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.
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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 …
US senators believe that the President’s bodyguards could do more than just wield high-powered pistols and don sleek dark glasses. The lawmakers have presented a measure that would give the Secret Service the power to look into and prosecute crimes using digital assets in a bipartisan effort. Related Reading: Federal Police Uncover Major Crypto Scam: […]
Japan raised interest rates by 0.25% last week, leading to a strong Yen and a corresponding drop across risky assets including bitcoin.
Bitcoin price is trading in and out of $53,000 after a huge bearish wave stuck the crypto markets, whipping out over $600 billion in a go. The turmoil caused in Japan has heavily impacted the global stock markets, which has slashed the Nikkei heavily along with the major stocks. Gone are the times when crypto …
The crypto crash underscores market volatility, heightening investor anxiety and impacting broader financial markets amid economic uncertainties.
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BTC dominance hits 58% as the cryptocurrency market suffers a 17% drop, leading to a market cap of $1.76 trillion.
As Bitcoin (BTC) price teased below $50k for the first time since early February, Ethereum (ETH) price had its worst-performing day in more than 12 months. According to the latest crypto oracles, Ether’s price dropped more than 22 percent in the past 24 hours to trade around $2,294 on Monday during the London session. Consequently, …
With the Bitcoin price struggling to hold ground above the $50,000 level, the altcoins witness a huge incoming supply wave. The sell-off results in a billion-dollar liquidation in the last 24 hours, and the crash gains momentum. Amid the crash, the moderately strong hands and the leveraged positions are wiped out. However, as the crypto …
Hackers who attacked the Nomad Bridge found themselves in a winning position as they so answerably bought Ethereum ($ETH) at the lowest price on the market. This large movement was seen as the exploiters invested 39. 75 million $DAI to purchase 16,892 $ETH, which they further sent to Tornado Cash, a cryptocurrency mixer as reported …
Bitcoin experienced a sharp decline from $61,000 to $49,000 within 24 hours before rebounding to approximately $52,000 as of press time. The price drop triggered significant market liquidations, with total losses reaching $1.06 billion, according to Coinglass. Long positions were heavily affected, accounting for $902.16 million, while short positions saw $153.18 million in liquidations. Breaking […]
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The crypto market has fallen to its lowest point in over five months, largely due to Japan’s stock market reacting to fears of a recession following a recent interest rate hike by the Bank of Japan. Meanwhile, Bitcoin and Ethereum, the two biggest cryptocurrencies, have dropped significantly in the last 24 hours, with Bitcoin down …
Analyst Altcoin Buzz believes that the current bull run is far from over. While it’s uncertain whether August 2024 will reignite the lost spark, history shows that crypto assets have consistently outperformed other financial instruments over the past 14 years. Even though August has been a mixed month, with seven red months compared to five …
Carry trading, a popular strategy from the first quarter, involves profiting from pricing discrepancies between two markets.
The memecoin took a massive hit after Buterin sold his entire 17 billion Neiro airdrop, but in a weird turn of events, it pumped soon after.
In a recent development that has sparked considerable outrage within the XRP Ledger (XRPL) developer community, Ripple is under fire for altering a podcast clip. The edited segment was part of Ripple’s new podcast series titled “Exploring Ripple’s New Stablecoin Ripple USD (RLUSD)”, featuring CTO David Schwartz and Ripple President Monica Long discussing the upcoming […]
Chainalysis’ Operation Spincaster found over 2,000 Australian-owned crypto wallets were hit by “approval phishing” scams.
Bitcoin dominance has notched a new yearly high amid a brutal Ethereum-led sell-off.
Ether prices also fell to $2.2K.
Bitcoin is currently navigating a crucial support area that could determine whether the asset holds its ground or slides into lower price levels. The market has seen Bitcoin enter oversold territory on several time frames, signaling potential price exhaustion. Analysts are closely monitoring this final support zone as Bitcoin approaches a pivotal point. According to …