by In the latest update from CoinDeskâs First Mover newsletter, Bitcoin (BTC) remains relatively stable, hovering around $64,500 during the European morning. This follows a recent dip to $62,500 on Thursday, which has traders watching closely as Bitcoin approaches its 50-day moving average, a critical support line.
Traders Eye Key Support Levels
Alex Kuptsikevich, a senior market analyst at FxPro, highlighted the importance of the $63K and $61K levels, which align with the 50 and 200-day moving averages. He cautioned that a breach of these support levels could trigger a significant decline, potentially driving Bitcoin down to $55K. Such a drop would be alarming, especially given August’s historical performance where BTC has seen declines in eight out of thirteen years, averaging a 15.4% drop.
ARK Invest’s Major Coinbase Share Sale
In other news impacting the crypto landscape, Cathie Wood’s ARK Invest executed a substantial sale of COIN shares amounting to $14.8 million on Thursday. This marks the largest single-day divestment since May 7, occurring just ahead of Coinbase’s second-quarter earnings announcement. Notably, this transaction surpassed the total shares sold in the previous two months combined.
Coinbase’s Earnings Report
After the market closed, Coinbase reported second-quarter revenues that exceeded Wall Street’s expectations, although profits fell short of consensus estimates. Following the earnings report, COIN shares experienced a dip of 5.2% to $212.64 during regular trading hours. However, there was a brief recovery in pre-market trading.
Expansion of Crypto Trading in Hong Kong
On a positive note for the crypto market, Futu Securities, a prominent Hong Kong stock broker, has launched trading for Bitcoin and Ether. In an innovative move, the firm is offering shares in major companies like Alibaba and Nvidia as incentives for new clients. Futu, which claims to be Hong Kong’s largest tech broker, is collaborating with HashKey Exchange, one of the few licensed crypto exchanges in the region, to expand its crypto offerings further.
Future Prospects
As Futu Securities awaits full regulatory approval from the Securities and Futures Commission of Hong Kong, the market anticipates further developments in crypto trading services. This initiative could signify a growing acceptance of cryptocurrencies in traditional finance, ultimately enhancing market liquidity and investor participation.
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