The recent performance of Ethereum (ETH) and the emergence of new tokens like Mpeppe (MPEPE) are capturing the attention of investors. While Ethereum (ETH) ETFs have yet to produce the anticipated boost in price, Mpeppe (MPEPE) is gaining traction as an intriguing investment opportunity. Here’s why investors are shifting their focus to Mpeppe (MPEPE) at its current price of $0.00107, despite the challenges faced by Ethereum (ETH) ETFs. Ethereum ETFs: A Disappointing Performance The Promise of Ethereum ETFs Ethereum (ETH) ETFs (Exchange-Traded Funds) were initially hailed as a breakthrough for cryptocurrency investments. They promised to provide traditional investors with easier access to Ethereum (ETH), leveraging the security and regulatory framework of traditional financial products. The expectation was that these ETFs would drive up Ethereum (ETH)’s price by bringing in institutional and retail investors who previously hesitated to enter the crypto market. The Reality of Market Impact Despite the initial excitement, Ethereum ETFs have struggled to make a significant impact on the price of Ethereum (ETH). Several factors contribute to this underwhelming performance: – Market Saturation: Ethereum (ETH) has been available on numerous exchanges and trading platforms for years. The introduction of ETFs may not have brought the fresh demand anticipated due to the already established market presence of Ethereum (ETH). – Regulatory Uncertainty: Ongoing regulatory concerns and uncertainties surrounding the broader cryptocurrency market can dampen investor enthusiasm, making it challenging for ETFs to perform as expected. – Market Sentiment: Broader market conditions and sentiment often play a crucial role in price movements. With the volatility and uncertainties in the crypto space, the influence of ETFs on Ethereum (ETH)’s price has been limited. Investors Turning to Mpeppe (MPEPE) Amidst the struggles of Ethereum ETFs, Mpeppe (MPEPE) is emerging as a promising investment alternative. Currently priced at $0.00107, Mpeppe is gaining attention for several reasons: – Innovative Approach: Mpeppe (MPEPE) blends the excitement of meme culture with the robust capabilities of decentralized finance (De-Fi). This unique combination sets it apart from more traditional crypto assets and attracts investors looking for fresh opportunities. – Community and Purpose: Mpeppe (MPEPE) is not just another token. It aims to foster a global community that celebrates soccer and leverages blockchain technology for real-world impact. This focus on community building and strategic planning resonates with investors who value both financial growth and social impact. The Strategic Shift: Why Now is the Time for Mpeppe Market Dynamics and Investor Sentiment In light of Ethereum ETFs’ struggles and the evolving dynamics of the crypto market, investors are increasingly looking for assets with potential for substantial growth and innovative features. Mpeppe (MPEPE) offers a compelling case due to its novel approach and strong community focus. Value Proposition at $0.00107 Mpeppe (MPEPE)’s current price of $0.00107 presents a unique entry point for investors. The token’s low price, combined with its De-Fi capabilities and community-driven approach, makes it an attractive option for those seeking high-growth potential in the crypto space. Conclusion: Navigating the Crypto Landscape Mpeppe (MPEPE) is a promising alternative to Ethereum ETFs due to its innovative De-Fi protocol integration, strong community focus, and attractive pricing. Diversifying investment strategies and exploring new opportunities like Mpeppe (MPEPE) can provide significant returns in the evolving cryptocurrency market. Keeping an eye on emerging trends and asset value propositions is crucial for navigating the dynamic world of crypto investing. For more information on the Mpeppe (MPEPE) Presale: Visit Mpeppe (MPEPE) Join and become a community member: https://t.me/mpeppecoin https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
In an electrifying shift within the cryptocurrency landscape, Mpeppe (MPEPE) has emerged as a formidable competitor to Dogecoin (DOGE), positioning itself as Shiba Inu’s (SHIB) most significant rival. This dramatic rise highlights a new chapter in the ongoing rivalry among meme coins, as Mpeppe (MPEPE)’s unique approach and strategic positioning capture the attention of investors […]
In the dynamic world of cryptocurrency, where trends shift rapidly and market sentiments can change overnight, the latest buzz centers around Shiba Inu (SHIB) and Mpeppe (MPEPE). Both tokens are poised for potentially massive gains, with expert predictions suggesting a 500x increase in their value. This article delves into why these two cryptocurrencies are generating […]
