Cryptocurrency Update: Bitcoin, Ethereum, XRP Support Levels Tested as TRON Network Sees Surge in Non-Stablecoin Transactions
Bitcoin, Ethereum, and XRP are currently stabilizing around crucial support levels following a significant downturn earlier this week. On the TRON network, stablecoin activity has surged to new heights following the launch of SunPump. TRON is trading at approximately $0.1500, showing minimal movement for the day.
Bitcoin is trading slightly above $56,000 currently and has experienced seven consecutive days of outflows from Bitcoin Spot ETFs, totaling $211.1 million in outflows on Thursday, as reported by Farside Investors. Ethereum, the second-largest cryptocurrency, is trading below $2,390 and is also witnessing outflows in its Spot ETFs, mirroring Bitcoin’s trend.
XRP is valued at $0.5440, reflecting a 0.10% decrease for the day. Ripple secured approval from the US Securities and Exchange Commission (SEC) for a stay on the monetary aspect of their lawsuit. Meanwhile, the TRON Network has seen a surge in non-stablecoin activity following the launch of Sun.pump’s meme coin platform on August 9.
Binance Kazakhstan has obtained a license from the Astana Financial Services Authority (AFSA) to operate a virtual asset trading platform and offer various virtual asset-related services. CCData suggests that Ethereum spot market prices could potentially fluctuate by 5% in either direction post the Spot Ether ETF launch. Ethereum co-founder Vitalik Buterin outlined the Ethereum Foundation’s budget strategy to spend 15% of remaining funds annually in a Reddit post.
In industry news, Binance CEO Richard Teng disclosed that former CEO Changpeng Zhao (CZ) is permanently barred from leading the exchange, although CZ remains a majority shareholder. Ripple co-founder Chris Larsen joined 88 other business leaders in endorsing US Vice President Kamala Harris for President. United Texas Bank, known for its crypto-friendly stance, received a cease and desist order from the US Federal Reserve due to significant deficiencies in Anti Money Laundering (AML) compliance with crypto customers.
The crypto market continues to witness fluctuations and developments across various digital assets, with key players making strategic moves to navigate the evolving landscape of cryptocurrencies.
