Cryptos Today: Bitcoin Breathes and Balances at Critical Level as Ethereum Soars 10% and Pulls altcoins Green

After trading in the $19,800 region yesterday morning amid a weekend of losses, Bitcoin (BTC) balances at a level still considered critical today, just above $20,000, but in a sign of relief. on selling pressure after investors digested the latest comments from Federal Reserve Chairman Jerome Powell.

Last Friday, the president of the central bank of the United States reinforced the entity’s commitment to fighting inflation, and fear increased in the market that new adjustments of 75 basis points in the American interest rate could still occur. At 7 am on Tuesday (30), Bitcoin is trading at $ 20,454, up 3% in the last 24 hours.

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“The macro scenario has had a lot of influence all year, and this week and after Jackson Hole, the market was reminded that the same kind of inflationary challenges with low unemployment remain,” comments Luke Farrell, crypto trader at the ratings firm. GSR digital assets.

“There’s been a little reassessment of the optimism that came after the CPI (US consumer inflation data) was released last month and a little bit of the oversold conditions that started in June,” he says.

In a weekly report, fund manager CoinShares noted the third consecutive week of redemptions totaling $46 million. Most of it ($29 million) was withdrawn from Bitcoin funds.

“Our latest fund flows report in two words: investor apathy. No short-term catalysts on the horizon, so let’s wait,” CoinShares chief strategy officer Meltem Demirors said via Twitter.

Watch: Second half of crypto winter is coming? How Bitcoin Can Behave in a Recession Framework

For GSR’s Farrell, however, volatility is likely to remain high in the short term as markets await new US Consumer Price Index (CPI) data next month, and the upcoming Open Market Committee (Fomc) meeting. ).

“There’s a lot of different data coming in for the market to consider and that means a little more volatility in the short term,” he said. The expert also highlighted another trigger, but this time for Ethereum (ETH): the Merge update, which should be completed between the 15th and 16th of September.

Even with a contrary assessment from Bank of America, the event continues to boost cryptocurrency. Despite Bitcoin’s timid rally, ETH is up nearly 10% today to $1,595 and is a standout among the most valuable cryptos.

The performance also pulls other related assets, such as the Lido platform token, which soars 16.7%. Additionally, synthetic Lido Staked Ether (stETH) is also up 10% and comes very close to parity with ETH.

Avalanche (AVAX) soars 13.3% after Ava Labs again denies rumors that it would have hired lawyers to sue competitors (see more details below), and Flow (FLOW) rises 11% after Meta confirmed that users of the Instagram and Facebook will be able to connect crypto wallets to apps to use NFTs – in addition to Ethereum and Polygon (MATIC), the assets will be able to run on the Flow network.

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 20,454.05 +3%
Ethereum (ETH) US$ 1,595.65 +9.7%
Binance Coin (BNB) US$ 290.96 +5.7%
XRP (XRP) US$ 0.333460 +3.6%
Cardano (ADA) US$ 0.454774 +4.4%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Read DAO (READ) $1.88 +16.7%
Synthethix Network (SNX) $3.24 +15.6%
Cosmos (ATOM) $11.81 +13.7%
Avalanche (AVAX) US$ 20.40 +13.3%
Flow $1.96 +11%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
eCash (XEC) US$ 0.00004776 -7%
Celsius Network (CEL) $1.20 -5.2%
Huobi (HT) $4.92 -4.3%
Chain (XCN) US$ 0.083291 -1.5%
USD Neutrino (USDN) $5.92 -0.7%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 18.38 -3.76%
Hashdex BTCN (BITH11) BRL 24.20 -2.77%
Hashdex Ethereum (ETHE11) BRL 22.86 -1.59%
Hashdex DeFi (DEFI11) BRL 20.81 -2.62%
Hashdex Smart Contract Platform FI (WEB311) BRL 18.20 -2.72%
QR Bitcoin (QBTC11) BRL 6.43 -5.58%
QR Ether (QETH11) BRL 5.76 -0.86%
QR DeFi (QDFI11) BRL 3.80 -5.23%
Crypto20 EMPCI (CRPT11) BRL 5.49 -1.61%
Invest NFTSCI (NFTS11) BRL 29.48 -0.33%

See the main crypto market news for this Tuesday (30):

Avalanche executive denies rumors and AVAX soars 13%

Emin Gün Sirer has denied that his company, Ava Labs, is involved in a behind-the-scenes smear campaign against competitors of the Avalanche blockchain. He called the recent allegations “categorically false.”

“These allegations evidently arose when Kyle Roche, a lawyer for a firm we hired in the early days of our company, tried to impress a potential business partner by making false claims about the nature of his work for Ava Labs,” wrote Gün Sirer. in a statement on Monday.

Gün Sirer spoke after an anonymously authored website called Crypto Leaks claimed last week that Ava Labs executives paid law firm Roche Freeman to defame competitors using class actions. One of the goals would be to attract the attention of regulators to rivals.

The claims caused Avalanche’s AVAX token to drop by around 11%. The price, however, has recovered some of the losses since then. As of this morning, AVAX is up 13.3%.

FBI Warns of Dangers of DeFi, Calls for Platform Action

The Federal Bureau of Investigation (FBI) has called on decentralized finance (DeFi) platforms to strengthen security measures and has warned investors against vulnerabilities in these platforms.

The FBI alert comes as DeFi platforms, which do not use intermediaries to conduct financial transactions on the blockchain, have suffered several major attacks this year, such as the nearly $650 million hack on the Ronin network.

Between January and March 2022, cyber criminals stole $1.3 billion worth of cryptocurrencies, nearly 97% of which was stolen from DeFi platforms, the FBI said citing a report by blockchain analysis firm Chainalysis.

Bitso starts offering income with ETH

Bitso exchange announced yesterday that it will start offering income for ETH deposits on its platform. Until then, only Bitcoin deposits and dollar stablecoins were accepted.

According to Thales Freitas, CEO of Bitso in Brazil, adding ETH to the offering “was the natural step, not only due to the high adoption of this cryptocurrency among our customers, but also because the Ethereum ecosystem has been showing an incredible trajectory of innovation since the beginning”.

The application has daily liquidity and earnings are paid in dollars – 2% per year for up to 1 ETH, and 0.5% per year for more than 1 ETH deposited.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

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