Kategorie: Bitcoin News

• Bitcoin (BTC) touched lows near $58k as cryptocurrencies witnessed a sharp sell-off.
• 0DOG token tumbled amid Bitcoin’s losses.

Bitcoin dived more than 6% in the past 24 hours to trade near $58,000. The crypto market capitalization also tumbled as a sea of red engulfed altcoins

Major altcoins saw huge declines to push the total market cap down more than 7% to $2.16 trillion. Meanwhile, Bitcoin Dogs fell sharply as Ethereum, Solana, Pepe, and Polygon nosedived.

Bitcoin slumps amid huge liquidations

BTC briefly traded at lows of $58,090 on Bitstamp and $58,025 on Coinbase on Wednesday morning before a slight recovery pushed it to above $59.2k.

While there hasn’t been a clear catalyst for the crypto sell-off, the widespread losses suggest a broader weakness for risk assets. 

Santiment analysis also suggests the latest retracement follows huge bets on upside momentum. The greed that hit the market on August 25 has seen a swift reaction in liquidations, the market intelligence and on-chain analytics platform wrote on X.

Data from Coinglass shows total crypto liquidations have jumped 208% in the past 24 hours to over $330 million. Most of this, about $295 million, are long positions and over 90,800 traders have been liquidated in this period as a result.

The largest liquidation is an ETH/BTC position at $12.67 million on Binance.

Bitcoin Dogs mirrors BTC sell-off

While Ethereum has dropped more than 9% to under 2,450, Solana is changing hands near $144. Polygon, Pepe and Sui have shed double digits.

Bitcoin Dogs, a cryptocurrency that recently launched on major exchanges Gate.io, MEXC and Uniswap, is also mirroring the downside action.

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— BitcoinDogsClub (@BitcoinDogsClub) August 21, 2024

0DOG price has dropped sharply from its highs of $0.04934 reached on August 22 to currently trade at $0.01006. The token has seen a massive 54% slump in 24 hours, which highlights how impactful a sharp drop in the prices of top cryptocurrencies can be for related tokens.

What next for BTC, 0DOG?

At the time of writing, BTC traded around $59,220, still in the red.

Bears may extend the decline in BTC price, with lows seen on August 5 a likely support level. This same scenario could play out for Bitcoin Dogs, which made history with the first-ever BRC-20 token presale on the Bitcoin network.

The gaming and NFT project taps into BTC’s growing layer-2 market and is likely to bounce alongside the flagship cryptocurrency.

But what would indicate a potential for reversal?

“When funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction. Look for funding rates to stabilize (or potentially even start leaning toward a short bias) as a sign that BTC and other assets will start to bounce again,” Santiment observed.

The downside may therefore provide an opportunity to buy low. Learn more about Bitcoin Dogs first by visiting their website.

The post Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates appeared first on CoinJournal.

• Xapo Bank and Hilbert Group will launch a Bitcoin-denominated hedge fund.
• The BTC fund will receive an initial investment of $200 million from Xapo and other investors.

Xapo Bank is teaming up with Hilbert Group to launch a Bitcoin (BTC)-denominated hedge fund, according to a press release on Aug. 27.

In the announcement, Hilbert Group said the strategic partnership will involve its asset management arm Hilbert Capital and see an initial investment of over $200 million from Xapo as well as other investors.

“Over the last 12 months, we have developed a close and strategic partnership with Xapo Bank, a veteran in the Bitcoin space and a tier-one financial institution in the digital asset space,” Niclas Sandström, CEO of Hilbert Group, said.

He added, “Given the investment opportunity and the quality and experience of the team, we anticipate that the Fund will grow meaningfully over the next year.

Fund to offer exposure to Bitcoin

The newly-established BTC-denominated hedge fund will launch in September, Hilbert Group revealed in the press release. Corporates, businesses and professional investors will leverage the new fund to generate returns in bitcoin. The fund will offer institutional-grade credit arrangements that investors don’t get through direct market participation.

Notably, the BTC-denominated fund will have fees lower than the 2% and 20% Hilbert’s other hedge funds charge.

