- The BlockStreet Journal
- Posts
- BTC Bulls Bet On M2 Increase
BTC Bulls Bet On M2 Increase
PLUS: Meme Coins Are Lagging
Blockstreet Journal
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Welcome, Crypto enthusiasts!
Bitcoin Bulls are betting on an increase in the M2 money supply will help the price action of BTC.
In Today’s Blockstreet Journal:
BTC Bulls Bet On M2 Increase
Meme Coins Are Lagging
Market Rundown
Top Gainers & Losers
Airdrops & More News
Latest News
BITCOIN
🎲 BTC Bulls Bet On M2 Increase
Word On The Street: Bitcoin aimed to reclaim the $62,000 level on August 3, as markets showed signs of recovery following a significant liquidation event.
The details:
TradingView indicated a 3% rebound in BTC price, recovering from multi-week lows of $60,435 on Bitstamp.
Bitcoin's price dropped nearly $5,000, breaking through several key support levels, including the short-term holder cost basis.
This decline led to significant liquidations, with CoinGlass reporting a total crypto long wipeout of $230 million on August 1 and 2.
Why it matters: Bitcoin's price recovery and the anticipation of potential rate cuts by the Federal Reserve provide a cautiously optimistic outlook for BTC.
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ALT COINS
🐕️ Meme Coins Are Hurting
Word On The Street: Dogecoin, Shiba Inu, and Dogwifhat experienced significant price corrections as the entire crypto market sold off on August 2.
The details:
Data from CoinMarketCap indicates that the total market capitalization of memecoins has dropped by 21.5% over the past 10 days.
Mog Coin (MOG) saw the largest decline, losing 12% of its market value in the past 24 hours. Book of Meme (BOME) followed with a 9% loss, and WIF declined by 6%.
DOGE, the largest meme token by market capitalization, saw a 2.5% price decline, bringing its price to $0.1131 and its market cap to $16.43 billion.
Why it matters: Negative sentiment in the memecoin sector has been exacerbated by news such as the failure of approximately 99% of all memecoins on Pump.fun
Market Rundown
Fear & Greed Index
The global crypto market cap is $2.21T, a 4.20% decrease over the last day.
The total crypto market volume over the last 24 hours is $90.94B, which makes a 1.31% increase. The total volume in DeFi is currently $4.25B, 4.67% of the total crypto market 24-hour volume. The volume of all stable coins is now $84.38B, which is 92.78% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 55.39%, a decrease of 0.15% over the day.
Global Market Metrics
As of today, the global cryptocurrency market is in the following state:
- Total Market Cap: Approximately $2.21 trillion USD
- 24-hour Total Market Volume: Around $90.94 billion USD
- Bitcoin Dominance: 55.39%
- Ethereum Dominance: 16.38%
- DeFi Market Cap: Approximately $64.30 billion USD
- Stablecoin Market Cap: Approximately $157.22 billion USD
- DeFi 24-hour Volume: Around $4.25 billion USD
- Stablecoin 24-hour Volume: Approximately $84.38 billion USD
Top Gainers & Losers
🚀 Top Gainers
💩 Top Losers
Airdrops & More News
DAILY AIRDROP
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Additionally, you can generate your own referral link and invite friends to earn additional rewards.
Step-by-Step Guide:
Visit the Spaace airdrop page.
Sign in using your X account.
Complete various tasks to earn free SPAACE points.
Click on “Invite Friends” to find your referral link.
You earn 10% of the points earned by your direct referrals. Additionally, you can earn 5% of the points earned by users referred by your direct referrals.
Other News
ARK Invest Sold $14.8M of Coinbase Shares Thursday. Coinbase revenue beat Wall Street analysts' expectations, while profit came in lower than the consensus.
Ex-Binance adviser to join Kamala Harris campaign. The prospective Democratic nominee’s position on crypto and blockchain is still unclear, but officials connected to the industry are reportedly getting on board.
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.
Trump floats paying off $35T national debt using Bitcoin. The United States government is adding $1 trillion to the national debt approximately every 100 days, sparking fears of runaway inflation.
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