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The memecoin market has stumbled during the latest altcoin correction, with many tokens losing both market share and prominence in the broader crypto narrative. Once the center of retail-driven hype, memecoins are now struggling to keep pace as capital flows shift toward more established altcoins and fundamentally strong projects. The momentum that propelled these speculative assets during the late stages of last year’s minor rally has largely dissipated, leaving most trading well below their recent highs. While a handful of select memecoins continue to deliver notable gains, they remain the exception rather than the rule. The current altcoin rally has favored sectors with deeper liquidity and stronger institutional interest, pushing memecoins further into the background. This shift suggests that traders are becoming more selective, avoiding high-volatility tokens without strong catalysts. Top analyst Darkfost notes that memecoins are clearly lagging compared to the broader altcoin market, both in performance and in investor attention. Without a resurgence of hype-driven buying, these tokens may continue to underperform in the near term. For now, the memecoin market faces an uphill battle to reclaim its former momentum, as attention and capital concentrate on assets showing stronger technical and fundamental strength. Memecoins Struggle as Liquidity Flows Toward Ethereum According to Darkfost, the memecoin market is facing a challenging phase as Ethereum continues to absorb a significant share of overall altcoin liquidity. This shift has steadily reduced memecoins’ dominance relative to other altcoins, signaling a clear change in market preference. Darkfost notes that while a handful of memecoins are still delivering gains, their performance is largely anecdotal and not indicative of a broader trend. The analyst emphasizes that this is “clearly not memecoin season” and warns traders against overexposing themselves to the sector in the current market environment. Without the hype cycles and speculative inflows that typically fuel sharp rallies in this asset class, price action has remained subdued for most tokens. In contrast, capital has increasingly flowed toward Ethereum and other fundamentally strong projects that are showing momentum. Darkfost advises that caution should be the guiding principle for investors considering memecoin positions at this time. With Ethereum approaching new highs and pulling liquidity from the broader altcoin market, the conditions for a strong memecoin recovery remain limited. Looking ahead, the coming weeks will be decisive. If Ethereum breaks into uncharted territory and altcoins rally toward their range highs, some spillover effect could reignite interest in memecoins. However, without a significant shift in sentiment and liquidity distribution, the sector may continue to lag, leaving traders better positioned by focusing on assets with stronger technical and fundamental setups. Memecoin Market Cap Analysis The total memecoin market cap currently stands at approximately $70.74 billion, showing a modest +2.64% gain in the last session. Despite the recent uptick, the chart reflects a period of heightened volatility following a sharp rally in July that peaked near the $80 billion mark. Since then, the market has struggled to sustain momentum, with repeated rejections at higher levels and a gradual shift toward consolidation. The 50-day simple moving average (SMA), currently near $66.57 billion, is acting as a dynamic support level, with recent pullbacks finding buying interest around this zone. This suggests that while bullish sentiment has weakened, buyers are still stepping in to defend key support areas. Trading volume has also increased in recent sessions, indicating that market participants are actively positioning despite the broader slowdown. However, the inability to break convincingly above $75 billion signals that sellers are still in control of the upper range. For a stronger recovery, memecoin market cap would need to reclaim and hold above the $75–$76 billion area. Conversely, a breakdown below the 50-day SMA could open the door to a deeper correction, potentially testing the $64–$65 billion range. Featured image from Dall-E, chart from TradingView

Allegiant Gold (TSXV: AUAU) has once again increased the size of its recently arranged private placement to fund the company’s exploration plans in Nevada. In a press release Friday, the gold junior said it will now issue up to 21 million units at C$0.50 each. Each unit comprises one common share and one-half of a warrant that is exercisable at C$0.70 per share for 18 months. This represents Allegiant’s second upsizing since its initial financing announcement of C$7 million on July 29. Shortly after, it increased the financing size to C$8.5 million, and has now raised it by 50% to C$10.5 million. Shares of Allegiant Gold soared on the news, trading at a new 52-week high of C$0.85 with a market capitalization of C$58.1 million ($42 million). The stock had traded as low as $0.20 this year. As disclosed previously, the company plans to use the proceeds to fund exploration at its flagship Eastside gold-silver project, located 35 km from the town of Tonopah. “This financing will allow us to accelerate the development of Eastside through expanded geophysics, detailed mapping, and up to 18,000 metres of additional RC (reverse circulation) and diamond core drilling,” Allegiant’s CEO stated in a July 29 press release. The Eastside project, covering 80 km2 of mineral claims, is still in the resource expansion stage. Exploration to date has delineated a total inferred resource of 1.1 million oz. in gold and 8.8 million oz. of silver.

New drilling at Marimaca Copper’s (TSX: MARI; ASX: MC2) Pampa Medina property in northern Chile has expanded the size of the ore body, the company said. The stock surged to its highest level in more than 13 years. Hole SMRD-16 cut 70 metres grading 1% copper from 434 metres downhole, including 10 metres of 4.2% copper from 438 metres depth, Marimaca said Friday in a statement. It also extended the high-grade sediment-hosted manto-system by 300 metres to the west from previous drilling. Another hole, SMRD-15, intersected 42 metres of 0.51% copper from 158 metres. “Today’s results further demonstrate the longer-term potential of Pampa Medina as the company continues to expand the size of the defined area where they see high-grade mineralization,” National Bank Financial mining analyst Andrew Dusome said Friday in a note. He gives an “outperform” rating to Marimaca shares. Marimaca stock surged about 13% to C$11.23 in early afternoon trading Friday ton the Toronto Stock Exchange, its highest level since April 2012. Marimaca Copper now has a market capitalization of about C$1.2 billion. It’s the second time in about six weeks that Marimaca has spurred investor enthusiasm by disclosing high-grade copper hits at Pampa Medina. The project is about 25 km west of the company’s main Marimaca Oxide Deposit (MOD) and 1,250 km north of the Chilean capital Santiago. The results are part of a 10,000-metre drilling program that the Vancouver-based miner is carrying out with three rigs. As mineralization remains open, extensional drilling will now focus on the north and west, the company said. Crews are targeting mineralized intersections with true widths exceeding 20 metres at an average copper grade of 1% or more, CEO Hayden Locke said. “We see enormous potential for a large scale, highly economic, underground copper mining opportunity,” Locke said in Friday’s statement. A definitive feasibility study for MOD, expected for the fourth quarter, should pave the way for the construction of a 50,000-tonne-per-year copper cathode mine “in the near term”, Locke says. Other drilling highlights released Friday included hole SMRD-13, which cut 6 metres of 12% copper from 594 metres downhole, including 26 metres of 4.1% copper from 580 metres depth. SMRD-13 sits 300 metres west of SMRD-15. Pampa Medina is located at low altitude in a flat pampa valley within the Atacama Desert. It’s also close to existing powerlines, water pipelines and major ports. Other nearby projects include Capstone Copper’s (TSX: CS; ASX: CSC) Mantos Blancos project, which is 40 km away; Antofagasta’s (LSE: ANTO) Antucoya project, 54 km away; and BHP’s (ASX, NYSE, LSE: BHP) Spence project, 77 km away.

Is USELESS crypto going to be the next $1 billion market cap meme coin on Solana? Many crypto traders think so and for good reasons. The recent rally for USELESS follows a series of major exchange listings. Coinbase, Binance US, and Kraken all boosted the token this week, giving it the kind of exposure most meme coins can only dream of. Coinbase confirmed the listing in an official post on X, and trading kicked off in line with their roadmap. The results? USELESS is showing incredible relative strength. Let’s explore why this meme coin has the potential to hit a $1 billion market cap. EXPLORE: Top 20 Crypto to Buy in 2025 On-Chain Volume and Holder Growth: The Numbers Don’t Lie Currently, USELESS is outperforming crypto giants like BTC, ETH, SOL, and HYPE. Among meme coins, it’s holding its ground against established players like DOGE, TRUMP, SPX, and FARTCOIN. For a coin that markets itself as “useless,” it’s proving surprisingly effective at grabbing attention, and charts. The numbers are hard to ignore. Over the past three days, USELESS surged 76%, currently trading around $0.298. The coin has amassed 30,000+ holders and daily on-chain volume exceeding $100 million. It’s the third most traded memecoin on-chain, trailing only TRUMP and FARTCOIN. With three Tier 1 listings already live, the floodgates may open wide in the coming months. (Source) History shows that USELESS thrives even in tough markets. Its first parabolic rally saw a market cap jump from $4.2 million to $420 million—an impressive feat for a coin that openly brags about doing nothing. Coinbase’s announcement marks what could be the fastest memecoin listing in the platform’s history (with only TRUMP taking the faster lane). Just a day later, Coinbase teased that “altcoin season is coming”. Well, we hope they are right. In a market full of ambitious, utility-driven coins, USELESS stands out by leaning fully into absurdity—and it’s working. Between massive exchange listings, strong on-chain volume, and a dedicated holder base, USELESS could very well be on track to hit the elusive $1 billion market cap. DISCOVER: Best Wallet Now Supports Solana, Full BTC Swaps Available Too, Plus Gamification Features USELESS Crypto Price Analysis: Resistance and Support Levels To Watch (USELESSUSDT) Looking at the 4-hour chart, USELESS has recently bounced strongly from the $0.240 support level and is currently testing resistance around $0.282–$0.296. If the upward momentum continues, the next key resistance sits near $0.336, which could be a short-term target. On the downside, $0.240 remains the primary support, followed by $0.200, which has previously acted as a consolidation zone. The RSI is around 61, suggesting bullish strength without being overbought, while the MACD is showing a bullish crossover, reinforcing the current upward trend. Overall, USELESS appears positioned for continued gains as long as it maintains above the $0.240 support level. If nothing else, USELESS proves one thing: sometimes being completely useless is exactly what the market wants. The path to a $1 billion market cap looks very plausible right now. EXPLORE: Top Solana Meme Coins to Buy in 2025 Key Takeaways USELESS crypto outperforms major other projects and established memecoins, driven by Coinbase, Binance US, and Kraken listings. Strong metrics: 30,000+ holders, $100M+ daily volume, and recent 76% surge indicate high market interest. USELESS Price Analysis: Technicals show bullish momentum above $0.240 support, with potential short-term target near $0.336. The post Is USELESS Crypto Ready To Be The Next $1 Billion Solana Meme Coin? appeared first on 99Bitcoins.

