1. The crypto market's trading volume in the past 24 hours reached 244 billion dollars, a new high since March 6
MarkusThielen, founder of cryptocurrency research company 10x Research, wrote an analysis that currently the key considerations Bitcoin traders should pay attention to are as follows: 1. Although many people attribute the sell-off of Bitcoin to the liquidation of Japanese arbitrage trades, the reality is more complicated. Bitcoin has been vulnerable since mid-March, and although the Nasdaq index rose 15% and the yen depreciated 10%, Bitcoin remained range-bound. Arbitrage trading relies on consistently high US interest rates, but this is unlikely to continue. 2. Over the past 24 hours, the crypto market's trading volume reached $244 billion, the highest value since March 6. Bitcoin experienced significant intraday liquidations after hitting a new high on the same day. Although we were very optimistic about the market in February and early March, we became cautious after a sharp decline. This proved to be the right decision. 3. The financial market is like a puzzle, requiring regular reassembly, and new asset price drivers are constantly emerging. This is the moment. Unlike the sharp declines in April and June, which were mitigated by increased leverage, this reversal probably won't happen.
2. The total market capitalization of the crypto market returned above $2 billion, up 3.6% in 24 hours
According to the latest data from CoinGecko, the total market capitalization of the crypto market has returned above 2 trillion US dollars, reaching 2,060,773,858,150 US dollars at the time of writing, up 3.6% in 24 hours. The crypto market's trading volume in the past 24 hours reached 281,342,852,471 US dollars. Furthermore, the current Bitcoin market capitalization rebounded above $1.1 trillion, currently hitting $1,100,971,573,030, while Ethereum's market capitalization rebounded above $300 billion, and currently hit $301,850,634,813.
3. Sun Yuchen transferred 14,884 ETH from Binance 10 hours ago
Spot On Chain monitoring shows that Justin Sun (Sun Yuchen) cashed 14,884 Ethereum (worth $35.97 million) from Binance 10 hours ago. Since February of this year, he has purchased a total of 392,474 Ethereum (estimated cost is 1.19 billion US dollars, current value is about 0.995 billion US dollars). Notably, over the past three days, Justin Sun also made a net deposit of $49 million in USDT to HTX, which could be used for more Ethereum purchases.
4. Trump: US government should not sell cryptocurrencies
According to The Block, Trump said in a recent interview that the US government should not sell cryptocurrencies. When asked about the US government's recent sale of cryptocurrencies and whether they would still support cryptocurrencies if he wins the November election, Trump said that the US government should not sell cryptocurrencies; they should work hard to build. Furthermore, Trump called cryptocurrency a “very modern currency” and compared it to artificial intelligence. He has previously expressed his desire for the US to become a Bitcoin mining powerhouse. According to Arkham Intelligence monitoring, a wallet tagged the US government transferred $2 billion worth of bitcoins to an unknown wallet address last week. The US government currently still holds around $11.1 billion worth of cryptocurrencies.
5. Data: On August 5, BlackRock's IBIT trading volume exceeded 2.9 billion US dollars, and Fidelity's FBTC trading volume was about 0.85 billion US dollars
According to Hodl15Capital monitoring, BlackRock's IBIT trading volume was 2.92 billion US dollars, Fidelity's FBTC trading volume was 0.84845 billion US dollars, and grayscale GBTC trading volume was 0.6894 billion US dollars on August 5. According to Coinglass data, the total trading volume of the Bitcoin ETF on August 5 was about 5.7 billion dollars.
6. Bernstein: Bitcoin's institutional adoption trend “remains on track” despite market turbulence
As reported by Decrypt, while the cryptocurrency market was hit hard on Monday, research and brokerage firm Bernstein said that Bitcoin's performance in the third quarter will be seriously affected by macroeconomic factors and political developments. “Overall, the Bitcoin and cryptocurrency markets are likely to be affected by macro and election cues for much of the third quarter of 2024,” analysts Bernstein wrote in a Monday morning report, highlighting the interconnection between digital assets and broader economic and political trends. According to the report, BTC experienced a sharp correction over the weekend and continued its sharp decline on Monday due to “stock market panic” and broader economic concerns rather than issues specific to cryptocurrencies. Despite recent volatility, Bernstein remains optimistic about Bitcoin's long-term prospects. The report asserts: “We haven't seen any incremental negative impact on cryptocurrencies. Bitcoin's institutional adoption trend — ETF inflows and approval by major securities companies/banks are still on track.” Looking ahead, Bernstein anticipates that the BTC and cryptocurrency markets may remain range-bound before the US election, “weighing catalysts such as the US presidential debate and final election results.” Analysts suggest investors seeking to participate in a potential “Trump deal” could consider adding Bitcoin or Bitcoin-related stocks to their portfolios. However, they also pointed out that if the overall stock market recovers due to the Federal Reserve's reaction, “the Bitcoin and cryptocurrency markets are expected to recover as well.”
