Amid this market volatility, the overall cryptocurrencies are experiencing a massive rally including top assets such as Bitcoin (BTC) and Ethereum (ETH). During this uptrend, SUI is making a wave following its bullish chart and significant price surge in the last 24 hours. SUI price analysis As of writing, SUI is trading near $0.86 and …
Discover the telltale signs of a true crypto veteran through market crashes, memecoins, and the highs and lows of digital gold.
ERC-7683 aims to standardize cross-chain trade execution, enhancing interoperability between decentralized networks.
Institutional investors have already shown how bullish they are on Bitcoin (BTC) and the broader cryptocurrency market, as they have continued to accumulate with USDT, especially during every dip. This bullish sentiment was again on display as this institutional investor sent $445 million USDT to exchanges to buy more crypto. Cumberland Sends $445 Million USDT To Exchanges The on-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that crypto trading firm Cumberland has deposited the $445 million it received from the Tether Treasury into different exchanges. Data from the on-chain analytics platform Arkham Intelligence shows that Cumberland used the USDT funds to buy more crypto, with Bitcoin accounting for most of the firm’s purchases in the last 24 hours. Related Reading: Ripple Vs. SEC Lawsuit Ends: Will The XRP Price Cross $3 Once More? During this period, Cumberland has withdrawn a significant amount of Bitcoin from various exchanges, including Coinbase, Robinhood, and OKX, among others. This development coincides with the flagship crypto’s recent break above $60,000, highlighting the increased buying pressure that Bitcoin has witnessed thanks to institutional investors like Cumberland. The Spot Bitcoin ETF issuers have also bought a significant amount of Bitcoin in the last 24 hours, thanks to the net inflows recorded on August 8. Data from Farside Investors shows that these funds witnessed net inflows of $194.6 million that day. This was the second consecutive day of net inflows for these funds, having witnessed inflows of $45.1 million on August 7. Some other investors, including retail investors, showed confidence in Bitcoin and the broader crypto market during this recent market crash. Lookonchain noted that Binance experienced a net inflow of $2.4 billion since the market drop on August 5. This includes a net inflow of $1.33 billion USDT and $519 million USDC, as these investors looked to buy more crypto and add to their positions. What Next For Bitcoin? Bitcoin is back above $60,000 following its drop below $50,000 on August 5. Considering there are still concerns on the macro side, there are fears that this Bitcoin rebound might be a relief bounce rather than a bullish reversal. However, crypto analyst Mikybull Crypto is convinced that Bitcoin has found its bottom and is set to enjoy an uptrend from here on. Related Reading: Crypto Analyst Identifies Mid-Cap Altcoin Set To Surge 1,100% In a recent X post, he again alluded to the Volatility Index (VIX), which he noted gives all signs that the macro bottom is in. He remarked that the next markup phase will be “violent.” In the meantime, Bitcoin holding above $60,600 will be key to confirming this bullish reversal. Crypto analyst Rekt Capital stated that continued stability above this level would allow Bitcoin to revisit the $65,000 price level over time. At the time of writing, Bitcoin is trading at around $60,900, up over 7% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The US Securities and Exchange Commission (SEC) has signaled it will not appeal Wednesday’s ruling by Judge Torres in the legal battle with Ripple. The case concluded on August 7 with the company facing a civil penalty significantly less than the SEC originally demanded. Judge Torres’s decision mandated a $125 million civil penalty for securities […]
Despite capturing just 0.3% of retail bank assets, Hong Kong’s virtual banks are exploring opportunities in the Web3 space.
While a strategic Bitcoin reserve may be good for price action, the US Treasury controlling 19% of the BTC supply raises unprecedented centralization concerns.
APT gained 3.9% and BCH rose 2.7%, helping to balance out XRP’s losses.
Tech companies release a joint letter requesting more time from the EU to comply with AI Act requirements, citing challenges due to the summer recess.
DeFi's resilience amid market turmoil underscores its potential to operate autonomously and maintain stability without central intervention.
The post DeFi protocols show resilience despite this week’s macro crash: IntoTheBlock appeared first on Crypto Briefing.
Crypto is the new trend in the global economy. It has created several impressive headlines in the recent past, as some of the economic powers have changed its attitude towards the sector. Notably, the global crypto adoption has significantly increased in the recent past. Some countries like El Salvador have implemented certain bold policies, encouraging …
After proceedings in an Irish court, the local Data Protection Commission said X agreed to suspend processing the personal data of EU users to train its AI system.
Thailand has been moving toward a more crypto-friendly stance throughout 2024, approving a Bitcoin ETF, initiating tax breaks for crypto and more.
The newly minted stablecoins could help push Bitcoin’s price above the $65,000 resistance, which is the short-term whale holder's realized price.
Russian President Vladimir Putin has signed a law on Thursday, officially giving legal status for crypto mining in the country. Related Reading: US Judge Orders FTX, Alameda To Pay A Staggering $12.7 Billion To Creditors – Details This historic law not only brings Russia into the global crypto economy but also sets in motion a […]
The outcome of this case could have significant implications for the future of cryptocurrency in Nigeria.
Ethereum's inflationary shift in 2024 could signal reduced network activity and potential impacts on investor confidence and market dynamics.
The post Ethereum turns inflationary for the first time in two years amid July network slump appeared first on Crypto Briefing.
Risk assets stabilized as upbeat weekly U.S. jobs data eased recession concerns.
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug. 9, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The Supreme Court of Montenegro has postponed the extradition of Terraform Labs founder Do Kwon to his home country of South Korea, pending a review of the legality of the previous court decisions. This comes after the Supreme State Prosecutor’s Office (VDT) submitted a request to protect legality on August 2nd, proposing to delay the […]
Kanpai Pandas NFTs saw a 45% floor price drop amid allegations that the team promoted a Trump-themed token which was later disavowed by the Trump family.