The Bitcoin and Ethereum prices have crashed significantly in the last 24 hours. This follows developments on the macro end, which have sparked a bearish sentiment among investors, leading to a wave of sell-offs. Why Bitcoin and Ethereum Prices Are Crashing CoinMarketCap data shows that the Bitcoin and Ethereum prices are crashing, down over 3% and 2%, respectively, in the last 24 hours. This crash is partly thanks to U.S. Treasury Secretary Scott Bessent’s statement about the proposed Strategic Bitcoin Reserve. In a Fox Business Interview, he said that the country won’t be buying Bitcoin. However, Bessent added that they have no plans to sell the Bitcoin they currently hold, which he claimed is worth between $15 and $20 billion. Instead of buying, the U.S. government plans to use only confiscated assets and opt against selling them. Investors viewed Bessent’s statement as bearish, considering that Donald Trump’s executive order establishing the strategic reserve said the U.S. would consider ways to buy more Bitcoin. Furthermore, Bessent’s statement had also suggested that the U.S. Congress wasn’t going to follow through with Senator Cynthia’s BITCOIN Act. This bill proposes that the country will buy 1 million BTC over five years. The market has been pricing in the possibility of this happening, given its bullish implications for the Bitcoin price and the Ethereum price by extension. However, a positive for the Bitcoin and Ethereum prices is the fact that Bessent’s statement about the current value of the U.S. BTC holdings shows that they haven’t sold their coins. There were earlier reports that the U.S. had sold a significant portion of its Bitcoin holdings after the U.S. Marshals said they held only 28,988.356 BTC in response to an FOIA request. Arkham data shows that the U.S. holds 198,022 BTC, worth around $23 billion. U.S. PPI Data Contributes To Crash The U.S. PPI data that was released yesterday also contributed to the Bitcoin and Ethereum price crash. Data from the Labor Department showed that PPI inflation rose to 3.3% year-on-year (YoY) in July, which was way above expectations of 2.5%. Meanwhile, the monthly PPI came in at 0.9%, also way above the expected 0.2%. Bitcoin and Ethereum had witnessed a sharp drop following the release of the data. The PPI data is bearish for crypto prices because it could make the Fed reconsider cutting rates at the September FOMC meeting. Before the PPI release, CME Fedwatch data had shown that there was a 99% chance that the Fed would make a 25 basis point cut in September. However, these odds have dropped to around 93%. Although this suggests that the Fed will still cut rates, rising inflation in the U.S. isn’t good for Bitcoin and Ethereum prices, since it could restrain how much investors can invest in these risk assets.

This week has been essential for the future course of action for both the Aussie and the US Dollar. After Tuesday's Royal Bank of Australia meeting, where the unanimous decision to cut rates by 25 bps to 3.60%, the Aussie had strengthened a tid-bit. Australian data following the meeting included Employment which largely came as expected and with the 4.2% unemployment rate, staying relatively flat, the RBA will be patient with its upcoming rate cuts – The next meeting will be on the On the other side of the Pacific, the US saw a reassuring CPI data on Tuesday right before these hopes got taken by yesterday's PPI report showing the first effect of tariff-led inflation. The USD hence appreciated but is giving this progress back today – With the uncertain economic and changing macro landscape, AUDUSD traders seem indecise. Let's look at the technicals in the pair to see why. Read More: Technical outlook for US Oil WTI before the Trump–Putin meetingAUDUSD Technical OutlookAUDUSD Daily Chart AUDUSD Daily Chart, August 15, 2025 – Source: TradingView The rebound in the pair since the 1st of August has been decent but wasn't as strong as in the EUR or GBP, as participants were looking to see what the RBA had in mind. RBA's Governor Bullock did mention back to back cuts are still a possibility, but the cut still was not too dovish – It seems that there is still some headwinds for rate-cut prospects in Australia. But how about the US? The path to the first yearly rate cut had been drawn in detail before the PPI report brought some new ink. The rising US Producer Price Index sent the pair down 0.78% yesterday and dip buyers are now appreciating the ongoing selloff in the US Dollar. The 50-Day MA is very flat indicating a lack of trends, but acts as immediate resistance (0.6520) – Keep an eye on this one for immediate bull/bear strength analysis. AUDUSD 4H Chart AUDUSD 4H Chart, August 15, 2025 – Source: TradingView Looking at the 4H timeframe shows more details of the ongoing, weirdly shaped but rangebound price action between 0.6420 lows and 0.66 highs. A few attempts to break out have been met with sudden mean-reversion, slowing the build of much volatility in the pair. The ongoing tighter range that has formed after yesterday's selloff marks the action between the 0.65 support and the 0.6550 pivot zone. Look for a clean break above or below these levels, with any failure to do so giving further strength to the 500 to 700 pip consolidation. Levels to watch for AUDUSD: Resistance Levels 0.6550 Pivot ZoneWednesday Highs 0.65690.6580 to 0.66 Resistance0.6625 2025 highsSupport Levels 0.6420 August Lows and Main Support0.6450 Psychological level0.6480 to 0.65 SupportAUDUSD 1H Chart There is an ongoing tight bull channel forming on the 1H Candles, with the ongoing USD weakness supporting the pair – Look at the hourly trendline. Watch for the aforementioned tight range in today's session for any breakout. 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.

While most cryptocurrencies saw steep declines amid a $1.05 billion liquidation wave, Cardano (ADA) stood out as the only top-50 asset in the green. Despite an 11% dip after topping $1.00 for the first time since March, ADA quickly recovered, hovering between $0.89 and $0.91 and signaling strong buyer support on dips. The resilience came even as Bitcoin retreated from its $124,128 all-time high to the $118K–$119K zone and broader macroeconomic pressures weighed on risk assets. Analysts believe ADA’s ability to maintain momentum despite market turbulence strengthens its bullish case. Cardano (ADA)’s Technical Breakout Points to 70% Upside Market analyst Ali Martinez notes that ADA has finally broken out of a descending channel that’s been in place since its December 2024 peak at $1.32. This move mirrors price action from the 2020–2021 cycle, when ADA consolidated in a similar pattern before rallying to an all-time high of $3.09. With the breakout confirmed above $0.84, Martinez projects a potential 70% run toward $1.50. Other analysts, like Crypto Yhodda, point to the repeating pattern from the last cycle, suggesting ADA could next target $1.80 before attempting a breakout toward new multi-dollar highs. Key support now lies between $0.80 and $1.00, with a sustained close above $1.02 likely confirming the next leg upward. Should bullish momentum hold, upside targets include $1.20, $1.50, and potentially $3.10 in a multi-month rally. On-Chain and Institutional Signals Boost Confidence ADA’s fundamentals are also backing the bullish case. On-chain activity has surged to 2.6 million daily transactions, with low fees of $0.12 enabling mass adoption, especially in emerging markets. The ADAV2 upgrade, featuring zero-knowledge smart contracts, decentralized governance, and Hydra scaling up to 1 million TPS, is attracting enterprise interest. Institutional adoption is accelerating as well. Grayscale has increased ADA’s allocation in its Smart Contract Platform Ex-Ethereum Fund to 20%, and the SEC is reviewing a dedicated ADA ETF. A favorable decision could unlock billions in inflows, mirroring Ethereum’s post-ETF rally. Bottom Line With technical breakout patterns aligning with on-chain strength and growing institutional interest, Cardano’s 2025 rally may be far from over. If current support zones hold, ADA could be poised for a 70% surge, challenging key resistance levels and potentially redefining its place among top altcoins. Cover image from ChatGPT, ADAUSD chart from Tradingview

Sigma Lithium (TSXV, NASDAQ: SGML) surged to a one-month high on Friday as investors welcomed its second-quarter production increase and cost reduction despite missing analyst expectations for earnings. During the three months ended June 30, 2025, the company’s production of lithium oxide concentrate totalled 68,368 tonnes, representing a 38% year-on-year increase. Importantly, the output exceeded its quarterly target of 67,500 tonnes. The Brazil-focused lithium miner also kept costs down, with all-in sustaining cash costs (AISC) coming in at $594/t, below its target of $660/t and 24% lower than the $779/t from a year ago. Despite the higher production, total sales volume dropped 23% over Q2 2024 to 40,350 tonnes, which Sigma’s management attributes to its strategy to withhold products during intense volatility in the global lithium market. As a result, revenue fell significantly compared to the 2024 quarter, at $21.1 million versus $56.3 million. Net loss also widened to $18.8 million from $10.8 million. Its net loss per share of $0.17 was a substantial miss from a consensus of $0.04 from analysts. Still, Sigma’s share responded positively, rising by nearly 10% in Toronto at C$9.17, its highest since July 25. The company has a market capitalization of C$902.7 million ($653.8 million). Sigma CEO Ana Cabral said the company’s Q2 performance highlights the strength of its “low-cost, large-scale operations and disciplined commercial strategy.” “We maintained production cadence at 68,000 tonnes and are comfortably on track to deliver on our annual production target of 270,000 tonnes while preserving pricing power in a volatile market,” she added. In the second quarter, Sigma also made progress with the expansion of its Grota do Cirilo operations in Minas Gerais by advancing the construction of a second plant, which would double its production capacity to 520,000 tonnes per year.