7. Harris and other US Democrats have postponed their meetings with crypto industry executives until later this week
Forbes reporter Eleanor Terrett posted an article on the X platform that the conference hosted by California Congressman Ro Khanna to help US Vice President Harris repair the crypto relationship was changed from this Monday to later this week, and the exact date is yet to be determined. The reason for the postponement of the meeting is yet to be explained, but one attendee speculated that Democratic leaders will need more time to come up with an official policy position on crypto. Given Trump's ongoing actions, they must take a stand.
8. Binance CEO: The recent sharp decline in the coin market and stock market does not indicate a long-term negative trend
Binance CEO Richard Teng said on the X platform: “The recent sharp decline in cryptocurrency and stock prices has been affected by macroeconomic factors. We don't see this as a sign of a long-term negative trend. With the Federal Reserve's potential interest rate cuts and geopolitical turmoil, the possibility of market fluctuations remains high. Everyone is reminded to always do their own research, keep up to date with the latest situation, and continue to build.”
9. Ethereum core developer: Cryptocurrency is a casino for idiots, and they often wonder if they have chosen the wrong industry
Péter Szilágyi, a member of the Ethereum Foundation and head of development at Geth, expressed deep concerns about the crypto industry on social media, “often wondering if I chose the wrong industry.” He compared the crypto industry to a casino and saw its contribution to humanity as minimal. He pointed out that although it takes time to build a new monetary system, the industry should create some really useful products in the process rather than simply pursue value extraction. Szilágyi questioned why the current cryptographic system would not collapse, arguing that the industry has so far only achieved significant value transfers without creating any real value. He emphasized that relying on luck to achieve success and transfer funds to non-crypto projects cannot be counted as a success in the crypto industry; rather, it is just a diversification of the wealth of individual lucky people. He believes that the industry has reached a point where it must create truly useful products, otherwise it should consider leaving the market. Despite Bitcoin's attempt to be a safe-haven asset, other projects are seen as merchants selling shovels in the absence of actual gold mines.
10. US SEC seeks court to deny Coinbase's subpoena request, saying it is too broad
Lawyers for the US SEC objected to Coinbase's subpoena requests, which seek to search “essentially all crypto-related documents,” and the SEC called them too broad (breathtakinglybroad). The court documents filed Monday are the latest developments in the ongoing legal battle between the SEC and Coinbase. Coinbase is trying to subpoena the SEC and its employees, including Chairman Garygensler, to request communications and other records that could help Coinbase defend itself in the upcoming trial against the SEC. According to reports, the SEC filed a civil lawsuit against Coinbase last year, accusing it of operating as an unregistered stock exchange, broker, and clearing agency. The SEC also accused Coinbase of selling securities related to its equity products without registration.
11. US lawmakers propose expanding Secret Service powers to crack down on cryptocurrency crimes
US Senators Catherine Cortez Masto and Chuck Grassley proposed new legislation aimed at strengthening the Secret Service's powers to investigate cryptocurrency crimes. The bill would give the Secret Service greater powers to deal with transnational cybercrime activities such as undocumented money transfers, structured transactions, and financial fraud. The bill also encourages the Secret Service to cooperate with federal agencies such as the Department of Justice and the Financial Crimes Enforcement Network (FinCEN) to form a united front. While the bill has received support from the financial and cybersecurity sectors, some privacy advocates are concerned about the potential excessive expansion of power.
12. Analysis: As VIX reaches its highest level since the COVID-19 market panic, the crypto market may face greater volatility
Bohan Jiang, head of OTC options trading at Abra, said that the recent macroeconomic downturn caught the derivatives market by surprise, and the Chicago Options Exchange Volatility Index (VIX) soared. In the past 24 hours, VIX has surged above 65 points, the highest level since market panic at the beginning of the COVID-19 outbreak. Bohan Jiang said, “I expect the implied volatility of the cryptocurrency market to remain high until macro factors calm down. Most options market participants were unprepared for the recent macroeconomic downturn. As the macro narrative shifts, the cryptocurrency market continues to lean towards an upward trend; there is little hedging against downside risks.”