Category: Articles

Forex Brief August 4: OPEC+, Jobs, Central Banks, and Trade Signals

Posted on by Skerdian Meta

This week brings a heavy slate of economic data and central bank decisions, alongside an OPEC+ meeting that could steer energy markets. Investors will navigate a mix of labor reports, inflation signals, and trade updates to gauge global economic momentum. Continue reading “Forex Brief August 4: OPEC+, Jobs, Central Banks, and Trade Signals” →

SharpLink Gaming Doubles Down on Ethereum, Amasses 470K + ETH

Posted on by Olumide Adesina

SharpLink Gaming became the second-largest corporate holder of Ethereum after purchasing $109 million worth of Ethereum during the recent market correction, increasing its treasury to over 470,000 ETH.

 

The company added approximately 31,941 ETH through a purchase executed via Galaxy Digital’s OTC desk, a preferred method for discreet, high-volume trades, using two sizable USDC transfers.

SharpLink’s holdings now exceed 470,000 ETH. The transactions included a $53 million USDC transfer and a subsequent $56 million transfer, both facilitated through Galaxy Digital’s OTC platform. Blockchain analytics firm Arkham Intelligence confirmed these transactions, highlighting SharpLink’s strategic move to profit from the recent market correction.

The wallet address linked to these transfers has accumulated over $800 million worth of Ethereum, demonstrating ongoing accumulation efforts. Corporate Ethereum treasuries have exceeded $10 billion and continue to grow.

BitMine holds the top position with 625,000 ETH, followed by SharpLink Gaming. Other notable holders include the Ethereum Foundation, PulseChain, and The Ether Machine. This trend reflects increasing institutional trust in Ethereum’s long-term value and utility.

Bitcoin Dips to Three-Week Low Following Historic July Surge

Posted on by Olumide Adesina

Bitcoin traded near its three-week lows as traders continued to retreat from the record highs reached in July amid the US’s euphoria over digital asset adoption. , the cryptocurrency hit its lowest level in three weeks with a price level at $114K

The first US regulatory guidelines for cryptocurrency were signed into law by Donald Trump just days before Bitcoin reached a record high of $123,200 on July 14. After surpassing $4 trillion in total market capitalization for the first time in July, the broader cryptocurrency market retreated, and Ether dropped as much as 5 percent to $3.5K.

Record-breaking ETF inflows fueled that rally. According to data compiled by Bloomberg, Bitcoin ETFs experienced $6 billion in net inflows last month, marking the third-best month ever, while US Ether ETFs recorded $5.4 billion, their highest on record.

Recently, ETF inflows have slowed, and demand has cooled, as shown by key institutional metrics. Data from researchers Coinglass shows that over $800 million in long positions were liquidated on Saturday, with Ether leading the cuts at $251 million and Bitcoin at $200 million.

CryptoQuant reports that, after nearly two months of rising readings, Bitcoin’s Coinbase premium—a gauge of US investor interest—turned negative this week. Additionally, from July highs, open interest in Bitcoin and Ether futures on CME has decreased by 13% and 21%, respectively.

Coinbase dropped as much as 17% on Friday following the release of lower-than-expected second-quarter revenue by the biggest US cryptocurrency exchange, which coincided with a decline in digital asset market volatility.

Brent Oil Outlook Unchanged by Goldman Sachs, Demand Concerns Loom

Posted on by Olumide Adesina

Goldman Sachs reaffirmed its forecast that the price of oil would average $64 per barrel in the fourth quarter of 2025 and $56 in 2026. However, it foresees a broader range of risks to its baseline estimates due to recent events.

“Increasing pressure on Russia and Iran-sanctioned oil supply presents an upside risk to our price forecast given the faster-than-expected normalization in spare capacity,” the investment bank stated in a note dated August 3.

Nonetheless, Goldman identified a downside risk to its 2025–2026 average annual demand growth forecast of 800,000 barrels per day because of weak US economic data, the threat of additional secondary tariffs, and the rise in US tariff rates. According to the note, the bank’s economists believe that the weaker data “suggests that the US economy is now growing at a below-potential pace,” which raises the likelihood of a recession in the upcoming year.

The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, decided to increase oil production by 547,000 barrels per day for September.

This is the latest in a series of rapid output increases aimed at regaining market share. “We anticipate that the pace of increases in OECD commercial stocks will accelerate and that seasonal demand tailwinds will diminish after September, so even though OPEC+ policy remains flexible,” Goldman stated..

Citi Boosts Gold Target to $3,500/oz Amid Grim US Economic Outlook

Posted on by Olumide Adesina

Citi raised its gold price forecast for the next three months from $3,300 to $3,500 per ounce, with the expected trading range increasing from $3,300 to $3,600, up from $3,100 to $3,500.

