Crypto Market Experiences Bearish Trend with Bitcoin and Altcoins Trading in Red, Fear and Greed Index Corrects Slightly
Today, the crypto market is mostly bearish with Bitcoin and major altcoins trading in the red. The fear and greed index has corrected slightly but remains in the fear zone with a score of 35/100. Bitcoin's price is still below $30,000 at $25,997.91, while Cardano and Solana experienced gains.
Gyeonggi-Do, South Korea Requires Public Officials Above Level 4 To Report Virtual Asset Holdings by September 1
According to the announcement made by Gyeonggi Province, South Korea today, the revision of the "Behavioral Norms for Gyeonggi Province Public Officials" has been completed. It requires public officials of level 4 or above in Gyeonggi Province to report their holdings of virtual assets such as Bitcoin before September 1st, and if necessary, to verify their relevance to their duties, and take preventive measures based on the information obtained to prevent them from seeking personal gain during their duties.
Analyst: Don't be fooled by a temporary drop in inflation, holders of scarce assets like Apple stock and Bitcoin should hold on tight
Cointelegraph analyst and writer Marcel Pechman analyzed the impact of the Federal Reserve's balance sheet and how it expanded its assets by $5 trillion between December 2019 and April 2022. Pechman pointed out that the expansion period coincided with a 38% drop in the S&P 500 index. Additionally, as the stock market index hit a historic high of 4800 points, the Federal Reserve's balance sheet surpassed the $8.9 trillion mark.
Pechman stated that the problem lies in the massive deficit of the US Treasury, as government spending exceeds income and taxes. Therefore, it needs to start rolling over some of its debt instead of letting it mature, making it likely that it will no longer be able to continue reducing its balance sheet, which has been a huge factor in reducing inflation.
Pechman believes that once the Federal Reserve is forced to expand its balance sheet again, inflation will ultimately be most affected. He advises those holding scarce assets such as Apple stocks, land, gold, and Bitcoin to hold on tight and not be deceived by temporary inflation drops.
The Unrealized Loss of Bitcoin Held by MicroStrategy Exceeds 620 Million US Dollars
Maartunn posted that MicroStrategy currently holds 152,800 BTC with an average purchase price of $29,672. The current price of Bitcoin is $25,830, resulting in an unrealized loss of $620,876,000.
XRP Plummets as Tesla's Alleged Bitcoin Sell-Off and FOMC Minutes Shake Crypto Markets
The crypto market experienced a sharp decline after rumors circulated that Tesla had sold its $377 million Bitcoin position. Additionally, the Federal Open Market Committee's minutes indicated that interest rates would continue to rise to combat inflation, which further negatively impacted the market.
Goldman Sachs Analysts Expect Fed to Halt Interest Rate Hikes in September, Predict Bitcoin and Crypto Markets to Benefit from Declining Rates
Goldman Sachs analysts predict that the Federal Open Market Committee (FOMC) will halt interest rate hikes in September, followed by a decline in interest rates, which would benefit equity, Bitcoin, and crypto markets. The Nasdaq Composite and Bitcoin have both seen significant gains this year. Goldman Sachs expects interest rate reductions to begin in June 2024, with quarterly reductions thereafter.
Crypto Crime Sees a Sharp Decline in First Half of 2023, Bitcoin Price Shoots Up
Bitcoin has surged 79% this year, marking a positive turn for the cryptocurrency industry. Crime rates in the crypto space have also dropped significantly, with a 65% decrease in flows to known illicit entities and a 42% decrease in inflows to risky entities. However, ransomware attacks remain a threat, with losses of at least $449.1 million through June this year.
Board of Directors of Hong Kong-Listed Company Boyaa Interactive Approves a Budget of US$5 Million to Purchase Cryptocurrencies to Promote Business Layout in the Web3 Field
On August 11th, according to the Hong Kong Economic Times, Hong Kong-listed company Boyaa Interactive announced that its board of directors has approved a budget of $5 million (approximately HKD 39.098 million) to purchase cryptocurrencies, mainly including Bitcoin (BTC) and Ethereum (ETH), on regulated and licensed trading platforms within the next year to promote the company's future business layout in the Web3 field.
Crypto Whales Accumulate Largest Amount of Cardano (ADA) in Nearly a Year, Says Santiment Analytics Firm
According to Santiment, affluent crypto investors have been accumulating Cardano (ADA) in large amounts, with wallets holding between $10,000 to $100,000 worth of ADA accumulating the largest amount in almost a year.
Bitcoin Trades Flat With Record Low Volatility, Solana Leads Top 10 Gainers
Bitcoin remained steady above the support level of US$29,000 on Monday, with its volatility rating hitting a record low. Ether also showed little movement, while other top 10 non-stablecoin cryptocurrencies had mixed results, with Solana leading the winners. The Forkast 500 NFT index decreased slightly, while U.S. stock futures rose after last week's losses. Investors are now waiting for another busy week of corporate earnings reports and U.S. inflation data.
