Cryptocurrency

The markets have already entered the “max fear” zone, he admitted. In just one week, the Crypto Fear and Greed Index plummeted from 74/100 to today’s level of 26/100, which is an upper level for the “Fear” zone.As such, during periods like this, it is essential to hold on and zoom out. In some regards, what is happening today is natural for bullish phases of crypto markets, the economist says:At the end of the day, this dump being nothing but “nasty flush out” looks probabilistic to Pal. Today, in the early morning hours, the Bitcoin (BTC) price dumped below $49,500 to the lowest since amid-February. The aggregated amount of liquidations exceeded $1.22 billion in equivalent.Instead, a proper trader should focus on his/her basket with 3-5 assets maximum, while a “degen” (high-risk) allocation should be reduced to 10%.Then, as the possibility of attacks surges, Pal recommends only using self-custody or even multi-signature on-chain wallets for operations with cryptocurrency.Instead of trying to outsmart the market by “catching the knives,” the economist recommends considering a HODL strategy. Personally, he announced that he is not selling anyting and says that adding to long-term holdings might be a smart bet amid the dip.This article was originally published on U.Today More

This article was originally published on U.Today More

In an X post made a few hours back, Cramer wrote, “Remember this: gold held up a lot better than crypto.” This statement quickly garnered reactions from the crypto community, with many interpreting it as a potential bottoming signal for the cryptocurrency market.Cramer’s tweet comes as the cryptocurrency market is experiencing increased volatility. Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears.Bitcoin fell to $49,050 at one point, its lowest level and the first time below $50,000 since February, after trading around $70,000 a week earlier.The developments reflect a broader market sell-off that began last week, when a weaker-than-expected July jobs report fueled investor concerns about a recession. Bitcoin has dropped over 18% since Saturday.Ethereum’s losses were significantly greater. The cryptocurrency asset fell 17% to $2,259, extending its three-day loss to 24% and wiping out its 2024 gain. The Nasdaq Composite has undergone a decline; Japanese stocks entered a bear market Monday after falling more than 12% overnight, the largest one-day drop since 1987.A look at the comments under Cramer’s post indicated that some interpreted Cramer’s comment as a potential bottoming signal for the crypto market, suggesting that the worst of the downturn might be over.Some also held it as a contrarian indicator, believing that when mainstream financial commentators express skepticism, it could signal a buying opportunity.Cramer’s recent comment to some was seen as a market bottom and potential rebound.This article was originally published on U.Today More

In the midst of extreme fear, uncertainty and doubt, the attention of crypto market participants turned to the most prominent figures of the space. Richard Teng, the CEO of Binance, the world’s largest crypto exchange, is one of those whose words are worth listening to.Among the noteworthy things that the Binance chief said is that the latest crash in both the crypto and stock market is down to macroeconomic factors, but he does not think they are a sign of a long-term negative trend. However, it is not over as the Federal Reserve cutting rates and geopolitical issues could lead to more market swings, warns Teng. Despite an extremely negative conjecture, the Binance CEO told crypto enthusiasts to stay up to date and keep building despite the current challenges.The price of BTC, meanwhile, has rebounded to around the $51,500 level after some relief. It is still unclear what the future holds for the market, and what will happen next is an open question, but if you want to try and take a side, Teng’s seems to be the most optimistic.This article was originally published on U.Today More

In terms of macro economics, the unwinding of Japanese yen might also have contributed to the plummeting of crypto prices. As covered by U.Today previously, the asset added an unbelievable 10% in less than 30 days in tandem with the U.S. dollar.At the same time, the Nikkei Stock Average 225, an index of the largest Japanese companies stocks, witnessed its worst drop since 1987 Black Monday.Then, the pessimism of investors was triggered by the publication of alarming unemployment rates in the U.S. The unemployment rate surged to 4.3% in July, up 0.2% from June, per Friday’s BLS report.Accelerated recession fears take over the market as the heated debate rages about the necessity of emergency U.S. Fed rate cuts in August or September.However, the “crypto-native” bearish catalysts also did their job. The overall effect of Mt. Gox compensation distribution is yet to be seen while major trading firm Jump Crypto might be selling its positions.Also, a mysterious Solana whale yielded $120 million in SOL from various validators and sent the coins to Coinbase (NASDAQ:COIN) Prime, Colin Wu says.As such, the market is in the middle of its most painful drawback in months. A total of $1.2 billion in crypto positions, the highest from mid-April, were liquidated in last 24 hours; 85% of them were longs.The largest single liquidation was registered on Huobi: a trader saw his $27 million Bitcoin (BTC) long position erased today, according to CoinGlass data.This article was originally published on U.Today More