The bank believes that short-term US growth and inflation concerns have improved, and that the dollar will continue to weaken, leading to a moderate rise in gold prices to new all-time highs.

President Donald Trump imposed high export taxes on goods from several trading partners, including Taiwan, Canada, Brazil, and India. Trade Representative Jamieson Greer stated on Sunday’s CBS program “Face the Nation” that the tariffs imposed on various nations are likely to remain rather than be reduced as part of ongoing negotiations.

Markets now price in an 81 percent chance of a Fed rate cut in September, according to the CME FedWatch tool. The dollar also declined last week after nonfarm payrolls increased by 73,000 jobs last month, following a downwardly revised gain of 14,000 in June.

Citi also highlights weaker US labor data in the second quarter of 2025, growing concerns about the credibility of the Federal Reserve and US statistics, and increased geopolitical risks related to the Russia-Ukraine conflict. Traditionally seen as a safe-haven investment during political and economic instability, gold tends to thrive in environments with low interest rates. Citi reports that gold demand has grown by more than one-third since mid-2022, and by the second quarter of 2025, prices are expected to double.

SEC Faces Tight Deadline in Ripple XRP Lawsuit

Posted on by Olumide Adesina

The Securities and Exchange Commission’s (SEC) lawsuit against Ripple continues to attract much attention from the cryptocurrency community, which hopes that the lengthy XRP case will be resolved. The SEC has not taken similar action, despite Ripple’s decision to withdraw its appeal.

District Judge Analisa Torres rejected the agency’s proposed settlement with Ripple, resulting in further delays and ongoing uncertainty regarding the case’s resolution.

Legal expert Bill Morgan discussed the situation and stated, “The SEC has not yet withdrawn its appeal in the Ripple case.”

The SEC has no deadline to revoke the appeal, he clarified. Although it could simply ask for more time, the SEC has until August 15, 2025, to report to the appeals court if it chooses to take action.

We should hear something about that in the next two weeks. The core issue in the SEC v. Ripple case, filed in December 2020, was whether Ripple’s sales of XRP qualified as unregistered securities.

According to a significant 2023 decision by Judge Torres, programmatic exchange sales of XRP were not securities, but institutional sales were.

Judge Torres rejected the settlement that the SEC and Ripple had agreed upon to reduce the fine and lift the injunction. Despite the ongoing legal drama, XRP’s recent surge in popularity can be attributed to several factors. Institutional interest has increased due to the court ruling, which provided partial regulatory clarity, making XRP a more attractive asset for businesses. Its role as a fast and affordable bridge currency for international payments continues to draw the attention of financial institutions and treasuries. Furthermore, the growing possibility of an XRP spot ETF encourages some companies to include XRP in their treasury assets, paving the way for broader mainstream adoption.

OPEC+ Ramps Up Oil Output, Attention Turns to Future Strategy

Posted on by Olumide Adesina

OPEC+ is facing uncertainty about its future strategies as global oil markets are experiencing an increasing surplus. However, the group plans to significantly boost production again in September to complete the reversal of its latest supply cuts to gain market share. During a recent video conference, Saudi Arabia and its allies agreed to increase production by 547,000 barrels per day for next month.

OPEC will increase production as planned
OPEC will increase production as planned

This decision marks the conclusion of a rapid reversal of a 2.2 million barrel cutback implemented by eight members in 2023. The United Arab Emirates is also gradually introducing an additional production allowance.

This increase represents a major shift for OPEC+ and its allies, moving from a focus on protecting oil prices to one of increasing output. Amid geopolitical unrest and strong seasonal demand, this policy shift has helped stabilize oil and gasoline futures, providing some relief for drivers and benefiting U.S. President Donald Trump. However, the market is nearing a significant oversupply due to the added barrels.

Three delegates indicated that OPEC+ will continue to explore options for an additional layer of halted output, which is currently set to expire at the end of 2026 and amounts to approximately 1.666 million barrels. They emphasized that the strength of market fundamentals will determine the group’s future actions, with one delegate suggesting a review later this year. A follow-up meeting is scheduled for September 7 among the eight countries.

A senior OPEC delegate remarked that the group’s unity in strategy is evident from the brief 16-minute call on Sunday. They added that the coalition remains capable of meeting at any time to halt supply increases or even reverse recent agreements.

According to the International Energy Agency in Paris, the fourth quarter is expected to see a surplus of 2 million barrels per day in global oil markets, driven by a decline in Chinese consumption and increased supplies from the U.S., Canada, Brazil, and Guyana. Wall Street forecasters, including JPMorgan Chase and Goldman Sachs, predict that by the end of the year, prices may drop to around $60 per barrel.