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Bitcoin Price Flirts With $90K in a Historic Week for Crypto Markets: Your Weekly Recap

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US President Donald J. Trump made good on one of his pro-crypto promises and signed an executive order that will make it mandatory for the country to at least maintain its BTC stash. Yet, bitcoin prices are yet to feel the actual impact.

But before going into details on that order signed on Thursday, let’s go back to the developments that unfolded during the weekend. After a calm few days following BTC’s latest rollercoaster, the asset had remained at around $85,000 before, on Sunday evening, Trump posted on his social media that there are indeed plans to establish a US-based crypto reserve that will hold some altcoins and bitcoin.

Prices exploded within minutes. BTC skyrocketed from its aforementioned level by ten grand and tapped a multi-day peak of $95,000. However, that turned out to be a fakeout as some analysts warned and the cryptocurrency dumped by $13,000 in the next 36 hours to under $82,000 on Tuesday.

Its correction didn’t continue in the following days. Just the opposite, bitcoin started to recover some ground and knocked on the $90,000 door on a couple of occasions but to no avail.

The first rejection came on Thursday, but the second big one on Friday morning pushed BTC south hard to $85,000 once again. Interestingly, this one came just minutes after Trump signed the executive order to halt the sales of bitcoin from the US government, which owns close to 190,000 BTC (valued at over $17 billion).

This classic sell-the-news event sent bitcoin south, but the asset jumped to $91,000 just a few hours ago. However, another rejection arrived at this point, and BTC now struggles beneath $90,000. The day is far from over, though, given the upcoming crypto summit to be held at the White House. Consequently, more volatility is expected.

The weekly landscape is quite positive for BTC and many altcoins, but that’s mostly because the entire market plummeted last Friday once again. On a monthly scale, the situation is different, with most assets deep in the red.

Market Data

Weekly Market Overview: Source: QuantifyCrypto

Market Cap: $3T | 24H Vol: $150B | BTC Dominance: 58.3%

BTC: $88,090 (+7.4%) | ETH: $2,194 (+1.1%) | XRP: $2.49 (+18.4%)

This Week’s Crypto Headlines You Can’t Miss

Ethereum Sentiment Hits Yearly Lows: Is This the Ultimate Contrarian Play? The second-largest cryptocurrency continues to underperform and was close to breaking below $2,000 earlier this week. Naturally, the sentiment toward ETH has gone south hard, but could this actually be a blessing in disguise?

Declining Dollar Index Could be a Tailwind For Crypto: Analysts. The greenback has lost a big portion of its value compared to other currencies. Moreover, analysts claim that Trump plans to devalue it further. Interestingly, a weak dollar could mean higher prices for bitcoin and altcoins, and here’s why.

Bukele Defies IMF, Reaffirms Bitcoin Commitment Despite Loan Restrictions. El Salvadoran president Nayib Bukele got a loan deal from the IMF several months ago, and parts of that agreement mandated that the country reduce its Bitcoin involvement. However, Bukele refused to stop the BTC investments and outlined a bullish perspective earlier this week.

XRP, SOL, and ADA Inclusion in US Crypto Reserve Pushes Traders on Edge. As mentioned above, Trump named several altcoins that could potentially be included in the US strategic crypto reserve. Expectedly, their prices soared by double-digits immediately after the Sunday post, which led to a large number of liquidated traders on both sides, given the fact that these alts retraced hard just a day later.

Why Arthur Hayes Is Bullish on Bitcoin Under Trump’s Economic Strategy. The BitMEX co-founder has been a vocal critic of the Bitcoin reserve in the States. He believes it will ultimately serve the purpose of whoever is in charge, disregarding the entire crypto market. In a more recent post, though, Hayes stated that the Trump administration’s actions will be bullish for BTC.

Bybit Hacker Reportedly Launders Entire $1.4B Loot in Just 10 Days. The Bybit hacker, largely believed to be the North Korea-backed Lazarus Group, needed less than two weeks to launder the entire stolen amount, which was worth around $1.4 billion at the time of the incident.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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