What Bitcoin Whales Did During Crypto Crash | Coins.ph News | Ronin Attack | Key Points | Aug. 7, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. We have three feature news in today’s recap:
- What the Bitcoin whales did during the crypto crash.
- Who is the new Coins.ph ambassador?
- The Ronin Network got attacked late last night, what’s the latest?
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): $56,008.31, up 3.7% over the last 24 hours.
- Ethereum (ETH): $2,459.06 up 1.7% over the last 24 hours.
- Solana (SOL): $144.02, up 11.1% vs the previous day.
Trending Coins Update
- AIT Protocol: $0.0945, up 14.3% vs the previous day.
- Solidus Ai Tech: $0.0914, up 12.2% over the last 24 hours.
- Notcoin: $0.0122, up 30.0% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: What Bitcoin Whales Did During the Crypto Crash
Large Bitcoin holders, known as whales, bought more BTC during recent price drops, while smaller holders sold theirs.
Key points:
- Bitcoin prices fell to $49,000 over the weekend and bounced back to around $56,000 by Monday.
- Bitcoin whales, those holding 1,000 to 10,000 BTC, increased their holdings during the price drop.
- Smaller investors, holding less than 1 BTC, were selling during this period, Coindesk reported.
However, while large Bitcoin whales are accumulating, Bitcoin ETFs saw $168 million in outflows.
- The outflows mainly came from Grayscale’s GBTC, Fidelity’s FBTC, and 21Shares/Ark Invest’s ARKB.
- Despite the outflows, they only affected 0.3% of total ETF assets, showing that most investors stayed put.
What does it all mean? Large Bitcoin holders are confident enough to buy during price drops, while smaller investors are more cautious and selling.
What to watch next: Keep an eye on whether Bitcoin whales continue to buy and how ETF investors react to any further price changes. This, in turn, could help investors gauge the overall market sentiment.
Feature News: Coins.ph Welcomes New Ambassador
This is section is an excerpt from our article that you can read here.
Crypto exchange Coins.ph has introduced actress Yassi Pressman as its new brand ambassador while also teasing users about the still-unrevealed upcoming new platform features and offers.
Pressman shared some of the key lessons she learned in her time in crypto (which dated back to as early as 2018):
- Educate yourself thoroughly and understand what you’re investing in.
- Start with a small investment and grow it over time based on your comfort and understanding.
- Avoid frequent monitoring to prevent stress; trust in your initial research and let your investment grow.
- Incremental investments can be a strategy to manage risk and maximize potential returns.
- It’s important to learn from your experiences and adjust your strategy accordingly.
What’s next: It is also mentioned in the press conference that there will be a new ad campaign featuring Pressman and Coins.ph CEO Wei Zhou.
Read the full article here. It contains
- Why Coins selected Pressman as brand ambassador.
- Key points from the fireside chat.
- New updates from Coins.ph.
Feature News: Ronin Network Recovers After Bridge Attack
Timeline of events:
- The Ronin Network team was alerted by white-hats about a possible hack on the Ronin bridge. After verifying the report, the team paused the bridge approximately 40 minutes after the first suspicious activity was noticed.
- The hackers withdrew around 4,000 ETH and 2 million USDC, worth about $12 million, which is the maximum allowed in one transaction due to security limits.
- The issue stemmed from a recent bridge upgrade that caused a misinterpretation of the required bridge operators’ vote threshold for withdrawals.
- Ronin Network said they are negotiating with the hackers who appeared to be acting in good faith.
- At around 11:36 PM Tuesday Manila time, approximately $10 million in ETH has been returned, and the remaining USDC is expected to be returned.
- The white hats will be rewarded with a $500,000 bounty through the Bug Bounty Program.
- The bridge will undergo a thorough audit before reopening, with updates provided as progress is made.
What’s next: The Ronin Network aims to shift the operation of the bridge away from the current structure.
Philippine Crypto News 🇵🇭
- ETH63 announced an initiative offering fundamentals to ZK Proofs and SNARKs.
- BitPinas attended the press conference and will be publishing an article within the day.
- Kristian Quirapas, Co-Founder and President of Web3 Philippines, won 1st place in the Global Solana Talent Olympics.
- Paytaca announced a new merchant partner in Ormoc City—Sugar Cafe.
Educational Corner 🎓
Check out BitPinas’ newly updated: List of Free Telegram Games with Potential Airdrop
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- The U.S. SEC urged a New York court to deny Coinbase’s “breathtakingly broad” subpoena request for SEC Chair Gary Gensler’s personal emails.
- Consumer advocacy group Public Citizen and crypto critic Molly White filed a complaint with the FEC alleging Coinbase violated campaign finance laws.
- The French financial regulatory authority begun accepting applications for authorization as a crypto asset service provider (CASP) under the European MiCA Regulation.
Community Spotlight 🔦
Meet Jen Bilango: She is a prominent figure in the cryptocurrency and blockchain industry.
- She is currently the Country Manager for the Philippines at Coins.ph, a leading cryptocurrency exchange in the country.
- Before joining Coins.ph, she held significant roles at BlockchainSpace, where she was the General Manager and Growth Lead.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Zircuit launched the initial phase of its mainnet alongside rolling out the first stage of ZRC token airdrop claims for early adopters.
- CoinStats partnered with FIO Protocol to offer free Web3 handles, simplifying crypto management and integrating FIO token balances into its portfolio tracker.
- Orblerpartnered with MintSwap to enhance Web3 trading by integrating DeFi tools and social features
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Animoca Brands collaborates with Revolving Games to develop a decentralized gaming ecosystem, supported by a $37 million investment.
- Metacade integrates the $CHUCK meme token into its gaming ecosystem.
- Angelic, a strategy RPG set in a dark sci-fi universe, launches its alpha test today on the Saga blockchain.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- World of Consumer Electronics Expo (WOCEE) [TechTalk – Day 3]: August 9, 2024
- Conn3ct: Crypto & Blockchain – Cebu: August 9, 2024
- Hedera Davao Meetup: August 10, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Capula Investment Management reported owning $464 million in spot bitcoin ETF shares from BlackRock and Fidelity as of June 30.
- Donald Trump criticized the U.S. government’s sale of cryptocurrency, suggesting it should instead focus on building its crypto capabilities to stay competitive.
- Crypto hackers took advantage of the recent market dip to buy 16,892 ETH using stolen funds from the 2022 Nomad bridge hack.
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This article is published on BitPinas: What Bitcoin Whales Did During Crypto Crash | Key Points | Aug. 7, 2024
