Crypto meltdown sends TrumpCoin (DJT) crashing over 90%

  • TrumpCoin crashed by 95%, plummeting from $0.00555 to a low of $0.0001203.
  • Trading volume surged by 169%, reaching $8.91 million despite the price drop.
  • Controversy surrounds TrumpCoin’s origins, with claims involving Donald Trump denied.

In a dramatic turn of events, TrumpCoin (DJT), a Solana-based meme coin using former President Donald Trump’s name and image, has experienced a steep price drop. The token’s value plummeted by 95%, falling from $0.00555 to a low of $0.0001203 before recovering to around $0.00042 at press time.

TrumpCoin (DJT)

Despite the massive price drop, trading activity for TrumpCoin surged. Data from Coinmarketcap reveals a 169% increase in trading volume, which stood at $8.91 million at press time.

While some may link the surge in trading activity to investors trying to offload their holdings, the total value locked (TVL) in TrumpCoin stands at approximately $23.1 million, reflecting ongoing investor interest despite the sharp price decline.

Why has TrumpCoin crashed?

The broader crypto market downturn significantly influenced TrumpCoin’s fall. A large-scale sell-off in the crypto market saw Bitcoin and Ethereum prices drop by 10% and 18%, respectively, erasing at least $500 billion from the market capitalization within three days.

The equity markets were also affected, with the S&P 500 falling 4.4%, driven by weak employment data and disappointing earnings from major tech firms.

Prior to the current market turmoil, Martin Shkreli, infamously known as “Pharma Bro,” claimed his involvement in creating TrumpCoin, sparking rumours that the project had official ties to Donald Trump.

Shkreli alleged that Trump and his son Barron were behind the memecoin, a claim that Roger Stone, a close aide to Trump, vehemently denied. This controversy led to over $6.3 million in bets on the authenticity of TrumpCoin on the crypto betting site Polymarket.

Despite reaching an all-time high of $0.01806 in June 2024, TrumpCoin has faced a steep decline, marking an all-time low of $0.0001203 on August 6, 2024.

The meme coin situation remains fluid amid the ongoing cryptocurrency meltdown and the controversy around who is behind the meme coin.

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Online casinos will add $7.10B a year to the British economy by 2029, according to market data

  • UK online casino sector to grow from $6.47B to $7.10B annually by 2029
  • UK leads globally in online casino revenue, surpassing the US in 2024
  • Cryptocurrency adoption boosts UK online casino growth and user engagement.

The online casino industry in the United Kingdom is set to experience significant growth over the next five years. Currently generating an impressive $6.47 billion annually, market projections indicate that this figure will rise to $7.10 billion a year by 2029. 

This growth underscores the dynamic and evolving nature of the UK’s online gambling sector, which remains a global leader in terms of revenue.

Current online casino market performance

The UK’s online casino market is not only thriving but also outpacing other nations. With a projected revenue of $6.47 billion in 2024, the country has the highest-earning online casino sector globally. 

It surpasses the United States, which, despite its larger population, is expected to generate slightly less revenue at $6.29 billion in the same year. 

The key to this success lies in the UK’s higher user penetration rate of 17.4%, compared to the US’s 9.4%, and a significantly higher average revenue per user (ARPU). UK players spend approximately $0.63k annually, more than double the US ARPU of $380.50.

Factors driving the growth of online casinos in Britain

Several factors contribute to the robust performance and future growth of the British online casino industry. A significant driver is the growing adoption of cryptocurrencies by crypto casino sites. 

A crypto casino site with cryptocurrencies incorporated into the platform’s payment and withdrawals system offers enhanced security, anonymity, and faster transaction times, which appeal to many casino users. This technological adoption is making online gambling more accessible and attractive to a broader audience.

Additionally, the convenience and tax-free nature of online gambling in the UK are compelling factors. The shift towards online platforms, accelerated by the COVID-19 pandemic, has remained strong even as traditional gambling venues reopened. 

The ease of access from home, coupled with a wide array of gaming options, continues to draw more users to online casinos.

Cultural and regulatory influence

The cultural acceptance of gambling in the UK, supported by a long history of betting on events like horse races and the national lottery, also plays a crucial role. 

According to YouGov’s Global Gambling Profiles data, nearly half of UK online gamblers spend more than £5 monthly on fantasy sports and sports bets. The diversity in gambling preferences, spanning slot machines, casino games, and bingo, reflects a deeply ingrained gambling culture.

Regulatory frameworks established by the United Kingdom Gambling Commission (UKGC) have provided a secure environment for online gambling. These regulations ensure fair play, consumer protection, and the integrity of the gambling industry. 

Despite these stringent measures, challenges such as addiction, bankruptcy, and fraud persist. The UK government has introduced measures like levies on individual stakes for online slot machines and increased funding for treatment systems to address these issues. 

Advocacy for further measures, including slower spin speeds and affordability checks, continues.

The rise of non-GamStop casinos

Another emerging trend is the rise of non-GamStop casinos. These platforms operate outside the jurisdiction of the UKGC, providing an alternative for players seeking to bypass the restrictions of GamStop, the UK’s national online self-exclusion scheme. 

