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- 📢 Key Highlights: Top 5 News of the Day 🚨
📢 Key Highlights: Top 5 News of the Day 🚨
CoinGape Media
August 03, 2024
Top Stories of The Day
Analysts are predicting the Bitcoin price to crash under $50K amid the worsening macro conditions. BTC ETFs see massive outflows on Friday.
Wall Street has been seeing heavy correction and profit books with fears of the US recession leading to a simultaneous fall in Bitcoin and the broader crypto market. With the top three US indices falling by 1.5-2.5% on Friday, the Bitcoin price is down by 4.5% trading at $61.673 with its market cap at $1.21 trillion. Furthermore, investors are taking a wait-and-watch approach instead of buying the dips.
BTC neared $62K, although the coin traded dominantly in the red zone amid ETF outflows. ETH, XRP, and SOL battled market turbulence.
The crypto prices today have taken an alarmingly bearish turn, raising significant concerns among market participants. Bitcoin’s (BTC) price dipped as low as the $60K level, although it neared $62K as the day longed. Further, Ethereum (ETH), XRP, and Solana prices tanked 4%-7%, in alignment with the broader market trend.
The global crypto market cap saw a 4.76% decline to $2.19 trillion today. However, the total crypto market volume increased by 10.72% to $95.22 billion.
Here’s a brief look at the leading cryptocurrencies by market cap and their price movements today, August 3.
Pro-Bitcoin presidential candidate Donald Trump has agreed to debate VP Kamala Harris just after she bagged the Democratic nomination. Earlier, Trump declined the offer numerous times.
In a striking political development, Republican nominee Donald Trump has agreed to a debate with Democratic U.S. Vice President Kamala Harris. This announcement came late Friday via a post on Truth Social, Trump’s social media platform. Moreover, the timing of this acceptance is crucial as it comes on the heels of Harris’s Democratic nomination.
Kamala Harris meeting with crypto industry players is likely delayed by a week while donald Trump announces date for debate in September.
The panned crypto meet on Monday, between Democratic Presidential nominee Kamala Harris and crypto industry players has taken a back seat per the latest reports. In an attempt to bridge the torn relations with the crypto industry, the organizers of Harris’ election campaign are working on a meeting between the two sides.
The CFTC has recently issued a subpoena to Hit Network, a crypto media company that once had Ben Armstrong as its public face, for fraudulent activities via meme tokens.
The CFTC (Commodity Futures Trading Commission) has recently probed into a meme crypto fraud involving the renowned crypto YouTuber Ben Armstrong, also known as BitBoy. According to recent reports surfacing across the crypto horizon, the regulatory body issued a subpoena to Hit Network, a crypto media company that once had Armstrong as its public face. The subpoena encompasses 15 coins under its umbrella, including the meme coin BEN, a crypto related to BitBoy.
Only Nvidia among big tech giants managed to beat Bitcoin over the last year amid a strong boom in the AI space. Global macros in play.
Despite the strong volatility seen in the Bitcoin price throughout July, the asset class has outperformed some of the big tech giants like Google, Microsoft, Apple, Meta, and Amazon, on a 12-month risk-adjusted basis. Only Nvidia (NASDAQ: NVDA) has managed to pull off a better performance than BTC amid the solid boom for artificial intelligence over the last year.