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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.
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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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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XRP Faces Downside Risk as Social Sentiment Turns Wildly Negative
The turn in crowd mood comes after a two-month slide of roughly 31%, leaving the token vulnerable to further downside if risk appetite weakens across majors.
What to know:
- XRP's price approached the $2 mark as social sentiment around the token turned sharply negative, according to Santiment data.
- The token has experienced a 31% decline over two months, making it vulnerable to further losses if market risk appetite weakens.
- Santiment's sentiment model indicates XRP is in a 'fear zone,' where negative commentary significantly outweighs positive talk, potentially influencing market positioning.
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