Summary:
- Bitcoin Struggles: Bitcoin is trading at $58,000 as of Monday morning in Asia, with minimal buying activity due to heightened global market volatility.
- Market Drivers: Factors such as the U.S. election, UK riots, Middle East tensions, and changes in Japanese central bank policy are contributing to the uncertainty.
- Buying Activity: Initial dip-buying during the German sell-off has faded, with recent volatility deterring further interest in risk assets like Bitcoin.
- Bitcoin Supply: Since its March peak, Bitcoin ETFs have added only 40,000 coins, with prices remaining within the range observed during the German sell-off.
- Ethereum Gains: On the other hand, Ethereum is showing positive momentum, with 66% of addresses in profit as of Aug. 12, up from 63% last week.
- Blockchain Activity: While Solana-based DEX trading volumes have dropped by over 10% in the past week, trading volumes on the Ethereum, Base, and Sui blockchains have increased by 12%, 11%, and 77%, respectively.
- XRP in Focus: Following favorable legal developments, XRP has seen a 17.26% price increase over the last seven days, with daily trading volume surpassing a billion dollars.
As of Monday morning in Asia, Bitcoin continues to trade at $58,000, with little buying activity amid heightened market volatility. This volatility is driven by a confluence of global events, including the U.S. election, UK riots, tensions in the Middle East, and policy shifts by Japan’s central bank.
While there was initial dip-buying activity during the German market sell-off, recent fluctuations have led to a decrease in interest in risk assets like Bitcoin. Consequently, Bitcoin’s price has remained within the same range seen during the German sell-off, with no significant net additions to the market. Since Bitcoin’s peak in March, exchange-traded funds (ETFs) have added only 40,000 coins, reflecting the subdued market sentiment.
In contrast, Ethereum appears to be showing signs of a rebound. As of August 12, 66% of Ethereum addresses are in profit, with ETH trading just above $2,600. This marks an improvement from the previous week when only 63% of addresses were profitable.
Meanwhile, trading volumes on Solana-based decentralized exchanges (DEXs) have declined by over 10% in the past week, according to data from DefiLlama. However, trading activity on the Ethereum, Base, and Sui blockchains has seen notable increases, with volumes up by 12%, 11%, and 77%, respectively.
Amid this backdrop, XRP, the token associated with Ripple, has drawn significant attention following favorable legal outcomes. Over the past seven days, XRP has experienced a 17.26% price increase, with daily trading volumes exceeding a billion dollars. As investors continue to navigate the volatile market landscape, XRP’s recent performance highlights its potential as a standout asset in the crypto space.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
