A stablecoin pegged to the local fiat currency removes the need for currency conversions, offering a far more accessible solution for daily transactions.

Asia’s stablecoin future: Local stablecoins aren’t just an option, they’re a necessity | Opinion

Data shows the Bitcoin Coinbase Premium Gap recently broke its longest ever 
streak of positive values. Here&#8217;s what this could mean for the market. Bitcoin 
Coinbase Premium Gap Turned Negative Recently In a new post on X, CryptoQuant 
community analyst Maartunn has talked about the recent trend in the Bitcoin 
Coinbase Premium Gap. The &#8220;Coinbase Premium Gap&#8221; refers to an indicator that 
keeps track of the difference between the BTC price listed on Coinbase (USD 
pair) and that on Binance (USDT pair). The former cryptocurrency exchange is 
primarily used by US-based investors, especially large institutional entities. 
The latter, on the other hand, has a global userbase. As such, the Coinbase 
Premium Gap essentially tells us about how the buying or selling behaviors 
differ between the American and foreign whales. Related Reading: XRP Dormant 
Coins On The Move: Reason Behind Price Plunge? When the value of the metric is 
positive, it means the cryptocurrency is listed for a higher price on Coinbase 
than Binance. Such a trend implies buying pressure is stronger (or selling 
pressure is weaker) on the former as compared to the latter. On the other 
hand, the indicator having a negative value implies Binance is the platform 
observing a net higher accumulation as its users have pushed BTC to a higher 
value than on Coinbase. Now, here is a chart that shows the trend in the 
30-hour moving average (MA) of the Bitcoin Coinbase Premium Gap over the past 
year and a half: As displayed in the above graph, the 30-hour MA Bitcoin 
Coinbase Premium Gap has mostly held a positive value for a while now, 
indicating that Coinbase users have been buying. This accumulation was so 
consistent earlier that it managed to reach a streak of 94 days, but recently, 
a dip into the negative territory finally broke it. &#8220;This was the longest 
streak in history,&#8221; notes the analyst. Since the start of 2024, US 
institutional investors have generally played a driving role in the market, 
with the price often showing correlation to the Coinbase Premium Gap. Given 
this pattern, a pivot to selling from this group can naturally be a bearish 
sign for Bitcoin. Related Reading: Ethereum Exchange Reserve Plummets: Over 1 
Million ETH Withdrawn The chart shared by Maartunn shows more of a long-term 
view of the indicator. So, here is another graph, this one from CryptoQuant 
author IT Tech, that shows how the metric&#8217;s fluctuations have looked on a 
higher resolution over the past month: From the chart, it&#8217;s apparent that the 
metric has seen multiple drops into the negative zone recently, with the 
latest one coming during the past day. &#8220;The demand in the US Market is 
weakening,&#8221; says the analyst. &#8220;Caution is necessary.&#8221; BTC Price Bitcoin has 
been unable to find a direction as its price is still floating around 
$117,700. Featured image from Dall-E, CryptoQuant.com, chart from 
TradingView.com

Bitcoin Buying Spree Ends On Coinbase: Temporary Pause Or Trend Shift?

Vincent Anthony Mazzotta Jr has pleaded guilty to money laundering and 
conspiracy to obstruct justice, which together carry a maximum of 15 years in 
prison.

Key player in $13M crypto Ponzi scheme pleads guilty

Bitcoin price is still holding the $117,250 support zone. BTC is consolidating 
and might attempt to clear the $118,600 resistance zone to gain bullish 
momentum. Bitcoin started a downside correction from the $120,000 zone. The 
price is trading below $118,500 and the 100 hourly Simple moving average. 
There is a bearish trend line forming with resistance at $118,600 on the 
hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start 
another increase if it clears the $118,600 resistance zone. Bitcoin Price 
Stays Above Support Bitcoin price started a fresh increase above the $118,000 
zone. BTC climbed above the $118,500 and $118,800 resistance levels to move 
into a positive zone. The bulls were able to push the price above the $119,500 
resistance. A high was formed at $119,796 and the pair is now correcting 
gains. There was a move below the 23.6% Fib retracement level of the upward 
move from the $114,733 swing low to the $119,796 high. Bitcoin is now trading 
below $118,500 and the 100 hourly Simple moving average. Immediate resistance 
on the upside is near the $118,500 level. There is also a bearish trend line 
forming with resistance at $118,600 on the hourly chart of the BTC/USD pair. 
The first key resistance is near the $119,250 level. The next resistance could 
be $119,800. A close above the $119,800 resistance might send the price 
further higher. In the stated case, the price could rise and test the $120,500 
resistance level. Any more gains might send the price toward the $122,500 
level. The main target could be $123,200. Downside Break In BTC? If Bitcoin 
fails to rise above the $118,600 resistance zone, it could start another 
decline. Immediate support is near the $117,250 level or the 50% Fib 
retracement level of the upward move from the $114,733 swing low to the 
$119,796 high. The first major support is near the $116,650 level. The next 
support is now near the $115,950 zone. Any more losses might send the price 
toward the $114,500 support in the near term. The main support sits at 
$113,500, below which BTC might continue to move down. Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI 
(Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $117,250, followed by $116,650. Major Resistance Levels 
– $118,600 and $119,800.

Bitcoin Price Holds Steady – Range-Bound Action Dominates Price Chart

A $75 million offering fuels a major leap into bitcoin and digital assets as 
Bakkt sharpens its focus on treasury growth and crypto infrastructure 
dominance. Bakkt Unveils $75M Offering to Expand Digital Asset Treasury and 
Crypto Footprint Bakkt Holdings Inc. (NYSE: BKKT) announced on July 28 the 
pricing of its underwritten public offering, revealing plans […]

Bakkt Launches $75M Offering to Fund Bitcoin Purchases and Crypto Expansion

Coinbase&#8217;s expansion into nano futures could enhance market liquidity and 
accessibility, potentially attracting more US traders to crypto derivatives.
The post Coinbase to launch nano XRP and SOL perpetual futures for US traders 
on August 18 appeared first on Crypto Briefing.