Market News

Fitch has downgraded the long-term credit rating of the United States to AA+, which has raised concerns in the market about the risk of US bonds. Investors have turned to Bitcoin as a safe-haven asset, leading to a significant increase in the price of Bitcoin yesterday morning. However, in the early hours of today, the US Department of Justice suddenly accused Binance of fraudulent behavior, once again causing concerns about Bitcoin and fears of a run on the currency. There are rumors that the US Department of Justice is considering controlling Binance through fines. As a result, the price of Bitcoin has plummeted again, and the market is currently in a state of turmoil with no clear direction.

In the short term, the support for Bitcoin is still around $28,500. If it does not break through this level, it will rebound from the bottom. If it breaks through, it will trigger a medium-term adjustment, and the support level will be around $27,500. To the upside, it remains to be seen if it can surpass $29,800. If it does, there will be a trend reversal; otherwise, it will continue to fluctuate mainly within the $28,500-$29,500 range.

Top Companies Seek Approval for Ethereum Futures ETF

As the competition for the approval of Bitcoin and Ethereum exchange-traded funds (ETFs) intensifies, major asset management companies in the United States are closely watching the cryptocurrency market. While Bitcoin has long been the focus of attention, Ethereum is now taking the lead. Several well-known financial companies recently submitted applications for Ethereum futures ETFs on the same day, including Bitwise, Roundhill, VanEck, ProShares, and Grayscale. Prior to this, Volatility Shares had already applied for the approval of a similar product, bringing the total number of companies applying for Ethereum futures ETFs to six.

The deadline for the approval of these ETFs is expected to be around mid-October this year, to be reviewed by the US Securities and Exchange Commission (SEC). Considering the rapid development of the cryptocurrency market and the increasing interest of institutional investors, there are high expectations for the results of these applications.

Currently, BlackRock, the largest asset management company with assets under management of up to $9 trillion, is also likely to join this competition. If this speculation turns out to be true, it will change the game rules for the entire industry.

These 5 Altcoins Are Expected to Rise!

LINK

The altcoin LINK may reclaim $9.27 by September.

So far, Chainlink has performed well as an altcoin. Although analysts have set a target of $9.27, the LINK price is currently at $7.45. Poppe also predicts that there will be a significant influx of liquidity into digital assets in the coming months.

ADA

Cardano, as an important project, continues to attract attention. The altcoin ADA serves a dual purpose: as a digital currency and as a tool for stakeholders to vote on protocol changes. Once the cryptocurrency market begins to show signs of a strong bull market, the price of ADA will be affected.

ADA is in a favorable position to break through the $0.30 area and higher. The platform has promising technology. Given its progressive roadmap, ADA could achieve targets of $0.40, $0.50, and $0.65 in 2023.

UNI

Uniswap (UNI) may be preparing for an uptrend. Signals for UNI indicate a potential upward trend.

UNI belongs to the blue-chip category. The altcoin UNI is currently trading at $6.54, with a 1.54% increase in the past 24 hours.

XRP

Analyzing key indicators such as MACD and ADX/DI crossovers suggests a potential bullish scenario for this asset. We have observed a pattern where the MACD line is above the signal line on a monthly timeframe and is supported by the ADX/DI indicator crossover, confirming the bullish momentum.

MACD is a trend-following momentum indicator that identifies potential changes in asset trends. ADX stands for Average Directional Index, which determines the strength of a trend, whether it is an uptrend or a downtrend. The DI line determines the direction of the trend. Confirmation of similar patterns in the past has led to a 12x to 634x increase in the price of the altcoin XRP within a year. This situation has led to the price of the altcoin XRP ranging from $8 to $500.

Trust Wallet Token

The Trust Wallet Token (TWT) has recently recovered from a long-term support line. Therefore, it shows promising signs of breaking through a short-term bullish pattern. On the other hand, these developments indicate that the price may further rise in the near future. Since June 2021, the price of TWT has steadily risen above the support line, which has provided several strong support examples, with the most recent rebound occurring on June 12, 2023.

In particular, after a bounce from this line, there is a significant upward movement (as indicated by the blue arrows). Forming higher lows after bouncing from the support line indicates positive buying interest from the bulls. Therefore, if history repeats itself, the price of TWT may reach around $1.55. This represents an increase of over 60% from the current price.

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