The crypto market saw its largest three-day sell-off in 12 months amid weak jobs data and revived fears of a recession leading to a tumble in the equities market.
Japan's Nikkei fell more than another 6% early Monday, bringing that index's three-day decline to about 15%.
Katalin Tischhauser, head of investment research at Signum Bank, has joined other commentators who suggested that spot Solana and Cardano ETFs are unlikely, though VanEck may disagree.
The company expressed worries that its detection system could somehow “stigmatize” the use of AI among non-English speakers.
Over 2,000 Australian-owned crypto wallets discovered by the Australian Federal Police (AFP) have been hacked by foreign fraudsters, the Financial Review reported. Related Reading: EDCON 2024: Ethereum Founder Buterin Proudly Announces He’s A ‘Dogecoin Hodler’ Part of a larger effort called Operation Spincaster, which seeks to fight cybercrime worldwide, this concerning find marks the latest […]
Binance Coin (BNB) succumbs to bearish pressure alongside other altcoins in the market. According to the latest market data, the token is down nearly 10% since last week representing a big slash in value for investors in the long-term. The huge drop is due to the current underperforming market after the major cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength as it maintains its top four spot, topping SOL and XRP. Binance Coin Market Vs Macroeconomics The early half of August is held in high regard by both crypto finance and traditional finance investors as major economic indicators are set to be announced. With the past six indicators flashing red or neutral, it remains to be seen whether the next few will be bullish for the broader financial world. But last week, the Federal Open Market Committee held against lowering interest rates as inflation was still “somewhat elevated.” However, this opened the road to September rate cuts as the inflation slows, helping the market gain gradual ground in the long run. Although the market remains somewhat optimistic for the September cut, it has since faded as the broader market slips as investor anxiety remains high. The S&P 500 and Dow Jones fell by almost 2% respectively. This further exacerbated the market correction within the crypto market. As of writing, the crypto market is down more than 2% in the past 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn. Despite this, long-term investors in the token continue to remain strong despite bearish market conditions. According to CoinGlass, BNB market positions remain majority long with a slight uptick in the short position takers. However, derivative contracts featuring BNB took a dip with the open interest dropping by a significant margin. Although the token follows the broader market, BNB still remains a strong investment despite the hostile market conditions. Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says Crucial BNB Level Remains But For How Long? The hostile market environment is slowly dying down but with the current uncertainties within the macroeconomic side of things, it remains to be seen whether the BNB bulls can continue to stem the tide. Keeping aside price, having a majority of long positions for the token is advantageous for the bulls as it helps maintain investor confidence in the token. Despite this, the bulls have a long way ahead. Stabilizing the price around the $514 price range should be their number 1 priority. A bearish breakthrough on this level will lead to more bleeding, which might flip investors from long positions to short positions. If held successfully, BNB bulls have a strong jump-off point to retake the late-July levels of $558. Featured image from Pexels, chart from TradingView
Bitcoin may find buyers close to $56,000, benefitting select altcoins such as SOL, XRP, KAS, and AAVE.
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The cryptocurrency industry recently experienced a substantial reduction in its overall market capitalization as prices plummeted sharply over the weekend. This downturn was particularly notable as Bitcoin, the leading cryptocurrency by market value, fell below the $60,000 mark on Saturday, August 3. Ethereum, the second-largest cryptocurrency, also faced significant losses, dipping below $3,000 and reaching […]
Bitcoin can’t seem to leave the $60,000 price level as it continues to trade in uncertainty. On Saturday, August 3, the cryptocurrency experienced another sharp decline, briefly dipping below the $60,000 mark. Although this drop lasted only a few minutes, it was quite significant, especially given that Bitcoin had traded above $62,000 earlier the same day. This fluctuation has notably impacted market participants, leading to the liquidation of numerous long positions. Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend At the time of writing, over $197 million worth of leveraged positions have been liquidated in the past 24 hours. Notably, this figure soared to as much as $288 million during the peak of the selling pressure. Bitcoin And Market Liquidations The persistent inability of Bitcoin to maintain a stable position above $60,000 highlights the uncertainty and speculative nature of the cryptocurrency market. Traders and investors remain cautious, closely monitoring its price movements. This cautious approach has likely been amplified by recent reports of repayments initiated by the bankrupt crypto lender Genesis Global Capital, which flooded the market with additional digital assets, primarily Bitcoin and Ethereum. Considering Bitcoin and Ethereum’s dominance over the market, this cautious approach has inadvertently led to a lingering bearish sentiment surrounding other cryptocurrencies. Although Bitcoin and Ethereum experienced the highest liquidated positions, the impact has spilt over into other digital assets. According to Coinglass data shown below, Ethereum led the market with $57.22 million worth of leveraged positions liquidated. Bitcoin followed closely with $46.19 million in liquidations and Solana with $15.35 million. The total liquidation amount reached $197.72 million, with the majority ($159.88 million) in long positions. Most of these liquidations occurred on Binance, OKX, and Bybit, with $85.88 million, $65.83 million, and $16.47 million in liquidations, respectively, each exhibiting an 80% long liquidation rate. Prevailing Bearishness The crypto industry is no stranger to sporadic liquidations of such huge amounts. Considering the prevailing short-term bearish sentiment, most of these liquidations have repeatedly been on long positions. On June 24, the market witnessed almost $300 million worth of positions liquidated in under 24 hours. Similarly, over $360 million worth of positions were liquidated on June 7 when the Bitcoin price crashed from $71,000 to $68,000. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend Recent market dynamics suggest that the industry might not be out of the woods yet concerning such liquidations. Bitcoin continues to struggle to hold above $60,000, a trend that could persist in the coming weeks. This is partly because Spot Bitcoin ETFs, which have historically been a catalyst for Bitcoin price surges, ended last week on a negative note. Specifically, they concluded Friday’s trading session with $237.4 million in outflows, the largest daily outflow since May 1. Featured image from The Michigan Daily, chart from TradingView
BTC price weakness takes the market below $59,000 for the first time since mid-July as "relentless" Bitcoin selling pressure persists.