As Ethereum (ETH) continues to dominate the cryptocurrency landscape, a new contender, Mpeppe (MPEPE), is capturing the imagination of investors. With its innovative approach and significant potential for growth, Mpeppe (MPEPE) is generating increasing confidence among Ethereum (ETH) investors who are optimistic about its potential for a massive 500x return. Here’s why Mpeppe (MPEPE) is […]
As the financial world buzzes with the imminent arrival of a Solana (SOL) ETF, the cryptocurrency market is also abuzz with another exciting development: the presale of Mpeppe (MPEPE) is rapidly advancing toward Stage 3. This convergence of major events presents a unique opportunity for investors to capitalize on both established and emerging market trends. Here’s an in-depth look at why this is a pivotal moment for both Solana (SOL) and Mpeppe (MPEPE). The Solana (SOL) ETF: A Game-Changer on the Horizon What the Solana (SOL) ETF Means for the Market The potential launch of a Solana (SOL) ETF is poised to have a significant impact on the cryptocurrency market. As one of the leading blockchain platforms known for its high-speed transactions and low fees, Solana (SOL) has gained considerable traction among investors and developers. An ETF (Exchange-Traded Fund) that includes Solana (SOL) could offer traditional investors a new, more accessible way to gain exposure to this innovative blockchain technology. The Solana (SOL) ETF represents a milestone for the industry, providing a bridge between traditional finance and the burgeoning world of cryptocurrencies. It could lead to increased institutional investment and greater mainstream adoption of Solana (SOL)’s technology. This development is eagerly anticipated, as it signals a growing acceptance of blockchain technologies in conventional financial markets. The Implications for Solana (SOL) Investors For existing Solana (SOL) investors, the ETF represents a promising avenue for enhanced liquidity and visibility. It could drive up demand for Solana (SOL) tokens, potentially boosting their value and attracting new investors. The ETF’s launch would likely validate Solana (SOL)’s position in the market, reinforcing its reputation as a leading blockchain solution. Mpeppe (MPEPE) Presale: Approaching Stage 3 The Surge of Mpeppe’s Presale While the Solana (SOL) ETF garners attention, Mpeppe (MPEPE) is making significant strides in its presale. With the presale moving swiftly towards Stage 3, the excitement surrounding Mpeppe (MPEPE) is palpable. Currently priced at $0.00107, Mpeppe (MPEPE) offers early investors a unique entry point into what could be a groundbreaking cryptocurrency. Mpeppe (MPEPE) is distinguished by its integration of meme culture, sports passion, and advanced De-Fi protocols. The presale’s progression reflects growing investor interest and confidence in the token’s potential. The upcoming Stage 3 of the presale promises to further enhance Mpeppe (MPEPE)’s appeal, with increasing momentum and higher visibility in the crypto market. Why Mpeppe’s Presale Is Capturing Attention Mpeppe (MPEPE)’s innovative approach combines the best elements of meme culture with serious blockchain technology. Its features include integration with De-Fi protocols, which offer users access to a range of financial services such as lending, borrowing, trading, and yield farming. This integration not only enhances Mpeppe (MPEPE)’s functionality but also positions it favorably in the De-Fi ecosystem. Moreover, Mpeppe’s (MPEPE) focus on building a global community around soccer and blockchain innovation adds to its attractiveness. The token aims to capitalize on the viral nature of memes while fostering a passionate and engaged user base. This blend of humor, community, and advanced technology makes Mpeppe (MPEPE) a standout option in the cryptocurrency space. Conclusion: A Pivotal Moment in Crypto Investment The Solana (SOL) ETF and Mpeppe’s (MPEPE) presale are significant developments in the cryptocurrency market. The Solana (SOL) ETF offers increased exposure and institutional investment in blockchain technology, while Mpeppe (MPEPE) offers a unique investment opportunity with its blend of meme culture and advanced De-Fi features. These developments could be crucial for investors in the coming months. For more information on the Mpeppe (MPEPE) Presale: Visit Mpeppe (MPEPE) Join and become a community member: https://t.me/mpeppecoin https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Ethereum (ETH) has long been a dominant force, leading the charge in decentralized applications and smart contracts. However, as we approach 2024, a new contender, Mpeppe (MPEPE), is generating significant buzz. Experts are increasingly optimistic about Mpeppe (MPEPE)’s potential to outperform Ethereum (ETH). Here’s a deep dive into why Mpeppe (MPEPE) might just outshine Ethereum […]
Quick Take On Aug. 2, Bitcoin (BTC) was trading around $65,000, but by Aug. 5, it had plummeted to a low of $49,000 before recovering to about $51,000. This drastic fluctuation has led to substantial realized losses, particularly among short-term holders (STHs). Since Aug. 4, over $850 million in realized losses have been recorded, with […]