Just 13 days remain before the TOKEN6900 ($T6900) presale closes, and for anyone who has witnessed SPX6900’s meteoric 59,000,000% run from its launch to its current price of $1.56, the clock is ticking. Branded as $SPX’s unhinged sequel, complete with one extra token in supply for “objective superiority,” $T6900 sticks to pure meme chaos without pretending to offer utility. With the presale priced at $0.006975 and $2M+ already raised, demand is building fast, with the next stage of price hike fast approaching. The question now is simple: can TOKEN6900 ($T6900) match, or even surpass, its infamous cousin’s chart? SPX6900’s Legacy – Why it Matters for $T6900 SPX6900 launched as a tongue-in-cheek parody of the S&P 500, offering zero utility and unapologetically running on pure meme-fueled liquidity. What started at rock-bottom prices at launch ended up exploding to an all-time high of $2.28 on July 28, 2025. This locked in a 130,000% gain from its somewhat dismal performance in February 2024. Tokens like $SPX, $DOGE, and $PEPE have shown that with the right cultural spark, a coin’s narrative alone can drive massive price action. For TOKEN6900, that’s the benchmark, and the legends it’s trying to outdo. TOKEN6900’s Twist – One Extra Token & the “69” Factor TOKEN6900’s claim to being “objectively superior” comes from a single, absurd detail – its total supply is exactly one token greater than SPX6900’s. In true meme coin fashion, the quirks don’t stop there: just 6.9K tokens (0.0007%) are allocated to developers (locked for five years), while a strangely precise 24.9999% goes to “dolphins.” The number 69 runs deep in its DNA, echoing Elon Musk’s long-running fixation on pricing a Tesla Model S at $69,420, to joking that his birthday falls exactly 69 days after April 20, in response to an X post noting that Tesla closed 2023 with a 4.20% market share. $T6900 taps into that numerology for viral, culture-driven marketing. It’s satire, yes. But in the land of the best meme coins, a joke that spreads is often the most valuable utility of all. Sub-Cent Entry and Countdown to TOKEN6900 Presale Close At $0.006975, TOKEN6900 ($T6900) sits in the same sub-cent territory where SPX6900 began its parabolic run. The presale aims for a $5M hard cap, with stage-based price hikes adding urgency. Buyers can also stake their tokens for a 33% APY while waiting for the token to launch and hit exchanges. There are just 13 days left on the timer. The sale could close earlier if the $5M hard cap is reached, however, especially considering recent whale buys. That includes a single $16.3K purchase in July. Visit the official Token6900 ($T6900) presale website today. Final Thoughts Before the Presale Clock Runs Out SPX6900’s rise showed how quickly a well-timed meme coin narrative can snowball into massive returns. And TOKEN6900 ($T6900) is positioning itself as the next chapter in that story. The combination of sub-cent pricing, a clear cultural hook, and a fixed presale window appears to be appealing to those chasing the next crypto to explode. However, this is not financial advice. Meme coins are volatile by nature, so please always do your own research before buying anything.

The global iron ore market is in the midst of a major pricing shift, moving away from the long-standing 62% Fe benchmark toward a new 61% Fe specification. The change, driven by a gradual decline in ore grades and higher impurity levels, is reshaping both the physical and financial sides of the industry and raising big questions about how iron ore is valued. Why the change matters For decades, the 62% Fe grade served as the anchor for global pricing, with Pilbara Blend Fines (PBF) acting as the bellwether. But as mined grades have steadily dropped, the 62% benchmark no longer matches what is actually traded. The move to a 61% Fe baseline, effective from 2026, reflects this reality. The Singapore Exchange (SGX) has proposed iron ore futures — which see volumes more than three times larger than the physical market — to still be tied to the old specification, but with a one-off price adjustment in September to bridge the gap. This would preserve liquidity in the contract, but traders say it complicates valuations and adds basis risk. Physical market moving faster The physical market, particularly in China (which buys over two-thirds of seaborne iron ore), has already shifted. Since May, PBF shipments for July arrival have been trading closer to 61% Fe, leaving the 62% Fe benchmark increasingly disconnected from reality. A dual-index solution Price reporting agencies have begun adapting. Argus, for example, has launched a dedicated 61% Fe index alongside its 62% Fe benchmark. This allows for direct valuation of the new grade while maintaining clarity around quality differentials. Industry voices argue that a dual-index approach — using both 61% and 62% Fe benchmarks — is essential during the transition. It would allow exchanges to launch new financial products, such as a 61% Fe futures contract, that align with the physical market and restore confidence in price discovery. While the grade shift has created short-term uncertainty, it also offers a rare chance to address long-standing flaws in the pricing system. Moving to a specification that reflects what is actually traded could reduce basis risk, improve transparency, and align financial settlement with physical reality.

Most Read: Ripple (XRP/USD) Falls 6% on Manipulation Fears, Liquidations Surge. Will the $3.00 Support Hold? The Dow Jones Industrial Average reached a record high on Friday, becoming the last of the three major U.S. indexes to hit a new peak. This rally was driven by hopes for easier monetary policy, reduced trade tensions, and strong corporate earnings. The Dow climbed past its previous high of 45311 from July 28, boosted by a surge in UnitedHealth Group shares after Warren Buffett's Berkshire Hathaway announced a new investment in the company. The Dow's rise this year has been driven by strong performances from Goldman Sachs, Microsoft, and Caterpillar. Nvidia, a leader in AI and chip design, also played a big role. It became the first public company to hit a $4 trillion market value, with its stock up over 30% this year. Source: LSEG The Dow has risen over 20% since its low in April, following President Trump's announcement of major "reciprocal tariffs" to reshape global trade in favor of the U.S. With new trade deals made with the UK, Japan, and the EU, investors are confident that a global recession is unlikely. US Retail Sales Rise, Industrial Output Falls Sales growth is steady but still facing challenges. In July, overall retail sales increased by 0.5%, slightly below the expected 0.6%, with a small upward revision of 0.1%. Sales excluding autos rose by 0.3%, matching expectations, and were revised up by 0.4%. Meanwhile, control retail sales, which exclude more volatile categories, grew by 0.5%, just above the 0.4% forecast, with a similar upward revision of 0.4%. This report helps ease concerns about consumer spending after the tariff impact, thanks to small gains in sales and upward revisions to previous months' numbers. However, spending growth still seems weak, and with a slowing job market and more tariff effects expected, a big rebound in growth is unlikely. In what should be a concern for market participants when it comes to the DOW in particular, Manufacturing is showing signs of stagnation again, as weak surveys suggest. In July, industrial production dipped by 0.1%, slightly below expectations, while manufacturing output stayed flat. Although manufacturing saw some growth earlier this year, it has now leveled off, with production likely to remain sluggish in the coming months. Key indicators, like the ISM new orders index and regional Fed surveys, show ongoing weakness in future production and investment plans. Despite trade deals and tax incentives, there’s no evidence that tariffs are driving significant investment in U.S. manufacturing. High labor costs compared to overseas markets make it unlikely that tariffs alone will bring back many manufacturing jobs without causing steep price increases for consumers. Global Equity Fund Flows Hit Six-Week Highs Global equity funds saw their biggest weekly inflows in six weeks by August 13, thanks to lower-than-expected U.S. inflation and a tariff truce between the U.S. and China, which boosted investor confidence. Technology stocks, like Apple, attracted strong interest after the company announced new U.S. investments to avoid tariffs on iPhones. Investors poured a net $19.32 billion into global equity funds, bouncing back from the $7.63 billion net outflow the previous week, according to LSEG Lipper data. U.S. equity funds led with $8.77 billion in inflows, recovering part of the $13.89 billion outflow from the prior week. European and Asian funds also gained $7.08 billion and $2.07 billion, respectively. Source: LSEG Given that the Trump-Putin meeting begins in a short while, positive developments there could help remove any concerns around geopolitical risk moving forward. This in theory should be positive for risk assets and could see next week bring more flows toward global and US equity markets. Is the DOW setting up for a run toward the 50000 psychological mark? Technical Analysis - Dow Jones Index From a technical standpoint, the Dow Jones index has printed a fresh all-time high, but is experiencing a pullback at the time of writing. The index is down around 0.59% on the day. The golden cross pattern which took place on Tuesday and helped propel the index to fresh all-time highs may potentially be in for a retest in the week ahead. As discussed above, the outcome of the Trump-Putin meeting could be the catalyst for risk assets and more particularly global equities to continue their impressive rise. Trade deal concerns may remain, but a potential Russia-Ukraine deal could remove some of the geopolitical risk premium which has lingered in the minds of market participants despite the impressive equities rally in 2025. On the upside there is no historical price action to analyze. This means focus will be on whole numbers and psychological levels such as the 46000 and 46500 handles. A deeper pullback may look toward the 50-day MA which rests at 44382 before the 100 and 200-day MAs come into focus around the 43000 handle. Dow Jones Daily Chart, August 15, 2025 Source: TradingView (click to enlarge) Client Sentiment Data - DOW JONES Index Looking at OANDA client sentiment data and market participants are short on the DOW with 75% of traders net-short. I prefer to take a contrarian view toward crowd sentiment and thus the fact that so many traders are short means the Dow Jones Index could rise in the near-term. 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.

