −46.5%—is that MicroStrategy’s equity remains a leveraged instrument with an outcome path that can be materially worse than Bitcoin itself when the premium compresses. Beyond the scenario math, Deutscher links recent spot price action to changing marginal demand. “I think BTC’s recent weakness can be attributed to the market starting to price in reduced Saylor demand/tail potential risk of the revised ATM guidance.” In parallel, he highlights how the proliferation of spot ETFs erodes the original rationale for paying a large listed-company premium to own BTC “beta”: “Spot Bitcoin ETFs are plentiful now. Why would you pay a 58% premium for MSTR’s leveraged exposure when you can grab IBIT at a clean ~1.0x NAV?” By his framing, the mNAV premium itself “was indicative of the market’s view that MSTR was going to outperform BTC.” With that view fading, the premium looks less like an enduring structural feature and more like a belief-sensitive variable. “In my opinion, the MSTR premium is essentially a gamble. You’re betting on three fragile things: unwavering market confidence, open capital markets, and Saylor’s leadership. If any of those pillars start to wobble, the premium collapses.” At press time, BTC traded at $113,624.

XRP slipped below the critical $3.00 level this week, extending its losing streak as whale sell-offs and regulatory uncertainty weighed heavily on the market. Currently trading at $2.8, XRP has made a 3.68% decline in the past 24 hours, with trading volume rising slightly by 0.82% to $6.85 billion. The latest downturn comes after on-chain data revealed that whales offloaded 470 million XRP tokens over the past 10 days, slashing their cumulative holdings to just 7.63 billion coins. Large-scale exits by wallets holding between 10 million and 100 million XRP suggest institutional desks and high-net-worth traders are taking profits after XRP’s recent rally to above $3.39 earlier this month. XRP Price Action: $2.85–$2.90 Becomes Key Battleground Price action data shows XRP’s sharpest drop occurred between 13:00 and 15:00 UTC on August 19, when it slid from $3.04 to $2.93 as volume spiked to 137 million, nearly double the daily average. Despite heavy selling, buyers repeatedly defended the $2.85–$2.88 zone, preventing further collapse. Currently, XRP is consolidating near $2.85–$2.90, a sign that short-term selling pressure may be easing. Still, resistance at $3.04 has been confirmed, making a bullish recovery difficult without stronger demand. Can Bulls Hold the Line at $2.8? For traders, the $2.8 level is now the most critical support to watch. A breakdown could open the door for a deeper decline, while reclaiming $3.00 would signal renewed buyer strength. Analysts note that a recovery above $3.19 is essential for momentum to shift back in favor of the bulls. Adding to the pressure, a security audit ranked the XRP Ledger lowest among 15 major blockchains, sparking concerns over long-term resilience. Meanwhile, the U.S. SEC has delayed decisions on several XRP ETF applications, including Nasdaq’s CoinShares filing, until October, deepening regulatory uncertainty. Until the SEC rules on ETF filings in October, XRP may remain volatile as whales continue to offload and institutional investors adjust their portfolios. Whether this dip is a healthy correction or the start of a broader downturn will depend on how well XRP can defend its current support levels in the days ahead. Cover image from ChatGPT, XRPUSD chart from Tradingview