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Recently, Mpeppe (MPEPE) has experienced a significant surge in value, largely due to a pivotal endorsement from the Shiba Inu (SHIB) community. This article explores the factors behind Mpeppe (MPEPE)’s dramatic rise, the role of Shiba Inu (SHIB)’s endorsement, and what this means for both cryptocurrencies. The Power of Community Endorsement Shiba Inu (SHIB)’s Influence in the Crypto Space Shiba Inu (SHIB) is known for its robust and passionate community, often likened to a movement rather than just a cryptocurrency. The Shiba Inu (SHIB) community, known for its viral marketing and strong online presence, has played a crucial role in the coin’s success. Their endorsement carries significant weight, given their history of rallying support and driving substantial interest in various projects. The Role of Community Endorsement Community endorsement is a potent force in the cryptocurrency world. When influential communities like that of Shiba Inu (SHIB) back a new project, it can lead to a rapid increase in visibility and credibility. This is especially true in the meme coin space, where community sentiment often drives the majority of market activity. Mpeppe’s Recent Surge How Mpeppe (MPEPE) Has Benefited Following the endorsement from Shiba Inu (SHIB)’s community, Mpeppe (MPEPE) has seen a remarkable surge in its value. This increase can be attributed to several factors, including heightened visibility, increased trading volume, and a broader adoption of the token. Investors and traders have flocked to Mpeppe (MPEPE), attracted by the endorsement from a community with a proven track record of generating significant interest. Key Metrics and Market Impact Since the endorsement, Mpeppe’s (MPEPE) market capitalization and trading volume have experienced substantial growth. This surge reflects a broader trend where successful community-backed projects gain momentum quickly. For instance, Mpeppe (MPEPE)’s price, has seen a sharp upward trajectory, indicating strong market confidence and investor enthusiasm. The Shiba Inu (SHIB) Community’s Endorsement: A Game Changer The endorsement from the Shiba Inu (SHIB) community involved vocal support across various platforms, including social media, forums, and cryptocurrency news outlets. This grassroots support has amplified Mpeppe (MPEPE)’s visibility and positioned it as a prominent player in the meme coin arena. Shiba Inu (SHIB)’s community not only shared positive sentiments but also engaged in promotional activities that have fueled Mpeppe (MPEPE)’s rise. The Impact on Mpeppe’s Future The backing of Shiba Inu (SHIB)’s community positions Mpeppe (MPEPE) to potentially continue its upward trajectory. The endorsement has not only increased investor interest but also contributed to a more vibrant trading environment. As the Shiba Inu (SHIB) community continues to support Mpeppe (MPEPE), the token is likely to experience sustained growth and increased market presence. Conclusion: The Ripple Effect of Endorsements Mpeppe (MPEPE)’s value surged after Shiba Inu (SHIB) community endorsement, showcasing the significant impact of community support on a cryptocurrency. This endorsement has boosted Mpeppe (MPEPE)’s visibility and underscored the importance of community-driven success in the crypto world. The rise of Mpeppe (MPEPE) serves as a reminder of meme coin growth through strategic endorsements and community engagement. For more information on the Mpeppe (MPEPE) Presale: Visit Mpeppe (MPEPE) Join and become a community member: https://t.me/mpeppecoin https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
PlanB’s Stock-to-Flow (S2F) model, known for predicting Bitcoin’s price based on scarcity, has faced scrutiny as the digital asset’s value has remained below the model’s expectations since 2021. The S2F model, which correlates the increasing scarcity of Bitcoin due to halving events with price appreciation, suggested a significantly higher price than the actual market value […]
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As Bitcoin dropped below $50,000, analysts expect more outflows that would potentially drive prices down to $42,000.
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Crypto traders faced significant losses as major cryptocurrencies, including Bitcoin and Ether, experienced a sharp decline, resulting in over $1 billion in liquidations.
Significant outflows from Bitcoin funds highlight growing investor anxiety and potential instability in the broader financial markets.
The post Bitcoin funds see $400 million outflows amid recession fears appeared first on Crypto Briefing.
Crypto whales are positioning themselves for the next “altcoin season,” while DeFi loans are seeing a resurgence back to 2022 highs.
