Bitcoin just dropped below $58,000, market is crashing 📉

✅ Officials warn that it's possible Iran will attack Israel on Monday 😨

Fears of conflict in the Middle East are growing, along with fears of a U.S. recession.

The stock market is down significantly this week, and crypto is following. Bitcoin fell below $58k, and ETH almost touched $2,600 📉

Weekly news digest:

💎 Crypto

🔸 The makers of Catizen delayed the launch of their CATI token, Bybit listed the CATI token on the pre-market

🔸 Terra developers briefly halted network operations after an apparent reentrancy attack that led to $4m in loses

🔸 Tether has reported a profit of $5.2 billion for the first half of 2024 💰

🔸 Fantom blockchain has rebranded to Sonic Labs

🔸 MicroStrategy said it acquired an additional 169 BTC in July for $11.4 million

🏦 Crypto exchanges

🔸 Hong Kong’s largest online brokerage has launched Bitcoin and Ethereum trading for its 22 million customers

🔸 OKX listed pre-market futures for the Hamster Kombat token. Meanwhile, Hamster Kombat released a new whitepaper, 60% of HMSTR supply is allocated for airdrop

🔸 Gemini crypto exchange is warning that around 15,000 of its customers may have been affected by a data breach at its banking partner

💲 Finances and Economy

🔸 Consumer prices in the EU rose 2.6% in July, estimates were 2.5%

🔸 Morgan Stanley bank told its wealth advisors they can pitch spot Bitcoin ETFs

🔸 Warren Buffett sold 55.8% of his Apple stock holdings 📱

🔸 The Bank of Japan increased its key interest rate to “around 0.25%” from the previous range of 0% to 0.1%.

🔸 The Federal Open Market Committee maintained its benchmark interest rate at 5.25%-5.50%

⚖️ Law and Order

🔸 Do Kwon’s extradition to the US has been rejected by Montenegro’s Appellate Court 

🔸 Securities and Exchange Commission charged BitClout, with fraud and an unregistered securities offering

🔸 The U.S. SEC is no longer asking a court to decide and deem the tokens named in its lawsuit against Binance as securities 

🔸 Hacker from the UK was jailed for 3.5 years for stealing $900,000 worth of crypto
 
 🗣 Personalities

🔸 VanEck says Bitcoin market capitalization will be half that of gold

🔸 US Secretary of State has issued a statement, declaring Venezuela's opposition candidate González as the true winner 

🔸 Donald Trump raised $25m after his speech on Bitcoin conference in Nashville

🧪 The only two tokens in green this week:

Aave - $100.51 (↑1.4%)
WBT - $10.27 (↑0.6%)

BREAKING: BTC FALLS BELOW $55,000 📉

Ethereum trades at $2,200 🔽

Volatility is absolutely insane right now, prices are jumping up and down 5% every minute, some major liquidations are happening ⁉️

Leveraged longs just got WIPED OUT 🥴

Over $721 million in leveraged positions have been liquidated in the last 24 hours.

$375 million of that was liquidated in the last 60 minutes 😱

The perfect storm 😱

More crypto has been liquidated in the past 24 hours than on any day in the past 3 years - around $1.1 billion 🔽

• Bond traders are betting that the US economy is on the verge of recession and the Fed will need to start easing monetary policy aggressively by cutting interest rates before their next scheduled meeting.

• Ethereum fell 9.7% in just 1 minute. This price action is only possible when one entity with massive leveraged longs is being liquidated. Someone blew up.

•  Asian markets fell along with crypto. Japan's Nikkei Index just saw the largest 2-day drop since the "Black Monday" crash of 1987.

• Taiwan's stock market has suffered the worst losses since 1967.

• Indian stock market benchmark indices Nifty 50 and Sensex crashed more than 3%

• The U.S. stock market is also down. Nasdaq 100 futures dumped more than 6% and S&P 500 contracts were down more than 3%. Futures of Dow Jones plunged over 1%.

• Robinhood halted trading on its platform due to very high volatility.

BTC rebounds after the US market showed a green candle 🧪

Panic over a possible U.S. recession has caused a massive downturn in the global market, even trading platforms from Charles Schwab, Fidelity, TD Ameritrade, Vanguard, and E-Trade went down ⚠️

Rumor has it that retail investors were maliciously blocked from trading so they wouldn't crash the market even more 🤫

Such massive trading platform failures have never happened before, and some people believe that this is the owners' way of trying to keep people from selling or buying 👀

CEO of Intel has no choice but to quote the Bible after the company's stock plummeted 37% in just 2 days, after the company suspended its dividend and slashed its workforce 😱

✅ Japanese stocks had their worst day since 1987, with both the Topix and the Nikkei 225 indexes entering bear markets.

This and fears of a possible US recession sparked a sell-off in other financial markets and the crypto market as well.

