The founder of decentralized finance protocol Aave said the platform generated $6 million worth of revenue during Monday’s crypto market sell-off. Source
Defi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges
Day: August 5, 2024
Crypto Stocks Slump as Bitcoin, Ether Tumble
Bitcoin, the largest cryptocurrency by market cap, fell as much as 15% on Monday, dropping below $50,000 for the first time since February before recovering to trade around $52,000. Ether, the No. 2, fell for the seventh straight day, posting its biggest drop since May 2021. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, dropped almost 20% and was 16% lower as of 09:00 UTC. Equity markets in Asia and Europe also fell. Original
Australia’s police joins global campaign to disrupt crypto scams
The Australian Federal Police has teamed up with Chainalysis to identify over 2,000 compromised crypto wallets belonging to Australians. Australia‘s national policing agency, the Australian Federal Police, has partnered with blockchain forensic firm Chainalysis to combat crypto scammers as the number of identified compromised crypto wallets belonging to Australians surpassed 2,000. In an Aug. 5 press release, the AFP said it had joined the so-called “Operation Spincaster,” the initiative targeted criminals employing a tactic known as “approval phishing,” a method of fraud that has enriched threat actors by stealing crypto…
Bitcoin Price Crashes To $49,000: Key Reasons Explained
Over the past 24 hours, the crypto market has witnessed a severe downturn, with Bitcoin’s price tumbling down 15% to a low of $49,000 on Binance (BTC/USDT), marking a significant departure from its $70,000 high last week—a 26% crash. Similarly, Ethereum (ETH) plunged 39% from $3,400 to $2,100. This downward trend was not isolated but echoed across the altcoin spectrum, which experienced even steeper declines. #1 Recession Fears Cause Bitcoin Crash The initial spark for the current market volatility appears to stem from intensifying fears of a US recession, triggered…
What is Carry Trade? Bitcoin Drops 15% Against Japan Yen Amid Unwinding
“The recent pullback resulted from the broader market tightening in Japan’s economic policies, where the central bank’s hawkish stance shifted to surprisingly raise interest rates,” Lucy Hu, senior analyst at Metalpha, explained in a Telegram message. “The bearish macro data in the U.S. sent investors worrying about a possible recession.” Original
Blast-incubated stablecoin USDB briefly loses peg amid market turmoil
Decentralized stablecoin USDB, backed by DAI, has temporarily lost its peg to the U.S. dollar, dropping 6% in value. USDB, a decentralized stablecoin, has come under heavy pressure as its price in a moment dropped by as much as 6% amid market panic triggered by chaos in Japan. Developed by Blast, USDB offers a 5% yield sourced from MakerDAO’s on-chain T-Bill protocol. Typically, users can redeem USDB for (DAI) when bridging from Blast to Ethereum. However, market instability caused USDB’s price to plummet to $0.94, though it later bounced back…
Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328
Solana (SOL) refuses to be taken out of the picture as the crypto market takes a heavy beating. In fact, the altcoin has appeared on this analyst’s radar, and for good reasons. An optimistic analysis by trader WHALES_CRYPTOx brings Solana back in the spotlight. According to the trader’s observations, SOL is about to see a huge price increase, which has investors and experts talking. However, what does this signify for Solana’s future? Related Reading Overcoming Obstacles The price movement of Solana in the last several days has been quite erratic.…
Bitcoin (BTC) Price Crash to $50K Dashes Carry Traders’ Hopes
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as…
Bitcoin (BTC) Prices Continues to Bleed, Falls to Lowest Level Since Feb
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as…
Crypto Futures Witness $840M in Liquidations as Bitcoin (BTC) Prices Nosedive, Ether (ETH) Records Biggest Fall Since 2021
The liquidations came as bitcoin (BTC) slid more than 11% in the past 24 hours, while ether plunged as much as 25% before slightly recovering. TradingView data shows this was the worst single-day price fall for ETH since May 2021, when prices dumped from over $3,500 to $1,700. TradingView’s daily candle shows performance for UTC 00:00 to 23:59. Source