Bitcoin ($BTC) rose above $30,000 on Wednesday morning in Asia, as major players like PayPal delve into the crypto realm.
PayPal launched its first stablecoin, called PayPal USD, on Tuesday. The stablecoin is backed by 1:1 by U.S. dollars and can be used to buy and sell cryptocurrencies on PayPal.
Solana ($SOL) led the post-PayPal stablecoin launch rally, with gains of over 10%. SOL is now the fifth-largest cryptocurrency by market capitalization.
Several U.S. banks were downgraded by Moody's on Tuesday, citing concerns about their exposure to the crypto market. The banks include Citigroup, Goldman Sachs, and Morgan Stanley.
Coinbase revenue beat estimates in the second quarter. The company's revenue rose 62% year-over-year to $1.17 billion.urrencies.
The pivot point of 1836 is a key level to watch. If the price remains above 1836, then there is a good chance that it will continue to rise to 1900. However, if the price breaks below 1836, then it could fall to 1811 or 1797.
The RSI and moving averages are both bullish, but the MACD is starting to slow down. This suggests that the momentum is starting to fade, but there is still potential for the price to rise to 1900.
Overall, the technical indicators are mixed. The preferred scenario is for the price to remain above 1836 and move up to 1900. However, there is also a risk of a downside breakout below 1836, which could push the price down to 1811 or 1797.
The current pivot point for Chainlink is 7.15. This means that if the price of Chainlink falls below 7.15, it is more likely to continue falling to 6.93 and 6.80. However, if the price of Chainlink remains above 7.15, it is more likely to continue rising to 7.99, 7.86, and 7.73.
The RSI above 50 and the MACD positive and above its signal line. This suggests that the trend is still bullish, and that the price of Chainlink is more likely be bullish.
Overall, the outlook for Chainlink is positive, but there is some risk of a downside breakout if the price falls below 7.15. Investors should monitor the technical indicators closely and be prepared to take profits if the price reaches the resistance levels at 7.99, 7.86, and 7.73.
According to FinBert, the sentiment analysis of crypto remains neutral as of today, August 7, 2023. There are no major news events that have caused a significant shift in sentiment. However, there are a few minor news items that could have a small impact on the market.
One piece of news is that the SEC is reportedly investigating Tether, the issuer of the USDT stablecoin. This could be a negative development for the crypto market, as it could lead to Tether being delisted from exchanges. However, it is important to note that the SEC has not yet made any formal charges against Tether.