Crypto Price Analysis 8-7: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, COSMOS: ATOM, FILECOIN: FIL

The crypto market is up over 1% in the past 24 hours as Bitcoin (BTC) and other cryptocurrencies traded in positive territory. BTC has struggled to build momentum during recent sessions. Price action remained sluggish as the flagship cryptocurrency reached an intraday high of $115,694. However, it failed to push higher and slipped below $115,000 to its current level. BTC is marginally up over the past 24 hours, trading around $114,560. 

Altcoins led the market recovery with Ethereum (ETH) up almost 2%, trading around $3,690. Buyers will look to build momentum and push the world’s second-largest cryptocurrency past $3,700. Ripple (XRP) is up 2%, trading around $3, while Solana (SOL) is up over 3% and is on the verge of reclaiming the $170 mark. Dogecoin (DOGE) is up almost 3%, while Cardano (ADA) is up 2.37%, trading around $0.741. Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) are also trading in positive territory. 

Japan Could Approve An XRP ETF Before The US 

Japan could be on the verge of launching an XRP ETF before the US, thanks to its largest bank, SBI Holdings. SBI applied to launch Ripple (XRP) and Bitcoin (BTC) ETFs on the Tokyo Stock Exchange. If the applications are approved, Japan could pull ahead of the US in the race for an XRP ETF approval. SBI revealed it had filed for two new crypto ETFs on the Tokyo Stock Exchange. The first fund, called the Digital Gold Crypto ETF, will allocate over half its capital to gold ETFs, and the rest to the Franklin Templeton Bitcoin (BTC) ETF. The second product, called the Crypto Assets ETF, is structured to track the performance of XRP and BTC. However, it could also potentially track the performance of other assets. 

SBI’s application comes after Japan’s financial watchdog submitted a proposal to include cryptocurrencies under its Financial Instruments and Exchange Act, categorising them as financial products instead of payment methods. SBI is a long-time supporter of Ripple and invested in the firm as early as 2016. 

Parataxis Confirms SPAC Merger With SilverBox Corp IV 

Parataxis Holdings, an institutional digital asset manager, has confirmed a SPAC merger with SilverBox Corp IV. The merger will raise $640 million for a NYSE-listed Bitcoin treasury company. The new firm, called Pubco, will trade under the ticker “PRTX.” The deal will deliver up to $240 million to Parataxis Holdings, subject to shareholder redemptions. The company added that $32 million will be released immediately to purchase Bitcoin (BTC). 

“This includes $31 million of equity that will be funded immediately to purchase BTC.”

The deal values the new company at $400 million. The new entity can raise additional capital to fund more purchases of BTC. Parataxis CEO Edward Chin believes the deal will allow the company to execute a Bitcoin treasury strategy in the US. 

“We will also be ideally positioned to further establish and grow our successful foothold in South Korea with Parataxis Korea.”

Several companies have adopted a Bitcoin treasury strategy, following in the footsteps of Michael Saylor’s Strategy. Strategy has become the largest publicly-listed holder of BTC. Institutional investors and corporate buyers have added over 166,000 BTC to their reserves in July alone. 

“Today’s announcement brings us closer to realizing our vision of creating a publicly listed entity that delivers differentiated exposure to Bitcoin via a disciplined, institutional platform investing across underserved growth markets.”

Crypto Investor Loses $3M In Phishing Scam 

A cryptocurrency investor has lost $3 million in an elaborate phishing scam after signing a malicious blockchain transaction without verifying the contract address. The investor lost their funds after a single click, with $3 million worth of USDT drained instantly. Blockchain analytics platform Lookonchain highlighted the incident in a post on X, stating, 

“Someone fell victim to a phishing attack, signed a malicious transfer, and lost 3.05M $USDT. Stay alert, stay safe. One wrong click can drain your wallet. Never sign a transaction you don’t fully understand.”

Phishing attacks trick unsuspecting individuals into sharing vital information, including private keys, by mimicking authentic websites. According to Lookonchain, the victim validated the wallet address by matching the first and last few characters before approving the transaction to the malicious entity. Any difference was most likely hidden in characters in the middle of the address. In a separate incident, an investor lost $900,000 worth of digital assets to another phishing attack, which was executed 458 days after the trader unknowingly signed a malicious transaction to a wallet-draining scam. 

However, these amounts are a fraction of the $71 million lost to a wallet poisoning scam in May 2024. However, the hacker had a change of heart and returned the stolen $71 million after two weeks. The hacker was also under immense pressure from the global blockchain community, which also revealed the attacker’s potential IP address. 

Crypto phishing attacks were a major security concern in 2024 as hackers began shifting their attention from exploiting vulnerabilities in code to human psychology. Phishing attacks cost the cryptocurrency industry over $1 billion in 2024, with at least three attacks resulting in losses of over $100 million. 