The crypto market has been hit hard by a dramatic downturn, with many altcoins plummeting 20-50% in a single day. This unexpected and severe drawdown has been described as the worst since the FTX collapse in 2022. This selloff isn’t isolated to crypto alone—global markets are also suffering, marking one of the worst trading periods …
Solana (SOL) is currently experiencing a significant decline, dropping over 17% and reaching the critical $118 support level. This sharp downturn has put considerable pressure on this key level, raising concerns among traders and investors about the possibility of a further breakdown. The $118 level has historically been a stronghold for the cryptocurrency, but with the current bearish sentiment in the market, its ability to hold is still being determined. With the help of key technical indicators, this article will provide an in-depth analysis of Solana’s current price actions, assess the likelihood of breaking the $118 support, and explore potential scenarios for SOL. As of the time of writing, Solana has dropped by 17%, trading at approximately $119.78 in the past 24 hours. Solana boasts a market capitalization exceeding $54 billion, which demonstrates a decrease of 18.45% and a trading volume surpassing $9.4 billion, indicating an increase of 182.21% in the past 24 hours. Technical Analysis: Indicators Pointing To A Potential Break For Solana On the 4-hour chart, Solana has demonstrated significant bearish momentum, with the price dropping below the 100-day Simple Moving Average (SMA) and currently attempting a break below the $118 support level. A successful breach below this key level could lead to a further bearish move for the cryptocurrency. The Relative Strength Index (RSI) on the 4-hour chart has dropped to 24.74%, which is considered to be an oversold zone. This position of the RSI indicator signals that SOL could extend its bearish move beyond $118. On the 1-day chart, Solana has experienced increased selling pressure as the price consistently forms bearish candlesticks. Specifically, this pattern shows sellers are gaining control over the market, pushing the price lower with each successive trading session. Also, the formation of these bearish candlesticks, characterized by closing prices lower than their opening prices, reflects a pattern of sustained selling, which is often a sign of underlying weakness in the asset. Finally, the 1-day RSI has also dropped below 50%, which further supports the possibility of further price drop. This drop suggests that bearish pressure is rising, as sellers are still active and influential in the market. The fact that sellers are still active implies that Solana will probably continue to decline. Potential Scenarios: What Happens if $118 Fails? If Solana can maintain its current bearish momentum and close below the $118 support level, it may continue to move downward to challenge the $99.44 support level. When this level is breached, the digital asset may experience further price loss toward the $79.24 support range and possibly other ranges below. Conversely, should SOL’s price close above the $118 support level, it will start to ascend once more toward the $160 resistance point. Following a break above this level, the crypto asset may see further price gain to challenge the $170 resistance level and perhaps other levels above. Featured image from Adobe Stock, chart from Tradingview.com
Jump Trading’s recent transfer of millions in Ethereum to centralized exchanges has unsettled the crypto market. Over the weekend, the firm moved 17,576 ETH, valued at $46.78 million, to exchanges such as Binance, OKX, Coinbase, ByBit, and Gate.io, according to blockchain analytical platform Spot On Chain. This move follows a pattern noted by crypto analyst […]
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Some people in the Dogecoin community, like key member Mishaboar, have talked about the rumors that Dogecoin (DOGE) payments might be added to X, the social media site that used to be called Twitter. The DOGE community is very excited because Elon Musk owns X and has supported the cryptocurrency in the past, which has […]
Findings from a 10x Research report reveal potential Bitcoin value drop below $50,000 amid US economic uncertainty, impacting the broader crypto market.
The significant drop in crypto-related stocks and prices highlights the vulnerability of the crypto market to global economic and geopolitical instability.
The post Coinbase and MicroStrategy down 15 and 18% pre-market amid deepening global rout appeared first on Crypto Briefing.
