BTC Warnings Finger Drop to $55K: First Mover Americas
The most recent fluctuations in cryptocurrency prices on August 2, 2024.
This piece, which contextualizes the most recent movements in the cryptocurrency markets, first published in First Mover, CoinDesk’s daily newsletter. To receive it daily in your inbox, subscribe.
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After plunging to $62,500 on Thursday, Bitcoin stayed largely unchanged during the European morning, currently trading at $64,500. That’s close to its 50-day moving average, which continues to be a useful trading support level. In an email to CoinDesk, senior market analyst Alex Kuptsikevich of FxPro stated, “If the decline develops, dynamics around the $63K and $61K levels, near where the 50 and 200-day moving averages are, will be important.” “It’s terrifying that if this support fails, $55K will become available.”
According to him, August has seen eight losses for Bitcoin and five wins. “The average decline was 15.4% and the average rise was 26%.”
Ahead of Coinbase’s second-quarter earnings report on Thursday, Cathie Wood’s ARK Invest sold $14.8 million worth of COIN shares, marking the largest single-day sale since May 7. Due to the transaction, the fund management business sold more Coinbase shares on August 1st than it did throughout the course of the preceding two months. Coinbase revealed second-quarter revenue that exceeded Wall Street analysts’ projections after the market closed.
Following the release, the exchange’s shares, which had dropped 5.2% to $212.64 during regular trading, saw a brief increase and showed minimal movement in pre-market activity. Between its two ETFs, ARK sold 69,069 shares of COIN in total.
In addition to introducing bitcoin and ether trading, Hong Kong stock broker Futu Securities is rewarding new customers with shares in Nvidia and Alibaba. According to a South China Morning Post report, the business, which bills itself as Hong Kong’s largest tech broker, is planning to “expand our crypto offerings in the near future.” Through a collaboration with HashKey Exchange, one of just two cryptocurrency exchanges with a Hong Kong license, Futu is providing the crypto trading services.
Additionally, it is looking for a license to provide the same services to Panthertrade, its subsidiary. The Securities and Futures Commission, Hong Kong’s regulatory body, has granted the business a license based on a presumed application, allowing it to provide cryptocurrency services while awaiting final approval.
