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Crypto Outlook

  

-BTC: $25,921.98

-ETH: $1,633.67

-XRP: $0.502

-LTC: $64.03

The global crypto market cap is $1.04T, a 0.17% increase over the last day. The total crypto market volume during the previous 24 hours is $19.48B, which makes a 41.12% decrease.

BTC: BTC price increased by 0.22% and decreased by 0.70% over 24 hours and the past seven days. The asset reached a low and high of $25,769.75 and $26,0412.12 respectively.

The cryptocurrency market appears to be running out of steam, and there are notable indicators of this slowdown. A recent report from Glassnode paints a concerning picture, indicating that open interest in Bitcoin futures has dwindled to its lowest point in the past five months, now at a mere $2,796,429,005. This diminishing activity in futures trading is causing anxiety among investors, particularly as Bitcoin grapples with breaching the $27,000 threshold.

While the overall outlook may seem gloomy, a glint of positivity was injected into the market when Grayscale secured a significant victory against the SEC on August 29. This accomplishment momentarily lifted spirits. However, it’s essential to exercise caution and recognize that this regulatory success has yet to ushered in a permanent shift in sentiment. The cryptocurrency market continues to confront ongoing challenges in the spot market, and how these will play out in the long term remains to be seen. Investors are keeping a watchful eye on developments in the ever-volatile crypto landscape.

ETH: ETH price decreased by 0.20% and 1.10% over 24 hours and the past seven days. The asset reached a low and high of $1,629.94 and $1,644.03, respectively.

Vitalik Buterin, co-founder of Ethereum (a type of cryptocurrency), has been making some interesting money moves recently. According to a platform that tracks these transactions, he moved 999 Ether, which is worth about $1.63 million, between different Ethereum accounts.

Before this, he had done many other money-related things over the past eight days. He put 1,602 Ether, around $2.68 million, into a cryptocurrency exchange called Bitstamp. He also changed 100 Ether into 173,000 USDC, a type of digital money pegged to the value of the U.S. dollar.

Buterin didn’t stop at just Ethereum. He sold 500 Maker (MKR) tokens worth roughly $580,000 in exchange for 353.4 Ether. Interestingly, this is the first time he has sold Maker tokens in two years. After selling them, he moved all 350 Ether to another account.

All of these financial moves by Buterin have got people wondering about his future plans in the world of cryptocurrency. People are closely monitoring what he does because it might give them clues about where the cryptocurrency market is heading.

XRP: XRP price increased by 0.12% and 0.71% over 24 hours and the past seven days. The asset reached a low and high of $0.4954 and $0.5051, respectively.

Prominent XRP advocate and lawyer John Deaton has expressed strong criticism of the SEC’s allegations against Ripple’s CEO, Brad Garlinghouse. Deaton has emphasized the possibility that XRP might not be considered a security, citing the testimonies of former SEC officials Bill Hinman and Jay Clayton. He has raised concerns about the need for a clear statement regarding XRP’s security status in their statements.

If witnesses can clarify this matter, it could save a significant amount of time and money and speed up the adoption of cryptocurrencies. In this context, on August 25, 2023, an XRP whale made a substantial transaction, moving over $20 million worth of XRP tokens, coinciding with XRP’s price breaching support levels.

Despite facing substantial regulatory challenges, XRP has continued to attract interest from South Korean investors, particularly among individuals in their 20s. XRP has solidified its position as the preferred choice within their investment portfolios. This demonstrates that XRP’s appeal remains strong in certain segments of the investor community despite the ongoing legal and regulatory uncertainties.

LTC: LTC price decreased by 0.15% and 2.07% over 24 hours and the past seven days. The asset reached a low and high of $63.86 and $64.79, respectively.

On August 24, 2023, Litecoin (LTC) achieved a significant milestone by processing a remarkable 175 million network transactions. The Litecoin Foundation tweeted this news, marking it as a momentous occasion.

Additionally, the latest updates on Litecoin (LTC) revealed that the cryptocurrency had witnessed an impressive 46 million transactions throughout the year 2023. This demonstrates that Litecoin (LTC) users remain dedicated to the token despite declining prices.

In the past month, Litecoin (LTC) experienced a 27% decrease in its price, falling from $92.24 to $67.07 between August 1 and August 30, 2023. This decline could be attributed, in part, to the sharp drop in Bitcoin’s value on August 17.

However, despite the recent decline in Litecoin (LTC) prices, there is a sense of optimism among some LTC holders who are choosing to retain their holdings. Recent predictions regarding LTC’s price offer hope for a potential rally. These forecasts hint at Litecoin (LTC) reaching $121.50 by September 30, 2023. Investors are closely monitoring the market to see if these predictions come to fruition.


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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