«RBC-Crypto» does not provide investment advice; the material is published for informational purposes only. Cryptocurrency is a volatile asset and may lead to financial losses.
On the morning of August 31, Bitcoin ($BTC) is trading above $78k, and Ethereum ($ETH) is slightly below $2.44k. Over the past 24 hours and week, the prices of both cryptocurrencies have remained virtually unchanged.
Cryptocurrency Prices
In the directories of major online exchanger aggregators, offers to sell the Tether ($USDT) stablecoin on the TRC20 standard for cash rubles or via the Faster Payments System (SBP) start at 89.1 rubles per 1 $USDT.
The total market capitalization of the cryptocurrency market stands at over $2.62 trillion. The Crypto Fear & Greed Index scored 62 points (zone of market "Greed") out of a possible 100, indicating that investors are leaning towards buying cryptocurrencies.
Among the top 100 cryptocurrencies by market capitalization over the past 24 hours, the largest gain was shown by the token of the Mantle (MNT) second-layer blockchain network, up 10%. The token that depreciated the most during this time was the token of the Pump.fun (PUMP) token launch platform, whose price fell by 13%.
For the week ending August 30, the capital inflow into Bitcoin-based ($BTC) exchange-traded funds (ETFs) amounted to over $924 million. Ethereum ($ETH)-based funds recorded an inflow of nearly $825 million. These funds have recorded a series of two consecutive weeks of capital inflows.
Cryptocurrency News
Amid a renewed escalation of the conflict in the Middle East, where the US struck Iranian territory for the first time since late July, oil prices rose by several percent. At the same time, prices for Bitcoin and gold, which had been rising amid economic stress in the US in recent weeks, showed a slight decline.
Although Bitcoin lost about 3% from its peak in just a few hours at one point, the highest volatility was seen in the rest of the cryptoasset market. The price of Ethereum ($ETH), which showed greater growth since mid-August compared to $BTC, fell by almost 6% at one point.
A notable event in the crypto market on August 30 was the rise of the largest coin in the anonymous sector — Zcash ($ZEC), which updated its price record of around $89.0, which had been held since 2017. The previous local record was observed a week ago around $885 on August 23. The historical peak price varies depending on the exchange but exceeds several thousand dollars. On Bitfinex, for example, the peak was around $2.6k per $ZEC.
Another significant event over the past weekend was the hacking of the Tectonic lending protocol for $75 million, operating on the Cronos blockchain, which is being developed by the Crypto.com exchange team. As a result of the incident on August 30, the blockchain team decided to completely suspend the network's operations.
As of the morning of August 31, no details regarding resumption of work or other specifics have been published. Cronos is not a popular blockchain solution in the crypto market, but the network still holds over $200 million in user deposits. The network's total daily revenues typically do not exceed several thousand dollars.
In contrast to Cronos, the Robinhood Chain blockchain network, also being developed by an American organization — the Robinhood broker, is showing growth in user activity. The network's total revenues overall exceeded $2.65 million per day for two consecutive days, which is one of the highest figures in the crypto market. Its revenues on these days significantly surpassed those of flagship crypto market applications — the Hyperliquid exchange at around $1.5 million and the Pump.fun platform at $1.23 million.
The market anticipates that MicroStrategy, Michael Saylor's company, which is the largest corporate holder of Bitcoin, will likely resume Bitcoin purchases. This could happen after several months of no purchases and a series of cryptocurrency sales totaling $430 million. The expectations are linked to Saylor posting "We are back" on X, along with a traditional chart featuring "orange dots," which are traditionally marked as cryptocurrency purchases.
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