Crypto has recovered a bit, at one point Bitcoin bounced 12% off the local bottom, but the market is still very red 🔽

Daily Digest:

🔸 Bond traders are betting that the Fed will need to start easing monetary policy aggressively by cutting interest rates before their next scheduled meeting

🔸  Six big trading platforms such as one from Charles Schwab, Fidelity, and Vanguard, went down altogether 🖥

🔸 A sentiment index that tracks crypto markets changed to 26 points in “fear” territory

🔸 Crypto-tracked futures saw over $1.1 billion in liquidations in the past 24 hours, over 200,000 traders were liquidated

🔸 London-based Capula Management hedge fund revealed $420 million in Bitcoin ETF investments 💰

🔸 Hacker who once exploited Nomad bridge bought $40 million worth of ETH at the bottom

🔹 Prices:

🥇 Bitcoin - $53,136 (↓10.4%)
✨ Ethereum - $2,388 (↓13.1%)
🌡 S&P 500 - 5,168 (↓3.34%)
🕗 DXY - 102.69 (↓0.50%)
🌉 Gold - 2,410 (↓1.3%)

An unusual geometric figure you won't learn about in school 🤣

Market has bounced off the bottom by somewhere around 13%. Bitcoin was trading above $56,000 in the morning but failed to hold that level, and now bulls are fighting for support at $55,000 🐂

With each day spent at these price levels, it will be more and more difficult for the market to return to the previous bullish trend with a quick V-shaped bounce ⌛️

India’s tax authorities issued a notice demanding a Goods and Services Tax (GST) payment of $86 million from Binance exchange 💸

Ronin Network, one of the most popular gaming blockchains, lost 3,996 ETH worth over $9.8 million in a potential exploit 💰

French fintech company Next Generation and Ireland electronic money institution Decta have partnered to introduce a euro-backed stablecoin. The coin will launch on the Stellar blockchain 🇪🇺

🔹 Last 24 hours top 3 gainers:

Brett - $0.093 (↑49.26%)
Bittensor - $253.01 (↑35.86%)
Ondo - $0.702 (↑35.39%)

#GM

It seems like the famous advice from Warren Buffett to “be fearful when others are greedy and to be greedy only when others are fearful” has proven to be right again 🤷‍♀️

In yesterday's market collapse around the world, retail investors were selling off stocks en masse while institutional investors were buying the dip.

JPMorgan strategists noted that the retail had $1 billion in net selling while institutional investors had $14 billion in net buying 🔎

The Yen Carry Trade Behind the Crash 📉

It's time to get to the bottom of what happened over the past few days when trillions of dollars were suddenly wiped out after a drop in the prices of almost every asset.

A key factor in the massive sell-off was the so-called yen carry trade, a popular investment strategy that exploits the interest rate gap 💸

The strategy is quite simple:

1. Borrow yen in Japan at 0.1%
2. Swap yen for another currency, such as USD
3. Invest in anything that yields more than 0.1% per year

The JPY/USD chart is only down since 2021, the Bank of Japan was afraid to raise rates, and the U.S. Fed said it wouldn't cut rates until 2025, so what could go wrong? 🤔

Well, everything went wrong: Yen has rallied 14% against USD in the last 30 days, the Bank of Japan hiked rates by 0.15% and the Fed is now thinking about cutting US interest rates in September.

Those who used this strategy were forced to unwind very quickly, selling everything they had at a loss, triggering a market crash 👊

✅ The market continues to recover after a sudden decline. Bitcoin reached $57,000 during the day, but failed to consolidate above this mark and is now trading around $56,500 🕯

Daily Digest:

🔸 Total spot Bitcoin ETF trading volume surpassed $2.1 billion today

🔸 Binance recorded a net inflow of $1.2 billion in the past 24 hours. Perhaps whales deposited to buy a dip? 💰

🔸 JPMorgan: the retail investors had $1 billion in net selling while institutions bought the dip with $14 billion in net buying yesterday

🔸 India’s tax authorities Binance to pay $86 million in taxes

🔸 Ronin Network lost 3,996 ETH worth over $9.8 million in an exploit 😮

🔸 French fintech company Next Generation and Ireland electronic money institution Decta have partnered to introduce a euro-backed stablecoin

🔸 Kamala Harris selected Minnesota Gov. Tim Walz to be VP running mate

🔹 Prices:

🥇 Bitcoin - $56,515 (↑3.5%)
✨ Ethereum - $2,488 (↑1.7%)
🧪 S&P 500 - 5,240 (↑1.03%)
🕗 DXY - 102.93 (↑0.23%)
🌉 Gold - 2,389 (↓0.84%)

Join our chat 🗯

Can we make it through the week without the world ending? 👀🔫

Bank of Japan gave back after the recent market crash and high volatility and promised not to raise rates when markets are unstable. The yen is falling on the back of these bullish statements 💸📉

Trump continues to go on interviews, on Monday he participated in an interview with video game streamer Adin Ross, and now Elon Musk confirms that he will be doing an interview with Trump on X next Monday 🎤

The Nasdaq International Securities Exchange has filed a proposal with the SEC to approve options trading on an Ethereum trust managed by BlackRock 📨

A Paris Olympics venue was hacked and told that their financial data would be leaked unless a crypto ransom was paid 💰

Jump Trading, a market maker that played a role in the recent market correction, is still selling Ether, yesterday they sold another $29M ETH with $63M left to go 🤑

🔹 Last 24 hours top 3 gainers:

dogwifhat - $1.72 (↑24.49%)
FLOKI - $0.0001312 (↑11.10%)
Helium - $4.99 (↑10.63%)

#GM

During the recent market crash, whales bought huge amounts of bitcoins and sent them to their accumulation wallets 🛒

More than 404,500 BTC has moved to such addresses in the last 30 days 🔍

Presidential candidate Donald Trump's sons tease "huge" crypto announcement in their tweets 🤔

Judging by everything they've written and the accounts they've tagged, whatever they're cooking up is a coordinated Trump effort 🤝

Will this be just another useless meme сoin or this time it's something significant? Time will tell...

The crypto community is looking for someone to blame for ETH's recent underperformance, and they seem to have found their scapegoat: Vitalik Buterin, co-founder of Ethereum, seems to have a new girlfriend 😂

One part of the community says it's bullish and jokingly calls for $50k per ETH 😮

The other part, on the contrary, is upset that such an important person will now be "distracted" from pumping their bags ✨