No sooner than the Bitcoin price marked interim highs above $62,000, the entire crypto market had become optimistic. Traders had become hopeful after the recent rebound but the bears seem to have hindered the progress of the rally. However, this popular altcoin within the top 10, Toncoin is manifesting acute strength as the token stands …
As the recovery run in the crypto market gains momentum, all the minor segments are making a comeback. Fueled by the additional momentum in the market, Meta and gaming tokens surge to new heights. So, let’s have a look at the technical price charts of high-performing metaverse and gaming tokens for bullish openings. Top Meta …
The Bitcoin price records a major rally in recent days. After plummeting to a low of $49,000 on Monday, the BTC price soared as high as $62,700 during the Asian trading session today. Thus, BTC has surged 24% from its Monday low. Over the last 24 hours alone, BTC has risen by 7%. These are the key reasons: #1 Fading US Recession Fears Fuel Bitcoin Rally Macro economics are the clear driver of the price move as equities have rallied along with Bitcoin. Notably, the July unemployment rate in the United States increased to 4.3%, the highest in the last four months. This triggered concerns about a potential recession, as per the Sahm Rule. This economic indicator suggests that a recession might be starting if the three-month moving average of the national unemployment rate rises by 0.50 percentage points or more relative to its lowest point in the previous 12 months. Related Reading: Bitcoin Bull Run Still Intact? Here’s What On-Chain Data Says The initial panic was exacerbated by a jobs report that fell short of expectations, with only 114,000 new jobs compared to the anticipated 175,000. However, the narrative shifted dramatically yesterday with the latest release of jobless claims data. A significant drop to 233,000, down by 17,000, marked the largest decline in almost a year, soothing jittery markets. Mohamed A. El-Erian, President of Queens College Cambridge and chief economic adviser at Allianz, explained via X that the global financial markets reacted to the data release and interpreted it as “a relief after last week’s unemployment and growth scare.” However, he also warned that “that this high-frequency data series is inherently noisy.” US weekly jobless claims came in at 233,000, down from a revised 250,000 — a relief after last week’s unemployment and growth scare. The details of this data release will be subject to a higher level of scrutiny with a view to assessing breadth and other distributional aspects.… https://t.co/fBqaJVs3sM — Mohamed A. El-Erian (@elerianm) August 8, 2024 Macro analyst Alex Krüger further elaborated that “the market crash triggered by last week’s unemployment & payrolls data has now fully reversed, after today’s weekly jobless claims data. Price action and new jobs data confirm what I suspected: that the whole equities market had a crypto style levered flush-out, driven mostly by positioning, narrative and mass hysteria, and not as much by fundamentals.” Related Reading: MicroStrategy’s Michael Saylor Reveals Bitcoin Holdings Top $1 Billion Krüger also cautioned against overemphasis on single data points: “There’s a reason the Fed makes emphasis on making no decisions on single data points. Payrolls data can be very noisy. Yet last Friday much of the market went on a crazy rampage calling for a policy mistake and emergency rate cuts.” #2 Short Liquidations Amplify BTC Surge The volatility in Bitcoin’s price also catalyzed a significant number of short liquidations. In the past 24 hours alone, 52,413 traders were liquidated, with total crypto liquidations reaching $222.02 million, according to Coinglass data. For Bitcoin specifically, over $90 million in short positions were liquidated, marking it as the third-highest short-liquidation event in the past five months. Julio Moreno, Head of Research at CryptoQuant, clarified the impact of these liquidations on the market: “This Bitcoin bounce has been mostly shorts covering positions in the futures market. Open interest down, prices up.” #3 MicroStrategy Buying? As the Bitcoin price climbed higher, there was a notable surge in demand from the spot market. Crypto analyst Kiarash Hossainpour speculated, “You heard it here first: I could imagine this crazy late night market buy coming from none other than Saylor. The guy just announced another $2 billion buy the other day. Who else buys in the illiquid hours after the US close on a Thursday night? Exactly, nobody.” MicroStrategy, under the leadership of Michael Saylor, announced last week plans to increase its Bitcoin holdings significantly, preparing to raise $2 billion through a new at-the-market equity offering as reported in its Q2 2024 earnings report. The company stated: “We continue to closely manage our equity capital, and are filing a registration statement for a new $2 billion at-the-market equity offering program.” At press time, BTC traded at $61,186. Featured image created with DALL.E, chart from TradingView.com
On Thursday, Indian crypto exchange WazirX announced its plan to compensate customers after the multi-million exploit it suffered last month. The exchange revealed it decided to restore the balances of all customers and undo all trades carried out before July 18 and July 21. Related Reading: Binance Hit With $86 Million Fine For Tax Compliance […]
Bitcoin Heartbeat by BVM offers a unique, real-time glimpse into Bitcoin’s L2 and L3 rollup projects, enhancing transparency and verifiability.
The exchange said restoration will occur over the next few days. Affected users will receive email notifications detailing the reversed trades.
Ripple’s long legal fight with the U.S. Securities and Exchange Commission (SEC) is over, with the court ordering Ripple to pay a $125 million fine. This is a big win for Ripple and an important moment for cryptocurrency. Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, said in a recent interview that the company will pay …
Solana's proactive security measures bolster network reliability, addressing past criticisms and enhancing trust in its blockchain infrastructure.
The post Solana devs and validators patch critical vulnerability, preventing a network-wide outage appeared first on Crypto Briefing.
After recording a significant over the past few days in the cross-border payment system, the crypto market continues recording a mixed price action with top tokens recording a constant pump-and-dump-like situations in their respective portfolios. However, with the price of Bitcoin reclaiming the $61,000 level, the memecoin category has regained power with some memecoins recording …