Bitcoin's Price Stagnant at $29K, Speculation on Push to $30K Amidst Growing Volatility Pressure and Positive Momentum in New Address Creation
The price of Bitcoin is currently hovering around $29K and there is speculation about what it will take to push it past $30K. Despite this, there are new developments in the crypto world and DeFi is still relevant. The article also includes CSS code for a responsive widget container and media queries for different screen sizes.
Pantera Capital CEO: Bitcoin Has Reached Turning Point, Ready for Bull Market
Dan Morehead, CEO of Pantera Capital, believes that Bitcoin has reached a turning point following a long bear market. He suggests that the industry has experienced enough pain, with the collapse of Terra and crypto exchange FTX, to prepare for a bull market. Morehead notes that digital assets have decoupled from traditional markets, meaning that any future weakness in equities or bonds may not have as much impact on crypto as some analysts believe. He also anticipates that the approval of a BlackRock ETF could have a significant impact on crypto, similar to the launch of BlackRock's iShares Gold ETF in 2005.
Tether Becomes 11th Largest Bitcoin Holder in the World
According to insider sources, Tether, the stablecoin issuer, has emerged as the 11th largest holder of Bitcoin globally, with a current holding value of approximately $1.6 billion. While Tether has not officially disclosed its Bitcoin address, research analyst Tom Wain of 21. co claims to have identified a potential Tether address holding around 55,022 Bitcoins, equivalent to $1.6 billion. A direct source familiar with the matter confirmed Tether's position as the 11th largest Bitcoin holder, a ranking also maintained on 21. co's Dune Analytics. Tether declined to comment.
Grayscale Predicts CBDC Support from Next US President, Finds Consensus on Crypto Stance
Crypto asset manager Grayscale has predicted that the next President of the United States will be supportive of the development and implementation of a central bank digital currency (CBDC). In a blog post, Grayscale noted that leading candidates from both political parties, including Joe Biden and Donald Trump, have expressed their favorable stance towards CBDCs. However, while they seem to agree on CBDCs, both candidates have shown less enthusiasm for Bitcoin.
Tether Becomes 11th Largest Bitcoin Holder, Raising Questions About Market Impact and Risk
Stablecoin issuer Tether has reportedly become the 11th largest holder of bitcoin in the world, with an address potentially belonging to Tether holding around 55,022 bitcoins worth $1.6 billion. Tether has not officially disclosed its bitcoin addresses, but the value of holdings matches with the total bitcoin mentioned in Tether's second-quarter reserves report. However, Tether's large bitcoin holdings could pose risks given the cryptocurrency's highly volatile nature, according to research analysts. Tether has also been criticised for not publishing proper audits of its reserves, with Binance CEO Changpeng Zhao calling it a "black box".
US Labor Market Cools Down in July, Nonfarm Payrolls Fall Short of Expectations
The July jobs report suggests that the labor market is cooling down, in line with the Federal Reserve's efforts to control inflation. Nonfarm payrolls were expected to increase by 200,000 but fell short at 187,000. The unemployment rate remained steady at 3.5%, which is within the range of 3.4% to 3.7% since March 2022. The S&P 500 had a minimal reaction to the report, dropping around 0.15%. Meanwhile, Bitcoin rose above $29,200 on Coinbase after a volatile 24 hours. Andjela Radmilac, an analyst at CryptoSlate, has a classical education and a passion for news, and has been covering the crypto industry since 2018.
Grayscale Report: July's Crypto Trends Reflect Broader Economic Sentiment and Potential Soft Landing for US Economy
According to a report by Grayscale, the crypto market in July reflected the broader economic sentiment surrounding the possibility of a soft landing for the US economy. The report states that recent data suggests low inflation and consistent growth, reducing the risk of a recession. However, the possibility of a soft landing is not guaranteed, and the crypto recovery may pause if the economy stumbles or the Federal Reserve raises real rates further. The report also notes that while Bitcoin remained relatively stable, other risky assets such as US regional bank equities and crude oil performed well, while Ethereum showed more volatility. The US District Court ruling on SEC v. Ripple Labs was a significant event in July, impacting several other tokens and reflecting broader market dynamics.
Major Corporations Embrace Cryptocurrency Payments, Including Tesla and Starbucks
The use of cryptocurrency has grown significantly in recent years, with many large companies adopting blockchain technology. While Bitcoin remains the most valuable and popular digital currency, other cryptocurrencies like Ethereum and Tether have also made an impact. This has resulted in more online platforms and physical stores accepting crypto payments, making transactions faster and more convenient for consumers.
Hong Kong's HashKey Exchange and OSL Receive Upgraded Licenses to Serve Retail Investors
Hong Kong's only two licensed cryptocurrency exchanges, HashKey Exchange and OSL, have both received upgrades to their licenses, allowing them to serve retail investors with immediate effect. Previously, they were only licensed to serve professional investors with a portfolio of at least $1.02 million.
Crypto Trader Identifies Ethereum-Based Altcoin with Potential for Double-Digit Surge
Altcoin Sherpa, a pseudonymous trader, has identified Maker (MKR), an altcoin based on Ethereum, as having the potential to surge by almost 30% from its current price. The trader believes that MKR has shown "immense strength" in the current market environment and could reach above $1,700 if it overcomes the resistance level of around $1,330.