Tornado Cash Founder Found Guilty 

Tornado Cash co-founder Roman Storm was found guilty of charges related to conspiracy to run an unlicensed money business. The US District Court for the Southern District of New York found Storm guilty of one felony charge related to his role at Tornado Cash. Storm was convicted by the jury on one charge of conspiracy to run an unlicensed money transmittal business, carrying a maximum sentence of five years in prison. However, the jury is yet to reach a consensus on charges related to conspiracy to commit money laundering and conspiracy to violate North Korea sanctions. 

The jury deliberated for four days before informing the court on Wednesday that they were deadlocked on certain charges. This prompted a judge to issue a special instruction, urging them to reach a unanimous decision. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) reclaimed $115,000 on Wednesday, rebounding after registering a dramatic drop on Tuesday, which saw the price plunge to an intraday low of $112,707 before settling at $114,135. 

Analysts believe $109,000 could become the new price target if bulls fail to sustain momentum. Trading resource Material Indicators stated that BTC could go lower before it goes higher. On-chain analytics firm Glassnode suggested that previous all-time highs could provide BTC with a stable price floor. 

“For $BTC, the airgap between $109K–$116K is gradually being filled on dips. The staircase pattern points to steady investor engagement over the past month. So far, we see limited distribution from the $118K–$120K range, suggesting these holders are opting to hold through.”

However, the flagship cryptocurrency has rebounded, likely due to short-term holders easing their profit taking and pausing their selling activities. BTC’s drop to a local low could trigger a rebound, with the price already above $115,000. Glassnode stated in a market report on Wednesday that profit taking among Bitcoin Short Term Holders (STH) has cooled, allowing prices to rebound. The firm highlighted that STH's spending volume had fallen below the neutral level to 45%. 

According to the analytics company, the market is in a relatively balanced position, with 70% of STH supply in profit. Profit and loss taking among coins that are moving around is evenly split. 

“This is a level which aligns with the midline of prior bull phases, and is again not an atypical condition.”

Market watchers are closely watching the behavior of STHs. On-chain analytics platform Checkonchain stated that the Bitcoin STH Spent Output Profit Ratio (SOPR) revealed that buyers who bought BTC near all-time highs are selling more than recent buyers. 

“Many recent top buyers and ‘Weaker’ hands are selling around their buy-in price and saying ‘get me out. What we want to see from here is a short, sharp dip into red territory, resolving back to a healthy green number. This confirms the bull is still in play.”

BTC started the previous week in the red, dropping over 1% and settling at $118,069. It faced volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline. BTC fell to an intraday low of $115,772 on Wednesday before rebounding to reclaim $117,000 and settling at $117,783, ultimately registering a marginal decline. Sellers retained control on Thursday as the price fell almost 2% and settled at $115,802. Bearish sentiment intensified on Friday as BTC dropped 2.10% to $113,365.

Source: TradingView

BTC started the weekend in the red, dropping nearly 1% to $112,601. Despite the overwhelming selling pressure, BTC rebounded on Sunday, rising 1.52% to reclaim $114,000 and settle at $114,307. Buyers retained control on Monday as the price rose 0.69% to cross $115,000 and settle at $115,097. BTC lost momentum on Tuesday, falling to an intraday low of $112,707. However, it rebounded from this level to reclaim $114,000 and settle at $114,135. Buyers returned to the market on Wednesday as the price rose 0.80% to reclaim $115,000 and settle at $115,051. The current session sees BTC marginally down as buyers and sellers struggle to establish control.

Ethereum (ETH) Price Analysis

Ethereum (ETH) fell to an intraday low of $3,547 on Tuesday as its recovery lost momentum. However, it rebounded from this level to reclaim $3,600 on Wednesday and move past $3,700 on Thursday as sentiment improved. ETH did well to reclaim and hold on to $3,600, posting a 2% increase as on-chain metrics revealed a jump in transaction activity. ETH’s value has risen nearly 30% over the past month. However, it has dropped almost 5% over the past week as selling pressure increases. However, market activity is slowing down, with daily trading volume falling over 15% to $22 billion, while derivatives volume is down over 20% to $77 billion.

Despite a decline in network activity, Ethereum network usage has risen sharply. Daily transactions jumped to 1.87 million on August 6, close to the all-time high of 1.96 million. According to analysts, stablecoin activity is responsible for the jump.

