Crypto Crash: Bitcoin Leads Market Lower After U.S. Inflation Report

Dear Readers,

Bitcoin and the broader cryptocurrency market experienced a significant decline today. After reaching a high of $62,649, Bitcoin's value plummeted by over 4%. This downturn coincided with the release of the U.S. inflation report for July, which indicated a slight increase in prices.

As a result, the overall cryptocurrency market also suffered losses, with its total value dropping by more than 3% to $2.07 trillion. Ethereum, another major cryptocurrency, followed a similar trend, decreasing by over 4% to $2,615.

Highlights Of The Week

• 66% of institutional investors either held or increased Bitcoin holdings through U.S.-based spot ETFs in Q2, per Bitwise.

• Marathon Digital purchased $249 million in Bitcoin after raising $300 million via a senior note offering.

• Senator Chuck Schumer aims to pass bipartisan pro-crypto legislation by the end of 2024 if Kamala Harris becomes president.

• Morgan Stanley disclosed holding $188 million in BlackRock's iShares Bitcoin Trust ETF as of June 30.

• Binance reached an agreement with Brazil’s Securities and Exchange Commission (CVM) regarding derivatives offerings.

• Iran offers up to $20 rewards for tips on illegal crypto mining amid power shortages due to a severe heatwave.

Crypto Fear & Greed Index

The Crypto Fear & Greed Index is currently at 29, indicating extreme fear in the market, a slight decline from yesterday's score of 30. This heightened anxiety is likely driven by recent events, including the US government's transfer of 10,000 BTC to Coinbase, which has sparked concerns of an impending market sell-off. Additionally, the withdrawal of over $1 billion in Tether from exchanges suggests growing investor risk aversion, further contributing to the overall bearish sentiment.

ATH Coins

An all-time high (ATH) signifies a cryptocurrency's prominence and growing popularity. However, the market's inherent volatility should not be overlooked. Thorough research is imperative before making investments in ATH coins. Below are some of the latest top performers to achieve ATH status.

Gigachad (GIGA), a cryptocurrency token associated with the "Gigachad" internet meme, has surged to a new all-time high (ATH) price of $0.02751 today. With a current price of $0.02452 and a trading volume of $10.24 million, GIGA has captured significant market attention, demonstrating unexpected growth for a meme-based token.

Public Masterpiece Token (PMT), originally a meme token but now focused on tokenizing real-world assets in art and luxury, has reached its ATH price of $0.05573 today. Currently trading at $0.05522 with a volume of $170,531, PMT showcases the potential of merging digital assets with tangible value.

Edelcoin (EDLC), a stablecoin backed by a combination of precious and base metals, has maintained its ATH price of $1.13 today. This stability, coupled with its innovative approach of bringing real-world assets onto the blockchain, positions EDLC as a unique player in the cryptocurrency market. With a current trading volume of $9.65 million, EDLC demonstrates a strong market presence.

ZAZA (ZAZA), a cryptocurrency built on the Solana blockchain, experienced its ATH yesterday at $0.001164. Today, the price has dropped to $0.0007414 with a trading volume of $1.18 million. While ZAZA is primarily categorized as a memecoin, its performance indicates the volatile nature of the cryptocurrency market.

MindCoin (MIND), another Solana-based token with AI integration, reached its ATH of $0.0001773 yesterday. Currently trading at $0.00009538 with a volume of $3.96 million, MIND showcases the rapid price fluctuations and high-risk nature of investing in memecoins, even those with additional features like AI integration.

Top Movers (24H)

As the cryptocurrency market continues to gain recognition as a substantial investment platform, former skeptics are now embracing it eagerly, adding a variety of digital assets to their portfolios. Veteran crypto investors are also bolstering their holdings, leading to significant price increases across multiple cryptocurrencies in the past day. Let's take a look at some well-known cryptocurrencies that have recently seen impressive price gains.

RepubliK (RPK) is making waves in the crypto market today, surging 54.57%. This innovative decentralized social protocol is gearing up to launch its AI-powered SocialFi platform. With a current price of $0.007301 and a trading volume of $3.6 million, RPK has captured investor attention.

DeFiChain (DFI) is another standout performer, soaring 23.76%. Built on the Bitcoin blockchain, DeFiChain aims to maximize the potential of decentralized finance within the BTC ecosystem. Currently priced at $0.03048 with a trading volume of $25.26 million, DFI is demonstrating strong market interest.

Constellation (DAG) is on the rise as well, with a 17.15% increase. This protocol's unique directed acyclic graph architecture promises infinite scalability. Trading at $0.02386 with a volume of $1.7 million, DAG is attracting attention for its technological innovation.

MovieBloc (MBL) is experiencing a 16.98% uptick. Backed by the Korean streaming platform Pandora.tv, MovieBloc is a decentralized platform for movie and content distribution. Currently priced at $0.003043 with a substantial trading volume of $45.16 million, MBL is making a strong showing.

Assemble AI (ASM) rounds out the top movers with a 14.69% jump. This AI-powered news platform uses artificial intelligence to analyze market trends and provide valuable insights to investors. Trading at $0.01999 with a volume of $4.69 million, ASM is demonstrating the growing interest in AI-driven crypto projects.

Non-Fungible Tokens – Developments

• DMarket led recent NFT sales, generating $685,764, as per CryptoSlam; it's an NFT collection for in-game items from games like Counter-Strike and Dota 2.

•  XRP Ledger will host new NFTs through a partnership between Ripple and SBI Holdings’ subsidiary for strategic expansion.

•  Uprising, a Layer 2 network secured by major gaming companies like SEGA and Ubisoft, launched its Genesis NFT Collection via a free mint on Ethereum.

NFTs To Watch (24H)

Bored Ape Yacht Club continues to reign supreme in the NFT market with a staggering 305 ETH in trading volume over the past 24 hours, representing a 96% increase. The collection's floor price stands at 11.98 ETH, and 27 Apes have changed hands. The Bored Ape Yacht Club features 10,000 distinct Bored Ape NFTs, digital collectibles hosted on the Ethereum blockchain.

Pudgy Penguins are making waves with 256% surge in trading volume, reaching 152 ETH in the past day. The collection's floor price has climbed to 9.29 ETH, and 17 Penguins were sold. Pudgy Penguins is an NFT collection of 8,888 lovable characters, dedicated to empowering its community and pioneering Web3 advancements through IP utilization.

Azuki is experiencing a steady uptrend with a 68% increase in trading volume to 96.75 ETH over the past 24 hours. The collection's floor price is currently at 4.4 ETH, and 21 Azukis have been traded. Azuki offers 10,000 unique avatars, each a digital passport to The Garden, a vibrant online space where artists, developers, and Web3 enthusiasts collaborate on the future.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,
Crypto Recorder Team

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