Welcome, Crypto enthusiasts!

Ethereum has broke the 200 MA line as support and is expected to rebound quickly should it dip below $3,000.

In Today’s Blockstreet Journal:

• Ethereum Broke Key Support

• XRP Sees Downward Pressure

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

ETHEREUM
📉 Ethereum Broke Key Support 

Word On The Street: ETH’s daily candle closed below the 200-day moving average (200-DMA), a historically bearish signal often preceding corrections.

The details:

• Despite the bearish trend, spot Ether ETFs saw a net inflow of $26.7 million on August 1, providing a slight boost to the ecosystem.

• In Q1 2024, Ethereum generated average daily fees exceeding $10 million, peaking at $15 million in March.

• However, by Q2, average daily fees dropped to approximately $3.5 million, with July's total revenue averaging under $3 million.

Why it matters: If Ether drops below $3,000 again, it could quickly bounce back due to strong demand in this price range.

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ALT COINS
🫣 XRP Sees Downward Pressure 

Word On The Street: XRP's price has erased all gains from the past two weeks, dropping 10.75% since August 1, including a 6.75% decline today.

The details:

• Today's XRP losses are part of a broader decline in the crypto market, driven by diminishing expectations for a September interest rate cut.

• CME data showed that the probability of a 25 basis point rate cut in September fell to 71.50% from 88.2% a week ago.

• After reaching a local high of around $0.658 on July 31, XRP entered a correction phase, with the RSI forming a lower high at 65.48.

Why it matters: As of August 2, XRP is testing its 0.5 Fibonacci retracement level at around $0.571 as support, with the potential to rebound toward the next Fib line at around $0.607.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.23T, a 1.15% decrease over the last day.

The total crypto market volume over the last 24 hours is $93.85B, which makes a 15.40% increase. The total volume in DeFi is currently $4.95B, 5.28% of the total crypto market 24-hour volume. The volume of all stable coins is now $86.88B, which is 92.58% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 55.75%, an increase of 0.81% over the day.

Global Market Metrics

As of today, the global cryptocurrency market is in the following state:

- Total Market Cap: Approximately $2.23 trillion USD

- Total Market Volume: Around $93.85 billion USD

- Bitcoin Dominance: 55.75%

- Ethereum Dominance: 16.24%

- DeFi Market Cap: Approximately $65.18 billion USD

- Stablecoin Market Cap: Approximately $157.13 billion USD

- DeFi Volume: Around $4.95 billion USD

- Stablecoin Volume: Approximately $86.88 billion USD

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ Vault Airdrop

The Vault doesn’t have its own token but has confirmed that it will launch one in the future and offer an airdrop to users who collect points. Stake SOL or provide liquidity to the Saber SOL-vSOL pool and stake the LP tokens in their quarry to earn points. Users who collect points will be able to redeem for their governance token in the future.

Step-by-Step Guide:

1. Visit the Vault website.

2. Connect your Solana wallet.

3. You will need some SOL.

4. Now, stake SOL on the platform.

5. You will get vSOL, which is the liquid staked SOL token.

6. Now go to the points section and stake vSOL.

7. You will start earning points on top of the staking rewards.

8. Also provide liquidity to the Saber SOL-vSOL pool and stake the LP tokens to earn more points.

9. They’ve confirmed to airdrop their future governance token to users who collect points.

10. For more information regarding the points program, see this page.

Other News

U.S. Added Just 114K Jobs in July, Unemployment Rate Shoots Up to 4.3%. The price of bitcoin initially showed little reaction to the soft data even as traders quickly amped up bets on big Fed rate cuts in the second half of the year.

Tron network wallet uses USDT for transaction fees. Gas fees in the Tron network normally require TRX tokens for transactions and account activation, this wallet aims to change that.

Kujira Foundation's Tokens Stung by Its Own Leveraged Positions as Bets Backfire. The developers said the team’s positions were “targeted” and they will create an operational DAO to take ownership of the Kujira Treasury and core protocols.

MicroStrategy’s Q2 earnings reveals Bitcoin stockpile now $14.7B. MicroStrategy shares jumped just 1% in after-hours trading, with the company posting a net loss of $123 million in the second quarter.

🫡 Thanks For Reading

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