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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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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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