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.
The post Crypto crash wipes out $1 billion, Bitcoin plunges toward $49,000 appeared first on Crypto Briefing.
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 […]
The post Bitcoin rebounds off $49k as over $1 billion liquidated in 24 hours appeared first on CryptoSlate.
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 …
A sentiment index that tracks crypto markets changed to “fear” early Monday, suggesting a possible sign of a near-term local bottom.
The cryptocurrency market is experiencing a sharp decline, causing concern among investors. Bitcoin (BTC) has fallen over 10%, now at $53,270, while Solana (SOL) the 5th largest cryptocurrency has dropped to nearly 17%. Meanwhile, the overall crypto market value has decreased by 13% to $1.87 trillion, even though trading volume has jumped by 119.72% to …
Dogecoin started a major decline below the $0.1150 zone against the US Dollar. DOGE is now trading below $0.100 and showing many bearish signs. DOGE price is down over 15% from well above the $0.1200 pivot zone. The price is trading below the $0.100 level and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to move down unless it reclaims the $0.100 resistance zone. Dogecoin Price Drops Over 15% In the past few sessions, Dogecoin price saw a major decline like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.1120 and $0.1050 support levels. The price even declined below the $0.1000 support. A low was formed at $0.0881 and DOGE price is now consolidating losses. The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low. Dogecoin is now trading below the $0.100 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0950 level. The next major resistance is near the $0.1000 level. There is also a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair. A close above the $0.100 resistance might send the price toward the $0.1040 resistance or the 50% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low. Any more gains might send the price toward the $0.1080 level. The next major stop for the bulls might be $0.1120. More Downsides In DOGE? If DOGE’s price fails to recover above the $0.1000 level, it could start another decline. Initial support on the downside is near the $0.0880 level. The next major support is near the $0.0850 level. The main support sits at $0.0780. If there is a downside break below the $0.0780 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 level. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.0880 and $0.0780. Major Resistance Levels – $0.0950 and $0.1000.
The crypto market is down today! The star token Bitcoin, has faced severe selling off, not seen in the past few months. The drop of over 18% since the start of the month suggests the crypto winters have advanced pretty well, which has shaken up the entire crypto space. Many reasons have emerged which has …
XRP price is down over 15% and trading below $0.50. The price is showing bearish signs and might struggle to recover above the $0.520 resistance. XRP price traded below the $0.500 and $0.4850 support levels. The price is now trading below $0.4880 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could attempt a steady recovery wave if it clears the $0.520 resistance zone. XRP Price Dives Over 15% XRP price started a major decline below the $0.500 support after Ethereum and Bitcoin nosedived. There was a major decline below the $0.4850 support zone. The price tested the $0.460 zone. A low is formed at $0.460 and the price is now consolidating losses. It is showing a lot of bearish signs below the 23.6% Fib retracement level of the downward move from the $0.5767 swing high to the $0.460 low. The price is now trading below $0.5880 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair. If there is a recovery wave, the price could face resistance near the $0.4880 level. The first major resistance is near the $0.500 level. The next key resistance could be $0.5180 or the trend line or the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.460 low. A clear move above the $0.520 resistance might send the price toward the $0.5350 resistance. The next major resistance is near the $0.5440 level. Any more gains might send the price toward the $0.550 resistance or even $0.5650 in the near term. More Downsides? If XRP fails to clear the $0.520 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4650 level. The next major support is at $0.460. If there is a downside break and a close below the $0.460 level, the price might continue to decline toward the $0.4350 support in the near term. The next major support sits at $0.4250. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.4600 and $0.4500. Major Resistance Levels – $0.5000 and $0.5200.
Dark days for the crypto community as major hacks have unveiled numerous weaknesses in various broad venues. The exploits have not only been costing pretty tangible financial repercussions but have also caused trust deficits in these platforms. Tune in with us as we work and bring them out for you in our week’s hack report! …