Cash News
- Bitcoin price is in decline, trading near $62,300 despite $235.2 million inflows in BTC ETFs.
- Ethereum is approaching a crucial support level near $2,400, and XRP trades below $0.530.
- HBO will release a documentary on Tuesday that attempts to identify Bitcoin’s mysterious creator, Satoshi Nakamuto.
Bitcoin, Ethereum and XRP updates
- Bitcoin (BTC) trades near the $62,300 level on Tuesday following a correction in the past 24 hours. Meanwhile, BTC exchange-traded funds (ETF) recorded inflows of $235.2 million. With inflows rising again, the top crypto by market capitalization could rally toward the $66,000 psychological level if a support level near $62,125 holds.
- Ethereum (ETH) is trading close to the $2,400 support level following a neutral day of zero flows across ETH ETFs. A breach of this support could send ETH toward the $2,200 level.
- Ripple’s XRP is down over 3%, trading below $0.530 after seeing a rejection near its daily resistance level on Monday.
Market updates
- Meme coins suffered major losses on Tuesday with four prominent meme tokens topping the charts for largest losers among the top 100 cryptos by market capitalization.
Top Four Losers (Souce: CoinGecko) - The US Securities & Exchange Commission (SEC) issued a Wells notice to crypto exchange Crypto.com on Tuesday, indicating the agency may take legal action against the exchange for potentially violating securities laws.
In response, Crypto.com sued the SEC, stating that it had “unilaterally expanded its jurisdiction beyond statutory limits” and “established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold.”
The suit adds to a series of legal tussles between the SEC and crypto companies in recent months. - The US Bankruptcy Court for the District of Delaware approved defunct crypto exchange FTX’s plan to begin repayment of creditors. The company aims to distribute between $14.7 billion and $16.5 billion in cash to creditors. While many have noted that the repayment could be a bullish development for Q4, Presto Labs analysts wrote that it’s premature to assume that the money will flow back into the crypto market.
Industry updates
- In an attempt to identify Bitcoin’s mysterious creator, Satoshi Nakamuto, Television network HBO will release a documentary titled “Money Electric: The Bitcoin Mystery” at 21:00 EST on Tuesday. Crypto investors are leveraging prediction marketplace Polymarket and meme coin launches to speculate who the TV network will reveal as Satoshi. The leading candidates include Nick Szabo, Adam Back, Len Sassaman and David Kleiman.
Chart of the day: SUI
SUI/USDT daily chart
SUI is attempting to breach the $1.967 support level on Tuesday after failing to break its all-time high resistance at $2.19.
SUI’s Relative Strength Index (RSI) is in the oversold region, signaling a potential for more price correction. However, the Awesome Oscillator posted a large green bar above its neutral level, indicating the potential for prices to retest the $2.19 level again.
The Move-based blockchain network has been in an uptrend since September 5, rising more than 120% in the past month after several key updates within its ecosystem.