Crypto Daily | Bitcoin Recovers Amid Trump's Potential Fed Majority; SharpLink Acquires 56,533 ETH After $360.9M Raise

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Bitcoin Recovers Amid Trump's Potential Fed Majority; Ethereum, Dogecoin, XRP Also Gain

Leading cryptocurrencies rebounded Tuesday amid increased expectations of a rate cut following Federal Reserve Governor Lisa Cook’s removal and President Donald Trump getting a potential majority on the central bank’s board.

Bitcoin made a sharp recovery past $112,000 late evening, recouping some of Monday’s losses. Ethereum also reclaimed $4,600, easing around $4,550 as of this writing. Bitcoin's market share fell further to 57.5%, while Ethereum's dominance rose to 14.3%, its highest since early November of last year.

SharpLink Acquires 56,533 ETH After $360.9M Raise

SharpLink Gaming, one of the world’s largest corporate holders of Ether, reported a substantial increase in its digital asset reserves.

The company announced it has acquired 56,533 ETH at an average price of $4,462, lifting its total holdings to 797,704 ETH, valued at approximately $3.7 billion.

The expansion shows SharpLink’s ongoing commitment to Ethereum adoption and its long-term treasury strategy, launched earlier this summer.

Trump Media's Crypto Treasury Bet Sends This Token Soaring 30%

Cronos (CRO/USD) rallied sharply on Tuesday after Trump Media & Technology Group Corp. (DJT) announced a deal to set up a cryptocurrency treasury company centered on the token.

CRO, the native token of cryptocurrency exchange Crypto.com, popped over 30% in the last 24 hours, reaching levels last seen more than eight months ago.

CRO topped the daily cryptocurrency gainers list, leaving high-profile coins like Bitcoin (BTC/USD) and Ethereum (ETH/USD) in the dust. The coin's trading volume soared an eye-popping 1174% in the last 24 hours, indicating strong buying pressure. The coin's derivatives market was fired up, as open interest in CRO futures exploded 92% in the last 24 hours, according to Coinglass.

Peter Schiff Says Bitcoin 'Bubble Is Running Out Of Air'

Economist Peter Schiff took note of Bitcoin’s (BTC/USD) underperformance compared to stocks and gold, warning that the cryptocurrency’s bubble is “running out of air.”

In an X post, Schiff used Bitcoin’s historic first climb to $100,000 in December 2024 as the reference point and highlighted the higher returns of gold, the Nasdaq Composite, and the VanEck Gold Miners ETF GDX since then.

Schiff said that despite the hype around a Strategic Bitcoin Reserve and aggressive corporate buying, Bitcoin was up only 10%. In contrast, he pointed out that the NASDAQ has risen by 12%, gold has surged by 28.5% and the gold ETF has skyrocketed by 80% in the same period.

“This bubble is running out of air,” the Bitcoin critic said.

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $88.20 million. The total net asset value of Bitcoin spot ETFs is $143.15 billion.

The Bitcoin spot ETF with the highest net inflow on August 26 was iShares Bitcoin Trust ETF, with a net inflow of $45.34 million.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Tuesday was $455 million. The total net asset value of Ethereum spot ETFs is $29.89 billion.

The Ethereum spot ETF with the highest net inflow on August 26 was iShares Ethereum Trust ETF, with a net inflow of $323.05 million.

Source: SoSoValue