While these casinos offer greater flexibility, they also pose significant regulatory and safety risks. Players must exercise caution, ensuring they engage with reputable platforms that prioritize security and fairness.

Future outlook

The future of the UK’s online casino market looks promising. With an expected annual growth rate (CAGR) of 1.88% from 2024 to 2029, the market is projected to reach $7.10 billion by 2029. 

The number of users is also expected to grow, reaching 12.4 million by 2029, with a slight increase in user penetration to 17.9%.

This growth trajectory highlights the UK’s position as a global leader in the online gambling industry. The combination of cultural acceptance, advanced regulatory frameworks, and technological adoption, including cryptocurrencies, positions the UK’s online casino market for continued success. 

As the industry evolves, it will be crucial to balance growth with responsible gambling practices, ensuring a sustainable and secure environment for all players.

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Poodlana ignores the crypto sell-off as token sale nears $5 million

Cryptocurrencies have shed billions of dollars in the past few days as investors remain concerned about Japan, US election, and technical formations. No crypto has been spared, with Bitcoin falling below $50,000 and Ethereum moving to $2,335. Other cryptocurrencies like BNB, Solana, and XRP have fallen by double-digits. 

Poodlana token sale is thriving

Cryptocurrency investors are still piling into Poodlana, a new crypto token that aims to dethrone popular meme coins like Dogecoin, Brett, and Pepe. 

Data on its website shows that Poodlana has raised over $4.991 million in less than three weeks. This growth makes it one of the best-performing token sales of the year.

Poodlana’s popularity has happened because of its excellent marketing and the fact that it is named after Poodle, a highly popular Japanese dog breed.

The developers are marketing it as the creme-de-la-creme of the meme coin industry. Precisely, the associate it with Hermes, the most prestigious brand in the fashion industry whose simple bags go for thousands of dollars. 

The token sale has also been highly popular because of the developer’s approach. For example, the POODL token is increasing after a few days, meaning that people who buy it earlier will get it at a discount. 

Also, unlike other token sales that stay without trading for months, Poodlana will start trading just 30 minutes after the sale ends. Precisely, investors will be able to trade the token at midday on August 16th. 

Many investors buy Poodlana and other token sales hoping to cash it big when they list. Historically, many investors have made a fortune investing in token sales. Just recently, many meme tokens like Popcat, Pepe, and Brett surged, creating millionaires along the way.

However, it is always good to embrace the best risk management strategies when buying presale tokens. Ideally, you should not invest funds that you are not comfortable to lose since, as we saw on Monday, the industry can crash. You can buy the Poodlana token here.

Why cryptocurrencies dropped

There are a few reasons why cryptocurrencies plunged. First, they dropped because of the ongoing recession fears after last Friday’s weak jobs numbers. The data showed that the unemployment rate rose to 4.3% as the economy created just 114k jobs in July. 

https://x.com/elerianm/status/1820157102805176655

Second, there are concerns about Japan, where the country’s central bank has started hiking interest rates. This is important because Japan is the third-biggest economy in the world and is one of the top buyers of foreign assets. Also, the hike happened as other central banks are cutting rates. 

Third, there are concerns that Donald Trump will not win the presidential election after all. Most crypto investors believe that Trump would be a better president for the industry. For one, he has vowed to fire Gary Gensler, the SEC chair, on day one. 

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Europe’s fourth largest hedge fund discloses $500m in spot Bitcoin ETFs

  • Capula Management, Europe’s fourth largest hedge fund, has disclosed it holds nearly $500 million in spot Bitcoin ETFs.
  • The spot ETF market continues to see increased demand despite Bitcoin’s price woes over the past few weeks.

Capula Management, the fourth largest investment manager in Europe, holds nearly $500 million in spot Bitcoin ETFs.

According to documents filed with the US Securities and Exchange Commission, the hedge fund manager has acquired $253 million of BlackRock’s iShares Bitcoin Trust (IBIT) and $211 million worth of Fidelity’s Wise Origin Bitcoin (FBTC) ETF.

Capula reveals its spot ETF holdings at a time the market is struggling with price downward pressure.

Institutional demand for Bitcoin ETFs is however seeing increased traction, with several pension funds among those to buy into the digital asset investment product. In one of the biggest moves, Morgan Stanley became the first major bank on Wall Street to allow financial advisors to pitch spot Bitcoin ETFs to its clients.

Data on by Arkham also showed that major holders of BTC, including MicroStrategy, BlackRock, Fidelity and Grayscale have not sold their BTC assets despite the market losses.

Bitcoin price

On Monday, Bitcoin dipped below $50k to test prices seen in February. However, BTC has bounced above $53k and the crypto market is optimistic of a potential recovery amid Fed interest rate cuts.

Earlier in the day, Wharton professor Jeremy Siegel called for the Fed to slash its fund rate by 75 basis points and another similar cut at its next meeting in September.

According to Polymarket bets, bettors are seeing a 29% chance the Fed takes an emergency interest rate cut.

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