Risk assets are moving lower in Tuesday trading ahead of a dense rest of the week for macroeconomic events. After rallying above $61k, BTC has dropped below $59k, and ETH has followed suit, moving below $2,600. SOL is underperforming today after the SEC reportedly rejected two 19b-4 filings for Solana spot ETFs under the assumption that Solana should be designated as a security. Tron (TRX) is one of the top performers this week, gaining on the back of increased meme activity after Sun Pump, a clone of pump.fun launched on the network. In traditional markets, equities are cooling slightly, with the SPY 0.41% sitting slightly below $560 and the QQQ 0.19% at $480, while rates and the DXY continue to decline on dovish expectations.
Drift launches Prediction Markets
Solana’s largest perpetual futures protocol, Drift, has launched prediction markets on the platform. BET, or “bullish on everything,” will leverage Drift’s existing infrastructure to offer cross-collateral trading and yield payouts. BET differs from other prediction markets as it is built on Drift’s perp DEX, unlocking a new level of capital efficiency and allowing users to earn yields on their prediction market positions. With over $500 million in liquidity and the ability to use any supported asset as collateral, traders can access deeper liquidity and better pricing for any real-world wagers. Drift co-founder, Cindy Leow believes prediction markets are the next evolution of on-chain markets and hopes the new product will fuel Drift’s growth. BET has launched two political prediction markets already, allowing people to wager on who they believe will win the U.S. presidential election and popular vote. The two markets have already garnered over $300k in wagers, and Drift plans to expand markets to span sports, crypto, and economics. DRIFT has gained 27.40% this week following the launch as investors are optimistic about the prospects of bringing more volume to the platform.
USDT to Launch on Aptos
Tether plans to launch its stablecoin, USDT, on the Aptos Network, becoming the first major stablecoin launched on a Move-powered blockchain. The integration will combine Tether’s recognition with the high performance and security benefits of Aptos. Aptos offers unparalleled transaction efficiency with minimal gas fees and rapid processing, making it an ideal platform for micro-transactions and large-scale global operations. Tether chose Aptos due to its high-performance tech and growing ecosystem. Aptos processed a record 326 million transactions in a single day this month, while average daily active users have nearly doubled this year from 96k in January to 170k in July.
Technical Strategy
While many cryptocurrencies remain in consolidation mode, TRON has achieved a very bullish breakout of its six-month Cup and Handle pattern today on two very strong days of gains. TRX now lies at the highest levels in nearly three years, and a retest of all-time highs looks likely this week near $0.18 before pushing higher to $0.2166. Overall, TRX remains technically attractive, and further gains are likely into September before some seasonal weakness gets underway. Pullbacks, if/when they occur, likely prove short-lived and find strong support near $0.14 before pushing back higher.
Daily Important Metrics
Crypto Size
Bullish signal is tied to the crypto market growing
Market cap 2.13T
+$56B(2.68%)
BTC Dominance
56.03 % (0.25%)
Stablecoins
Increase in circulating stablecoins is a Bullish signal
In Circulation +$117B
(0.09%)
In Exchanges +$20B
(-0.21%)
BTC Metrics
A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage
# BTC Exchanges +$3.0M
(0.13%)
Funding Rates
Positive funding rates indicate traders are Bullish
Aggregate
-0.4328(-0.4986)
Binance
-0.3538(-1.0848)
Bitfinex
0.0000(-0.4494)
Bitmex
-0.3770(-0.0321)
ByBit
-0.3091(-0.5551)
Deribit
-0.1057(-0.6862)
Huobi
-1.0462(-1.0462)
Kraken
-0.2272(-0.4034)
Mean
-0.4328(-0.4986)
OKex
-0.6974(-1.1538)
Sentiment
BMI : 42 (100.00%)
Futures
A positive spread between Futures Prices and Spot Prices is Bullish
CME Price $60,665(2.98%)
Spot Basis +$258(0.43%)
Volume 510,864(44.19%)
Open Interest 282,548(-1.74%)
Options all exchanges
Higher open interest change in a bull market is bullish for the sector
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Base said it had allotted 600 ETH, worth $2 million, for developers who would build on the blockchain from June to August this year. Crypto exchange Coinbase’s layer-2 solution Base had about 4 million active addresses last week as it continues to push its “Onchain Summer” campaign forward. Jesse Pollak, the head of Base, shared data from Dune Analytics, saying that the layer-2 network reached an all-time high in weekly active addresses. Pollak highlighted that over 4 million active addresses were on the blockchain last week. Weekly active addresses chart for Base. Source: Dune AnalyticsRead more
DeFi protocol Drift has launched a prediction market called BET on the Solana blockchain, according to an Aug. 19 statement. Drift Protocol co-founder Cindy Leow likened BET’s prediction market to perpetual trading. She explained that, just as perpetual traders bet on potential price changes in crypto, prediction markets allow for financial stakes in the outcomes […] The post Drift’s BET platform brings prediction markets to Solana blockchain appeared first on CryptoSlate.
Babylon has launched its bitcoin staking protocol on mainnet, marking a significant step in integrating Bitcoin’s security into proof-of-stake (PoS) ecosystems. The launch is set to provide bitcoin holders with new staking opportunities, leveraging the network’s decentralized nature. Bitcoin Staking Protocol by Babylon Goes Live Babylon‘s mainnet launch introduces a staking protocol that allows bitcoin […]
Tether said it is expanding its USDT stablecoin to the layer-1 blockchain network Aptos, according to an Aug. 19 statement. This move furthers USDT presence across various blockchain networks, including Ethereum, Tron, Avalanche, Celo, and Solana. However, most of Tether’s $116 billion supply remains concentrated on TRON and Ethereum, accounting for 88% of the total […] The post Tether expands USDT to Aptos for low-fee transactions and DeFi boost appeared first on CryptoSlate.
