Crypto Price Analysis 8-26: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, JUPITER: JUP
The cryptocurrency market continued its bearish trajectory on Tuesday, with the market cap down nearly 3% as Bitcoin (BTC) and other cryptocurrencies traded in the red. Bearish sentiment around BTC intensified after the flagship cryptocurrency dipped below $112,000 and fell to a low of $109,152.
The decline triggered nearly $940 million in liquidations, with $800 million in long positions liquidated. The flagship cryptocurrency has made a marginal recovery and is currently trading around $110,050, down nearly 2% over the past 24 hours.
Meanwhile, Ethereum (ETH) fell from $4,673 to a low of $4,335 as selling pressure intensified. The altcoin has lost momentum after weeks of upward momentum. However, it has made a marginal recovery since, reclaiming $4,400 and moving to $4.420. Ripple (XRP) is down almost 2%, while Solana (SOL) is down over 7%, trading around $187. Dogecoin (DOGE) is down 6.57% while Cardano (ADA) is down over 5%, trading around $0.837. Chainlink (LINK) is down over 10%, trading around $23.05. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), Uniswap (UNI), and Polkadot (DOT) also registered notable declines.
ETF Issuers Must Carefully Consider Crypto Exposure
REX Financial CEO Greg King has urged crypto ETF issuers to carefully consider which cryptocurrencies to offer exposure to in their funds, adding that most of the crypto market is pretty sketchy. King stated in an interview,
“Crypto gets pretty sketchy below the top 10, certainly below the top 20. There’s some significant picking and choosing that has to happen by issuers there.”
King added that he does not think there will be a boom in ETF filings for various cryptocurrencies. However, he predicted “a lot of funds per coin.” ETF issuers have been rushing to secure approval for an array of crypto funds following the success of spot Bitcoin ETFs and the crypto-friendly approach of the Securities and Exchange Commission (SEC) under the Trump administration. Markets, including REX, are waiting for approvals for ETFs tied to memecoins. These ETFs will track popular memecoins like Bonk (BONK), Official Trump (TRUMP), and Dogecoin (DOGE).
King also called Solana (SOL) the future of stablecoins, shortly after launching a Solana ETF that included exposure to staking rewards. King touted Solana’s speed and processing speed, adding that it had been overlooked as the perfect blockchain for stablecoins.
“Frankly, when I saw the big debate come out about stablecoins being all built on ETH [Ethereum], I was like ‘this is a huge oversight.’ I think Solana is actually the story for the future as far as stablecoins go. A lot of people think that Solana is the up-and-comer that’s going to sort of dethrone Ethereum. It’s a very controversial debate. I probably made friends and enemies by even suggesting that.”
Global Regulators, Exchanges Push Back Against Tokenized Stocks
Global regulators and exchange industry associations joined forces to stop the growth and adoption of tokenized stocks, arguing that such products do not represent actual equities and expose investors to high risk. According to reports, the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO), and the World Federation of Exchanges (WFE) have written a letter to the United States Securities and Exchange Commission’s (SEC) Crypto Task Force, asking for more regulatory oversight of tokenized stocks. The organizations stated that while tokenized stocks mimic equities, they lack the investor protections built into the traditional market. The WFE said in a report,
“We are alarmed at the plethora of brokers and crypto-trading platforms offering or intending to offer so-called tokenized US stocks. These products are marketed as stock tokens or equivalent to the stocks when they are not.”
The pushback is significant given the organizations involved. ESMA is a European Union agency and one of the bloc’s main financial supervisory authorities. IOSCO is an international body responsible for setting standards for securities regulation and investor protection across global markets. WFE, headquartered in the UK, represents exchanges and clearing houses globally.
Gemini Flips Coinbase In The App Store Charts
Gemini has surpassed Coinbase in the app store charts following the launch of an XRP-rewards credit card with Ripple Labs and Mastercard. The card gives users up to 4% back in XRP instantly. Gemini announced the launch of the rewards card in a post on X.
“Meet the Gemini Credit Card, XRP edition. Designed for enthusiasts, this limited-edition metal card gives up to 4% back in XRP instantly. No waiting, just stacking.”
Data from Sensor Tower revealed that Gemini overtook Coinbase in the finance category rankings soon after the announcement. Gemini currently sits at 16th place, while Coinbase is at 20th place. The ranking jump is significant as Coinbase has over three times the daily trading volume of Gemini.
Galaxy Digital, Jump Crypto, Multicoin Plan Solana Fund
Galaxy Digital, Multicoin, and Jump Crypto are reportedly working on a plan to raise $1 billion to purchase Solana (SOL). According to several anonymous sources, the digital asset companies are looking to create the largest treasury dedicated exclusively to SOL. The sources also revealed that the three companies have tapped Cantor Fitzgerald as lead banker. The plan involves taking over a publicly-traded entity to create a digital asset treasury company, which would focus on buying SOL. The Solana Foundation has also endorsed the efforts of the three companies and has backed the move to create a SOL treasury.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) traded in the red for a fourth day, falling to a low of $108,670 before rebounding to reclaim $110,000 and settling at $110,068. The flagship cryptocurrency has struggled to regain ground after sentiment turned bearish following Friday’s rally to an intraday high of $117,416. BTC traded in the red over the weekend, wiping out Friday’s gains after falling 1.30% on Saturday and nearly 2% on Sunday, when it fell to an intraday low of $110,635 before reclaiming $113,000 and settling at $113,478. Selling pressure intensified on Monday as BTC fell almost 3% and settled at $110,127.