Montage Gold (TSX: MAU) says a worker died Thursday following an accident at the company’s Koné project in Côte d’Ivoire. Construction activities at the site resumed Friday after a one-day pause, a company spokesman said via e-mail. The incident took place during earthwork activities at Koné, Vancouver-based Montage said late Thursday in a statement. “The health, safety and welfare of our colleagues is our top priority and we are deeply saddened by this news,” Montage said in the statement. “We extend our sincere sympathies and support to his family, colleagues and friends.” A “comprehensive” internal investigation into the accident – which occurred more than 1 km away from the employee’s assigned work location – is under way, the company said. Montage has notified local authorities and says it will work closely with them. Koné, which has an estimated mine life of 16 years, is expected to start producing gold in 2027. Annual gold output is expected to average 300,000 oz. in the first eight years. “We don’t anticipate any material impact to development while the investigation is ongoing,” National Bank Financial mining analyst Mohamed Sidibé said Friday in a note. Montage shares gained 0.2% to C$5.14 apiece Friday morning in Toronto, giving the company a market capitalization of C$1.85 billion. The stock has traded in a 12-month range of C$1.71 to C$5.30. Koné is located about 350 km northwest of Yamoussoukro, Côte d’Ivoire’s political capital, and about 600 km northwest of Abidjan, the country’s commercial capital. It’s accessible year-round via an asphalt road.

Since our most recent analysis, the energy commodity has kept struggling, but it seems that some change is happening. Yesterday’s rebound looks to have carved out an intermediate bottom after Wednesday's dragonfly doji (which you may discover on the charts). Oil’s slide in recent weeks has been less about fresh supply or demand shocks and more about the market’s inability to find better hopes for global growth amid growing supply. All eyes are on today’s high-stakes meeting between Trump and Putin in Anchorage at 11:30 ET. The Russian president praised the “sincere efforts” of his US counterpart ahead of the talks. The geopolitical backdrop has now taken center stage, as recent oil data offered no real surprises to shift the narrative. Is a bottom now in place? If the meeting delivers better-than-expected results, that could become reality, potentially sparking a buy-the-news rally and breathing some newfound volatility in the commodity. Read More: Imminent profit-taking in Cryptocurrencies – What's the story WTI Oil Technical Levels ahead of the Trump–Putin MeetingUS Oil Daily Chart US Oil Daily Chart, August 15, 2025 – Source: TradingView The past week had preceded a breakdown from the July range ($65 to $70.5) after about eight different crosses within the consolidation. A failed breakout higher got met with a tight bear channel (where bear candles overlap each other) as global growth outlooks got revised lower from the NFP Payrolls and supply keeps getting increased with conflicting producing nations. The drop, marking lows at 62.19 on Wednesday in the shape of the Dragonfly daily Doji has been followed by a decent bull candle yesterday now invalidating the tight bear channel formation. The current Daily candle looks to engulf the one from yesterday, nonetheless, the session is young and the biggest catalyst has yet to show its results. US Oil 4H Chart US Oil 4H Chart, August 15, 2025 – Source: TradingView Sellers have taken control of the price action since August 1st as degrading data keeps hurting the commodity, already in the midst of supply-headwinds. Watch how the ongoing bearish descending channel allowed to break the different July range levels , with prices now arriving right into the $63 to $64 May range highs Zone. This morning saw some form of selling, which looks like position clearing ahead of the event – Markets tested the $63 psychological level and are consolidating since. Levels to watch for US Oil: Resistance Levels $65 to $66 Previous range support, now PivotImminent Pivot Zone $67.30 to $68 – Confluence with 50 and 200 Day MAs69.5–$70.5 Resistance Zone, range extremesSupport Levels $63.00 to $64 May Range highs supportWednesday lows $62.19$60.5 Low of May Range$55 to $57 2025 lows Main supportUS Oil 1H Chart US Oil 1H Chart, August 15, 2025 – Source: TradingView Looking even closer to the 1H timeframe we spot how the price action is consolidating within the $63 to $64 Support. An ongoing short timeframe range is forming with $63 to $63.20 lows (currently trading) and with the highs located between $64 to $64.20, at a confluence with the highs of the descending channel. Keep watching the headlines as the event approaches fast. 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.

Bitcoin is once again at a pivotal moment, facing heavy resistance after setting a new all-time high around $124,000 yesterday. The milestone sparked excitement among bulls, but also renewed caution among analysts who warn that slowing momentum could signal a potential market cycle top. Some see the recent hesitation as a sign that buyers may be losing steam at these elevated levels. Despite the growing bearish speculation, on-chain data from CryptoQuant offers a more optimistic perspective. The Short-Term Holder Spent Output Profit Ratio (STH SOPR-7d) has climbed to 1.04 with Bitcoin trading near $119,000. This reading means that, on average, short-term holders are selling their coins at a profit — yet the market is successfully absorbing this selling pressure without triggering a sharp correction. Historically, maintaining SOPR above the 1.00–1.02 range, with pullbacks to unity quickly bought up, has supported continued uptrends. While the current amplitude is still below the overheated peaks of past cycles, the data suggests that profit-taking remains moderate. The coming days will be crucial in determining whether BTC can overcome its current resistance zone or if it will face a deeper retracement before attempting another push higher. Moderate Selling Pressure Hits Bitcoin According to top analyst Axel Adler, Bitcoin’s Short-Term Holder Spent Output Profit Ratio (STH SOPR-7d) remains in a healthy range, with amplitude still moderate and well below the peaks of 1.06–1.09 seen in previous bullish waves. This indicates that selling pressure from short-term holders is not extreme, even as BTC trades near its all-time highs. Adler notes that the bullish scenario hinges on maintaining the SOPR-7d above 1.00–1.02, as values above unity mean that short-term holders are, on average, selling at a profit — and the market is absorbing that supply without triggering a larger sell-off. Ideally, brief pullbacks toward 1.00 should be met with strong buying interest, as quick rebounds from unity historically confirm robust demand. However, the analyst cautions that if SOPR dips below 1.0 and stays there, it would signal weakening demand. This shift would increase the probability of a deeper market correction, as it implies that coins are being sold at a loss and buyers are not stepping in aggressively enough to absorb them. The coming days will be pivotal for Bitcoin’s short-term trajectory. Many analysts see BTC pushing decisively above $125,000 as the next major breakout level. Others, however, remain cautious, expecting the market to face a sharp retracement before resuming its upward trend. Bitcoin Tests Resistance After Sharp Rejection from New Highs Bitcoin’s daily chart shows the cryptocurrency recently tested a new all-time high near $124,000 before facing swift rejection, pulling back to current levels around $118,777. This drop marks a failure to sustain momentum above the crucial $123,217 resistance zone, highlighted in yellow on the chart. Despite the rejection, BTC remains well-supported above the 50-day moving average (blue), currently near $115,194. This level has consistently acted as a dynamic support during the 2025 uptrend. The 100-day MA (green) at $110,456 and the 200-day MA (red) at $100,144 remain far below, underscoring the strength of the broader bullish structure. The consolidation below resistance reflects a market pausing to digest recent gains. For bulls, reclaiming $123,217 and closing above $124,000 would signal renewed momentum and could open the path toward $125,000 and beyond. A break below the 50-day MA could trigger a deeper pullback, with the 100-day MA as the next support. Featured image from Dall-E, chart from TradingView