ETH ended the previous weekend up 3.52% at 3,875. However, it lost momentum on Monday, falling over 2% to $3,797. The altcoin experienced volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ETH registered a marginal decline. The price fell to an intraday low of $3,680 on Wednesday. However, it rebounded from this level to reclaim $3,800 and settle at $3,811, ultimately rising 0.42%. Sellers reclaimed control on Thursday as ETH fell almost 3% and settled at $3,699. Selling pressure intensified on Friday as ETH plunged nearly 6% to $3,488.

Source: TradingView

Sellers retained control on Saturday as ETH fell nearly 3%, slipping below $3,400 and settling at $3,393. Despite the overwhelming selling pressure, the price recovered on Sunday, rising over 3% to reclaim $3,500. Bullish sentiment intensified on Monday as ETH rallied, rising over 6% to reclaim $3,700 and settle at $3,721. The price was back in the red on Tuesday, dropping almost 3% to $3,613. ETH recovered on Wednesday, rising 2% and settling at $3,685. The current session sees ETH up almost 3%, trading around $3,790 as buyers eye the $3,800 mark.

Solana (SOL) Price Analysis

Solana (SOL) has rebounded to reclaim $170 as investor sentiment picked up, as Solana Mobile began shipping the second-generation Seeker smartphone to customers. Investor outlook has also improved thanks to growing institutional interest around the asset. Several public companies have increased SOL purchases in recent weeks as they look to get their hands on the blockchain’s staking rewards.

Bitcoin Mining firm Bit Mining announced its first Solana purchase, buying 27,191 SOL for $4.5 million. It also launched a validator to earn yield on its SOL tokens. Supply chain management firm Upexi announced it spent most of July acquiring SOL. The company increased its holdings from 735,692 to over 2 million. DeFi Development Corp also increased its SOL holdings, purchasing 110,466 SOL to take its total holdings past $1.2 million.

SOL started the previous week with a sharp jump to an intraday high of $195. It lost momentum after reaching this level, dropping over 3% to $183. Sellers retained control on Tuesday as the price fell almost 1% to $181. SOL dropped to an intraday low of $170 on Wednesday as selling pressure intensified. However, it rebounded from this level to settle at $177, ultimately registering a 2.06% decline. The price continued declining on Thursday, dropping over 3% and settling at $172. Bearish sentiment intensified on Friday as SOL plunged nearly 6%, falling to a low of $159 before settling at $162.

Source: TradingView

Sellers retained control on Saturday as SOL dropped 2.57% to $158. Despite the overwhelming selling pressure, SOL 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 $169. Buyers lost momentum on Tuesday as the price fell 3.24% and settled at $164. However, it recovered on Wednesday, rising 2.59% and settling at $168. The current session sees SOL up nearly 3%, trading around $172.

Cosmos (ATOM) Price Analysis

Cosmos (ATOM) started the previous week with a sharp drop, falling nearly 5% to $4.64. It faced volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline and settled at $4.62. Selling pressure intensified on Wednesday as ATOM plunged to an intraday low of $4.25. However, it rebounded from this level to settle at $4.40, ultimately registering a drop of 4.57%. Sellers retained control on Thursday as the price fell 4.40% and settled at $4.21. ATOM continued declining on Friday, falling to an intraday low of $4.03 before settling at $4.14, ultimately registering a 1.56% decline.

Source: TradingView

The weekend brought no respite for ATOM as it fell nearly 1% on Saturday and settled at $4.11. Despite the overwhelming bearish sentiment, it recovered on Sunday, rising almost 4% and settling at $4.27. Buyers retained control on Monday as ATOM rose 0.97% to $4.31. Selling pressure returned on Tuesday as the price fell over 2% to $4.22. Buyers returned to the market on Wednesday as ATOM rose 2.46% and settled at $4.32. The current session sees ATOM up 1.44%, trading around $4.39.

Filecoin (FIL) Price Analysis

Filecoin (FIL) dropped sharply on Monday (July 28), falling nearly 6% to $2.59. It faced volatility on Tuesday before dropping 1.05% to $2.57. Bearish sentiment intensified on Wednesday as the price plunged to an intraday low of $2.36. However, it rebounded from this level to settle at $2.48, ultimately registering a 3.25% drop. Sellers retained control on Thursday as FIL fell nearly 4% to $2.39. FIL continued dropping on Friday, falling almost 4% to a low of $2.23 before settling at $2.30.

Source: TradingView

Selling pressure persisted on Saturday as FIL dropped 1.02% and settled at $2.27. The price recovered on Sunday, rising nearly 3% and settling at $2.34. Buyers retained control on Monday as FIL rose 3.24% to $2.41. Price action turned bearish on Tuesday as FIL dropped 3.69% and settled at $2.32. However, it recovered on Wednesday, rising 1.78% and settling at $2.37. The current session sees FIL up nearly 3%, trading around $2.43.

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.