Bitcoin surpasses $56,000 in market recovery
Bitcoin (COIN:BTCUSD) started at $54,169.74 and rose to $56,496, recovering from Monday’s sell-off. Fernando Pereira, a Bitget analyst, noted that the price remains within a downtrend channel since March. The recent rise is linked to the price being at the support point of this channel, possibly attracting significant buying today. “Despite the recent sharp drop, BTC still hasn’t lost the downtrend channel narrating the price since March; we are now at the channel’s support, which could bring considerable buying volume,” Pereira said.
Other cryptocurrencies saw gains: Solana (COIN:SOLUSD) led with nearly 12.4%, while TonCoin (COIN:TONCOINUSD), Ripple (COIN:XRPUSD), and Dogecoin (COIN:DOGEUSD) rose about 9.6%, 4.9%, and 3.0%, respectively. Meanwhile, Ethereum (COIN:ETHUSD) gained 3.8%, priced at $2,508.
Core Scientific sees shares rise after new contract extension with CoreWeave
Shares of Bitcoin miner Core Scientific (NASDAQ:CORZ) surged up to 17% on Tuesday after extending a contract with CoreWeave. The company will host an additional 112 MW of GPUs for CoreWeave, projecting revenue of $6.7 billion by 2026. The new 382 MW agreement reflects high demand for high-power data center infrastructure, benefiting from Core Scientific’s expertise in energy and infrastructure.
Ronin Network temporarily halts after $9.85 million MEV exploit
Aleksander Larsen, co-founder of Ronin Network (COIN:RONNNUST), announced that the Ethereum sidechain was temporarily suspended to investigate a Maximum Extractable Value (MEV) exploit that diverted 4,000 ETH ($9.85 million). The platform’s security, supporting the Axie Infinity game, is under review, with speculation about possible white-hat hacker involvement. Despite the incident, the RON token is up, and the bridge remains secure with $850 million in assets.
Bitcoin ETFs see $168 million outflows on August 5
On August 5, Bitcoin fell 7% to $49,050.01 before rebounding to $54,000. Data shows significant Bitcoin ETF outflows totaling $168.4 million, led by Grayscale (AMEX:GBTC), ARK (AMEX:ARKB), and Fidelity (AMEX:FBTC), with outflows of $69.1 million, $69 million, and $58 million, respectively. Despite this, Grayscale’s mini BTC ETF (AMEX:BTC) saw $21.8 million in inflows.
Ether ETFs attract nearly $49 million amid 20% drop
On Monday, US ether ETFs had net inflows of about $49 million despite a 20% ETH price drop. Jump Crypto moved large amounts of ETH, contributing to selling pressure and $340 million in futures liquidations. Professionals took advantage of the dip, with ETH ETFs trading $715 million. BlackRock’s ETF (NASDAQ:ETHA) led inflows with $47 million. Fidelity (AMEX:FETH) and VanEck (AMEX:ETHV) recorded $16 million each. However, since launch, ETH products have seen net outflows of $460 million.
ARK Invest takes advantage of market dip to buy Coinbase and Robinhood shares
On Monday, ARK Invest, led by Cathie Wood, bought $17.8 million in Coinbase (NASDAQ:COIN) shares and $11.2 million in Robinhood (NASDAQ:HOOD) shares, marking its first purchases of these assets in months. Coinbase fell 7.3% and Robinhood 8.17% due to a general sell-off. ARK typically buys shares on dips and sells when prices rise. After the purchases, Coinbase now represents up to 9.72% of its ETFs.
Marathon Digital increases Bitcoin holdings with “HODL Total” strategy
Marathon Digital Holdings (NASDAQ:MARA), the largest Bitcoin miner, expanded its reserves by 2,282 BTC, totaling 20,818 BTC ($1.14 billion). The company continues its “HODL total” strategy, acquiring $100 million in Bitcoin in July as a strategic reserve. Additionally, Marathon increased its monthly Bitcoin production by 17%, reaching 692 BTC in July, and did not sell any BTC last month.
Semler Scientific reports Q2 earnings drop and Bitcoin strategy
Semler Scientific (TG:6FA) reported a 22% drop in Q2 revenue to $14.5 million and a 25% decrease in operating income to $5.4 million. Despite reduced operating expenses, net income fell to $1.1 million due to losses in its Bitcoin holdings. The company bought an additional 101 BTC, raising its total to 929 BTC.
Tim Walz and Kamala Harris: lack of clarity on crypto regulation and industry reactions
Kamala Harris and her vice president, Tim Walz, lack clear positions on digital asset and blockchain regulation. Walz’s selection raised concerns in the crypto industry as he hasn’t specifically addressed the topic. Walz, Minnesota’s governor, has supported environmental legislation but made no relevant statements on cryptocurrencies. In contrast, Donald Trump has used digital assets as a political issue, accepting crypto contributions and discussing policies with mining companies.
Binance sees record inflows despite tax challenges in India
Richard Teng, CEO of Binance, announced that the exchange saw record net inflows of $1.2 billion in 24 hours and high trading volumes on August 5, driven by market panic. Total inflows exceeded $2 billion, five times more than rival exchange Bybit. However, Binance faces tax challenges in India, where authorities demand $86 million in unpaid taxes, marking a significant confrontation with the crypto sector.
Metaplanet plans to raise $70 million to expand Bitcoin acquisitions
Metaplanet (TSX:3350), a Bitcoin investment firm, seeks to raise approximately $70 million (¥10.08 billion) through its 11th series of stock acquisition rights offerings. The company will allocate about $58.76 million (¥8.5 billion) to buy more Bitcoin. The strategy includes distributing purchase rights to shareholders and expanding its BTC assets, aligning with MicroStrategy’s (NASDAQ:MSTR) accumulation approach. The firm is also considering transforming its hospitality division to support the crypto sector.
Anchorage adds support for Solana tokens
Anchorage, a cryptocurrency-focused bank, will now custody tokens following the Solana blockchain’s SPL standard. Initially, it will allow the storage of some tokens like USD Coin (COIN:USDCUSD) and Helium (COIN:HNTUSD). The company, which has supported Solana staking since last year, waited to ensure the blockchain was more stable before offering this new service. The expansion responds to client demand and reflects Solana’s ecosystem recovery after issues caused by FTX.
Vitalik Buterin shares vision on Ethereum L2 network interoperability
Vitalik Buterin, Ethereum co-founder, discussed how interoperability between layer 2 (L2) networks can enhance the Ethereum ecosystem experience. In an August 6 post, Buterin highlighted that compatibility issues between L2s will be resolved quickly, citing proposals like EIP-3370 and EIP-7683, which aim to standardize addresses and improve cross-network communication. He believes future updates will make L2 integration more efficient and seamless.
Demand for XRP hits highest level in four years
Demand for Ripple’s XRP (COIN:XRPUSD) on centralized US exchanges rose to 14% of global trading volume, the highest level since before the SEC’s 2020 claim that the token was a security. After the favorable decision for Ripple, major exchanges like Coinbase and Gemini relisted XRP, boosting interest. Although XRP Ledger transaction volume has dropped, Ripple expects growth with new innovations and partnerships.
Transak introduces wire transfers for crypto in the US
Transak is the first to enable wire transfers for converting fiat to cryptocurrency in the US. This means users can transfer funds directly from their bank accounts to their crypto accounts, instead of using traditional methods like credit cards, which have higher fees and transaction limits. This method offers a familiar and secure means, potentially accelerating crypto adoption. With transaction limits between $2,000 and $25,000, the new feature aims to attract high-net-worth investors and overcome previous method limitations. Transak believes this could triple the crypto user base by 2026.