Commenting on the market volatility, Hougan reminded his followers on X that the current state of the market resembles a similar scenario on March 12, 2020. According to him, this was the last recorded date the global market panicked during the COVID-19 epidemic. At the time, BTC’s price fell from $7,911 to $4,971, demonstrating a 37% decline within 24 hours. Nevertheless, Bitcoin quickly recovered and even reached $57,332, a year later, demonstrating resilience in the face of adversity.The Bitwise CIO believes Bitcoin can repeat the same recovery pattern, blaming the current sell-offs on panic from traders and investors. “People smash the sell button for liquid assets during broad-based panics. But from my seat, today’s events play into the long-term story for Bitcoin,” Hougan concluded.Meanwhile, this is not the first instance of Hougan forecasting a bullish outcome for the leading digital asset. Last week, the Bitwise CIO said Bitcoin could be heading for higher prices due to its store-of-wealth value. Another individual going bold on Bitcoin’s future trajectory is MicroStrategy’s cofounder, Michael Saylor. “Believe in Bitcoin,” stated Saylor in a recent message to the crypto community.This article was originally published on U.Today More

Zircuit, a fully EVM-compatible ZK rollup with AI-enabled sequencer-level security, today announced that Mainnet Phase 1 is now live. Mainnet Phase 1 also includes the launch of the Zircuit Mainnet Festival, a first-of-its-kind program that rewards ZRC and a chance to win large prizes in proportion to gas spent on the Zircuit network.To reward users who participated in its highly successful staking program with over $2B staked, Zircuit also opened Season 1 Airdrop claims. Users who staked assets in the Season 1 points campaign may now claim their tokens.During the Mainnet Phase 1 stage, users will be able to bridge funds to Zircuit’s Mainnet and interact with projects in Zircuit’s ecosystem including Ambient Finance, DODO, Circuit, Zerolend, Ethena, Lynx, InstaDapp, LogX, Shoebill, and more. Developers are also welcome to deploy applications on Zircuit mainnet and join the thriving ecosystem of over 60 projects. As part of the launch, Zircuit is hosting the Zircuit Mainnet Festival which rewards users with ZRC tokens whenever they pay gas fees on Zircuit mainnet. Additionally, participating users will have the chance to win prizes, and a super prize of 100,000 ZRC. This festival encourages users to interact with the network and experience the benefits of Zircuit while earning ZRC tokens and prizes.Mainnet Phase 1 will introduce a cap on the amount that each wallet can bridge, with caps increasing over time. During this initial phase, users may bridge ETH only, with other assets slated to be added progressively. This allows Zircuit to launch in the most secure way possible and provides a broader distribution of Zircuit rewards to smaller wallets. During this phase, Zircuit opens the ZRC token claims portal to reward users who were early contributors and participants in the network. Those who earned Zircuit Points in Season 1 of Zircuit Staking will be eligible. While tokens are claimable during this time, they will be non-transferable until a later date. To prepare for the asset migration in Phase 2, where staked assets will transfer from Ethereum mainnet to Zircuit mainnet, Zircuit will start collecting wallet addresses from users who intend to move their staked assets once the network is fully live. During Mainnet Phase 1, users can explore the Zircuit ecosystem on zircuit.com/#ecosystem and explorer.zircuit.com and bridge ETH to Zircuit Mainnet at bridge.zircuit.com. Zircuit’s Mainnet Phase 2 is set to launch in August. Users can claim their tokens by visiting claim.zircuit.com and participate in the Zircuit Mainnet Festival by visiting festival.zircuit.com.To learn more about Zircuit, users can visit zircuit.com or read the developer docs at docs.zircuit.com About Zircuit Zircuit is a ZK rollup with AI-enabled sequencer-level security and parallelized circuits. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit’s unique architecture combines the best of both worlds of performance and security. To learn more users can visit zircuit.com or follow us on Twitter/X @ZircuitL2ContactJessicaZircuitjessica@zircuit.comThis article was originally published on Chainwire More

Total liquidations in the last 24 hours have risen to $1.07 billion, with longs responsible for $908.51 million of the wipeout, according to CoinGlass data.Amid the sell-off, Michael Saylor, the chairman and cofounder of MicroStrategy, has sent out an optimistic tweet: “Believe in Bitcoin.” Saylor’s message comes at a crucial time when the market is grappling with fear and uncertainty.Bitcoin plummeted to a low of $49,050 in early Monday trading, continuing its sell-off for the fourth straight day. The Bitcoin price crash at its nadir on Monday left the cryptocurrency at levels last seen in February.Amid recent developments, Saylor’s message implies the need for investors to maintain their confidence despite short-term market fluctuations.As noted by Ali Martinez, a crypto analyst, historically, August and September have been the worst months for Bitcoin’s price performance, with average losses of -7.82% and -5.58%, respectively.While Bitcoin has lost the crucial $57,000 support, CryptoQuant highlights the possibility of a drop to $40,000 as traders face their most negative unrealized profit margins since November 2022.On the other hand, Ali highlighted the possibility of a rebound, noting the 30-day Bitcoin MVRV Ratio has no been this low since November 2022, which marked a bottom and an excellent buying opportunity.The TD Sequential, according to Ali, also presents a buy signal on the Bitcoin hourly chart, anticipating a rebound to $54,000 or $56,000.This article was originally published on U.Today More