financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Massive Bitcoin and Crypto Crash and Epic Recovery: This Week’s Recap
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Massive Bitcoin and Crypto Crash and Epic Recovery: This Week’s Recap
Aug 9, 2024 12:41 PM

This week saw one of the most dramatic crashes in the cryptocurrency market—one that we hadnt seen since the collapse of FTX in November 2022. What is even more interesting was the epic recovery of the majority of coins in the following days. Ultimately, the market ended up losing some $70 billion of its total capitalization, but it could have been much, much worse.

Starting with Bitcoin, in the early days of this week, its price nosedived below $50K, losing more than 20% in just two days. The move started on a Sunday when the liquidity in the market is traditionally thinner, and its a lot easier to impact pricing. On-chain data showed that one of the most active sellers was Jump Crypto the cryptocurrency arm of Jump Trading one of the leading market makers and a huge trading firm. The reasons behind their decision to sell remain speculative and unconfirmed.

Elsewhere, most of the altcoins took a massive beating, with Ethereum even plunging below $2.2K. This was the sentiment across most of the coins without any notable exceptions.

And then, things took an unexpected twist.

The market bounced a lot. Bitcoins price is currently trading above $60K, while ETH is testing the $2.6K level. Moreover, most of the altcoins also managed to chart impressive V-shaped recoveries.

Alicia BakeryCMO - A really good agencyDid you like this market update?

This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! That said, a major development took place within the lawsuit between the United States Securities and Exchange Commission and Ripple. Judge Analisa Torres ruled that the company should pay $125M in fine to the Commission, reaffirming her decision from last year that programmatic sales of XRP on centralized exchanges are not an investment contract.

This was interpreted as a win for XRP, which soared by 20% immediately after the news broke out. And while $125M is certainly a lot of money, its still a far cry from what the SEC had previously demanded (more than $1 billion).

All in all, the week turned out to be incredibly interesting, and theres no telling if the market volatility wont return in full force in the next few days!

Market Data

Market Cap: $2.2T | 24H Vol: $109B | BTC Dominance: 54.1%

BTC: $60,559 (-4%) | ETH: $2,595 (-14.1%) | BNB: $506 (-9%)

This Weeks Crypto Headlines You Better Not Miss

Ripple Fined $125M in Lawsuit Against SEC, XRP Price Soars 20% Immediately. The case between the United States Securities and Exchange Commission and Ripple has reached a critical point. The judge has fined the company $125M, which is basically a far cry from what the agency was previously demanding.

3 Possible Reasons Behind Bitcoin’s $10,000 Weekly Price Dump. Bitcoin dumped from above $70,000 to below $50K in the span of less than two weeks. Some of the possible reasons include the weak US economy, ETF outflows, and the growing expectation for the next move of the US Federal Reserve.

Solana-Based ETF Approved in This Country: Report. Solana has its first exchange-traded fund approved. It happened in Brazil, where the Securities and Exchange Commission (CVM) greenlighted the product.

MicroStrategy (MSTR) Shares Are Now 90% Cheaper – Here’s Why. MicroStrategy opened Thursdays trading session at around $131 roughly the same price as they were before the company started buying Bitcoin. Thats because of the 10:1 stock split that MSTR went through.

New York Judge Approves $12.7 Billion Settlement for FTX and Alameda to Repay Creditors. Judge Castel approved a $12.7 billion settlement. This ended the lawsuit between the FTX and the US Commodity and Futures Trading Commission.

This European Hedge Fund Giant Announces $464 Million Investment in Spot Bitcoin ETFs. Capula Investment Management LLP one of the largest hedge funds in Europe recently disclosed that it holds $464 million in shares of BlackRocks and Fidelitys Bitcoin exchange-traded funds.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Binance Coin, and Solana – click here for the complete price analysis.

SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Bitcoin, Ethereum Investment Products See Outflows, Altcoins Defy Bearish Trend
Bitcoin, Ethereum Investment Products See Outflows, Altcoins Defy Bearish Trend
Apr 29, 2024
Outflows in digital asset investment products continued for the third week in a row. The latest weekly outflow of $435 million marked the highest outflow since March. According to the latest report by CoinShares, the trading volumes in Exchange-Traded Products (ETPs) dropped to $11.8 billion last week from $18 billion the previous week, with Bitcoin prices declining by 6%. Bitcoin...
Australia Gears Up for Bitcoin ETF Wave After US, Hong Kong Approvals
Australia Gears Up for Bitcoin ETF Wave After US, Hong Kong Approvals
Apr 29, 2024
Spot Bitcoin ETFs have caused a major stir in the cryptocurrency industry, unlike anything seen before. Following the US and Hong Kong, Australia is now gearing up for a series of launches of Bitcoin exchange-traded funds. The ASX has received applications from at least two organizations, and theres another one in the pipeline Australia Braces for Bitcoin ETF ASX Ltd.,...
Gold Prices in Holding Pattern ahead of Fed; Fakeout Sends USD/JPY Tumbling
Gold Prices in Holding Pattern ahead of Fed; Fakeout Sends USD/JPY Tumbling
Apr 29, 2024
For an extensive analysis of gold’s fundamental and technical outlook, download our complimentary quarterly trading forecast now! Recommended by Diego Colman Get Your Free Gold Forecast GOLD PRICE TECHNICAL ANALYSIS Gold prices fell on Monday, but the decline was modest, with many traders on the sidelines and avoiding making large directional bets ahead of high-profile events later in the week,...
The Bitcoin Bear Market May Have Already Started, Signal Shows
The Bitcoin Bear Market May Have Already Started, Signal Shows
Apr 29, 2024
Is the Bitcoin bear market already starting to rear its head? One new piece of market data suggests this could be the case. As of Monday, Bitcoin is entering what could be its fifth negative weekly close in a row. Historically, Bitcoin has never closed five consecutive weeks in the red outside of a bear market environment. A Slow But...
Copyright 2023-2025 - www.financetom.com All Rights Reserved