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REPORT - AUGUST 2023
110K
$108,190
AUGUST 108K
PERFORMANCE
106K
104K
102K
8.19% 100K
SEC delayed making a decision on six spot Bitcoin ETF applications, including BlackRock's, until October.
Also, one of the Bitcoin ETF candidates, Bitwise, withdrew its application following the SEC's holdup. We
took calculative short positions on BTC to benefit from the downside.
BTC
Since the beginning of January 2023, Ethereum has increased by 46%, and since June, Ethereum has
been moving upward, producing higher lows and higher highs. As the price of Bitcoin started to fall after
the SEC delayed its decision, it was expected that the price of ETH would also fall. We took calculative
short positions as the sell-off began and Ethereum broke its support level.
ETH
With the bearish trend in the market, it was expected for ADA to fall. We took positions accordingly to
benefit from the ongoing scenario.
ADA
OUR ANALYSIS
BNB's comeback came to an end on August 29 at its 50-day simple moving average (SMA) of $234. The
bears dragged the price below a crucial support level at $220. The bears are in control since the moving
averages are sliding downward and the relative strength index (RSI) is in the negative zone. The bears
will attempt to lower the price to $200, which serves as psychological support. The BNB/USDT pair
BNB might hit the next significant support level at $183 if this level drops.
At the PlayGG event, Solana made a point of emphasising its dedication to seizing the GameFi potential
by concentrating on developing high-calibre games in its ecosystem, which the sector lacks. This may
enable Solana to spearhead the cryptocurrency gaming movement.
SOL
OUR ANALYSIS
The Bulls failed to defend the 20-day exponential moving average (EMA). This resulted in a sell-off,
which brought GALA below the breakout level. The price support of GALA at $0.022 could not hold for
long, and an expected downtrend took place.
GALA
A revenue-sharing and governance-sharing deal has been announced by the Base and Optimism
networks' creators. In order to keep Base from becoming too centralized, Coinbase, Base's parent firm,
has also created a set of "principles of neutrality" that it will abide by.
OPTIMISM
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