Crypto Price Analysis 8-12: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, INTERNET COMPUTER: ICP, JUPITER: JUP

The cryptocurrency market lost momentum after surging past the $4 trillion mark and is now down over 2%. Market sentiment soured after Bitcoin (BTC) and other cryptocurrencies fell into the red. BTC failed to test its all-time high, losing momentum around the $122,000 mark. 

The flagship cryptocurrency plunged as selling pressure returned, dropping below $120,000 to its current level. BTC is down nearly 3% in the past 24 hours, trading around $118,700. 

Ethereum (ETH) also stalled after crossing $4,300 as profit-taking took hold. As a result, the world’s second-largest cryptocurrency dropped to a low of $4,200 before moving to its current level of $4,292. Ripple (XRP) is down nearly 4%, while Solana (SOL) is down almost 6%, trading around $175. Dogecoin (DOGE) is down over 6%, while Cardano (ADA) is down 5.50%, trading around $0.777. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) are also trading in the red. 

FTX Users Update Lawsuit 

Users of bankrupt crypto exchange FTX are preparing to update their lawsuit against Fenwick & West, a law firm contracted by the exchange. Users claim new information shows the firm was central to the FTX collapse. FTX customers filed an amended filing stating, 

“The criminal trial of FTX CEO Sam Bankman-Fried and investigations in the exchange’s bankruptcy proceedings produced specific evidence supporting that Fenwick played a key and crucial role in the most important aspects of why and how the FTX fraud was accomplished. Simply put, the FTX Fraud was only possible because Fenwick provided ‘substantial assistance’ by creating and approving the structures that allowed numerous frauds.”

The customers accused the law firm of agreeing to create, manage, and represent conflicted companies, including FTX’s sister company, Alameda Research, and its subsidiary, North Dimension. They added that the companies had no safeguards in place to prevent billions of dollars that were stolen. The filing is part of a multi-district class-action lawsuit filed by FTX users following the exchange’s collapse in 2022. The filing added, 

“At SBF’s criminal trial, FTX Insider and co-founder Nishad Singh testified that he informed Fenwick of the misuse of customer funds, improper loans, and false representations, and that Fenwick advised on how to facilitate and hide these very acts.”

Do Kwon May Enter A Change Of Plea

Terraform Labs co-founder Do Kwon could enter a “change of plea” at a Tuesday conference scheduled by a federal judge overseeing the case against him. US District Court for the Southern District of New York (SDNY) judge Paul Engelmayer ordered all parties associated with the case to appear in court on Tuesday, suggesting that Do Kwon was preparing to change his plea. The Terraform co-founder had pleaded not guilty to nine felony counts following his extradition hearings in Montenegro. Judge Engenlayer stated, 

“[T]he defendant should be prepared to give a narrative allocution that incorporates all elements of the offense(s) to which the defendant is pleading guilty. In the interest of clarity and efficiency, the Court encourages counsel to assist the defendant in writing an allocution that can be read in open court during the plea proceeding.”

Authorities indicted Kwon in March 2023, charging him with securities fraud, market manipulation, money laundering, and wire fraud. Authorities alleged he was responsible for the collapse of the Terra ecosystem, wiping out $40 billion in investor wealth. 

Analysts Worry US Could Nationalise Bitcoin (BTC) Holdings 

Corporate crypto treasuries have crossed $100 million in value, prompting concerns that the US could nationalise some of the holdings in a move harking back to the gold standard era. Bitcoin (BTC) treasury companies hold over 791,662 BTC worth around $95 billion, a staggering 3.98% of BTC’s circulating supply. Corporate treasuries could become a central point of vulnerability for BTC, and could see the asset follow a similar path to gold in 1971. One crypto analyst stated, 

“If the US dollar is structurally getting weak and China is coming in, it’s a fair point that the US might make an offer to all the treasury companies and centralize it, where it could be then put into a digital form, not create a new gold standard. You could then rug it like happened in 1971. And it’s all centralized around the digital Bitcoin. The whole history repeats again back to the beginning.”

ETH Holders Could Rotate Back To BTC 

Bitcoin (BTC) pioneer Samson Mow believes Ethereum (ETH) investors will turn back to BTC once ETH prices get high enough. The pivot back to BTC could reverse a five-week jump in ETH prices. Mow explained his stance in a post on X, stating, 

“Let me explain what’s happening with ETHBTC. Most ETH holders have a lot of BTC (ICO/insiders), and they are rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s). Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC. No one wants ETH in the long run.”

