Day: August 5, 2024

Peter Schiff blasts Bitcoin and Ethereum ETFs; predicts a liquidity crisis

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Bitcoin and Ethereum prices are in a deep bear market amid the ongoing winding down of the Japanese yen carry trade and presidential polls in the US.  Ethereum (ETH) has dropped by over 22% in the past 24 hours and by 32% in the last 7 days while Bitcoin (BTC) fell by 16% and 26%, respectively.  Bitcoin vs Ethereum | Chart by crypto.news Japanese yen carry trade There are a few reasons for the ongoing crypto sell-off. However, the most important one is the ongoing winding down of the Japanese…

Bitcoin (BTC) Price Crashes to $50K as ‘Perfect Storm’ Hits Crypto Market

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Cryptos crashed as risk-off sentiment permeated global markets. Bitcoin (BTC) tumbled below $60,000 during the weekend, then nosedived to $49,300 during Monday’s Asian morning as investors fled risk assets. Bitcoin is down nearly 15% in the past 24 hours, recovering to near $52,000. Ether (ETH) fell 22% to $2,100, recording its biggest one-day fall since 2021. The altcoin-heavy broad-market benchmark CoinDesk 20 Index (CD20) slid nearly 20%, with crypto majors solana (SOL) and Near Protocol (NEAR) plummeting 20%-25%. “Feels like we have been hit by a perfect storm,” QCP analysts…

Tether (USDT) and Xion Global Partner to Boost Blockchain Education in South Africa

James Ding Aug 05, 2024 12:18 Tether and Xion Global have announced a strategic partnership to enhance blockchain education in South Africa, aiming to improve digital transaction capabilities. Tether Operations Limited, the largest entity in the digital asset industry, and Xion Global, a Multi-Chain Web3 Crypto Payments Infrastructure provider, have unveiled a strategic partnership to promote blockchain education across South Africa. This initiative is designed to deliver comprehensive educational content and engaging activities on blockchain technology and its applications, according to Tether.io.…

Analysis Suggests BTC Is Poised for Short-Term Rebound after Overselling

CoinspeakerAnalysis Suggests BTC Is Poised for Short-Term Rebound after Overselling Recent market indicators suggest that Bitcoin (BTC) may be on the verge of a short-term rebound following a period of significant overselling. An analysis of various market metrics points to a potential shift in momentum, though caution remains warranted. Weakening Downward Momentum According to XBTManager, a contributor and on-chain analyst at CryptoQuant, several key metrics and indicators suggest that Bitcoin could be nearing a bottom after a roughly 30% drop from its peak of $70,000. The Coinbase premium index, which…

Is a Break Below Inevitable?

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Solana (SOL) is currently experiencing a significant decline, dropping over 17% and reaching the critical $118 support level. This sharp downturn has put considerable pressure on this key level, raising concerns among traders and investors about the possibility of a further breakdown. The $118 level has historically been a stronghold for the cryptocurrency, but with the current bearish sentiment in the market, its ability to hold is still being determined.  With the help of key technical indicators, this article will provide an in-depth analysis of Solana’s current price actions, assess…

Bitcoin slumps under $50K, losing 12% as broader financial markets in turmoil

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Bitcoin experienced a sharp decline on Aug. 5, plummeting to $49,221 after maintaining a level of around $58,350 for almost two hours. At the time of writing, Bitcoin (BTC) had a daily trading volume of $79.5 billion, while its market cap had fallen to $1.04 trillion. The crypto asset is still 28.2% down from its all-time high of $73,737, reached on March 14. BTC 24-hour price chart | Source: crypto.news The drop was part of a broader market downturn that also saw Ethereum (ETH) fall by nearly 20%, from $2,695…

Defi protocols record double-digit losses, total TVL tanks 19%

The decentralized finance ecosystem has recorded a high amount of losses as the crypto market falls below the $2 trillion mark. According to data provided by Defi Llama, the total defi total value locked (TVL) plunged by 19% over the past 24 hours — falling from $88.8 billion to $71.8. This is the first time since Feb. 24 that the defi TVL has fallen to the $71 billion mark. Defi TVL – Aug. 5 | Source: Defi Llama The leading defi protocol, Lido Finance, saw a 19.2% decrease in its…

Market Nosedive Leads To 30% Wipe In Value

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MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. The latest market data shows MATIC took a beating with a 33% wipe in value since last week. Hostile market environment and macroeconomic fears continue to plague the broader financial world. Related Reading The crypto market was not spared. The whole market depreciated by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow…