Bitcoin Liquidations Surge as Price Drops Below $63,000 | Key Points | Aug. 2, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s recap: From $70,000 last Monday, Bitcoin is now at the $63,000 level!
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $64,822.00, up 0.3% over the last 24 hours.
- Ethereum (ETH): $3,190.30 down 1.3% over the last 24 hours.
- Solana (SOL): $167.01, up 2.9% vs the previous day.
Trending Coins Update
- Data Ownership Protocol: $0.0093, up 49.7% vs the previous day.
- Aura: $0.0573, up 35.0% over the last 24 hours.
- Toncoin: $6.71, down 1.1% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: Bitcoin Liquidations Surge as Price Drops Below $63,000
Over $316 million in long positions were liquidated in the past 24 hours as Bitcoin fell nearly 6% to $62,753.
By the numbers: In the last four hours alone, $123.5 million in long positions were liquidated, with $30.2 million of that in Bitcoin, Decrypt reported.
Context:
- Bitcoin’s price had reached an all-time high of $73,737 in March but has been unable to maintain that level, facing consistent downward pressure.
- It also hit $70,000 last Monday.
What is causing this? Political developments in the U.S. and geopolitical tensions are contributing to the market instability, affecting traders’ confidence.
- Online and meetup conversations suggest that a Trump administration would be beneficial for crypto. However, the possibility of a Trump presidency is uncertain as the Democratic Party now has a new presumptive candidate for the U.S. presidency.
- On crypto speculation site Polymarket, the odds of Kamala Harris winning surged to 44%.
What to watch next: The U.S. elections remain the influencing factor in the volatility of crypto at the moment.
Philippine Crypto News 🇵🇭
- BitPinas Article: Recap: Davao Crypto Community Meetup.
- YGG co-founder Gabby Dizon discussed in an interview the future of Web3 gaming, YGG’s evolution, on-chain guilds, and the key to mainstream adoption of Web3 games.
- ICP Hub PH extended the submission deadline to its iThink Hackathon pump up the Jam until August 15.
Educational Corner 🎓
To learn about the differences between bonds and digital bank savings, check out the new BitPinas “Beginners Guide: Bonds vs. Neobanks: A Comparison of Interest Rates”.
- The article describes its respective interest rates, accessibility, and suitability for investors with low-risk appetites.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- The Bahamas passed the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024), which introduces comprehensive reforms and tighter regulations for the digital asset and cryptocurrency markets.
- Alabama’s new Blockchain Study Commission, created in May, met for the first time to explore how to regulate and utilize blockchain technology and cryptocurrency.
- India is working towards implementing a “country-specific” approach to cryptocurrency regulation, influenced by the G20’s synthesis note on crypto assets.
Community Spotlight 🔦
MeMeet Eliezer Rabadon: He is a tech entrepreneur.
- He is also the Tech Lead of ICP Philippines.
- He currently serves as the Chief Executive Officer of DvCode Technologies Inc. and the Chief Technology Officer of Ark of Dreams.
- His expertise lies in app, web, and game development.
- Check out our articles about ICP.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- The Terra blockchain briefly halted operations after a reentrancy attack exploited a known vulnerability, resulting in the theft of over $4 million in tokens, but it has since restarted following an emergency upgrade to fix the issue.
- Icebreaker, a blockchain-based professional network co-founded by Coinbase and Google veterans, has raised $5 million to create an open professional network that aims to challenge LinkedIn by allowing users to own and control their digital identities.
- The Worldcoin Foundation launched its World ID orb verification in Austria, expanding access to its iris-scanning “proof of humanness” technology in Europe.
- JokeRace, a no-code platform for launching onchain competitions and hackathons, raised $3 million to expand its marketing and business development.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Alliance Games launched DePin, a chain-agnostic decentralized infrastructure platform for Web3 gaming, offering decentralized cloud hosting, automated payments, and secure data storage to enhance gaming experiences.
- Manchester United launched a new Web3 football game called “Fantasy United” on the Tezos blockchain, featuring interactive Player Trading Cards that update in real-time and allow fans to manage virtual teams and compete based on real-life player performance.
- nWay, a division of Animoca Brands, launched the beta of “Cosmic Bomber,” a casual Web3 game that combines Bomberman-style action with blockchain features, offering real-time multiplayer competition, digital asset ownership, and a hybrid economy within Mocaverse’s Cosmic Club.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- CONN3CT Cebu: Web3 Gaming & Airdrop Strategies: August 2, 2024
- Start Land Meetup Bicol: August 3, 2024
- Hedera Davao Meetup: August 10, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Grayscale’s Bitcoin Mini Trust, a spin-off of the Grayscale Bitcoin Trust (GBTC), began trading on Wednesday morning at 4 a.m. ET under the ticker symbol “BTC” following SEC approval.
- After delivering a keynote speech at the Bitcoin 2024 conference, former U.S. President Donald Trump promoted limited edition Bitcoin-themed sneakers on social media, highlighting their availability for purchase with Bitcoin or other cryptocurrencies.
- Fidelity International listed its bitcoin-backed exchange-traded product (ETP), the Fidelity Physical Bitcoin ETP (FBTC), on the London Stock Exchange.
- Tether reported a $5.2 billion net profit for the first half of 2024, with its USDT stablecoin fully backed and over-collateralized by $5.3 billion, while its reserves reached $118.4 billion.
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This article is published on BitPinas: Bitcoin Liquidations Surge as Price Drops Below $63,000 | Key Points | Aug. 2, 2024
