Billion-Dollar Liquidations, Crypto Markets Hit Rock Bottom
What's up, crypto fam? đ
I hope you're strapped in tight, cause this week's been one hell of a ride in the crypto circus. But not to worry, Coinigy's got the scoop as usual.
For starters, Bitcoin decided to play limbo. Dropped below 50k and took the whole gang with it. Don't even get me started on Ethereum. It's like the whales got spooked and decided to have a fire sale. I mean, come on guys, save some panic buys for the rest of us.
In other news, it looks like the Secret Service wants in on our crypto party. Apparently we donât have enough acronyms policing the digital banks already.
And by the way, Donald Trump has got this genius plan to fix the US national debt with Bitcoin. Youâve got to wonder if thatâs how economics works đ
Here are the Highlights:
- Crypto Liquidations Top $1 Billion After Bitcoin Dives Below $50K
- Ethereum Price Falls Below $3,000 as Whales Sell $1.8 Billion Worth of ETH
- Bill proposes to give Secret Service more power to pursue crypto crime
- Donald Trumpâs Bitcoin Strategy for US $35 Trillion Debt Faces Skepticism
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.
Ethereum Price Falls Below $3,000 as Whales Sell $1.8 Billion Worth of ETH
Ethereumâs price lost a crucial psychological and technical support level over the last 24 hours. The reason behind this is the uncertainty of recovery among whales who opted to sell and secure their gains. Following the 11% decline from July 22 to July 25, whale addresses holding between 10,000 and 100,000 ETH began selling. About 630,000 ETH worth over $1.87 billion moved out of their wallets within three days.
Bill proposes to give Secret Service more power to pursue crypto crime
Two United States Senators have introduced a bill aimed at expanding the Secret Serviceâs powers to combat cryptocurrency-related crime. The âCombating Money Laundering in Cyber Crime Act of 2024â bill was introduced by Nevadaâs Catherine Cortez Masto and Iowaâs Charles Grassley on Aug. 2.
Donald Trumpâs Bitcoin Strategy for US $35 Trillion Debt Faces Skepticism
Former President Donald Trump has proposed using Bitcoin to address the US $35 trillion national debt. However, critics question the feasibility of this approach, arguing that it could destabilize the market. Trump's electoral chances at the November elections have dropped to 54% from a 72% peak on Polymarket.
Other Highlights Worth Mentioning
SEC Charges BitClout Founder Nader Al-Naji with Fraud - Brave NewCoin
US Senate Advances Bill to Make Bitcoin a Strategic Reserve - Coinpaprika
Shiba Inu (SHIB) Sees Drop in Network Usage Amid Unusual Spike - Coinlive
Over 2,000 Bitcoin Wallets Hacked: AFP Uncovers Major Cyber Fraud Operation - CoinStats