Quick Take The Federal Reserve recently maintained the federal funds rates at 5.25-5.50%. However, a continuation of poor US data, including weak US jobs data, has triggered the Sahm Rule, signaling a potential recession. Consequently, the market anticipates roughly 50 basis points (bps) of rate cuts in the upcoming September meeting, which is 44 days away. Polymarket indicates a […]
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MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. The latest market data shows MATIC took a beating with a 33% wipe in value since last week. Hostile market environment and macroeconomic fears continue to plague the broader financial world. Related Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up The crypto market was not spared. The whole market depreciated by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow the bearish wave, but it will take time before the price mediates back to realistic levels. More Developments Polygon’s position continues to solidify as it marks several developments that improve user experience on the platform. Messari, an independent crypto research platform, recently released its report, providing an overview of the Polygon ecosystem. In summary, the report notes several developments in the platform that occurred within the 2nd quarter of the year. Primarily, the community has reached a consensus on upgrades that will positively affect the network’s usability and performance. One of these will be the switch from MATIC to POL, which is scheduled to occur on September 4th. To attract devs to Polygon, the platform created a $1 billion Community Grants Program (CGP), supporting devs and builders of Polygon financially. According to a June blogpost, Season 1 of the CGP will feature a 35 million MATIC pool which is roughly equivalent to $12.9 million using today’s prices. Uniswap has also launched its Uniswap v3 campaign on Polygon with other $250k in rewards on Oku, a crypto trading platform. This will boost investor confidence in the platform as it shows that despite hostile market conditions, Polygon remains a major player in the DeFi space. This is seen in the current metrics the platform is running on. Nansen’s data shows an increase in active addresses and transactions in the past 24 hours, a great indicator of growth activity if it wasn’t for the air of bearishness surrounding the market. DefiLlama, on the other hand, shows the other side of the coin with major outflows on all chains under the Polygon ecosystem. MATIC: More Pain On The Way For Investors? As the market continues its painful descent, investors are poised to let go of their MATIC holdings. Recent market data shows that investors are rushing to exchanges to sell rather than hold and ride the bearish wave. This can be seen in MATIC’s price which continues to test the $0.339 support level. Related Reading: Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328 The market overreaction caused by cascading fears within the broader financial spectrum remains to threaten any future bullish action. As of the moment, MATIC is down to March 2021 levels, a new low after 2024’s early bull runs led by major cryptocurrencies like Bitcoin and Ethereum. Investors and traders should evaluate their positions to remain in the green. If possible, they can try to take advantage of the situation by shorting the token. Featured image from Pexels, chart from TradingView
Investors are fleeing perceived riskier assets like Bitcoin due to a challenging macroeconomic environment severely impacting the crypto market. Bitcoin‘s price plunged to a six-month low of under $50,000 amid a broader crypto market sell-off that led to over $1 billion in liquidations. The flagship digital asset lost critical support levels in the past day, […]
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Over the weekend, Ethereum, the second largest digital asset, took a hit as its price fell significantly, triggering broader negative sentiment around the crypto asset and the factors that could be responsible for the dip. Delving into the matter, popular crypto analyst and trader Michael Van De Poppe has offered insights on the recent price […]
The founder of decentralized finance protocol Aave said the platform generated $6 million worth of revenue during Monday's crypto market sell-off.
Coinbase, MicroStrategy and miners fell as equity markets declined worldwide.
Bitcoin sees a giant $30,000 crash in a week while Ethereum retreats 40% and Berkshire Hathaway's Apple sale takes on new meaning as stocks dive worldwide.
Hackers exploit the market crash, using stolen funds from the 2022 Nomad bridge hack to purchase 16,892 ETH at a significant discount.
Over the past 24 hours, the crypto market has witnessed a severe downturn, with Bitcoin’s price tumbling down 15% to a low of $49,000 on Binance (BTC/USDT), marking a significant departure from its $70,000 high last week—a 26% crash. Similarly, Ethereum (ETH) plunged 39% from $3,400 to $2,100. This downward trend was not isolated but echoed across the altcoin spectrum, which experienced even steeper declines. #1 Recession Fears Cause Bitcoin Crash The initial spark for the current market volatility appears to stem from intensifying fears of a US recession, triggered by unexpectedly weak US job market data on Friday. The July report showed a gain of only 114,000 jobs—significantly below the Wall Street prediction of 175,000. This was the weakest job growth since December of the previous year and nearly the lowest since the start of the COVID-19 pandemic in March 2020. Charles Edwards of Capriole Investments remarked via X, “Every single time the unemployment rate turns up as it has today, we have a recession. Just as the Fed was too slow to tighten in 2021, it looks like they were too slow to ease in 2024.” Further compounding the market’s nervousness was the revelation that Warren