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First Mover Americas: Bitcoin Consolidates at $64K Before Next Push Higher
The latest price moves in crypto markets in context for Aug. 26, 2024.
Updated Aug 26, 2024, 3:48 p.m. Published Aug 26, 2024, 12:24 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin traded near $64,000 early Monday, briefly hitting $65,000 over the weekend boosted by Federal Reserve Chair Jerome Powell's dovish remarks at the Jackson Hole symposium. On Friday, Powell signaled that an interest rate cut might be coming in September. Solana showed relative strength among crypto majors, up 3% over the past 24 hours, shrugging off diminishing odds of a SOL-based spot ETF in the U.S. The broad-market benchmark CoinDesk 20 advanced 0.6% during the same period. The recovery of crypto prices was supported by a strong stablecoin expansion, with $1 billion of tokens minted at a 7-day average, 10x Research founder's Markus Thielen noted. "Technically speaking, it’s looking more and more like we are in a bullish consolidation ahead of the next big push higher," Joel Kruger, market strategist at LMAX group said in a Monday report. "This would translate to bitcoin making fresh record highs and ETH breaking out to another yearly high on its way to challenge its own record high from 2021."
Toncoin plummeted following the weekend arrest of Telegram CEO Pavel Durov. Durov's arrest stems from a warrant issued by France's OFIM, an office that works to prevent violence against minors, as part of a complaint into Telegram's lack of moderation and cooperation with law enforcement. Telegram said in a statement that it is compliant with all EU laws. TON was trading $5.6 early Monday, nearly 17% down since Durov's arrest. The network was originally started by Telegram before spinning out due to regulatory pressure.
Spot bitcoin ETFs booked $250 million inflows on Friday amid Powell's remarks. The inflows happened amid strong trading activity, with the eleven products notching over $3 billion in trading volume, the highest in more than a month. BlackRock's IBIT and Fidelity's FBTC led in inflows, while Grayscale's GBTC experienced outflows.
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- Digital asset exchange-traded products saw $533 million of inflows last week, CoinShares' James Butterfill reported.
- That was the largest inflow in five weeks, underpinning the recovering investor sentiment since the August 5 crash.
- Bitcoin was the primary focus, seeing US$543m of inflows, with the majority of those inflows recorded on Friday, while Ethereum funds saw $36 million in net outflows during the week.
- Krisztian Sandor
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
Lo que debes saber:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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