Crypto News: Franklin Templeton Joins Race to Launch a BTC-Spot ETF

Key Insights:

• PayPal forges ahead, introducing on and off-ramps, shaping the future of Web3 payments.
• Franklin Templeton takes a leap, filing for a pioneering BTC-Spot ETF in the US.
• Fashion meets crypto: Diesel announces an intriguing NFT drop ahead of Milan Fashion Week.

Tuesday Crypto Market Overview:

Franklin Templeton Files BTC-Spot ETF Applications: US Fund Manager Franklin Templeton filed a BTC-Spot ETF application on Tuesday. Franklin Templeton joined an increasing number of contenders vying to launch the first BTC-Spot ETF in the US. According to the Tuesday filing, Franklin Templeton named Coinbase as the bitcoin custodian and Bank of New York Mellon as the custodian for cash holdings. As of 31 August 2023, Franklin Templeton had $1,421.4 billion in assets under management.

Diesel Gives Access to Milan Fashion Week with NFT Drop: Diesel announced the NFT drop on X, formerly Twitter, saying, “The countdown is on. In less than 30 hours, you will have the chance to mint your own METAMORPH NFT and join the phygital revolution. Don’t forget that holders of past Diesel collections will have priority access to the mint.”

PayPal Expands Crypto Services: On Monday, PayPal (PYPL) announced the introduction of on and off-ramps to support Web3 payments. PayPal will enable Web3 merchants to grow their user base through the PayPal payment platform. On Ramp enables US consumers to buy crypto with PayPal, while Off Ramp allows US users to convert crypto from their wallets.

CoinEx Hacked for $31 million: CoinEx got hacked on Tuesday, with hackers reportedly getting away with $31 million in ETH, MATIC, and TRX. PeckShieldAlert issued a warning on X (formerly Twitter) about a possible hack, saying, “Our investigation shows CoinEx has been drained ~$31 million in the following chains: ~ $19M (ETH), ~$11.5M (TRON), ~$295k (Polygon).” CoinEx is based in Hong Kong and announced it would reimburse affected users.

Technical Analysis

Bitcoin Analysis

BTC bounced back on Tuesday, breaking above the trend line to target the $26,755 resistance level. Despite a pullback from a session high of $26,581, BTC avoided a break below the trend line.

Updates related to the BTC-Spot ETF filings would provide direction. However, SEC v Ripple and Coinbase case-related news should have more impact. Favorable Court rulings for the crypto market would support a move toward the $26,755 resistance level.

Failure to move through the Tuesday high of $26,581 would leave the trend line and $25,506 support level in play. Adverse news would likely see BTC break below the trend line and support level to target sub-$25,000.

The 14-Daily RSI reading of 43.52 shows BTC can test the $25,506 support level before entering oversold territory.

Ethereum Analysis

ETH remained below the $1,626 resistance level, with the $1,626 resistance level rejecting an ETH run toward $1,650. A break above the $1,626 resistance level would bring the $1,746 resistance level into play. However, ETH would need favorable crypto news to support a breakout from $1,650.

Failure to break above the $1,626 resistance level would leave sub-$1,600 and the $1,502 support level in view.

The 14-Daily RSI reading of 38.78 shows ETH can fall to sub-$1,600 before entering oversold territory.