Bitcoin jumps, Nvidia dips despite beating estimates, and Grayscale files for AVAX ETF
The Daily Brief is brought to you in partnership with BCB Group, Vault12 and World Mobile.
📈 Bitcoin - up more than 2% overnight; Ethereum holding sideways but up 19% over 30 days.
🚀 Solana - rallies 6% overnight, 15% weekly gains; voting on Alpenglow upgrade to cut block finality to 150ms.
🏦 Grayscale - moves to convert its Avalanche Trust into a spot ETF.
Flipping the script again, the price of Bitcoin (BTC) has jumped more than 2% overnight, while Ethereum (ETH) is moving sideways. Yesterday, it was the other way around. Over the longer term, however, the smart contracts cryptocurrency continues to outperform most of the market with 19% returns over the past 30 days. The two cryptocurrencies have increasingly diverged in recent months. The broader crypto market has also improved, with total market capitalisation up about 1.7% over the past 24 hours.
Solana (SOL) continues to rally, climbing more than 6% overnight, putting its weekly gains at 15%. The network, known for its speedy transactions confirmations, is currently voting on whether to implement an upgrade called Alpenglow, which would further increase the speed at which transactions are finalised. The upgrade aims to reduce block finality from 12.8 seconds to just 150 milliseconds, an increasingly crucial feature as more assets migrate to blockchain networks where near-instant settlement is non-negotiable.
Meanwhile, in stock markets, Nvidia’s share price fell 3% yesterday despite beating Wall Street estimates in its Q2 earnings. “Nvidia's results had to be blemish-free and, despite being objectively good, they weren't perfect,” Kyle Rodda, senior market analyst at Capital.com, told Reuters. “With the stock trading at such a high valuation, any bad news was going to be punished.”
On the institutional side, Grayscale has filed to convert its Avalanche Trust into a spot ETF. If approved, this would open up the cryptocurrency to a broader range of investors beyond crypto exchanges. The asset manager also has several other ETF applications pending with regulators.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.92 trillion, up 1.7% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $113,144 up 2.25% in the last 24 h.
Daily high: $113,329
Daily low: $110,464
📈 S&P 500 ↗️
SPY is currently up about 0.24% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.17% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 45/100, in Neutral.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 67, showing an increase in buying.
Data is correct as at 28 August, 08:07 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
