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Daily Bitcoin and Crypto Analysis

August 26 Daily Crypto Update: Alts are currently at a standstill

August 26, 2021

Justin d'Anethan

The S&P 500 marched on to record highs yesterday, touching 4,500 for the first time.

The Nasdaq also broke new all-time highs and closed above 15,000. The move occurred as investors’ fears about Fed’s tapering cooled off. Basically, after a period of fiscal stimulus and rate control, the Fed could’ve changed course to wind that policy down, but, for now, expectations of that happening are low.

BTC also managed to move up but is nowhere close to all-time highs. After a quick touch at $47,000, prices rallied 2.5% to the current $48,500.

Alts are currently at a standstill. Instead, different coins are trading in different ways. In previous briefings, I talked about XTZ and its partnerships with several European financial institutions. It seems now investors are paying attention and bought it, pushing prices by 20%. NANO, STX, and SOL also outperformed BTC but rising just 3-4%. Other coins fell. I’m thinking of LUNA, GRT, and ADA, all falling about 4%.

With regards to on-chain data, I’m looking at two charts from CryptoQuant: 

The miners’ reserve is steadily rising, along with prices, highlighting that miners keep on holding coins and aren’t ready to sell. And, just like a good base of buyers, a reduced selling pressure can keep BTC going higher.


The Puell ratio, which shows the ratio of daily issuance relative to the average yearly issuance, shows the miners’ perspective but from a revenue (USD) point of view. It hints at levels where buys or sells can happen. Right now, we see it at lower levels, which indicates quite a lot of room to grow.


Away from price action and onto the news, the FCA declared that Binance “was not capable of being effectively supervised in the UK.” However, it’s also supported a completely ring-fenced Binance Markets exchange, separated from the main/broader company.

With a regulatory twist but, in my opinion, rather supportive, Thailand has issued a new set of regulatory guidelines for digital asset exchanges. This is rapidly making Thailand maybe the most crypto-friendly country in South-East Asia. However, they put strong limitations on custodying client’s fiat and digital tokens, as well as prohibiting lending-like activity with yields or re-hypothecation of clients’ holdings.


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