Buffett’s Berkshire Hathaway sold about 50% of its Apple holdings. This sell-off by one of the world’s most watched investors was interpreted as a move to hedge against potential market downturns, considering Berkshire Hathaway disclosed holding a record $277 billion in cash in its Q2 report. Related Reading: Bitcoin Triple Threat: Analyst Identifies Three Signals For BTC Price Rebound Additionally, the Bank of Japan’s decision to raise its key interest rate to about 0.25% from a range of zero to about 0.1% has had significant implications. This rate hike, the second since 2007, sent shockwaves through the financial sectors globally. Historically, rate hikes by the Japanese central bank have been precursors to global recessions. Following the announcement, the Nikkei experienced its largest 2-day drop in history, surpassing even the declines seen on Black Monday in 1987. Nick Timiraos, often referred to as the “Fed’s mouthpiece” and a reporter for the Wall Street Journal, revealed, “Goldman Sachs says there are good reasons to think the rising unemployment rate in the weak-across-the-board July payroll report is less fearsome than normal…But raises its recession-probability-tracking odds to 25% from 15%.” Goldman Sachs also adjusted its expectations for the Federal Reserve’s policy response, anticipating rate cuts at each upcoming meeting, with a possibility of a more aggressive 50 basis point cut if the August employment report mirrors July’s weakness. #2 Yen Carry Trade Unwind Further exacerbating the market’s fall was a significant movement in the forex markets, particularly with the Japanese yen. After the Bank of Japan raised its key interest rate, the yen strengthened considerably against the US dollar. This move pressured traders who had engaged in the “yen carry trade”, borrowing yen at low rates to purchase higher-yielding US assets. Related Reading: Trump Floats Bitcoin Payments As Solution To $35 Trillion US Debt Crisis Adam Khoo noted, “The sharp rise in the JPY/USD is causing a massive unwind of yen carry trade positions and contributing to the sharp decline in US stocks.” The reversal of these trades has probably not only impacted the forex and stock markets but also had a cascading effect on Bitcoin and crypto as assets are liquidated to cover losses and repay yen-denominated liabilities. BitMEX founder Arthur Hayes commented via X, “My TradFi birdies are telling me somebody big got smoked, and is dumping all #crypto. No idea if this is true, I won’t name names, but let the fam know if you are hearing the same?????” #3 Jump Trading And Large Sellers There were unusual sell orders recorded across major exchanges such as Kraken, Gemini, and Coinbase, predominantly on a Sunday, which is typically a quieter trading day. This suggests orchestrated actions by large players, potentially involving the unwinding of positions by firms like Jump Trading. Jump Trading has reportedly been involved in substantial unloading of Ethereum, amounting to about $500 million worth over the past two weeks. Market rumors suggest that the company’s sell-off could be a strategic exit from its crypto market-making ventures or an urgent need for liquidity. Ran Neuner commented via X: “I’m watching this selling by Jump Trading […] They are the smartest traders in world, why are they selling so fast on a Sunday with low liquidity? I would imagine they are being liquidated or have an urgent obligation.” Dr. Julian Hosp, CEO of the Cake Group, suggested on X: “The reason for the crazy crypto sell off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related). The sell-off is relentless atm.” Furthermore, Mike Alfred highlighted the possibility of distress within the market, suggesting that a large Japanese fund might have collapsed, holding substantial amounts of Bitcoin and Ethereum. “A big Japanese fund blew up. Unfortunately, it was holding some Bitcoin and Ethereum. Jump and other market makers sensed the distress and exacerbated the move. That’s it. Game over. On to the next one,” Alfred stated. #4 Liquidation Cascade Exacerbates Bitcoin Price Crash The market witnessed a dramatic increase in liquidations, with CoinGlass reporting that 277,937 traders were liquidated in the last 24 hours, leading to total crypto liquidations of approximately $1.06 billion. The largest single liquidation order, valued at $27 million, occurred on Huobi for a BTC-USD position. In total, $302.07 in Bitcoin longs were liquidated in the last 24 hours, according to CoinGlass data. These forced liquidations, driven by margin calls and stop-loss orders, have amplified the downward pressure on cryptocurrency prices, pushing them further into the red. #5 Trump Momentum Fades Another less significant factor may involve the shifting political landscape, as Kamala Harris gains according to Polymarkets against Donald Trump (Harris 43% vs. Trump 55%). This shift is perceived negatively by the Bitcoin and crypto market. The entire market is favoring a Trump win. He wants to build a “strategic Bitcoin stockpile” and over the weekend said BTC could be used to pay off the US debt of $35 trillion. #6 Mt. Gox Distributions Still Affecting Market Liquidity Finally, the ongoing distribution of Bitcoins from the defunct Mt. Gox exchange continues to influence the market. As former users of the exchange receive and potentially sell their returned Bitcoins, this has added to the selling pressure on the market, further depressing prices. At press time, BTC bounced off the support and recovered to $52,909. Featured image created with DALL.E, chart from TradingView.com
The recent panic selling in Bitcoin and the broader crypto market has been influenced by the Bank of Japan’s decision to raise interest rates from 0% to 0.25%, coupled with increasing fears of a U.S. recession. This has led Bitcoin’s (BTC) price to fall to $49,112 but has since recovered slightly to $52,982, showing a …