Bitcoin (BTC) fell below key support levels as markets continued to bleed over the weekend due to fears of an impending global recession and escalating tensions in the Middle East. The flagship crypto has fallen more than 8% since the start of the weekend to $57,040 — the lowest price recorded in almost three weeks. […]
The post Bitcoin falls to $57k as market bleeds amid fears of recession, war appeared first on CryptoSlate.
At the recent Bitcoin conference in July, popular crypto-friendly senator Cynthia Lummis announced plans to introduce a bill that will allow the US government to adopt Bitcoin as a strategic reserve asset. Five days later since Lummis’ declaration, there have been notable encouraging developments with what could be the most significant legislation in terms of […]
The bullish outlook appears despite the ongoing Bitcoin sell-off, which is being led by the growing risks of a recession in the United States.
Crypto bulls lost nearly $200 million in the past 24 hours as the week’s sell-off worsened over the weekend.
Virtual Private Networks, or VPNs, are services that create a secure, encrypted connection to the internet.
The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch Bitcoin Price Far From Recovery? In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average price at which investors have purchased Bitcoin over the last six months. Such development implies that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses. According to abramchat, Bitcoin’s recent price fall can be attributed to economic and political news which have negatively impacted several financial markets prominently the stock market which recorded significant losses on Thursday and Friday. Bitcoin’s price drop is also likely influenced by defunct crypto lender Genesis finally commencing repayments to creditors after declaring bankruptcy in January 2023. On Friday, Genesis transferred out $1.5 billion in Ethereum and Bitcoin as they aim to offload $4 billion in debt. Commenting on Bitcoin’s future price trajectory, abramchart states that the failure of the digital asset to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 – $54,000 which represents the next significant support zone. However, such low price levels were recently seen in early July, following the massive market sell-off by the German government. In addition, abramchart has warned investors to be cautious in purchasing altcoins at the moment. The analyst believes the current market “negativity” could produce a significant deleterious effect on other coins aside from Bitcoin. Related Reading: XRP, Bitcoin Sentiment Remains Very Positive: Bad Sign For Price? BTC Price Overview At the time of writing, Bitcoin trades at $60,597 following a 1.20% decline in the last day. Notably, the premier cryptocurrency dipped below the $60,000 mark on Saturday for the first time since mid-July. Currently, Bitcoin’s daily trading volume is also down by 24.45%, indicating a low level of interest due to diminished buying and selling activities. However, with a market cap of $1.19 trillion, Bitcoin remains the largest digital asset and the 9th largest global financial asset. Featured image from Shutterstock, chart from Tradingview
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The Ethereum price performance has been a major source of concern for investors over the past few weeks, persisting in a downward trend. What makes the token’s struggles even more worrying is that it has not shown any signs of relief despite the recent launch of spot ETH ETFs (exchange-traded funds) in the United States. […]
Recent price movements in the cryptocurrency market have seen Ethereum experience a significant downturn, with the altcoin finally sustaining a break below the critical $3,000 support level. Ethereum has suffered a notable 4.76% decline over the past 24 hours, bringing its current trading price to just above $2,900. Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says While retail traders are still scrambling for their next move, on-chain data shows an interesting accumulation pattern of ETH by a particular whale entity. This whale, whose strategic moves have historically demonstrated an impressive 100% investment win rate, has been steadily increasing their holdings of ETH for the past two months. Whale Sees Crash As Buying Opportunity According to on-chain data noted by Lookonchain on social media platform X, a smart money whale has been taking advantage of the recent ETH price fall to add to its holdings. As revealed by the on-chain tracker, this whale recently bought another 2,424 ETH worth $7.22 at the time of purchase. This latest acquisition brings the whale’s total purchases to 19,436 ETH worth $68.25 million at an average of $3,511 per ETH since May 29. At the time of writing, the smart money whale is sitting on almost $8 million in unrealized losses. At first glance, this aggressive buying approach might appear risky, especially given the prevailing bearish sentiment surrounding Ethereum. However, history suggests they might actually know what they’re doing better than most. This particular whale boasts a flawless track record with a 100% win rate since November 2022 and seems to know when exactly to buy and sell Ethereum. Notably, this smart money whale has been buying Ethereum at low points and selling at higher prices between Nov 21, 2022, and May 23, 2024, with a total profit of more than $38 million. The whale’s recent purchases, despite the ongoing market downturn, suggest a level of confidence and insight that has proven accurate in the past. A smart money with a 100% win rate bought 4,000 $ETH($12.58M) again 5 hours ago! This smart money bought and sold $ETH 7 times from Nov 21, 2022 and May 23, 2024, buying at low prices and selling at high prices each time, with a 100% win rate and a total profit of more than… pic.twitter.com/3fnCkyfmQT — Lookonchain (@lookonchain) August 2, 2024 What’s Next For Ethereum? As of the time of writing, Ethereum is trading at $2,900, marking a significant decline of 12% over the past seven days. This sharp downturn has triggered substantial liquidations in the market. According to data from Coinglass, $78.72 million worth of ETH long positions were liquidated in the past 24 hours alone. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend While the crypto’s drop below $3,000 is worrisome for investors, bullish hope might not be lost yet. The $3,000 price point is a critical support level backed by substantial on-chain activity. Data indicates that over 1.7 million addresses acquired Ethereum just below this level, highlighting a robust area of buying interest. This means $3,000 is still a strong support level for ETH, which might prevent further losses in the coming week. Featured image from CNBC, chart from TradingView
The Dogecoin team addresses critical security concerns and builds greater community trust by enhancing reproducibility and ensuring transparency.
