Morgan Stanley to Provide Bitcoin to Customers as Ethereum and XRP Maintain Stability, Poised for Growth
Morgan Stanley advisors are set to introduce the Bitcoin Spot ETF to their clientele on Wednesday, August 7. Bitcoin has rebounded above $57,000, while Ethereum is poised for a recovery towards $3,000 and XRP has shown strength above the $0.50 support level. Notably, Ethereum has witnessed movement of around $2 billion from dormant wallet addresses according to on-chain data.
Bitcoin’s price surged above $57,000 at the beginning of Wednesday as Morgan Stanley advisors gear up to offer the BTC Spot ETF to their clients. This move could potentially bring in an influx of assets into the crypto space, with advisors managing a substantial $1.3 trillion in wealth.
Ethereum is gearing up for a potential rally above $3,000 as dormant wallets have started moving significant amounts of Ether. On-chain data reveals that 789,533 ETH worth over $2 billion has been transferred from wallets that have been inactive for over three years. The movement of funds from dormant wallets has picked up pace following Jump Crypto’s $277 million Ether transfer.
XRP has maintained its position above $0.51, showing a nearly 2% increase in value on Wednesday. The cryptocurrency market has been dynamic, with various assets showcasing resilience and potential for growth.
In the realm of altcoins, Dogecoin (DOGE) is trading at $0.10010 and could potentially see a 20% surge towards its $0.12 target. The coin faces resistance at Fair Value Gaps (FVG) levels of $0.10923 and $0.10425 as depicted in the DOGE/USDT chart. The Relative Strength Index (RSI) indicates a bullish outlook for Dogecoin, with the momentum supporting further price appreciation.
Market updates indicate a net outflow of $149 million from Bitcoin Spot ETFs on Tuesday, August 6. Additionally, the Grayscale ETF GBTC witnessed continued outflows, losing $32.18 million. Nasdaq has filed for listing and trading options for its Spot Ethereum ETF, signaling further institutional interest in the crypto space.
In industry news, OKX exchange has announced the delisting of seven tokens, including MSN, OMN, REP, EURT, IGU, PCI, and SLN. Ethereum continues to dominate the cryptocurrency market, particularly in the decentralized finance (DeFi) sector, claiming about 70% of the market share according to a CoinGecko report.
Bitcoin’s funding rates have turned negative, indicating a bearish sentiment with an influx of short sellers. While this typically signals a correction, it could pave the way for sustainable price growth in the long term by alleviating overheating in the derivatives market.
Overall, the cryptocurrency landscape is evolving rapidly, with key players like Morgan Stanley entering the market and significant movements in major cryptocurrencies like Bitcoin, Ethereum, and XRP. Investors are closely monitoring these developments for potential opportunities in the ever-changing crypto market.
