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- Bitcoin Sinks To New Depths
Bitcoin Sinks To New Depths
PLUS: Yen Drags Down Crypto
Blockstreet Journal
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Welcome, Crypto enthusiasts!
Bitcoin tanked to sub $50,000 on the news that the Bank of Japan is increasing it’s interest rates causing the Yen to soar.
In Today’s Blockstreet Journal:
Bitcoin Sinks To New Depths
Yen Drags Down Crypto
Market Rundown
Top Gainers & Losers
Airdrops & More News
Latest News
BITCOIN
🥺 Bitcoin Sinks To New Depths
Word On The Street: Bitcoin fell below $50,000 after the Bank of Japan (BOJ) announced an interest rate increase from 0% to 0.25%.
The details:
This decision significantly impacted the US stock market as traders who had been borrowing Japanese Yen at low interest rates.
On July 29, Bitcoin experienced its third lower high (LH3) of 2024, briefly reaching $70,000 before reversing.
This pattern has consistently signaled strong bearish reversals throughout the year, with BTC now down 25% since LH3.
Why it matters: From a technical standpoint, a bidding range between $44,000 and $48,000 is reasonable, as there is a weekly order block formation in this range.
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MARKET NEWS
🇯🇵 Yen Drags Down Crypto
Word On The Street: On August 5, the total market capitalization of all crypto assets fell by 15.80%, reaching a six-month low of $1.694 trillion.
The details:
A significant factor behind the decline is the reduced attractiveness of yen-dollar carry trades.
In a carry trade, traders borrow funds in a low-interest currency like the yen, exchange them for a high-interest currency like the US dollar.
On July 31, the Bank of Japan (BOJ) raised its interest rate to 0.25%, prompting speculation of further hikes.
Why it matters: The yen surged to its highest level against the dollar since January 2024, disrupting the profitability of the yen-dollar carry trade.
Market Rundown
Fear & Greed Index
The global crypto market cap is $1.91T, a 8.77% decrease over the last day.
The total crypto market volume over the last 24 hours is $240.17B, which makes a 247.10% increase. The total volume in DeFi is currently $12.63B, 5.26% of the total crypto market 24-hour volume. The volume of all stable coins is now $225.56B, which is 93.92% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 56.13%, an increase of 0.33% over the day.
Global Market Metrics
As of today, the global cryptocurrency market is in the following state:
- Total Market Cap: Approximately $1.91 trillion USD
- Total Market Volume: Around $240.17 billion USD
- Bitcoin Dominance: 56.13%
- Ethereum Dominance: 15.25%
- DeFi Market Cap: Approximately $53.53 billion USD
- Stablecoin Market Cap: Approximately $157.99 billion USD
- DeFi Volume: Around $12.63 billion USD
- Stablecoin Volume: Approximately $225.56 billion USD
- Derivatives Volume: Around $1.84 trillion USD
Top Gainers & Losers
🚀 Top Gainers
💩 Top Losers
Airdrops & More News
DAILY AIRDROP
📦️ DeBank Airdrop
DeBank doesn’t have an own token but has raised $25M in funding from investors like Coinbase and DragonFly Capital and has launched an XP campaign. Active on-chain address in 2024 (initiated at least one transaction) and users who were active on DeBank in 2024 with assets greater than $0 based on a snapshot taken on July 4th (UTC+0) at 0:00 are eligible to claim free XP. Also, get 50 XP from each referral. Users who collect XPs will likely get an airdrop if their token goes live.
Step-by-Step Guide:
Visit the DeBank XP page.
Click on “Visit the DeBank page“.
Then click on “Login” and connect your wallet.
Now go to the “XP page”, submit the referral code “171078” and claim your XP.
Active on-chain address in 2024 (initiated at least one transaction) and users who were active on DeBank in 2024 with assets greater than $0 based on a snapshot taken on July 4th (UTC+0) at 0:00 are eligible to claim free XP.
Initial XPs are based on the wallet on-chain assets, Credit, and Web3 Social Ranking on DeBank.
Complete “Quests” to earn more XPs.
Also, get 50 XP from each referral.
The DeBank initial XP claim will end on August 4th, 0:00 (UTC+0). At that time, the ability to claim New User Referral XP will also cease. You can still earn more XP by completing and referring Quests on DeBank.
It’s very likely that they will launch their own token in the future and do an airdrop to users who collect XPs.
Also, Mint a Web3 ID and also go to “Badges” and mint the badges you’re eligible to claim. Claiming badges could prevent your wallet from being identified as a Sybil.
Also, install the Rabby wallet, click on “Ecology”, bridge ETH from Mainnet to DBK chain and then mint the Genesis NFT.
Other News
Prosecutor demands jail for Crypto.com user who received $6.8M by mistake. Australian prosecutors argue that imprisonment should remain a strong possibility for the Crypto.com user who received millions because of an internal error.
Morgan Stanley to Offer Bitcoin ETFs to Wealthy Clients. The move will take effect on Wednesday and will be open to clients with a net worth of at least $1.5 million.
Dogecoin Core reproducibility update ‘imminent’. The Dogecoin Core client is essential for several functions, including participating in the network and validating and relaying transactions.
Coinbase's 'Solid' Earnings May Get Derailed by Low Volume, Fed Headwinds, Analysts Say. The company reported better-than-expected second-quarter earnings on Thursday but saw a strong downtick in revenue from transaction fees, its main source of income.
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