US President Donald Trump said Friday he will soon impose new tariffs on imports of steel and semiconductor chips, signaling another escalation in his trade policy aimed at boosting domestic manufacturing. Speaking to reporters aboard Air Force One en route to a meeting with Russian President Vladimir Putin in Alaska, Trump said the tariffs would be announced over the next two weeks. The rates will start lower to give companies time to establish production in the United States before rising sharply. While the president did not specify the exact initial rates, he indicated that the higher long-term tariffs would make it more attractive for companies to build manufacturing capacity domestically rather than rely on imports. Trump has already shaken global trade by hiking duties across a wide range of goods. In February, his administration raised tariffs on steel and aluminum to 25%, later doubling the rate to 50% in May to bolster US producers. It remains unclear whether the forthcoming measures will further increase those rates. Last week, Trump said he would impose a 100% tariff on semiconductor imports, with exemptions for companies committing to significant US manufacturing investments. His latest remarks coincided with Apple’s announcement of an additional $100 billion investment in its domestic operations. The move is part of a broader push to reindustrialize the U.S. and reduce reliance on foreign supply chains, a strategy that has drawn both support from domestic producers and criticism from trade partners. (With files from Reuters)

South Africa’s Gold Fields (JSE: GFI) is closing in on its A$3.7 billion ($2.4 billion) takeover of Australia’s Gold Road Resources (ASX: GOR), with shareholders set to vote on the deal on September 22. The Australian mid-tier gold miner agreed in May to the proposed acquisition and confirmed that a scheme booklet, detailing the plan for a Gold Fields subsidiary to acquire all its shares, has been registered with the Australian Securities and Investments Commission. The company’s board has unanimously recommended the offer. The deal would give Gold Fields full ownership of the Gruyere mine in Western Australia, where it already holds a 50% stake and serves as operator. The joint venture produced 287,000 ounces of gold in 2024, accounting for roughly 11% of Gold Fields’ free cash flow from extraction last year. Gold Road also controls the adjacent Yamarna project, various other Australian exploration assets, and shareholdings in several ASX-listed companies, including Northern Star, Yandal Resources, Iceni Gold and Premier1 Lithium. The acquisition requires approval from 75% of Gold Road shareholders. If successful, it will be the third ASX 200 gold company acquired in 2025, following Northern Star Resources’ A$6 billion purchase of De Grey Mining and and Ramelius Resources’ A$2.4 billion deal for Spartan Resources. Gold Fields is increasingly focused on Australia, home to four of its nine global mines: Gruyere, St Ives, Granny Smith and Agnew. In 2024, these operations delivered 48% of total production and free cash flow, generating 992,000 ounces of gold and $552 million. Nearly all of the company’s $72 million exploration budget last year was spent in Australia.

BlackRock’s cryptocurrency portfolio has surpassed the $100 billion mark, as Bitcoin and Ethereum push to new all-time highs. The world’s largest asset manager now holds nearly $104 billion in digital assets, and this achievement came as Bitcoin briefly broke above $124,000 on August 14, 2025, to set a new price record before consolidating between $118,000 and $121,000. Ethereum also surged to nearly $4,790, just shy of its 2021 peak of $4,878. BlackRock’s Expanding Digital Asset Portfolio Bitcoin and Ethereum have been on a price roll in recent weeks, and a large part of this momentum can be attributed to steady institutional inflows into Spot Bitcoin and Ethereum ETFs based in the US. At the forefront of this surge is BlackRock, the world’s largest asset manager, which continues to dominate in terms of assets under management (AUM) and growth in cryptocurrency exposure, particularly in Ethereum in the past two months. Interestingly, data from Arkham Intelligence shows that BlackRock has crossed the $100 billion mark in terms of total crypto holdings. This interesting milestone is based on a combination of inflows into its ETFs, which has increased its accumulation strategy, and the recent uptick in the price of cryptocurrencies across the board. Data from Arkham Intelligence shows BlackRock’s total holdings recently hit a peak value of $107 billion when Bitcoin reached a record price of $124,128 yesterday, and Ethereum reached a multi-year price peak of $4,775. At the time of writing, the investment management company is holding 744,240 BTC worth $88.43 billion and 3.2 million ETH, worth approximately $14.78 billion. Putting The Growth Into Perspective At the beginning of 2025, BlackRock’s cryptocurrency portfolio was valued at roughly $54 billion, with the overwhelming majority of that exposure concentrated in Bitcoin. However, the first quarter of the year brought a period of weakness, as Arkham Intelligence data shows the portfolio’s value slid to a low of about $46 billion in early April. From that point on, momentum shifted sharply in the opposite direction. The firm’s total holdings have since climbed by about 124% from April 7 up until the time of writing. Bitcoin still accounts for more than 85% of BlackRock’s crypto allocation, but the most remarkable growth story in the past eight months has come from Ethereum. In both volume and market value, ETH holdings have expanded at a far more aggressive pace than Bitcoin, surging by over 309% in dollar terms since the start of the year. At the start of 2025, BlackRock’s Bitcoin reserves stood at approximately 552,000 BTC. Current data indicates that Bitcoin holdings have grown by about 34% over the course of the year. Ethereum’s expansion within BlackRock’s portfolio has been even more notable, as the firm began the year with roughly 1.1 million ETH and has more than doubled its position in just eight months, with the current volume representing a 190% increase.

Capriole founder Charles Edwards argues that Bitcoin’s famous four-year boom-and-bust pattern has effectively ended—not because markets have matured into a placid equilibrium, but because the engine that once forced 80–90% drawdowns has been dismantled by Bitcoin’s own monetary design. The 4-Year Bitcoin Cycle Is Dead In his Update #66 newsletter published on August 15, 2025, Edwards writes that since the April 2024 halving, Bitcoin’s annual supply growth has fallen to roughly 0.8%, “less than half of Gold’s 1.5–3%,” adding that this shift “made Bitcoin the hardest asset known to man, with look-ahead certainty.” With miners’ new-issuance supply now a rounding error compared with aggregate demand, the dramatic, miner-driven busts of prior cycles look increasingly like artifacts of an earlier era. “In short – the primary driving force behind Bitcoin cycle 80-90% drawdowns historically is dead.” Edwards does not deny that cycles exist. He reframes their causes. Reflexive investor behavior, macro liquidity, on-chain valuation extremes, and derivatives-market “euphoria” can still combine to produce sizable drawdowns. But if the halving calendar no longer dictates those inflection points, investors must recalibrate the signals they monitor and the timelines on which they expect risk to crystalize. On reflexivity, he cautions that belief in the four-year script can itself become a price driver. If “enough Bitcoiners believe in the 4 year cycle… they will structure their investing activities around it,” he notes, invoking George Soros’s notion that market narratives feed back into fundamentals. That self-fulfilling element can still trigger “sizeable drawdowns,” even if miners are no longer the marginal price-setters. Macro liquidity, in Edwards’s framework, remains decisive. He tracks a “Net Liquidity” gauge—the year-over-year growth in global broad money minus the cost of debt (proxied by US 10-year Treasury yields)—to distinguish genuinely expansive regimes from nominal money growth that is offset by higher rates. Historically, “All of Bitcoin’s historic bear markets have occurred while this metric was declining… with the depths… while this metric was less than zero,” he writes, whereas “All of Bitcoin’s major bull runs have occurred in positive Net Liquidity environments.” As of mid-August, he characterizes conditions as constructive: “We are currently in a positive liquidity environment and the Fed is now forecast to cut rates 3 times in the remainder of 2025.” On-Chain Data Is Still Supportive If liquidity sets the tide, euphoria marks the froth. Edwards points to established on-chain gauges—MVRV, NVT, Energy Value—that have historically flashed red at cycle peaks. Those indicators, he says, are not yet there: “In 2025 we still see no signs of onchain Euphoria. Bitcoin today is appreciating in a steady, relatively sustainable way versus historic cycles.” A chart of MVRV Z-Score “shows we are nowhere near the price euphoria of historic Bitcoin tops.” By contrast, his derivatives composite—the “Heater,” which aggregates positioning and leverage across perps, futures, and options—has been hot enough to warrant short-term caution. “The heat is on… Of all the metrics we will look at here, this one is telling us that the market locally has overheated near all time highs this week.” In his telling, elevated Heater readings can cap near-term upside unless they persist for months alongside rising open interest—conditions more consistent with a major top. One metric, however, eclipses the rest in 2025–26: institutional absorption of new supply. “Today, 150+ public companies and ETFs are buying over 500% of Bitcoin’s daily supply creation from mining,” Edwards writes. “When demand outruns supply like this, Bitcoin has historically surged over the coming months. Every time this has happened in Bitcoin’s history (5 occurrences), price has shot up by 135% on average.” He emphasizes that the current, extended period of high multiples on this measure is “good news for Bitcoin,” while conceding the obvious caveat: no one can know how long such conditions will last. Because institutional demand can flip to supply, Edwards details a “treasury company early warning system.” He highlights four watch-items that his team tracks “24/7 for cycle risk management and positioning purposes”: a Treasury Buy-Sell Ratio that, if falling, “suggests growing selling by the 150+ companies”; a Treasury CVD whose flattening or lurch into a “red zone” is “risk off”; the percentage of Coinbase volume that is net buying; and a Treasury Company Seller Count that, on spikes, has historically preceded pressure. Layered on top is balance-sheet fragility. The more treasuries lever up to accumulate Bitcoin, the more a drawdown can cascade through forced deleveraging. “Total Debt relative to Enterprise value are key to track,” he says, adding that Capriole will publish a fresh tranche of treasury-risk metrics “next week.” Quantum Computers Vs. Bitcoin Edwards then makes an argument many Bitcoin investors will find uncomfortable: quantum computing is both an attractive return opportunity and Bitcoin’s most concrete long-term tail risk. Capriole, he says, expects “the asset class will outperform Bitcoin by circa 50% p.a. over the next 5–10 years,” citing today’s small market capitalizations against a “$2T+” addressable market. At the same time, “in the long-term (without change) QC is existential to Bitcoin,” with a worst-case window of “3–6 years” to break the cryptography that secures wallets and transactions. He notes that China “is spending 5X more on QC than the US” and recently “presented a QC machine a million times more powerful than Google’s,” arguing that the pace of breakthroughs, “with… innovations occurring every quarter,” suggests “this technology will mature sooner than many think. Just like ChatGPT.” The operational challenge, even if the risk is not imminent, is the migration path. Edwards sketches back-of-the-envelope constraints: roughly 25 million Bitcoin addresses hold more than $100; on “a good day,” the network handles about 10 transactions per second. If everyone tried to rotate to quantum-resistant keys at once—and many would prudently send test transactions—it would take “3–6 months” just to push the transactions through, before even counting the time to achieve consensus on, and deploy, a preferred upgrade. “Optimistically we are looking at a 12 month lead time to move the Bitcoin network to a Quantum proof system,” he writes. He flags work by Jameson Lopp as a starting point and urges the community to “encourage action on the QC Bitcoin Improvement Proposals (BIPS).” Capriole itself holds quantum-computing exposure both for return potential and as “a portfolio hedge should a worst case scenario eventuate.” His conclusion is clear without being complacent. “The Bitcoin miner driven cycle is largely dead.” If institutional demand holds, “there is a strong chance of a right translated cycle,” with “a significant period of price expansion still ahead of us.” But vigilance is essential. The two variables to prioritize this halving epoch, in his view, are “Net Liquidity and Institutional Buying,” while the “biggest risk to this cycle” is paradoxically the cohort that has powered it: the Bitcoin treasury companies whose balance-sheet choices can compound both upside and downside. Quantum computing, he stresses, “isn’t a risk to Bitcoin this Halving cycle,” but absent action “it certainly will be in the next one.” The prescription is not to fear cycles, but to retire the outdated ones and prepare—technically and operationally—for the cycles that remain. At press time, BTC traded at $119,121.

