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Price August 9th: BTC, ETH, BNB, ADA, XRP, DOGE

Bitcoin broke above the 200-day SMA suggests that the downtrend could be over and that may pull buyers back into altcoins.

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Bitcoin broke above the 200-day SMA suggests that the downtrend could be over and that may pull buyers back into altcoins.

Bitcoin’s recovery from $29,482.61 has continued to surpass one resistance after another. Today, Bitcoin has risen above the 200-day simple moving average, an indicator watched by institutional investors to determine whether the asset is bullish or bearish.

BTC/USDT

Bitcoin’s breakout above the overhead resistance at $45,451.67 hit a wall at the 200-day SMA ($44,954) on Aug. 7. The bears tried to pull the price back below the breakout level at $42,451.67 on Aug. 8 but failed. The BTC/USDT pair bounced off the $42,451.67 level today and the bulls have pushed the price above the 200-day SMA.

ETH/USDT

Ether rose above the psychological level at $3,000 on Aug. 7, which suggests that the correction could be over. The bears tried to trap the aggressive bulls by pulling the price back below $3,000 but the buyers held their ground.

BNB/USDT

Binance Coin broke and closed above the $340 resistance on Aug. 6, which completed a bullish ascending triangle pattern. The bears tried to pull the price back below the breakout level but the altcoin bounced off the 200-day SMA ($328) today. This suggests that bulls are buying on dips.

ADA/USDT

ADA turned down from $1.50 on Aug. 8 but the bulls are in no mood to relent. They purchased the dip and are currently attempting to push the price back above the overhead resistance. If buyers propel the price above $1.50, the ADA/USDT pair could start its northward march toward the overhead resistance at $1.94

XRP/USDT

XRP soared above the $0.75 resistance and the 200-day SMA ($0.79) on Aug. 7, which completed a double bottom pattern. The price rebounded off the breakout level today, indicating that bulls have flipped the level to support.

DOGE/USDT

DOGE consolidation near the overhead resistance at $0.21 resolved to the upside on Aug. 7 as bulls established their supremacy. The bears posed a stiff challenge at $0.29 on Aug. 8 but the positive sign is that the bulls did not allow the price to break below $0.21.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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