-
Digital
assets
performed
mixed,
with
BTC
sinking
1.5%
while
Solana’s
SOL
and
XRP
gaining
most
among
crypto
majors. -
Robinhood
disclosed
its
crypto
arm
received
warning
from
the
SEC
that
could
foreshadow
enforcement
action. -
An
Elliot
Wave
technician
sets
a
$92,000
price
target
for
bitcoin’s
next
cycle
high.
The
crypto
rally
paused
on
Monday
during
U.S.
trading
hours
with
bitcoin
(BTC)
slipping
back
to
near
$63,300
as
U.S.
regulators
ratcheted
up
pressure
on
crypto
companies.
A
move
to
above
$65,000
early
Monday
quickly
reversed
and
prices
were
pressured
further
after
popular
brokerage
Robinhood
(HOOD)
disclosed
its
crypto
arm
received
a
Wells
Notice
over
the
weekend
from
the
U.S.
Securities
and
Exchange
Commission
(SEC),
a
move
that
often
foreshadows
an
enforcement
action
against
a
company.
The
pullback
has
been
shallow,
though,
with
most
crypto
assets
firmly
above
last
week’s
low.
BTC
declined
1.5%
over
the
past
24
hours
but
was
still
up
over
10%
from
Wednesday.
Alternative
cryptocurrencies
performed
mixed,
with
ether
(ETH),
dogecoin
(DOGE),
shiba
inu
(SHIB)
and
layer-2
network
Polygon’s
native
token
(MATIC)
sinking
2%-3%
during
the
day,
while
solana
(SOL)
and
Ripple-adjacent
XRP
showed
relative
strength
advancing
4%-6%.
The
broader
market
gauge
CoinDesk
20
Index
(CD20)
was
down
0.3%.
Despite
the
halt
in
the
rally,
crypto
hedge
fund
QCP
Capital
observed
renewed
demand
for
bitcoin
call
options
for
September
with
a
strike
prices
of
$75,000
and
$100,000,
underscoring
the
increased
optimism
that
BTC
will
climb
to
higher
prices
over
the
next
few
months.
“We
are
seeing
some
bullish
follow-through
in
volatility
and
[funding]
rates
following
the
reversal
bounce
from
Friday
and
into
the
weekend,”
crypto
hedge
fund
QCP
Capital
said
in
a
Monday
market
update.
Hong
Kong
ETF
rumors
Perhaps
fueling
the
quick
recovery
from
last
week’s
lows
were
rumors
about
broadening
access
to
the
newly
listed
Hong
Kong
spot
bitcoin
and
ether
ETFs
for
Chinese
investors.
Richard
Byworth,
managing
partner
of
Syzcapital,
said
in
an
X
post
that
“there’s
talk”
in
Hong
Kong
about
adding
the
crypto
products
to
the
so-called
Stock
Connect
facility,
which
would
allow
qualified
mainland
Chinese
investors
to
access
eligible
shares
listed
in
Hong
Kong.
In
theory,
the
move
would
have
a
significant
impact
opening
the
floodgates
of
Chinese
money
seeking
alternative
assets
amid
the
real
estate
and
stock
market
rout.
However,
Chinese
investors
have
been
barred
from
crypto
ETFs
and
there
wasn’t
any
official
communication
about
changing
the
rules.
BTC
targets
$92,000,
but
bottom
might
not
be
in
Bitcoin
ended
last
week
on
a
bullish
tone,
recovering
swiftly
from
its
pullback
to
$56,000.
John
Glover,
chief
investment
officer
at
crypto
lender
Ledn,
said
there’s
still
possibility
for
a
breakdown
to
lower
prices
before
ending
its
correction
from
March’s
all-time
high
of
$73,000.
“Although
the
dip
to
$56,500
may
have
completed
the
correction,
I
still
expect
to
see
a
price
of
$52-55,000
before
wave
4
completes,”
Glover
said,
referring
to
the
Elliot
Wave
theory,
a
technical
analysis
that
assumes
that
asset
prices
move
in
repetitive
wave
patterns.
The
theory
alleges
that
price
trends
develop
in
five
stages,
of
which
waves
1,
3,
and
5
are
impulse
waves
representing
the
main
trend,
while
waves
2
and
4
are
retracements
between
the
impulsive
price
action.
“Once
the
[corrective]
wave
is
completed,
I
expect
that
the
Wave
5
push
to
circa
$92,000
will
ensue,”
he
concluded.
