Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on the latest trends in the stock market and cryptocurrency trading. Today, we’re diving into the recent movements in Ethereum and Toncoin, as well as some exciting developments in the crypto world.
Ethereum has seen a 1.7% drop, hovering around $2690 and staying within the range from July highs to August lows. The $2800 level has emerged as a strong support zone in the past and is now acting as a key resistance level. This indicates a crucial point for traders to watch for potential breakout or breakdown in the near future.
Toncoin is approaching the $5 mark, a pivotal level that has triggered sell-offs in both early August and May. Despite some impressive rebounds during the recent decline, the high volume suggests a bearish sentiment in the near term. Investors should remain cautious and closely monitor Toncoin’s price movements.
In crypto news, CoinShares reported a significant increase in investment in crypto funds, with a $533 million inflow last week. This marks the largest inflow in five weeks and the third consecutive week of growth. Additionally, new Ethereum ETF issuers are seeing strong inflows, with $3.1 billion in new investments for the month. However, there was a $2.5 billion outflow from Grayscale Trust, highlighting the dynamic nature of the crypto market.
In a notable legal development, a federal court in Northern District of California rejected the SEC’s request to classify digital assets on the US crypto exchange Kraken as investment contracts. This decision is a major win for Kraken and the cryptocurrency community, as it challenges the SEC’s stance on cryptocurrencies as securities. Kraken’s general counsel emphasized that this ruling will limit the SEC’s ability to regulate cryptocurrencies under the securities framework.
Stay tuned to Extreme Investor Network for more exclusive insights and expert analysis on the latest trends in the stock market and crypto space. Don’t miss out on valuable information that can help you make informed investment decisions and stay ahead of the curve.