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Crypto Outlook

  

-BTC: $29,035.96

-ETH: $1,833.47

-XRP: $0.6274

-LTC: $82.84

The global crypto market cap is $1.16T, a 0.11% increase over the last day.

The total crypto market volume over the last 24 hours is $22.73B, which makes a 20.71% decrease.

BTC: BTC price increased by 0.05% and decreased by 1.10% over 24 hours and in the past seven days. The asset reached a low and high of $28,885.34 and $29,102.47, respectively.

Recently, The Yorkshire Post reported about Nigel Wright, a sheep farmer from the area who tried to extort $1.8 million from the famous supermarket chain Tesco.

According to The Yorkshire Post, Nigel Wright, a local sheep farmer, made an audacious attempt to extract a staggering $1.8 million from the well-known supermarket giant Tesco. Wright sent a series of letters to Tesco, claiming that he had deliberately contaminated baby food in several of their department stores for nearly two years, from May 2018 to February 2020.

In exchange for disclosing the locations of these purported incidents, he boldly demanded that the company send him approximately £1.4 million ($1.8 million) worth of Bitcoin. Speculations surround Wright’s affiliation with a group known as “Guybrush and the Dairy Pirates,” a gathering of farmers who assert that Tesco has mistreated them by underpaying for their products.

As detailed in the report, Wright initially sought 100 BTC as his ransom, but to the surprise of many, he later amplified his demands by a staggering 100 per cent.

ETH: ETH price increased by 0.21% and decreased by 2.53% over 24 hours and in the past seven days. The asset reached a low and high of $1,817.41 and $1,836.46, respectively.

United States Securities and Exchange Commission (SEC) has received a lot of applications for Ethereum (ETH) Exchange-Traded Funds (ETFs) within a mere week.

One of the newcomers is ProShares, which lodged its application on August 3. Their proposal outlines an equally weighted Bitcoin and Ether ETF designed to gauge the performance of long positions in the nearest maturing monthly Ether and Bitcoin contracts.

ProShares submitted four distinct applications to the SEC. Bitwise and Grayscale Investments also joined the race, presenting three and two applications, respectively. The flurry of applications highlights the growing optimism surrounding the prospect of ETFs based on Ethereum.

Nonetheless, there remains an air of uncertainty regarding the Securities and Exchange Commission’s decision to approve these filings. It’s worth noting that the SEC has never given the green light to an ETF tracking Ether Futures contracts, in contrast to the approval of Bitcoin Futures ETFs that have been in effect since October 2021. As the applications pile up, only time will reveal the regulator’s stance on embracing Ethereum ETFs.

XRP: XRP price decreased by 4.05% and 12.16% over 24 hours and in the past seven days. The asset reached a low and high of $0.6126 and $0.6542, respectively.

Weeks ago, Judge Analisa Torres ruled that XRP is not a security, generating high anticipation within the Web 3.0 ecosystem. Surprisingly, despite the optimistic projections, the ruling did not lead to the expected price surge for XRP. XRP holder’s lawyer, John Deaton, had ambitious price targets for the cryptocurrency.

On Twitter, he responded to a user’s criticism of slow price gains in digital currencies YTD, pointing out that XRP has still seen an 85% growth this year, indicating an overall positive trend.

It’s all about expectations. Unless we were in a full bull market – led by #Bitcoin – I never believed XRP would hit an ATH, even after a good ruling, and I said that when asked about my expectations on price (although I did expect it to break $1, tbh). But until #Bitcoin breaks…

— John E Deaton (@JohnEDeaton1) August 5, 2023

LTC: LTC price increased by 0.64% and decreased by 9.55% over 24 hours and in the past seven days. The asset reached a low and high of $81.58 and $83.01, respectively.

After observing the daily price chart, Litecoin experienced a bearish rally as sellers took profits around $83. This led to a decline towards $80, as the price lacked buying pressure for a recovery rally and fell below multiple Fibonacci channels. The 24-hour trading volume surged to $24.6 million, indicating increased interest in trading today. Currently, LTC is trading at $82.3, showing a decrease of nearly 0.9% in the last 24 hours.

The RSI-14 trend line has dropped from its previous level and is now well below the midline at 34, suggesting that the bulls are losing control. Additionally, the SMA-14 level indicates the likelihood of downward volatility in the upcoming hours.


Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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