Benzinga – Major cryptocurrencies saw significant gains on Tuesday, fueled by a compelling combination of captivating developments bound to captivate the interest of both crypto enthusiasts and traditional finance professionals.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +2.51% | $29,856 |
| Ethereum (CRYPTO: ETH) | +1.84% | $1858 |
| Dogecoin (CRYPTO: DOGE) | +2.50% | $0.075 |
What Happened: Prominent figures in the crypto space, Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz, have expressed their optimism about the prospects of a spot Bitcoin ETF being approved by the SEC.
In another exciting development, global payments giant PayPal is set to launch PayPal USD, a stablecoin tied to the U.S. dollar. This stablecoin will be fully backed by US dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, providing users with a reliable and secure digital asset option.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Pepe Coin | +7.48% | $0.000001189 |
| Shiba Inu | +7.00% | $0.000009556 |
| THORChain | +6.30% | $1.01 |
Currently, the global crypto market capitalization stands at $1.19 trillion, a 2.11% increase in the last day.
Stocks declined on Tuesday as the banking sector received a downgrade from credit rating agency Moody’s, reigniting an ongoing selloff in August.The S&P 500 experienced a slight dip of 0.42%, resulting in a cumulative loss of nearly 2% for the month. Likewise, the Nasdaq Composite retreated by 0.79%, contributing to a total decline of 3.2% in August.
See More: Best Crypto Day Trading Strategies
Analyst Notes: “Bitcoin appears to be lifeless despite several market moving headlines. Risk aversion from weakening global growth concerns is not dragging Bitcoin down,” said OANDA Senior Market Analyst Edward Moya.
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He added, “Perhaps some traders remain upbeat, especially after PayPal launched a US dollar-backed stablecoin. Bitcoin seems content hanging around the $29,000 level until we get a meaningful regulatory update.”
Crypto analyst Michael Van De Poppe believes that ETF’s are on the verge of being introduced.
“It’s way bigger than you think it is, as it will move markets. Buy the dip, as much as you can for Bitcoin and Ethereum.”
The ETF’s are just around the corner.
It’s way bigger than you think it is, as it will move markets.
Buy the dip, as much as you can for #Bitcoin and #Ethereum.
— Michaël van de Poppe (@CryptoMichNL) August 8, 2023
Pseudonymous crypto analyst Pysh predicts that Bitcoin will emerge as a prominent store of value, serving as a protective measure against the escalating devaluation of fiat currencies such as the US dollar.
“If I buy into this idea that Bitcoin is going to keep going up by like 100% a year, which I do, I buy into that idea because I know the debasement rate that the rest of the planet’s fiat currencies are going to go through.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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