Lucapa Diamond (ASX: LOM), the operator of Angola’s Lulo alluvial mine and Australia’s Merlin project, has struck a rescue deal with a Dubai-based group that could pull it from administration. Administrators KordaMentha have signed a deed of company arrangement with Jemora Group’s Gaston International, which has agreed to inject about A$15 million ($10 million). The deal would see creditors paid in full and shareholders receive a partial payout of up to 1.8 Australian cents per share — an improvement on Lucapa’s May 12 closing price of 1.4 AUD cents. Over the prior 12 months, Lucapa shares traded between 1.3 and 9.7 AUD cents. Jemora, a metals and mining conglomerate aiming to make the United Arab Emirates a hub for resource investment, operates Gaston as its energy and precious metals arm. Lucapa entered administration in May due to a combination of slumping diamond prices, intensifying competition from synthetics and mounting operational setbacks. The collapse followed last year’s sale of its Mothae mine in Lesotho, leaving Lulo as its only source of income. That operation has suffered from flooding in higher-grade areas and a blockade by local leaders in February this year. Efforts to raise equity in April 2025 failed, as did a sale of a 40% stake in Merlin. Administrators determined Lucapa became insolvent by May 21, though financial stress had been evident since 2023. If creditors and the court approve, the proposed deal would restructure the company and transfer its shares to Jemora’s control. A creditor meeting is scheduled for August 20.

Ethereum rallied on Monday and pushed toward highs it hasn’t seen since late 2021, reaching $4,780 during the session. Traders and funds appear to be reallocating capital into ETH, and several on-chain and market indicators are lining up in its favor. According to CryptoQuant, the ETH/BTC price ratio has crossed above its 365-day moving average, a technical move that has often marked the start of stronger runs for Ethereum versus Bitcoin. ETF Demand Pours In According to fund flow reports, US spot Ethereum ETFs pulled about $1 billion in a single trading day, with BlackRock’s ETHA taking in $640 million and Fidelity’s FETH adding $277 million. ETF holdings now total roughly $26 billion, and cumulative inflows this cycle are close to $11 billion. That kind of money is meaningful because it reflects tracked institutional and retail demand entering ETFs rather than the untracked corners of crypto markets. Spot And Futures Show The Same Bias Market data also points to growing interest in ETH in both spot and derivatives markets. Reports show open interest in Ethereum derivatives rising faster than Bitcoin’s, and perpetual futures positioning has picked up. On the spot side, CryptoQuant’s volume ratio put ETH’s trading activity at 1.66 relative to BTC last week — the highest level since June 2017 — and over the last four weeks ETH spot volume ran about $24 billion versus Bitcoin’s $14 billion. Some on-chain indicators are flashing caution. Daily ETH inflows into exchanges have climbed and now top those of Bitcoin, suggesting that holders may be moving coins back to exchanges to sell into higher prices. Historically, rising exchange inflows near key technical resistance can precede short-term pullbacks, and analysts are watching those flows closely as a potential sign of profit-taking. Why The Ratio Matters The ETH/BTC ratio is getting extra attention because it measures relative strength between the two largest crypto assets. Crossing above long-run moving averages like the 365-day line can attract momentum traders and funds that follow technical signals. Still, past breakouts have sometimes reversed quickly, so traders are balancing bullish bets with protective measures like trimming positions or using stop orders. Flow data will be decisive in the coming days. If $1 billion ETF inflow days repeat and open interest keeps rising, momentum could continue. If exchange inflows accelerate and ETF demand cools, price action could stall. Featured image from Meta, chart from TradingView