BTC’s plunge to a seven-week low liquidated around 200,000 traders for around $900 million over the past 24 hours. The decline also wiped out all the gains made following Fed Chair Jerome Powell’s speech on Friday. According to data from CoinGlass, most of the liquidations were long positions, coming as BTC briefly fell below $109,000 on Coinbase. A large Bitcoin holder also offloaded 24,000 BTC over the weekend, rotating the capital into ETH. As a result, it created excessive selling pressure on an already weary market. Rachael Lucas, analyst at BTC Markets, stated,
“Selling pressure intensified as a large holder offloaded 24,000 BTC, triggering a wave of liquidations.”
BTC has dropped over 12% since August 14, when it surged past $124,000 and set a new all-time high, and over 7% since Friday’s Jackson Hole speech. CoinGecko co-founder Bobby Ong summarized BTC’s price action in a post on X, stating,
“I wish I could go to sleep each night hugging my penguin and watching the charts go green only. No red candle is the best day. But that’s not life, and we have to go through the tough liquidation days so that we can go up.”
Some analysts, including Peter Schiff, predicted a drop to $75,000. Others warned that investors were rotating capital out of BTC and other risk assets, amplifying price swings.
“Capital is rotating out of risk, with thin weekend liquidity amplifying swings. Ethereum remains a focus for institutions, but the market is now weighing whether this is a pause in the uptrend or the start of a deeper pullback.”
BTC started the previous weekend in bearish territory, dropping nearly 1% on Friday (August 15) to $117,436. The price registered marginal increases on Saturday and Sunday, settling at $117,488. However, BTC was back in the red on Monday, dropping 1.02% to a low of $114,703 before settling at $116,286. Selling pressure intensified on Tuesday as BTC plunged nearly 3%, slipping below $113,000 and settling at $112,856. Despite the overwhelming selling pressure, the price was back in positive territory on Wednesday, rising over 1% to reclaim $114,000 and settling at $114,276.
Source: TradingView
Selling pressure returned on Thursday as BTC fell 1.57% and settled at $112,480. Bullish sentiment returned on Friday as BTC rallied, rising nearly 4% to reach an intraday high of $117,416 before settling at $116,908. However, the price lost momentum on Saturday, dropping 1.30% to $115,383. Selling pressure intensified on Sunday as BTC plunged to an intraday low of $110,635. However, it rebounded from this level to reclaim $113,000 and settle at $113,478, ultimately dropping nearly 2%. Selling pressure persisted as BTC started the week in the red, dropping almost 3% to a low of $109,275 before settling at $110,127. BTC fell to an intraday low of $108,670 during the ongoing session. However, it has recovered to reclaim $110,000 and currently trades around $110,151.
Ethereum (ETH) Price Analysis
Ethereum (ETH) surged to a new all-time high on Sunday, reaching $4,957 as buyers eyed a move past $5,000. However, the world’s second-largest cryptocurrency faced rejection at this level and fell over 8% on Monday, slipping below $4,500 and settling at $4,380. ETH has recovered during the ongoing session and is up over 1%, trading around $4,424.
Despite Monday’s dramatic collapse, investors and treasury companies are bullish on the asset. Fundstrat’s Tom Lee made a bold prediction, stating that ETH’s bottom could arrive within hours. Meanwhile, BitMine Immersion Technologies doubled down on its strategy and purchased $21.28 million in ETH. The latest purchase takes the company’s holdings to 1.72 million ETH, valued at around $7.65 billion. Lee’s prediction about ETH’s bottom came after Mark Newton’s analysis suggested that ETH could see a correction before rallying past $5,000. The prediction follows Lee’s August 19 prediction, when he correctly predicted a decline to the $4,075-$4,150 range.
Meanwhile, BitMine has established itself as the world’s largest corporate Ethereum treasury thanks to an aggressive accumulation strategy that began in June. The Delaware-based firm disclosed crypto and cash holdings worth $8.82 billion following a $2.2 billion accumulation spree, ranking only behind Michael Saylor’s Strategy among global crypto treasuries. Institutional interest in ETH goes beyond BitMine, with BlackRock purchasing $314 million worth of ETH while reducing its BTC positions. Corporate Ethereum holdings have surged over 127% in July. Over 70 corporate entities control 4.3 million ETH, 3.6% of the asset’s total supply.
Ethereum ETFs continued registering inflows, with ETH ETFs managing over $12 billion in assets. ETH started the previous weekend in the red, dropping over 2% to $4,444. Sellers retained control on Saturday, registering a marginal decline before rising over 1% to end the weekend at $4,476. Selling pressure returned on Monday as ETH fell 3.58% and settled at $4,316. Bearish sentiment intensified on Tuesday as the price fell 5.54% to $4,076. Despite the overwhelming selling pressure, ETH recovered on Wednesday, rising over 6% to reclaim $4,300 and settle at $4,338.