A popular crypto analyst on the X platform has sounded the buy alarm for Bitcoin after the premier cryptocurrency fell to the $60,000 level this weekend. Can Bitcoin Price Make A Return To $67,000? In a recent post on X, popular crypto pundit Ali Martinez shared an exciting analysis of the price of BTC over the coming days. According to the crypto analyst, the latest price action shows that the flagship cryptocurrency could be gearing for a rebound to its former highs. Related Reading: Could Bitcoin Outshine Gold? Trading Guru Weighs In On The Historic Financial Duel The reasoning behind this bullish projection is the formation of multiple buy signals by the TD (Tom Demark) Sequential on the Bitcoin four-hour chart. The TD Sequential is a technical analysis indicator used to identify possible points of trend exhaustion and price reversal. The TD Sequential consists of two phases; namely setup and countdown. For the setup, nine candlesticks of the same polarity (bullish or bearish) are counted, upon which a reversal is expected to occur. Typically, the direction of the reversal will depend on the candles involved in the setup I.e., nine bearish candles would represent a buy signal and vice versa. Upon the completion of the setup, the countdown phase commences, which involves 13 candles — rather than nine — of the same polarity. A completion of the second phase implies that there is likely another reversal point. According to Martinez, the TD Sequential has pinpointed a potential reversal for the Bitcoin price. On the four-hour chart, the indicator presents an aggressive 13, a sequential 13, and a red 9 candlestick. The aggressive 13, sequential 13, and red 9 all suggest that the current downward trend might be losing momentum, thereby hinting at a possible trend reversal in the short term. Ultimately, these signals are indicating a strong buy opportunity for premier cryptocurrency, having shed some of its value in recent days. However, if the prediction of a price rebound fails to hold and the $60,000 support crumbles, investors could see the price of Bitcoin fall as low as $57,000. BTC Price At A Glance As of this writing, the price of Bitcoin continues to hover around $61,000, recording barely any movement in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency has declined in value by more than 10% in the past week. Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says Featured image from iStock, chart from TradingView
Crypto analyst CrediBULL Crypto provided a market analysis on Pepe (PEPE), Ethereum (ETH), and XRP. Based on his analysis, PEPE could hit a new high soon enough, seeing how it has ranged since hitting a new all-time high (ATH) in May. A Price Rally For PEPE On The Horizon CrediBULL Crypto mentioned in an X […]
Australian prosecutors argue that imprisonment should remain a strong possibility for the Crypto.com user who received millions because of an internal error.
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Over 2,200 letters addressed to US senators within only 48 hours asking their support have given the proposed Bitcoin Strategic Reserve law great momentum. This grassroots initiative fits with the recent Bitcoin Act proposal by Senator Cynthia Lummis, which seeks to create a distributed network of safe Bitcoin vaults run by the US Treasury. Related […]
Argentina’s government claims it will help prevent crimes before they occur, but a prominent software engineer is skeptical about the idea.
Argentina’s government claims it will help prevent crimes before they occur, but a prominent software engineer is skeptical about the idea.
In a surprising twist, the Islamic State (IS) group is now advocating for cryptocurrency use to support its terrorist operations as long as it follows the tenets of the Sharia law, a new report has disclosed. Related Reading: EDCON 2024: Ethereum Founder Buterin Proudly Announces He’s A ‘Dogecoin Hodler’ Compiled by the UN’s Analytical Support […]
The price of XRP has recently experienced significant bearish momentum, leading to the breakthrough of a crucial support level at $0.5724. As the cryptocurrency surpasses the key support mark, it signals a significant shift in market sentiment, increasing fears of a continued downtrend. This breach suggests that the selling pressure is intensifying and could lead […]