Overview: Today marks the 54th anniversary of the end of the Bretton Woods agreement that pegged the dollar to gold and other currencies to the dollar. Nixon, who was regarded as among the most conservative presidents of his generation also announced a 90-day wage and price freeze and a 10% surcharge on imports. After some fits and starts, the modern era of floating exchange rates was introduced. Europe wanted little currency movement within its growing trade bloc and after several experiments failed, it opted for a single currency in the late 1990s. The incredible asymmetry of power at the end of WWII made Bretton Woods possible in the first place. The US appears to no longer have the will or power to impose a new Bretton Woods but is too strong to allow others who are too divided to create a new order. One of the early advocates of the “Mar-a-Lago accord," Stephen Morin, will soon be a governor on the Federal Reserve. This was supposed to be a mini-Plaza Agreement (Sept 1985 coordinated and repeated intervention to drive the dollar lower), but what US sees as a success, Japan cringes and China sees worrisome sign of America's strategy, and may have influenced its efforts to have the yuan shadow the dollar. The greenback is trading with a softer profile today as yesterday's gains are pared. Stronger than expected Japanese GDP has lifted the yen, though the odds of a BOJ hike are slightly less than swaps market had at the end of last month. As is often the case in a soft US dollar environment, the Canadian dollar is the laggard. It is jostling with sterling for the bottom of the G10 currencies today with about a 0.15% gain. Central European currencies and the Mexican peso are leading the emerging market currency complex today. East Asian currencies and the Turkish lira are the weakest. Despite disappointing Chinese economic data, the onshore yuan is trading slightly firmer. The large bourses in the Asia Pacific and Europe have risen today. The notable exception is Hong Kong, and the index of mainland shares that trade there. Bond markets are under modest pressure. The 10-year JGB rose a couple basis points, while European yields are mostly around 2-4 bp higher. News that S&P upgraded India's sovereign credit to BBB from BBB- seemed to have little impact on Indian rates. It is the rating agencies first upgrade of India since 2007 and is now one notch ahead of Fitch and Moody's. The 10-year US Treasury yield is flat, near 4.285%. Gold is consolidating at the lower end of yesterday's range, leaving it off around 1.7% this week, which, if sustained, would be the largest weekly loss since the end of June. September WTI extended yesterday's recovery slightly (to $64.15) before reversing and is now below $63.50. The oil market, in particular, may be sensitive to the outcome of President Trump and Putin's meeting in Alaska today. A joint press conference is expected afterward. USD: After holding above Wednesday's low yesterday, the Dollar Index was trading firmer ahead of yesterday's stronger than expected PPI. It was bid through Wednesday's high (almost 98.15) to meet the (38.2%) of the losses since Monday's high (~99.30). It is trading softer today but inside yesterday's range. It probably takes a move above 98.50-65 or a break of 97.30 to signify anything of technical importance. There is a slew of US data today: July retail sales, industrial production, import/export prices, business inventories, the August Empire State manufacturing survey, and the preliminary August University of Michigan consumer confidence and inflation expectation survey. Strong auto sales look to have flattered retail sales, but even the measure that excludes autos, gasoline, food services, and building materials appear to have held up. Still anecdotal reports warn of downside risk. Industrial production and manufacturing output is expected to be flat after a 0.3% and 0.1% increase in June, respectively. Import prices may have risen by 0.1% for the second consecutive month. If so, the cumulative change this year would be flat. Since import prices do not include the tariffs, it would suggest that overall foreign producers are absorbing the tax increase, even if there are reports of individual companies or industries that might be accepting narrower profit margins into order to maintain market share. University of Michigan's inflation expectations are expected to remain elevated. Lastly, the June Treasury's International Capital report is due late today. Despite the cries of capital flight of the tariffs or large deficit, the fact of the matter is that the net capital inflows in the first five months of the year (~$682 bln) is more than the first five months of 2023 (~$309 bln) and 2024 (~$95 bln) put together. EURO: The euro fell by about 0.50% yesterday, its biggest loss since the end of July. At the same time, the US two-year premium over Germany widened for the first time in five sessions. The euro found support yesterday near the 20-day moving average (~$1.1630) and has held above $1.1645 today. The euro is firm in the European morning, probing the $1.1685-90 area. This week's low was set Monday close to $1.1590. Below there initial support is seen near $1.1560, but a break of $1.1520 would undermine the technical tone. The week's high was set Wednesday around $1.1730. CNY: After falling to its lowest level since July 28 yesterday (~CNH7.1680), the dollar rebounded to a new session high (~CNH7.1830) around midday in NY. It reached nearly CNH7.19 today but is now back to around CNH7.1835. We note that after being inversely correlated with the dollar-yen in April and again in May, the 30-day rolling correlation has been above 0.60 since mid-July. The dollar's recovery against the yen yesterday, seemed to favor the high dollar fix today from the PBOC. After it set the dollar's reference rate at its lowest level since last November (CNY7.1337) yesterday, the PBOC set the fix today at CNY7.1371 today. China reported softer real sector data. Year-over-year retail sales slowed to 3.7% (from 4.8%) and were slowest in five months. Poor weather (hot, rains, and floods), coupled with the government's efforts to rein in excess capacity ("anti-involution" campaign), appeared to have slowed industrial production to 5.7% year-over-year rate from 6.8% in June. The surveyed jobless rate ticked up to 5.2% from 5.0%. The real estate market remains troubled. New and used house prices continue to fall, and property investment has yet to stabilize. Reports suggest Beijing is considering "asking" state-owned enterprises to buy homes. Earlier this week, China announced plans to subsidize part of the interest payments on some consumer loans. JPY: If Treasury Secretary Bessent's call on the BOJ to hike rates weighed on greenback against the yen initially yesterday, the jump in US rates following the PPI reported overwhelmed it. The greenback recovered from JPY146.20 to almost JPY148.00. However, stronger than expected Japanese growth pushed the dollar back down. It is testing the JPY146.75-80 area in the European morning. Japan's economy grew by 1.0% at an annualized rate in Q2 compared with a 0.4% expansion projected by the median forecast in Bloomberg's survey. The 0.2% contraction in Q1 was revised away. The economy now is said to have expanded by 0.6% in Q1, making it the strongest G10 economy in Q1. The deflator moderated to 3.0% from 3.3%, which was also unexpected. Consumption increased by 0.2%, matching the revised performance in Q1. Business spending improved to 1.3% from 1.0% and inventories that added 0.6% to GDP in Q1 subtracted 0.3% from Q2 growth. Net exports, which were a 0.8% drag in Q1, were net contributors in Q2 (0.3%). Since the beginning of July, the swaps market has ranged from pricing in 10 bp of tightening this year to a little more than 20 bp. It is a little below 17 bp to end the week, up from about 14.5 bp at the end of last week after finishing July slightly below 18 bp. GBP: On the back of the stronger than expected Q2 GDP yesterday, sterling reached almost $1.36, its best level since July 10. However, the broader dollar recovery after the US PPI sent sterling lower. It fell to about $1.3520, meeting the (38.2%) retracement of this week's rally. There are options for about GBP555 mln at $1.3520 that expire today. Yesterday's low has held today, and sterling is trading firmly in the $1.3560 area. A band of resistance is seen in the $1.3600-30 area. Since the August 1 low, sterling has rallied more than three cents (~3.5%) and it looks stretched in the short run. To sustain the momentum, sterling must settle above $1.3520. CAD: The US dollar posted a bullish outside up day against the Canadian dollar by trading on both sides of Wednesday's range and settling above its high. In fact, greenback posted its highest settlement this month and nearly reached the (61.8%) retracement of the loss since the August high found around CAD1.3820. However, the US dollar stalled there and has been pushed back below CAD1.3800. The CAD1.3720-40 area looks like solid support now. Existing home sales rose 3.8% in July (2.8% in June). The June manufacturing and wholesale sales, due today, are not typically market movers. AUD: The Australian dollar initially rose above Wednesday's high yesterday, encouraged by a firm employment report. It approached $0.6570, the best level since July 28. However, as the greenback caught a bid after the PPI, the Aussie reversed and was sold through Wednesday's low (~$0.6515) before finding support slightly in front of Tuesday's low ($0.6480). The Aussie settled below $0.6500 for the first time since August 5. The loss allowed the Australian dollar to nearly met the (61.8%) retracement of this month's rally, which began on August 1. In line with the broadly weaker greenback, the Aussie is near session highs (~$0.6515) in late European morning turnover. There are options for a little more than A$560 mln at $0.6523 that expire today (and nearly A$675 mln struck at $0.6515 that expire early next week). MXN: The combination of the US dollar broad rally, the jump in US rates, and the sell-off of most emerging market currencies took a toll on the Mexican peso. The greenback seemed poised to move higher after it bounced after setting a marginal new low for the year near MXN18.51 Wednesday. It reached around MXN18.8530 yesterday before stabilizing. It was the largest dollar gain in nearly three weeks. The greenback has been sold into the bounce and is trading around MXN18.73-75 now. A close below the MXN18.68 area would neutralize the constructive US dollar's technical tone. The Brazilian real's price action was similar even if less dramatic. The US dollar was sold to a new low for the year on Wednesday (~BRL5.38) but settled a little above Tuesday's close. Dollar buying yesterday lifted it to almost BRL5.4250. This week's high, set Monday, was near BRL5.46. Disclaimer

A morning soundbite from Treasury Secretary Scott Bessent briefly rattled Bitcoin and crypto markets on Thursday before a late-day clarification restored the policy baseline: the United States won’t be sellers, and “budget-neutral” options to grow the country’s bitcoin stockpile remain on the table. Senator Cynthia Lummis swiftly framed the endpoint. “America needs the BITCOIN Act,” she wrote, calling the legislation the operative blueprint for expanding a Strategic Bitcoin Reserve without tapping taxpayers. In a Fox Business hit that ricocheted across X, Bessent said the government is “not going to be buying” additional bitcoin and added, “We’re going to stop selling that,” referencing a reserve he valued between $15 billion and $20 billion. Markets faded into the statement; by mid-day, bitcoin was off roughly 3.7%. The point that stuck—“we’re not going to be buying”—was clipped and shared widely, but it was only half the story. Hours later, Bessent posted a clarifying note. “Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order,” he wrote. “In addition, Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world.’” The course correction aligned his comments with the administration’s March directive and the policy discussion that has matured since. Bitcoin Act Is Still The Way Forward Lummis, chair of the Senate Banking Subcommittee on Digital Assets, seized the moment to underline the fiscal constraint. “Secretary Scott Bessent is right: a budget-neutral path to building SBR is the way. We cannot save our country from $37T debt by purchasing more bitcoin, but we can revalue gold reserves to today’s prices & transfer the increase in value to build SBR. America needs the BITCOIN Act.” In a separate reply to Bessent, she added: “I have a ₿ill for that.” Her posts also flagged ongoing work “with Scott Bessent & Howard Lutnick to identify budget-neutral ways to continue growing our bitcoin reserve & outpacing adversaries in the race.” The legal and administrative scaffolding for a Strategic Bitcoin Reserve was set five months ago. On March 6, President Trump signed an executive order creating the SBR and a separate US Digital Asset Stockpile, directing agencies to capitalize the reserve with Bitcoin “finally forfeited” to the government and to develop budget-neutral strategies for further acquisition. Lummis’s “BITCOIN Act” would take that framework from executive policy to statute and goes considerably further. The latest text lays out a five-year purchase program authorizing up to 200,000 BTC per year—1,000,000 BTC in total—paired with a 20-year minimum holding period and a quarterly, public cryptographic proof-of-reserves regime. Where Bessent’s remarks intersect—and diverge—with that legislative ambition is gold. In March, he downplayed a formal revaluation of US gold as a credible budget lever, even as the broader policy conversation around the asset side of the federal balance sheet intensified. On Thursday, Bessent told Fox Business that a gold revaluation is “unlikely.” Lummis, by contrast, is explicitly proposing to mark gold to market in order to seed the SBR without new borrowing—an idea that has migrated from think-piece fodder to bill text but still faces macro, legal, and central-bank-independence scrutiny. The bottom line is that Thursday did not mark a policy reversal so much as a restatement of sequencing. The executive branch will build the Strategic Bitcoin Reserve first with finally forfeited coins and, per Bessent’s clarification, is actively evaluating budget-neutral ways to expand it. At press time, BTC traded at $118,751.

