Bitcoin bulls are trying to get back into the driver’s seat by pushing the price above $112,500. Will altcoins follow? Key points: Bitcoin made a strong comeback, confirming that dip buyers were present at lower levels; higher levels could continue to attract sellers. Select altcoins have bounced off their respective support levels, indicating a positive sentiment. Read more
The Commodity Futures Trading Commission issued a no-action letter to a crypto derivatives exchange and clearinghouse acquired by Polymarket after a July request for relief. The US Commodity Futures Trading Commission (CFTC) said it will not pursue enforcement against two entities tied to prediction platform Polymarket. In a Wednesday notice, the CFTC said it had issued a no-action letter “regarding swap data reporting and recordkeeping regulations for event contracts” with QCX LLC and QC Clearing LLC. “The divisions will not recommend the CFTC initiate an enforcement action against either entity or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions and variable payout contract transactions […],” said the regulator. Read more
Bitcoin extends a relief bounce to liquidate shorts as analysis praises its macro hedge status ahead of a presumed Fed interest-rate cut. Key points: Bitcoin returns to $112,000 as bulls stage a key resistance retest. BTC price action preserves the “bull market support channel” in a classic dip to support. Read more
Solana open interest hit a record high above $13 billion as the technical setup suggests the rally could continue for SOL price to reach $1,000. Key takeaways: Bullish technicals suggest that SOL price can reach $1,000 if the resistance between $210-$250 is broken. Solana’s open interest has rallied to a record high of $13 billion, signaling high speculative interest. Read more