Resistance at $22,000 Pegs BTC Back

Key Insights:

  • Better-than-expected US economic indicators delivered crypto market support, with the total crypto market cap visiting $1,030 billion.
  • The NASDAQ 100 also provided support as the markets await the heavily anticipated Fed Chair Powell’s speech from Jackson Hole.
  • However, crypto investors must navigate the US economic calendar ahead of the Friday Powell speech.

US Macroeconomics and Fed Monetary Policy Remain in the Spotlight

Ahead of the US opening bell, economic indicators came in better than expected to deliver crypto market support.

In July, core durable goods orders rose by 0.3% versus a 0.3% increase in June. Economists forecast a 0.2% rise. Goods orders non-defense ex-air increased by 0.4% versus a forecasted 0.3% rise. In June, goods orders non-defense ex-air increased by 0.9%.

Early in the US session, pending home sales also beat forecasts, falling by 1.0% versus a forecasted 4.0% decline. In June, pending home sales slid by 8.9%.

Improved market risk sentiment supported a 0.41% rise in the NASDAQ 100, which offered crypto market support. Crude oil prices were also on the rise, fueled by reports of a deadlock in the Iran nuclear deal proposal.

However, after the US closing bell, the crypto market hit reverse. Bitcoin (BTC) was down 0.05% to $21,508, while XRP was up 0.03% to $0.3479. Cardano (ADA) led the top ten into the red, currently down 1.50% to $0.459.

XRP Finds Support but Sits Well Below August Highs as Uncertainty Lingers

Investor uncertainty towards the SEC v Ripple case continued to cap the upside for XRP, with the ongoing case proving to be an XRP headwind.

XRP holders are awaiting a Court ruling on the matter of the Hinman speech-related documents that could dictate the direction of the case. In late July, the SEC filed its most recent objection to the July court ruling, denying the SEC motion to shield the Hinman docs under the attorney-client privilege.

A ruling could come at any time and will deliver XRP price action.

XRP is currently up 0.03% to $0.3479. While breaking down resistance at $0.34, XRP sits well below the $0.40 handle, last visited on July 30.

A lack of updates from the SEC v Ripple case will leave XRP in the hands of US economic indicators and Fed Chair Powell. However, XRP could trail the broader market in case of crypto-friendly stats and forward guidance on rate hikes.

Judge Allows Voyager to Pay $1.6 Million in Bonuses to Staff

Today, Bloomberg reported the Court approval for Voyager to pay $1.6 million in bonuses to key staff. According to the report, the $1.6 million will go to non-executive employees of the beleaguered company. Voyager had attempted to obtain approval for $1.9 million before settling on $1.6 million.

Tether Comes Under US Treasury Scrutiny over Tornado Cash

The Washington Post reported that Tether (USDT) is not blocking accounts associated with Tornado Cash. According to the Post, US officials or law enforcement have yet to contact Tether with a request to freeze transactions with Tornado Cash. Tether has yet to block Tornado transactions despite the Treasury department sanctioning Tornado Cash earlier in the month.

Celsius Files Lawsuit Against KeyFi and CEO Jason Stone

This week, Celsius (CEL) was back in the news, filing a lawsuit against DeFi aggregator KeyFi and KeyFi CEO Jason Stone. Celsius alleges that KeyFI lost or stole millions of dollars in crypto equivalent and used the proceeds to purchase NFTs. Celsius also claims that KeyFi and Stone used Tornado Cash to cover their tracks.

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