XRP Stands Out Despite Market Turning Red

CoinDesk 20 Index: 1,875 −2.0%Bitcoin (BTC): $58,088 −2.9%Ether (ETH): $2,576 −2.6%S&P 500: 5,554.25 +0.2%Gold: $2,526 +1.1%Nikkei 225: 37,388.62 −1.77%

Most cryptocurrency majors, such as bitcoin (BTC) and ether (ETH), started the week flat. CoinDesk 20 (CD20), a measure of the largest digital assets, fell 0.43 percent. One of the morning’s highlights was Telegram-related TON, which saw its token jump 5.6 percent after HashKey announced a partnership with the project. During the same period, decentralized exchange dYdX’s token, which continued to record gains in weekly trading volume, gained 5.6 percent.

According to a press release, HashKey will provide regulatory guidance and technical support for Catizen’s blockchain infrastructure operations. It will also collaborate with startups in the Ton ecosystem to enhance the gaming experiences of Catizen, a Telegram-based gaming platform featuring cat-themed mini-games. “We will focus on the TON ecosystem to deliver unique Web3 gaming experiences and promote the prosperity and development of the TON ecosystem,” said HashKey Global General Manager Ben El-Baz. “Taking advantage of Telegram to attract more developers to the industry represents a significant opportunity for TON.”

While popular opinion suggests a strong positive correlation between bitcoin’s (BTC) recent price performance and Republican candidate Donald Trump’s chances of winning the US presidency, market data suggests otherwise. Since Trump’s meeting with bitcoin miners in mid-June, crypto market experts have linked the Republican candidate’s performance on the betting markets to the price of bitcoin. However, FalconX’s analysis of the three-day change in BTC price and the three-day change in Trump’s chances of winning the presidential election between June 1 and August 15 shows that there is no clear trend or clear correlation between the two variables.

The chart shows “non-commercial” speculative positions in the Japanese yen. For the first time in more than three years, speculators are feeling bullish about the yen. The strengthening yen is a classic “risk-off” reaction. Therefore, expectations of a stronger yen are creating a negative environment for risk assets, including cryptocurrencies. Source: MacroMicro