• Aug 04, 2024

Bitcoin Dips Below $55,000 as Macro Uncertainty, Geopolitical Tensions Rise

A combination of factors is fueling the crypto market’s nose dive to three-week lows as Bitcoin dropped below $60,000 on Sunday for the first time since July 13, analysts say. The asset has shed 10% of its value during weekend trading to just below $55,000, CoinGecko data shows. Total liquidations over the last 24 hours have also spiked to $620 million, with longs accounting for 90% of the wipeout, according to CoinGlass data. Uncertainty surrounding the U.S. election, interest rate fluctuations...

• Aug 04, 2024

Elon Musk Renews Legal Battle Against OpenAI and Sam Altman, Alleging Fraud

Tech tycoon and Tesla CEO Elon Musk renewed his legal battle against artificial intelligence (AI) development firm OpenAI after previously dropping the lawsuit. In a Monday filing with the United States court for the northern district of California, Musk claims that OpenAI CEO Sam Altman and others fraudulently induced him to invest in the company. He claims that his $44 million investment was based on the premise that OpenAI would remain a nonprofit organization focused on open-source AI develo...

• Aug 04, 2024

41% of Polymarket Bettors Think Bitcoin Will Go Below $45,000 Before September

There’s blood on the streets and crypto gamblers on Polymarket are betting that Bitcoin is far from its bottom. Forty-five percent of traders on the prediction market Polymarket believe that Bitcoin’s price will fall below $45,000 before September. This spiked at a 65% chance in early European trading hours on Monday amid a market meltdown. It's worth pointing out, though, that there's currently less than $300,000 worth of bets in that pool. Bitcoin fell below $55,000 overnight amid macroeconomi...

• Aug 04, 2024

MicroStrategy Down 29% Ahead of Opening Bell as Crypto Stocks Battered by Bitcoin Losses

Ahead of the opening bell for in the U.S., cryptocurrency-related stocks have experienced a sharp decline in pre-market trading, mirroring the severe downturn in the broader crypto market. The sell-off, triggered by a confluence of factors including regulatory concerns, macroeconomic uncertainties, and geopolitical tensions, has sent shockwaves through the digital asset ecosystem. Leading the pack in pre-market losses, MicroStrategy (MSTR) saw its stock price plummet by 29%, while Coinbase Globa...

• Aug 04, 2024

Caitlyn Jenner Launching Ethereum Token Inspired by Olympic Gold Medal on Base

After launching her own token in May, media personality Caitlyn Jenner is set to debut a new crypto project around the Olympic gold medal she won 48 years ago. Set for Thursday, the launch will offer investors a chance to own a digital piece of Jenner’s 1976 Olympic gold medal via fractionalization. Jenner told Decrypt that she got the idea before this year’s Summer Olympics and wanted to approach it creatively with her team.  “Well, I have been in this space for almost a year now, and I'm const...

• Aug 04, 2024

Ethereum Sinks 22% as Crypto Market Cap Falls Below $2 Trillion

Ethereum nosedived by more than 20% on Monday morning, a casualty of a badly bleeding crypto market that appears to have been dragged down by worrying signs of a potentially imminent global recession. As Asian financial markets woke to a bloodbath early Monday, ETH plummeted some 22%, from nearly $3,000 to $2,280 at writing. But the damage caused by Monday’s still-unfolding events was by no means contained to Ethereum. Across the board, crypto tokens have hemorrhaged billions of dollars worth of...

• Aug 04, 2024

Crypto Liquidations Top $1 Billion After Bitcoin Dives Below $50K

The cryptocurrency market experienced a seismic shock in the past 24 hours, with total liquidations surpassing $1.06 billion and affecting 278,480 traders. This market meltdown, characterized by a stark imbalance between long and short positions, saw long liquidations reaching a staggering $902 million, while short liquidations stood at $160 million, according to CoinGlass data. The single largest liquidation in the past day has been a $27 million position on Huobi, according to Coinglass. Bitco...

• Aug 04, 2024

Crypto Market Rout Resumes as Equities Trading Briefly Halted in Japan

The crypto market sank to its lowest levels in more than five months as Japan's stock market balked at recessionary fears following a rate hike by its central bank last week. Bitcoin and Ethereum, the two largest cryptos by market capitalization, have fallen considerably over the last 24 hours, down 9% and 18%, respectively. Trading volumes surged by just over 214% Sunday compared to Saturday, driven by heavy dip buying, with volumes up around 226%, a spokesperson for crypto exchange Swyftx told...

• Aug 04, 2024

Bitcoin Dominance Hits 3-Year High Amid Market Turmoil

Bitcoin dominance surged to a three-year high amid the weekend's market turmoil. Per data from Coinglass, Bitcoin dominance—the ratio of Bitcoin's market capitalization to that of all cryptocurrencies—is currently 55.6989%, marking its highest level since April 2021. At that time, the total market cap of all cryptocurrencies was $1.09 trillion, versus $1.2 trillion today. "Current market conditions are significantly different from those in April 2021," Ruslan Lienkha, chief of markets at YouHodl...

• Aug 04, 2024

DeFi Sector Takes a Hit as Jump Crypto Begins Shuffling Millions in Funds

Top cryptos within the decentralized finance sector witnessed a strong sell-off late Sunday as the crypto arm of proprietary trading firm Jump Trading began moving millions of dollars to exchanges. It follows crypto investors rushing to the exit, spooked by concerns stemming from economic and geopolitical headwinds, Decrypt reported. Recessionary fears led to a substantial sell-off in U.S. equity markets on Friday, with the unemployment rate rising to 4.3% in June, triggering global market decli...