Mow has criticised altcoins in the past, and added that it will be difficult for ETH to jump to all-time highs, stating that the closer it gets to its all-time high, the stronger the trader’s drive to sell the asset. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) slipped below $120,000 on Monday despite starting the week on a bullish note. The flagship cryptocurrency raced to an intraday high of $122,319 as buyers attempted to push the price beyond $123,000. However, it lost momentum after reaching this level and fell to $118,701, ultimately registering a 0.51% drop. BTC is marginally up during the ongoing session, but is struggling to reclaim $120,000.

Analysts believe BTC could surge past $130,000 if it manages to cross $123,000. However, it could face resistance at this level and could fall back towards established support levels. Analysts believe BTC must stay above $119,000 to maintain its bullish structure and push above $123,000. The price is looking to push towards the upper reaches of its trading channels, and a breakout past $123,000 could create a clear path to $130,000 and higher. BTC’s resistance zone is crucial, as the price has historically paused or reversed after attempts to cross into a higher timeframe. 

However, a rejection from these levels will not necessarily end BTC’s bullish structure. However, it could trigger a decline towards $100,000 and another consolidation phase. The flagship cryptocurrency remains poised for further upside. A break above $123,000 could send BTC into price discovery. However, a rejection could see it drop to $100,000. Henrik Andersson, Chief Investment Officer at Apollo Crypto, believes a rally is long overdue following a period of consolidation. 

“In our view, it was just a matter of time before it would break up. In this time, we have seen positive ETF flows, more treasury companies buying Bitcoin, and several positive developments coming out of the White House. Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news.”

BTC registered a sharp decline on Friday (August 1), dropping over 2% and settling at $113,365. Sellers retained control on Saturday as the price fell 0.67% and settled at $112,601. Despite the overwhelming selling pressure, BTC recovered on Sunday, rising 1.52% to cross $114,000 and settle at $114,215. The price continued pushing higher on Monday, registering a 0.69% increase and settling at $115,051. BTC plunged to an intraday low of $112,707 on Tuesday as selling pressure returned. It rebounded from this level to reclaim $114,000 and settled at $114,051, ultimately dropping 0.83%. The price recovered on Wednesday, rising 0.80% to reclaim $115,000 and settle at $115,028.

Source: TradingView

Bullish sentiment intensified on Thursday as BTC rallied, rising over 2% to cross $117,000 and settle at $117,515. Despite the positive sentiment, the price was back in the red on Friday, falling 0.71% to $116,683. Sellers retained control on Saturday as BTC registered a marginal decline and settled at $116,492. Bullish sentiment returned on Sunday as the price rose 2.42% to cross $119,000 and settle at $119,309. BTC reached an intraday high of $122,319 on Monday as buyers attempted to push above $123,000. However, it lost momentum after reaching this level, dropping below $120,000 and settling at $118,701. The current session sees BTC marginally up as buyers and sellers struggle to exert control. 

Ethereum (ETH) Price Analysis 

Ethereum (ETH) lost momentum after reaching an intraday high of $4,364 on Monday as traders began locking in their profits. The rally saw the world’s second-largest cryptocurrency surge past $4,000 on Friday and reach $4,262 on Saturday before losing steam. However, ETH is back in positive territory during the ongoing session, with the price up over 2%. 

On-chain analytics platform Glassnode revealed that short-term ETH holders have been aggressively taking profits compared to their long-term counterparts. Glassnode analysts believe short-term holders are expecting a pullback in the short term. 

“ETH profit realization (7D SMA) peaked at $771M/day in July, above Dec ‘24 levels, and is now ramping up again at $553M/day. Profits from long-term holders match Dec ‘24 levels, but short-term investors are realizing far more gains, driving the current wave.”

Glassnode revealed that ETH profit realisation, measured using the seven-day SMA, is around $533 million per day, primarily being driven by short-term investors. Meanwhile, long-term holders have been happy to sit on the sidelines. ETH crossed $4,300 during the ongoing session. Analysts believe buyers must retain this level for a move towards $4,500 to materialise. ETH has been accumulating for months, steadily absorbing selling pressure before its latest breakout. 

ETH started the previous weekend in the red, dropping nearly 6% and settling at $3,488. Selling pressure persisted on Saturday as the price fell almost 3%, slipping below $3,400 to $3,393. ETH recovered on Sunday, rising over 3% to reclaim $3,500. Bullish sentiment intensified on Monday as the price rallied, rising over 6% to cross $3,700 and settle at $3,721. ETH was back in the red on Tuesday, dropping nearly 3% to $3,612. It rebounded on Wednesday, rising over 2% and settling at $3,685.

