Grayscale's new crypto trusts for Sui and Bittensor highlight the increasing investor appetite for diversified and innovative digital asset exposure.
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The crypto market's resilience in 2024 suggests increased stability and investor confidence compared to past severe downturns.
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Bybit's trading volume surge underscores its growing influence in the crypto market, potentially reshaping competitive dynamics among exchanges.
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The surge in Bitcoin ETF volume underscores the increasing role of institutional capital in crypto markets, despite ongoing volatility.
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Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.
Of the 30 tokens listed by cryptocurrency exchange Binance in 2024, all but one are in the red—and most are down badly, according to a post by crypto researcher Coin98 Analytics on the X social media platform.
The sole exception is Jupiter’s native token, JUP, which has risen 21.2% since listing on Jan. 31 and now has a fully diluted value (FDV) of some $8 billion. FDV is a measure of market capitalization assuming a token’s entire supply is circulating at current trading prices.
Launched in January, Jupiter is a Solana-based decentralized exchange that has attracted upward of $610 million in total value locked (TVL), according to DefiLlama. Its Jan. 31 airdrop was the largest in Solana’s history, with some $700 million worth of JUP tokens distributed to around 1 million wallets.
Nassim Nicholas Taleb says gold still stands apart as a store of value.
Nassim Taleb, author of The Black Swan and adviser for Universa Investments, said during CNBC’s Squawk Box on Aug. 6 that the cryptocurrency market’s abrupt downturn on Aug. 5 shows Bitcoin (BTC) is a poor hedge against a systemic meltdown.
“Bitcoin is proving once again that it’s not a hedge against your assets melting,” according to Taleb, whose book The Black Swan explores the science of randomness and extreme outliers.
On Aug. 5, the entire crypto market saw a $510-billion drop in total market capitalization amid a marketwide downturn. Following the sell-off, over 60% of the top 50 cryptocurrencies lost all the gains made during 2024, according to CryptoQuant.
ETH’s onchain and derivatives data are looking stronger even as macroeconomic data remains concerning.
Ether (ETH) price experienced a sharp 33.9% decline from $3,203 on Aug. 2 to $2,188 on Aug. 5, reaching its lowest level in over seven months. This crash followed a broader market correction in the crypto sector. However, with Ether's price rebounding by 23.7% from its Aug. 5 low in less than 36 hours, traders are now questioning whether ETH can reclaim the $3,000 mark.
To understand whether this bounce from the Aug. 5 lows is sustainable, it's essential to analyze the factors that triggered the initial price drop. Some analysts suggest that the Japanese stock market initiated the sell-off after the Nikkei 225 suffered intraday losses of 13% on Aug. 5. This movement followed the Bank of Japan’s decision to raise interest rates for the first time in 17 years on July 31.
Despite the Nikkei 225 closing only 4.6% down on Aug. 5, the effects were felt across all markets. The S&P 500 index dropped 3%, and gold fell 2.7% from its Aug. 5 high to $2,477. Ether's decline was more pronounced due to the higher volatility inherent in the cryptocurrency sector and the excessive leverage used by ETH bulls. This disparity also explains how Ether managed to reclaim the $2,500 level on Aug. 6.
The shift in ETF investments highlights changing investor sentiment and potential long-term impacts on the cryptocurrency market landscape.
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Global equity markets witnessed a massive sell-off, pulling Bitcoin and several major cryptocurrencies to unexpected lows.
Bitcoin (BTC) fell below the psychological level of $50,000 on Aug. 5 as panic gripped traders following the crash in the Japanese stock market. Coinglass data shows $1.08 billion in liquidations in leveraged positions or collateral trades.
Will the correction deepen, or is it time for a relief rally to begin? That is a big question for traders. Popular analyst Rekt Capital said in a post on X that Bitcoin’s “downside deviation” could last for about two months.
Some analysts believe the correction could deepen further. FXPro senior market analyst Alex Kuptsikevich told Cointelegraph that Bitcoin’s selling could sink it to $42,000.
Bitcoin derivatives show traders’ morale is low, weakening the odds of a 20% rise from the $49,320 BTC bottom.
Bitcoin (BTC) price crashed 19% on Aug. 5, reaching its lowest level in almost six months at $49,320. The sell-off caused the Bitcoin futures premium, considered the best proxy for derivatives traders’ optimism, to hit its lowest levels in three months. Traders are now debating whether Bitcoin prices below $53,000 represent a golden opportunity or if the risk of another drop below $47,000 is too high.
To gauge the impact of the recent price crash, one should begin by analyzing the Bitcoin futures markets. Unlike perpetual contracts, which typically settle every eight hours, BTC monthly futures carry an embedded cost due to their longer settlement period. Sellers generally demand a 5% to 10% annualized premium relative to regular Bitcoin spot markets to compensate for this issue. In summary, premiums below 5% signal pessimism.
The annualized Bitcoin futures premium (basis rate) fell to 5.5% on Aug. 5, its lowest level in three months, a sharp drop from the previous week when the indicator peaked at 12%. More notably, when the futures premium bottomed at 5% on May 2, it followed a 15% weekly Bitcoin price decline from $66,600 to $56,200. In May, Bitcoin’s price rebounded by 13% in the three days following the crash, but the current situation differs significantly.