“We believe that offering the right products for participants in the space who are aiming not only for exposure to the Bitcoin price, but also structured ways to grow the Bitcoin value of those investments is a natural evolution of the asset class,” Joey Garcia, director of Xapo Bank commented.

Hilbert, founded in 2018, primarily focuses on asset management of algorithmic trading strategies.

The company also invests in blockchain and crypto related projects. Investments in the space include crypto data platform Coin360, blockchain-based self-service SaaS tool CapChap and HAYVN, a digital assets trading and custody platform.

Meanwhile, Xapo is the first Bitcoin-enabled bank that integrates fiat with crypto. It recently announced its entry into the UK.

The post Xapo Bank partners with Hilbert Group to launch $200m Bitcoin hedge fund appeared first on CoinJournal.

• Bitcoin Dogs (0DOG) drops 49% from debut, but strong trading volume shows investor interest.
• Integration with Bitcoin blockchain and gaming features supports long-term growth.
• Controlled token release and upcoming developments may drive future price recovery.

As the broader cryptocurrency market experiences a downturn, Bitcoin Dogs (0DOG) is not immune to the pullback. Despite an initial surge in price following its debut, 0DOG has seen its value drop by nearly 50%.

However, beneath the surface of this decline lies a narrative of resilience and potential, driven by strong trading volumes and a series of upcoming developments that could reignite investor interest.

Market pullback and 0DOG price drop

The global cryptocurrency market has recently witnessed a decrease in overall value, with the total market cap now standing at $2.21 trillion, marking a 1.27% decrease over the last day.

Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have all seen their prices drop, reflecting a broader bearish sentiment. In this context, Bitcoin Dogs (0DOG) has also experienced a significant pullback, with its price dropping by approximately 49.24% from its listing price of $0.0404 to around $0.02053.

Despite this decline, 0DOG has shown some signs of strength. The token’s trading volume remains relatively high, standing at around $3.37 million, indicating that investor interest has not waned entirely. This level of trading activity suggests that there is still a strong base of holders who believe in the token’s long-term potential.

The initial surge in 0DOG’s price, where it climbed almost 3x to reach $0.12270, demonstrated the robust demand and technical support backing the token. While the price has cooled off, the resilience in trading volume points to a potential for recovery, especially as the broader market stabilizes.

The catch: upcoming developments and future prospects

While the current price drop might deter some investors, those looking at the bigger picture will find reasons for optimism. Bitcoin Dogs (0DOG) is not just another meme coin; it’s part of a broader crypto-gaming and social ecosystem that integrates with Bitcoin’s blockchain.

The token’s initial success can be attributed to its strong presale, which raised $13.5 million, and its listing on major exchanges like MEXC, Gate, and UniSat.

The tokenomics of 0DOG, with a supply of 900 million tokens, has been designed to benefit long-term holders, particularly with the planned developments on the horizon.

The upcoming months are crucial for 0DOG’s trajectory. The token is expected to benefit from anticipated bullish trends in Bitcoin’s price action, particularly in Q4 2024, when Bitcoin’s price is predicted to surge.

Additionally, the integration of Bitcoin Dogs into the Telegram gaming sector, coupled with unique features like Tamagotchi-style gameplay, PvP battles, staking opportunities, and NFT collections, is set to attract a significant user base.

These developments are likely to drive additional interest and investment in 0DOG, potentially pushing its price beyond its recent highs.

Moreover, the token claim process, which began on August 21, 2024, is set to run for ten months, with 10% of the total claimable tokens available each month. This gradual release of tokens is expected to create a controlled supply, potentially limiting excessive sell pressure and supporting the price.

If intrigued by Bitcoin Dogs (0DOG), you can visit the official Bitcoin Dogs website to learn more about the cryptocurrency. 0DOG is currently tradable on MEXC, Gate, and UniSat for those looking for where to trade the token.

The post Bitcoin Dogs (0DOG) pulls back as market loses steam, but there is a catch appeared first on CoinJournal.