Remember the gold price reset talk from earlier this year? It’s back. In February, U.S. Treasury Secretary Scott Bessent said, “We’re going to monetize the asset side of the U.S. balance sheet,” which triggered a wave of speculation about what valuing gold at the current market price could mean. Now, a brand new Federal Reserve report issued on August 1 reignited that speculation. You probably know the United States of America owns a huge amount of gold bullion—over 261 million troy ounces stored in vaults at Fort Knox, West Point, and the Denver Mint. Officially, our nation values our total gold reserve at around $11 billion. But, that’s at the 1930s official gold price of $42.22 an ounce—a far cry from the $3,300 an ounce at today’s market prices. If the government marked our gold reserves at today’s market prices, suddenly our gold reserves would be worth around $861 billion. What if the government marked gold prices at $8,000 an ounce? Suddenly, our gold reserves are worth $2.1 trillion. Why would the government do this? It’s a method to increase the federal balance sheet through an accounting adjustment – that suddenly creates new money for the government to spend, without outright money printing. Call it a technical accounting update, and presto, the government has more money on its books without raising taxes or cutting spending. This could be achieved fairly simply by Executive Order, no act of Congress needed. One of the benefits of gold revaluation for the government is that it would instantly add money into the U.S. financial system without having to issue new Treasury bills, notes or bonds. For politicians struggling over the deficit, it would mean the Treasury has more money to pay the government’s bills, as the revaluation would, in a sense, create new money out of thin air. The August Fed report, called: Official Reserve Revaluations: The International Experience reveals that economists at our nation’s central bank are seriously studying the gold price revaluation question. “With public debt at high levels, some governments have begun to explore financing additional expenditures without raising taxes while also not increasing public debt outstanding,” the Fed report said. “One possibility is using proceeds from valuation gains on gold reserves, as has been floated in the U.S. and Belgium recently. For the U.S., this would involve revaluing the government’s 261.5 million troy ounces in gold reserves—the largest gold reserves globally— from a statutory price of $42.22 per troy ounce to current market prices, which stand around $3300 per troy ounce.” In the research note, the Federal Reserve analyzes the five times in the past 30 years that nations revalued their gold and foreign exchange reserves to realize gains. This was done in Germany, Italy, Lebanon, Curacao and Saint Martin, and South Africa, the Fed said. In one of the cases in Lebanon in December 2002, their central bank transferred unrealized profits on its gold and foreign exchange reserves to the central government. The proceeds were used to retire $1.8 billion of treasury bills, equivalent to around 11 percent of Lebanon’s GDP at the time. While the Fed report doesn’t offer a conclusion, the study appears to reveal that the revaluation of even a significant portion of a country’s gold reserves delivers only a one-time boost to the balance sheet of either the central bank or the central government. What could a revaluation mean for the price of gold? It would likely spike higher. Under Basel III, after the post-2008 reforms, monetary gold is now considered a Tier 1 asset, which means it is as good as cash on bank balance sheets. That means that a revalued gold price would also be a big boost and strengthen the banking sector’s capital positions. A gold revaluation is expected to result in a further relative decline in the purchasing power of fiat currencies. Some on Wall Street warn this would be an inflationary move. Will the government revalue gold? It’s an open question. With debt-to-GDP ratios climbing into uncharted territory, something will need to change. It’s just one more reason that central banks, wealthy individuals, family offices and pension funds are buying physical gold today—it’s the ultimate form of wealth protection. Image by Planet Volumes The post Fed Report Reignites Talk of Gold Price Reset appeared first on Blanchard and Company.

Remember the gold price reset talk from earlier this year? It’s back. In February, U.S. Treasury Secretary Scott Bessent said, “We’re going to monetize the asset side of the U.S. balance sheet,” which triggered a wave of speculation about what valuing gold at the current market price could mean. Now, a brand new Federal Reserve report issued on August 1 reignited that speculation. You probably know the United States of America owns a huge amount of gold bullion—over 261 million troy ounces stored in vaults at Fort Knox, West Point, and the Denver Mint. Officially, our nation values our total gold reserve at around $11 billion. But, that’s at the 1930s official gold price of $42.22 an ounce—a far cry from the $3,300 an ounce at today’s market prices. If the government marked our gold reserves at today’s market prices, suddenly our gold reserves would be worth around $861 billion. What if the government marked gold prices at $8,000 an ounce? Suddenly, our gold reserves are worth $2.1 trillion. Why would the government do this? It’s a method to increase the federal balance sheet through an accounting adjustment – that suddenly creates new money for the government to spend, without outright money printing. Call it a technical accounting update, and presto, the government has more money on its books without raising taxes or cutting spending. This could be achieved fairly simply by Executive Order, no act of Congress needed. One of the benefits of gold revaluation for the government is that it would instantly add money into the U.S. financial system without having to issue new Treasury bills, notes or bonds. For politicians struggling over the deficit, it would mean the Treasury has more money to pay the government’s bills, as the revaluation would, in a sense, create new money out of thin air. The August Fed report, called: Official Reserve Revaluations: The International Experience reveals that economists at our nation’s central bank are seriously studying the gold price revaluation question. “With public debt at high levels, some governments have begun to explore financing additional expenditures without raising taxes while also not increasing public debt outstanding,” the Fed report said. “One possibility is using proceeds from valuation gains on gold reserves, as has been floated in the U.S. and Belgium recently. For the U.S., this would involve revaluing the government’s 261.5 million troy ounces in gold reserves—the largest gold reserves globally— from a statutory price of $42.22 per troy ounce to current market prices, which stand around $3300 per troy ounce.” In the research note, the Federal Reserve analyzes the five times in the past 30 years that nations revalued their gold and foreign exchange reserves to realize gains. This was done in Germany, Italy, Lebanon, Curacao and Saint Martin, and South Africa, the Fed said. In one of the cases in Lebanon in December 2002, their central bank transferred unrealized profits on its gold and foreign exchange reserves to the central government. The proceeds were used to retire $1.8 billion of treasury bills, equivalent to around 11 percent of Lebanon’s GDP at the time. While the Fed report doesn’t offer a conclusion, the study appears to reveal that the revaluation of even a significant portion of a country’s gold reserves delivers only a one-time boost to the balance sheet of either the central bank or the central government. What could a revaluation mean for the price of gold? It would likely spike higher. Under Basel III, after the post-2008 reforms, monetary gold is now considered a Tier 1 asset, which means it is as good as cash on bank balance sheets. That means that a revalued gold price would also be a big boost and strengthen the banking sector’s capital positions. A gold revaluation is expected to result in a further relative decline in the purchasing power of fiat currencies. Some on Wall Street warn this would be an inflationary move. Will the government revalue gold? It’s an open question. With debt-to-GDP ratios climbing into uncharted territory, something will need to change. It’s just one more reason that central banks, wealthy individuals, family offices and pension funds are buying physical gold today—it’s the ultimate form of wealth protection. Image by Planet Volumes The post Fed Report Reignites Talk of Gold Price Reset appeared first on Blanchard and Company.

The Ethereum price has struggled to keep up with the rapid acceleration of Bitcoin over the years, failing to put in a new all-time high despite Bitcoin crossing $120,000. However, with a turn toward altcoins, Ethereum has quickly become the center of attention, especially after ETH crossed the $4,000 level. Now, as interest balloons, expectations for how high the Ethereum price could go have expanded, with many expecting 5-figures soon. Why Ethereum Price Is Headed For $15,00 In an X (formerly Twitter) post, popular crypto analyst Rekt Fencer predicted that the Ethereum price was “programmed” to reach the $15,000 mark. As for why he believes that the altcoin would climb this high, he highlights five major developments that will be the defining trigger for the Ethereum price to reach $15,000. The first thing on the list is the fact that ETH buying has been ramping up among institutions lately. For example, Ethereum treasury companies have sprung up in the last year, with the likes of Bitmine and SharpLink leading the charge. With ETH quickly becoming the cryptocurrency of choice for these large investors, over $10 billion worth of ETH has been bought by these companies in less than three years. Next on the list is the fact that US President Donald Trump is a major Ethereum holder. The president, who is hailed as the first pro-crypto president of the United States, currently holds over $500 million worth of ETH. This means that the majority of the president’s crypto wealth is actually in Ethereum. Another major factor driving up the value of the Ethereum price is the heightened interest in Spot Ethereum ETFs. As buying of Spot Ethereum ETFs has ramped up, so have their total holdings. According to data from the CoinMarketCap website, Spot ETH ETF issuers now control a whopping $19 billion in AUM, which translates to 3.76% of the total Ethereum market cap. Fourth on the list is the proliferation of pro-crypto laws such as the GENIUS Act that was passed this month. This has made it easier for institutional investors to move into Ethereum and driven up buying during this time. Then the fifth point is the fact that staking for Spot Ethereum ETFs is coming. While this is yet to be approved, there have been multiple filings by Spot Ethereum ETFs to allow ETH staking for the funds. This means that if this is approved, then these funds would end up locking a large number of their ETH holdings in order to enjoy yield from staking.