Source: TradingView
ETH was back in the red on Thursday, dropping nearly 3% and settling at $4,225. The price rallied on Friday following Fed Chair Jerome Powell’s speech at Jackson Hole. ETH surged over 14% following the speech, reaching an intraday high of $4,449 before settling at $4,830. It registered a marginal decline on Saturday before recovering on Sunday to set a new all-time high of $4,957. ETH failed to push above $5,000 on Sunday as sellers overwhelmed buyers at upper levels. As a result, it fell over 8% on Monday, slipping below $4,500 and settling at $4,380. The price has rebounded during the ongoing session, rising nearly 1% to $4,415.
Solana (SOL) Price Analysis
Solana (SOL) registered a sharp jump on Friday, rising over 11% to $200. It continued pushing higher over the weekend, increasing 1.73% on Saturday and almost 1% on Sunday to settle at $206. However, market sentiment turned bearish on Monday, and SOL plunged over 9% to $187.
Despite the decline, institutional investors remain bullish on SOL, with several firms drawing up plans for a Solana treasury firm. According to a Bloomberg report that cites anonymous sources, Galaxy Digital, Multicoin Capital, and Jump Crypto are planning to raise $1 billion to fund SOL acquisitions. According to the report, the companies will look to buy a publicly-traded entity and create a treasury focused on SOL. The report also claimed that the Solana Foundation had given its blessing to the plan.
Meanwhile, Pantera Capital is also looking to raise $1.25 billion to buy and convert a Nasdaq-listed company into “Solana Co.,” a public vehicle to purchase SOL as a treasury asset. According to one report, Pantera is planning an initial $500 million raise, followed by a subsequent $750 million raise through warrants. The news comes after Pantera disclosed earlier this month that it had deployed around $300 million into digital asset treasury firms.
SOL registered a sharp drop on Friday (August 15), falling 3.48% and settling at $185. However, it rebounded over the weekend, rising 2% on Saturday and 0.73% on Sunday to settle at $191. Despite the positive weekend, SOL was back in the red on Monday, dropping over 4% to $183. Sellers retained control on Tuesday as the price fell 3.69%, slipping below $180 and settling at $176. Bullish sentiment returned on Wednesday as SOL rallied, rising nearly 7% to reclaim $180 and settle at $188.
Source: TradingView
However, SOL was back in the red on Thursday, dropping over 4% to $180. Bullish sentiment returned on Friday as SOL rallied after Fed Chair Jerome Powell’s Jackson Hole speech. As a result, the price surged over 11% to settle at $200. The price encountered volatility on Saturday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as SOL rose 1.73% to $204. The price continued pushing higher on Sunday, increasing 0.93% to $206. Despite positive momentum, SOL plunged over 9% on Monday, slipping below $200 and settling at $187. The current session sees SOL marginally up, trading around $188.
Toncoin (TON) Price Analysis
Toncoin (TON) faced volatility on Friday (August 15) as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $3.43. Buyers retained control as the price rose 0.77% on Saturday and 1.59% on Sunday, settling at $3.51. Despite the positive sentiment, DOT was back in the red on Monday, dropping over 5% to $3.32. Sellers retained control on Tuesday as the price fell 3% to $3.22. However, it recovered on Wednesday, rising nearly 2% to settle at $3.27.
Source: TradingView
Buyers continued pushing DOT higher on Thursday as the price rose 1.18% to $3.31. The price fell to an intraday low of $3.20 on Friday as selling pressure returned. However, it rebounded from this level to register a 3.10% increase and settle at $3.42. TON was back in the red over the weekend, falling 1.22% on Saturday and 2.30% on Sunday to $3.30. Selling pressure intensified on Monday as TON fell nearly 6% to $3.11. However, it has recovered during the ongoing session and is up 0.56%, trading around $3.13.
Jupiter (JUP) Price Analysis
Jupiter (JUP) registered a marginal fall on Friday (August 15) and settled at $0.506. It recovered on Saturday, rising 1.83% to $0.515, but was back in the red on Sunday, dropping 1.12% to $0.510. Selling pressure intensified on Monday as JUP fell 3.50%, slipping below $0.50 to $0.492. Sellers retained control on Tuesday as the price dropped nearly 4% and settled at $0.474. Despite the overwhelming selling pressure, JUP recovered over the weekend, rising 5.57% and reclaiming the $0.50 level.
Source: TradingView
JUP was back in the red on Thursday, dropping 3.67% to $0.482. Bullish sentiment returned on Friday as the price rallied, rising almost 10% to settle at $0.530. Selling pressure returned over the weekend as JUP fell 1.59% on Saturday and 2.31% on Sunday to $0.509. Bearish sentiment intensified on Monday as the price plunged 9.93% to $0.459. The current session sees JUP marginally up, trading around $0.462.
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
