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When A Day In The Green Doesn't Feel Like A Day In The Green
Big gains earlier in the day were faded over the rest of the afternoon
Jonathan Morgan
August 12, 2024
OVERVIEW
When A Day In The Green Doesn't Feel Like A Day In The Green
It’s been a bit of a mixed-up Monday. The market looked strong pre-market and the total market cap was up +4%. Since then, most of those gains have been wiped out, but crypto is still up by +1%. 😒
In today’s Litepaper, we’re looking at a collection of Bitcoin and altcoin news stories, followed by Dogecoin and Jasmy’s charts. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap YTD:
Most bullish/bearish symbols on Stocktwits at the close: 📈 $SUI, $TIA, $APT, $HNT, $MKR, 📉 $BIT, $TAO, $TRX, $XLM, and $CRO
*If you’re a business and want to access this data via our API, email us.
News In Three Sentences
Bitcoin News 🪙
💰 Marathon Digital Raises $250M to Go Full 'HODL' on Bitcoin
Marathon Digital ($MARA) is flexing its mining muscles with a $250 million raise, dead set on stacking more Bitcoin ($BTC) like it's going out of style. With 20,800 BTC already in the vault, they’re doubling down on Bitcoin as their new strategic reserve. Even with the market limping below $60K, Marathon’s all-in approach is a bullish middle finger to the skeptics. CoinDesk.
⚖️ Ex-SEC Official Says Morgan Stanley Is Playing with Fire by Pushing Bitcoin ETFs
Morgan Stanley ($MS) just gave its wealth advisors the green light to pitch Bitcoin ETFs, and according to an ex-SEC official, it’s like waving a red flag in front of a bull—except the bull is the SEC, and they're armed with subpoenas. Expect the compliance department to have a rough year, with regulators itching to dig through every email and phone call. Good luck, Morgan Stanley—you’re gonna need it. DailyHODL.
🐋 Justin Sun’s Big BTC Moves Raise Eyebrows, Spurs Debate
TRON’s ($TRX) Justin Sun moved $30.3 million worth of BTC to Binance, fueling speculation that he’s got something up his sleeve. Despite Sun’s massive BTC transfers—totaling nearly $164 million this year—the market has barely blinked, keeping Bitcoin prices steady around $60,000. But with Sun’s involvement in WBTC custody changes, MakerDAO ($MKR) is on high alert, considering risk mitigation strategies as the crypto community watches every move. TheCoinRepublic.
News In Three Sentences
Altcoin News 🗞️
⚖️ Tether Dismisses Celsius’ $3.3B Lawsuit as a ‘Baseless Extortion Attempt’
Celsius ($CEL) slapped Tether ($USDT) with a $3.3 billion lawsuit, calling foul on a Bitcoin liquidation, and Tether basically told them to take a hike. Tether’s saying the liquidation was all above board, done with Celsius’ consent during a margin call—a classic case of a company trying to blame someone else for their dumpster fire of a financial situation. This lawsuit could set the tone for future crypto legal battles, but for now, Tether’s confident they’ll come out on top. CoinDesk.
📈 Golem Surges 23%, Crypto Whales Accumulate
Golem ($GLM) just shot up 23%, thanks to whales going on a shopping spree and grabbing 11 million GLM in the last 24 hours. Despite the market being a rollercoaster, these big players see potential, betting on a breakout that could send GLM to new highs. But don’t get too excited yet—there’s still a long road ahead before GLM hits the moon. BeInCrypto.
💥 XRP Bullish Options Surge as ETF Speculation Heats Up
Traders are going all in on $XRP’s $1.10 call options, betting that prices will double by the end of the month, fueled by speculation of a potential XRP ETF. The $2 million locked in these options is making waves, even as XRP struggles to break past $0.75. Whether or not XRP hits $1.10 by month’s end, the options market is clearly in a bullish frenzy. CryptoEconomy.
🐋 ETH Whale Moves $154M to Exchange, Spooking Ethereum Community
An Ethereum whale just dumped 48,500 $ETH ($154 million) into an exchange, and the community is sweating bullets over a potential liquidation. This whale has been sitting on a treasure chest worth $1.75 billion, but even the biggest hodlers have their breaking points. Whether this is a strategic cash-out or a sign of deeper concerns about ETH’s future, it’s got everyone on edge. CoinBriefing.
💸 Ethereum Gas Fees Hit 5-Year Low Amid Layer-2 Adoption Surge
Ethereum gas fees are now cheaper than your morning coffee (depending where you get your coffee), thanks to Layer-2 networks like Arbitrum ($ARB) and Taiko taking the load off the mainnet. The median gas price dropped to a laughable 1.9 gwei, the lowest since 2019, with Ethereum’s Dencun upgrade helping to shave costs even further. While the L2s are thriving, Ethereum’s mainnet might need to find new ways to stay relevant—or risk becoming a ghost town. Coinspeaker.
TECHNICAL ANALYSIS
Technically Speaking 🎉
Let’s take a look at two altcoin charts that have Stocktwits users talking today. 🔈️
JasmyCoin
JASMYUSD Three-Day Chart - Click to enlarge.
$JASMY’s three-day chart shows buyers are interested in holding the 200-period EMA. If bulls can follow through, the near-term resistance level analysts see is the 20-period EMA at $0.0261 and the top of the bull flag at $0.0271. 👍️
Dogecoin
At first glance, $DOGE looks kind of ugly. Well, it is ugly. But what’s not ugly is how it maintains the overall structure of a bull flag that goes back to March 2024.
What are bulls waiting for? A breakout above the flag and a close at or above $0.141. 🐂
STOCKTWITS “CHART ART”
Gold Grabs Top Spot Amid Rising Global Tensions 🛡️
Rising Middle East tensions caused investors to reach for defensive assets, with gold and silver closing near the highs, trailing only crude oil on today’s market scoreboard. 💪
While this weekend’s geopolitical activity gave the precious metal a short-term boost, Stocktwits user @crosshairtrader’s chart highlights that this move is part of the broader strength gold has shown throughout 2024.
He and other traders are awaiting confirmation that this breakout is the real deal before jumping in, but what’s clear is that this asset and its peers are on investors' radars ahead of this week’s U.S. inflation data. 🧐
If you like this chart and commentary, you’ll love our “Chart Art” newsletter. We’ll deliver you the best trade ideas and analysis from the Stocktwits community every evening by 8 pm ET.
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Author Disclosure: The author of this newsletter holds positions in Bitcoin, Ethereum, Dogecoin, and Arbitrum. 📋
