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Monday, August 5, 2024

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And the rivers run red once more, Geckos

Are we done with the selloff, or is there more pain on the way?

In today's news:

Not stonks 📉
Is Jump leaving for good? 🏃

Read on!

24h Hot Searches Worldwide 🔥

Toncoin (-11.5%)
Moca Coin (-15.4%)
Solana (-15.1%)
Waffles (-12.1%)
Bitcoin (-13.1%)
Ethereum (-20.3%)
Neiro (+7.7%)

Metaverse Land Prices

Metaverse land used to be all the hype in 2021 and 2022. How do they fare today? Read more to find out.

Not stonks 📉

It's not looking good for Bitcoin after the price of the largest cryptocurrency plunged by 8.2% from $58,600 to $53,800.

Soon after, BTC continued to trend downwards, breaking through the $50K range to a low of $49,200, before recovering to $52,900 as of the time of writing.

Similarly, the price of ETH has also fallen by 15% from $2,700 to $2,300, after reaching a daily low of $2,170.

The sudden downturn in the crypto markets came just shortly after Japan's Nikkei index experienced the worst selloff since 1987, dropping by over 13%.

According to data from CoinGlass, over $1B worth of leveraged positions have been wiped out, with over $900M worth of longs liquidated.

The total open interest on Bitcoin futures have also fallen by 16.5% from $32B to $27B today.

Editor's Note:

We haven't gotten a drawdown of this magnitude in awhile, but this doesn't mean that we're out of the woods yet. With other factors such as Jump exiting crypto paired with weak macroeconomic data from the US, it remains to be seen whether the selloff will come to an end anytime soon.

Catch up on the most important developments of the crypto markets from April to June 2024!

Watch now

Is Jump leaving for good? 🏃

The crypto division of Jump Trading are making moves, and not in a good way.

Over the past few days, Jump Crypto has moved hundreds of millions of dollars worth of crypto assets, as users speculate that the firm is preparing the exit the crypto space altogether.

According to transactions from one of Jump's addresses, the firm had unstaked over 120,000 ETH, worth approximately $315M at the time.

The funds were then moved to various centralized exchanges including Binance, OKX and Coinbase.

The address currently holds just over $110M worth of ETH and ETH liquid staking derivatives.

Thinking about trading memecoins? Read on to find out what makes a good memecoin and check out some approaches to trading memecoins.

Learn more

In Other News...

DeFi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges. AAVE defied the market as it secured $6 million in revenue from processing on-chain liquidations.
Bitcoin Layer-2s Unsustainable. Analysts from Galaxy Research suggest that most Bitcoin Layer-2s will die out due to the high cost to post data to the Bitcoin network.
Australian Federal Police to Probe 2K Exploited Crypto Wallets. The investigation follows a Chainalysis investigation which found 2K Australian wallets affected by crypto approval phishing scams.
Milady Maker Minecraft Metaverse Party. Popular NFT collection, Milady Maker hosts a 'Grand Remilia Ball' party on their social experiment Minecraft server, Miladycraft.
Headwinds for Coinbase Exchange. The exchange's future is murky as Wall Street analysts highlight slowing revenue figures in Q2 2024.
Raydium's CTO Memecoin Flop. Solana's decentralised exchange, Raydium saw its token slumping due to a messy memecoin launch. Users were unable to discern the real CTO token from copycats that launched at the same time.

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