Source: TradingView

Bullish sentiment intensified on Thursday as ETH rallied, rising over 6% to cross $3,900 and settle at $3,911. The price crossed $4,000 on Friday, rising 2.52% and settling at $4,010. ETH rallied on Saturday, rising over 6% to cross $4,200 and settle at $4,262. However, it lost momentum on Sunday, registering a marginal decline and settling at $4,251. Sellers retained control on Monday as the price fell 0.59% to $4,226. ETH has recovered during the ongoing session, with the price up almost 2%, trading around $4,303.

Solana (SOL) Price Analysis

Solana (SOL) slumped below $180 on Monday as selling pressure returned. The altcoin started the week with a move to an intraday high of $186. However, it could not push higher as buyers lost momentum. As a result, selling pressure returned, driving the price below $180 to $174. SOL is marginally up during the ongoing session,

Analysts believe SOL could regain momentum thanks to several bullish developments over the past week. Public companies have upped their SOL purchases to access the blockchain’s staking rewards. Firms including Bit Mining, Upexi, and DeFi Development Corp have increased their SOL holdings, with plans to increase their stake substantially over the next few months. The Solana ecosystem is also emerging as the preferred chain for real-world asset tokenization. The Solana Foundation recently concluded an agreement with R3 to integrate the Solana blockchain for asset tokenization. The network has also registered a sharp jump in daily active addresses, indicating growing user engagement.

SOL started the previous weekend with a sharp drop, falling nearly 6% on Friday and settling at $162. Selling pressure persisted on Saturday as the price fell 2.57%, slipping below $160 and settling at $158. It recovered on Sunday, rising over 2% to reclaim $160 and settle at $162. Bullish sentiment intensified on Monday as SOL rallied, rising nearly 5% to settle at $169. The price was back in bearish territory on Tuesday, falling 3% to $164. Buyers returned to the market on Wednesday as SOL rose 2.50% and settled at $168.

Source: TradingView

SOL continued pushing higher on Thursday, rising over 4% to cross $170 and settle at $175. Buyers retained control on Friday as the price rose 0.79% to $176. Price action remained bullish over the weekend as SOL rose 1.80% on Saturday and 1.51% on Sunday, crossing $180 and settling at $182. Despite the positive sentiment, the price was back in bearish territory on Monday, dropping over 4%, slipping below $180 to settle at $174. The current session sees SOL marginally down as buyers and sellers struggle to establish control.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) ended the previous weekend on a bullish note, rising over 3% to cross $5 and settle at $5.13. Buyers retained control on Monday as the price rose 3.30% to $5.30. Despite the positive sentiment, ICP lost momentum on Tuesday, falling over 4% to an intraday low of $4.95 before settling at $5.07. Buyers returned to the market on Wednesday as the price rose 0.99% to $5.35. Bullish sentiment intensified on Thursday as ICP rallied, increasing 4.49% and settling at $5.35.

Source: TradingView

ICP fell to an intraday low of $5.20 on Friday as selling pressure intensified. However, it rebounded from this level to settle at $5.43, ultimately registering a 1.50% increase. The price rallied on Saturday, rising 5.16% and settling at $5.71. However, it lost momentum on Sunday, dropping 1.23% to $5.64, but not before falling to an intraday low of $5.64. Bearish sentiment intensified on Monday as ICP plunged nearly 5% and settled at $5.37. The current session sees the price marginally up as buyers and sellers struggle to establish control.

Jupiter (JUP) Price Analysis

Jupiter (JUP) surged to an intraday high of $0.561 on Monday as it started the previous week on a bullish note. However, it lost momentum after reaching this level and settled at $0.486, ultimately rising 4.03%. It was back in bearish territory on Tuesday, falling over 4% to $0.465. JUP recovered on Wednesday, rising 2.20% to $0.475. Bullish sentiment intensified on Thursday as the price soared, rising over 5% and settling at $0.499.

Source: TradingView

Buyers retained control on Friday as JUP registered a marginal increase. Price action remained positive over the weekend as JUP rose nearly 5% on Saturday and 1.57% on Sunday to cross $0.50 and settle at $0.531. Despite the positive sentiment, JUP was back in the red on Monday, dropping almost 7% to $0.495. The current session sees the price marginally up, trading around $0.497.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.