6 Aug 2024
Ethereum price struggles as large holders continue offloading
Ethereum (ETH) price is still under heavy sell pressure after the weekend’s market crash, with major holders continuing to offload despite bulls attempting a recovery. According to X (formerly Twitter) user Lookonchain, a whale and asset manager Metalpha dumped nearly $73 million in ETH in the latter hours of trading on Aug. 5. Onchain data shows further signs of significant sell-offs. Read more
Xapo Bank to offer 1% yield on Bitcoin in UK
Xapo Bank, a Bitcoin-focused institution, has announced its expansion into the United Kingdom. The firm stated that the move makes it the first licensed bank in the UK to offer a combined interest-bearing account for fiat and Bitcoin. The expansion follows the successful transfer of Xapo’s customer operations to the UK, marking a significant milestone for the institution. Read more
Bitcoin Bounces to $53K After Brutal Sell-Off Reminiscent of Covid Crash
Bitcoin's 30% decline in a week was for some observers reminiscent of the March 2020 crash, but there's been multiple occasions of similar drawdowns during previous bull markets. The rapid recovery seen after the latest sell-off indicates a resilient market, with Bitcoin rebounding sharply to $53,000. Read more
DePIN and Machine Data Can Change Web3
DePIN enables the tokenization of machines, opening up RWA investments and spreading benefits to owners and users, says Leroy Hofer, CEO and co-founder of Teneo Protocol. This development has the potential to transform how machine data is utilized in the Web3 ecosystem, making investments more accessible. Read more
CoinDesk 20 Performance Update: Index Plunges 22.6% Amid Global Market Decline
The CoinDesk 20 experienced a major downturn over the weekend with NEAR and LINK among the hardest hit. The index, which tracks the performance of the top digital assets, reflects the broader market's instability amidst ongoing economic concerns. Read more
First Mover Americas: Bitcoin Crashes to $50K as 'Perfect Storm' Hits Crypto Market
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. The sharp decline is attributed to multiple factors creating a "perfect storm" for the market. Read more
Defi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges
The founder of decentralized finance protocol Aave said the platform generated $6 million worth of revenue during Monday's crypto market sell-off. This highlights the resilience and opportunity within the DeFi space despite broader market downturns. Read more
Bitcoin Drops 15% Against Japanese Yen, Outpacing Declines Versus USD, as Yen Carry Trades Unwind
Japan raised interest rates by 0.25% last week, leading to a strong Yen and a corresponding drop across risky assets including bitcoin. The carry trade unwinding significantly impacted Bitcoin’s value against the Yen more than other currencies. Read more
Crypto Futures Record $1B in Liquidations as Bitcoin Nosedives, Ether Slumps Most Since 2021
A sentiment index that tracks crypto markets changed to “fear” early Monday, suggesting a possible sign of a near-term local bottom. The massive liquidation indicates high volatility and cautious investor sentiment. Read more
Ether Slides 20% as Trading Firm Moves $46M in ETH
A wallet supposedly associated with Jump Trading moved 17,576 ETH to centralized exchanges, according to Spot On Chain. The significant movement of funds is seen as a major factor in Ether's sharp decline. Read more
How the Bank of Japan wrecked the yen carry trade — and crypto markets
Why did the crypto market lose 15% of its value in one weekend? Thank the Bank of Japan for playing a starring role. The central bank’s policy changes triggered significant market reactions, leading to widespread losses in the crypto sector. Read more
US Bitcoin, Ethereum ETFs hit $6B volume amid market rout
Bitcoin sunk to under $50,000 at the start of US trading on Aug. 5, prompting a huge spike in trading volumes of crypto-related ETFs. The surge in volume reflects investor activity amidst market volatility. Read more
The Bitcoin bottom is not in — BTC traders set price targets in low $40K range
Crypto traders appear to agree that today’s market rout is far from over. Many are setting price targets for Bitcoin in the low $40K range, indicating expectations of further declines before a recovery. Read more
Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing
Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds. This substantial investment highlights the growing institutional interest in Bitcoin despite market volatility. Read more
Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Global equity markets witnessed a massive sell-off, pulling Bitcoin and several major cryptocurrencies to unexpected lows. This price analysis provides an in-depth look at the performance of major digital assets amidst the market turbulence. Read more
Bitcoin bulls were obliterated, but is it time to catch the falling knife?
Bitcoin derivatives show traders’ morale is low, weakening the odds of a 20% rise from the $49,320 BTC bottom. The analysis suggests caution for investors considering buying the dip. Read more
Bitcoin analyst sees seller ‘exhaustion’ as BTC price rebounds 10%
Bitcoin sellers run out of steam and BTC price strength returns at the Wall Street open as US stocks initially avoid copying the fate of their Asian counterparts. Read more
Bitcoin ETF trading volume tops $1B amid crypto crash — Galaxy
Galaxy’s head of research expects the funds to see inflows as investors buy the dip. The significant trading volume reflects active investor engagement during market downturns. Read more
Market makers sold over $300M Ether as ETH price crashed below $2,200
Ether’s price fell from above $3,000 to $2,100 due to selling pressure from a select group of market makers. This substantial activity significantly impacted the market. Read more
Crypto market crash triggered by ‘aggressive’ selling by Jump Trading: Report
Jump Trading significantly contributed to the crypto market sell-off, and it could be looking to sell another $104 million worth of crypto. This aggressive selling is a major factor in the current market downturn. Read more
Crypto products shed $528M amid recession fears — CoinShares
As Bitcoin dropped below $50,000, analysts expect more outflows that would potentially drive prices down to $42,000. The report highlights the financial impact of recession fears on crypto investments. Read more
Over $1B wiped out in crypto liquidations as global markets suffer
Crypto traders faced significant losses as major cryptocurrencies, including Bitcoin and Ether, experienced a sharp decline, resulting in over $1 billion in liquidations. Read more
Why Bitcoin’s Latest Crash Is A Historic Buying Opportunity: Bitwise
Crypto experts at Bitwise and Real Vision think the crypto pullback will last a few weeks tops. They view the current market conditions as a historic buying opportunity. Read more
Crypto Investment Products Saw Outflows of $528M Weekly as US Recession Fears Grow: CoinShares
Digital asset investment products saw $528 million in outflows over the past week, amidst US recession fears and market sell-offs. Read more
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