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How Bad Will This Complete Meltdown Get?
And what's causing it?
Justin
August 05, 2024 • Read Time: 7 minutes
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Well, there’s no sugar coating this - markets are in a complete meltdown.
The collapse in the markets (and I mean ALL the markets) feels eerily similar to March 2020 - the COVID meltdown.
Over the past 24 hours, Bitcoin nosedived 15% to hit $49,000, a far cry from last week's $70,000 peak—a jaw-dropping 26% crash. Ethereum didn't fare any better, plummeting 39% from $3,400 to $2,100.
It’s been a bloodbath for altcoins too, as recession jitters spurred by dismal US job numbers and major moves from heavyweights like Warren Buffett's Berkshire Hathaway rattled the market's already shaky confidence.
Couple that with the Bank of Japan's surprise rate hike and some strategic sell-offs, and you’ve got a recipe for turmoil.
Let's dive in!
Bitcoin dives 15%, Ethereum tumbles 39%, as the crypto market reels from weak US job data and global economic uncertainties. — Read More
Bitcoin loses $20,000 in a week amid market-wide downturn, forcing unplanned liquidations. — Read More
Justin Sun announces $1 billion fund to combat FUD, denies liquidation rumors. — Read More
Coinbase and MicroStrategy shares drop 15% and 18% pre-market due to worsening global financial conditions - and are showing no signs of stopping. — Read More
Jump Crypto's massive ETH selloff triggers market panic and legal scrutiny, with questions about its future role in the crypto industry. — Read More
JUST IN: MicroStrategy $MSTR and Coinbase $COIN down 24% and 18% pre-market.
— Watcher.Guru (@WatcherGuru)
12:45 PM • Aug 5, 2024
Morgan Stanley Advisors to Pitch Bitcoin ETFs
Morgan Stanley's 15,000 financial advisors can start offering Bitcoin ETFs to clients soon.
Bitcoin Strategic Reserve Gains Momentum with 2,200 Letters Sent to Senators
Proposed Bitcoin Strategic Reserve law sees rapid support with 2,200 letters sent to US senators in 48 hours.
Crypto Markets Plummet Amid Global Economic Fears
Bitcoin and Ether fall sharply due to global risk aversion and economic instability.
Have not seen a day like this in a while in crypto
— Benjamin Cowen (@intocryptoverse)
2:46 AM • Aug 5, 2024
Megaeth aims to solve ETH scaling
Megaeth introduces a new ETH scaling solution, promising better performance and lower costs.
Bitcoin, Ethereum ETFs Record Historic Joint Outflows
Bitcoin and Ethereum ETFs in the U.S. face significant joint outflows on August 2.
Jump Crypto Offloads $46.7M ETH During Market Sell-Off
Jump Crypto has moved 17,576 ETH worth $46.78 million to centralized exchanges amid a market sell-off.
Seeing Jump Trading sell off so aggressively on a low-liquidity Sunday is definitely unusual.
These guys are some of the smartest in the game, so why the rush?
Could they be facing a liquidation or some urgent obligation? Something doesn’t add up.
— Nadir Emin (@NadirEminX)
5:59 PM • Aug 4, 2024
Bitcoin slides below $60K, altcoins under pressure
Bitcoin's drop below $60,000 raises concerns for SOL, XRP, KAS, and AAVE.
MATIC Suffers Major Hit Amid Market Panic
MATIC plunges 33% in a week due to market panic and macroeconomic fears.
BNB Faces 10% Drop Amid Market Turmoil
BNB sees a 10% drop as cryptocurrencies falter, despite maintaining a top-four position.
Vitalik Buterin Sells All Neiro Tokens
Vitalik Buterin sells 17.145 billion Neiro tokens, causing a 60% price drop.
NEW: @VitalikButerin DUMPED ~$120K WORTH OF LOW CAP MEMECOIN TOKENS HE WAS GIFTED IN ONE CLIP
— DEGEN NEWS (@DegenerateNews)
12:32 AM • Aug 5, 2024
Scottie Pippen's Game 5 Ball Project Faces Rug Pull Accusations
Scottie Pippen's Game 5 Ball project has been accused of rugging over 100 ETH and links to other crypto scams.
$BALL is life.
$BALL is history.
$BALL is the future.
$BALL stays above water.
🏀@game5ball#BeLikeSatoshi#Game5Ball
— Scottie Pippen (@ScottiePippen)
1:45 AM • Aug 5, 2024
Zero-Knowledge Proofs Address DePIN Verification Hurdles
Zero-knowledge proofs offer a robust solution for DePIN verification, argue NovaNet cofounders.
DePINs Tackle AI's GPU Shortage and Ethics Issues
DePINs offer a solution to AI’s GPU scarcity and ethical concerns by decentralizing computational power.
AAVE, AIOZ, BOME Outperform Bitcoin This Week
AAVE, AIOZ, and BOME have outperformed Bitcoin despite its dominance peaking at 56.7%, signaling a potential altcoin season.
CFTC Investigates Crypto Fraud Linked to BitBoy
The CFTC has issued a subpoena to Hit Network in a fraud investigation involving 15 tokens promoted by BitBoy.
AFP Reveals 2,000 Hacked Aussie Crypto Wallets
AFP uncovers hacked Australian crypto wallets, urging stronger security measures.
Amazon, Google, Walmart join India's CBDC pilot
Tech giants Amazon, Google, and Walmart are looking to participate in India's central bank digital currency pilot, known as the e-rupee.