Cryptocurrency Update: Bitcoin, Ethereum, and XRP Prices Rebound amid Traders’ Attention on Nvidia Q2 Earnings

Bitcoin, Ethereum, and XRP experienced modest gains on Wednesday, maintaining proximity to crucial support levels. The TON blockchain encountered a temporary disruption, according to an official statement. Meanwhile, Binance is under scrutiny for reportedly seizing funds from Palestinian users.

In the realm of Bitcoin, the cryptocurrency hovered around $60,000 early on Wednesday. After enduring significant losses the previous day, Bitcoin saw a nearly 1% increase, trading at $59,978 at the time of this report. Deribit’s Bitcoin options data indicated a prevailing bullish sentiment towards a potential BTC surge to $90,000 by September. Contracts expiring on September 27 showed a total open interest of 76,630 BTC, with a put-to-call ratio of 0.56. Notably, a significant concentration of open interest was observed at the $90,000 strike price, with nearly 50,000 Bitcoin in play. This data suggests a substantial portion of derivatives traders are betting on Bitcoin potentially rallying to or surpassing $90,000 by the end of September.

Ethereum recorded a nearly 3% uptick, trading at $2,524, while XRP saw a 2.59% gain, reaching $0.5813 on Wednesday.

The Artificial Superintelligence Alliance (FET) broke free from its downward trend on August 22, surging to a peak of $1.477 on Tuesday before undergoing a corrective pullback. If bullish momentum resumes, particularly spurred by Nvidia’s earnings impacting AI-related crypto tokens, FET could potentially climb towards $1.500, marking a nearly 15% increase in value. Technical indicators like the Moving Average Convergence Divergence (MACD) displayed positive momentum, with green histogram bars above the neutral line signaling an underlying bullish trend. The Relative Strength Index (RSI) stood at 64, indicating a neutral position but with a cautionary note for traders to monitor a potential shift into overbought territory, signaling a sell-off.

In the market sphere, Ray Youssef, co-founder of Paxful, raised concerns over Binance allegedly seizing funds from Palestinian users at the behest of the Israel Defense Forces (IDF). Binance responded by clarifying that only a limited number of accounts were restricted due to connections with illicit funds.

Nasdaq is seeking regulatory approval from the US Securities & Exchange Commission to introduce and trade options on a Bitcoin index. Furthermore, the TON blockchain experienced a temporary outage, as confirmed by an official statement.

Indian cryptocurrency exchange WazirX filed for a 30-day moratorium with the Singaporean High Court to restructure its finances following a $230 million exploit in July 2024. The broader crypto market capitalization saw a 4% decline in the last 24 hours ahead of Nvidia’s Q2 earnings report, with expectations of increased volatility. Analysts noted a rise in implied volatility in cryptocurrencies as a result of the anticipation surrounding Nvidia’s earnings report, coinciding with recent declines in cryptocurrency prices.