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Crypto Today: Bitcoin, Ethereum, XRP gain slightly on Monday, traders prepare for US macro release this week

FXStreetOct 7, 2024 2:06 PM
  • Bitcoin hovers around the $63,000 level on Monday, almost flat in the day. 
  • Ethereum ranges around the psychologically important $2,500 level as creator Vitalik Buterin pledges 100 Ether to support Tornado Cash developer. 
  • XRP edges higher and holds above $0.5300 on Monday, gaining over 1% in the day. 

Bitcoin, Ethereum and XRP updates

  • Bitcoin hovers around $63,000 on Monday, a key level for BTC. The asset gains 0.33% on the day. According to data from Farside Investors, BTC ETFs noted $25.6 million in net inflows on Friday. 
  • The Crypto Fear & Greed Index, a metric used to assess the sentiment of crypto market participants, shows a neutral level after “greed” last week. 
  • Ethereum trades at $2,471, close to the psychologically important $2,500 level for the altcoin.
  • XRP sustains above the $0.5200 support and trades at $0.5371 on Monday. 

Chart of the day: Dogwifhat (WIF)

Dogwifhat (WIF) ranks among trending crypto tokens that yielded double-digit gains for traders in the last 24 hours, offering 14.57% gains for holders on Binance spot markets during the mentioned time frame. 

WIF trades at $2.607 at the time of writing. The meme token could add 13% to its value and rally to the lower boundary of the Fair Value Gap (FVG) between $2.935 and $3.220, as seen in the WIF/USDT daily chart below. 

Conversely, the meme coin could find support at the 200-day Exponential Moving Average (EMA) at $2.376. 

The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line. There is positive momentum underlying the WIF price trend. 

WIF

WIF/USDT daily chart

A daily candlestick close below $2.538 could invalidate the bullish thesis. In that case, WIF could sweep liquidity at the lower boundary of the FVG at $2.389. 

Market updates

  • Vitalik Buterin, the Ethereum creator, supported Tornado Cash developer by donating another 100 Ether valued at approximately $240,000 to Roman Storm’s legal defense fund. This is Buterin’s third contribution and amounts to a total donation of 327 Ether. 
  • The Australian Federal Police (AFP) announced last week that they seized $9.3 million in cryptocurrency linked to organized crime on September 17.
  • CoinShares analysts note that Digital asset investment products recorded minor inflows last week. Bitcoin saw minor outflows of $159 million, according to the report. 

Industry updates 

  • Ethereum analyst Anthony Sassano believes that Artificial Intelligence (AI) agents will use crypto in the future, primarily Ethereum (ETH). 
  • Tether, the stablecoin project that issues USD Tether (USDT), launched a documentary to celebrate the 10th anniversary of the asset. 
  • On-chain data shows that Vitalik Buterin sold 10 billion MOODENG meme coins worth $822,000 for 308 Ether early on Monday. Buterin has consistently sold assets sent to his wallet address. 
Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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