Kategorie: Crypto News

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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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Polymarket in focus as CFTC is pushed to ban gambling on US elections

  • Polymarket’s popularity raises fears of corruption and undue election influence.
  • Lawmakers urge CFTC to ban election betting, citing democracy trust concerns.
  • Senators stress elections shouldn’t be influenced by wealthy individuals’ bets.

Polymarket, a predictions market operating on the Polygon blockchain, has come under scrutiny as US lawmakers intensify efforts to ban gambling on American elections.

Spearheaded by Oregon Senator Jeff Merkley, a group of legislators is urging the Commodity Futures Trading Commission (CFTC) to finalize and implement a proposed rule that would prohibit betting on American election outcomes.

The lawmakers argue that such markets could erode public trust in democracy, lead to corruption, and influence election results.

Polymarket success puts it at cross roads

Polymarket allows users to buy shares using USD Coin (USDC) and trade on various event outcomes, including elections, sports, and cryptocurrency prices.

Its transparency and diverse betting options have garnered significant popularity, evidenced by over 1.5 million bets and a total trading volume exceeding $1 billion in July alone.

However, this success has also made Polymarket a focal point in the debate over election gambling.

Letter to CFTC Chairman Rostin Behnam

In a letter to CFTC Chairman Rostin Behnam, Senators Merkley, Richard Blumenthal, Chris Van Hollen, Elizabeth Warren, and Sheldon Whitehouse, along with Representatives Eleanor Holmes Norton, Jamie Raskin, and John Sarbanes, expressed grave concerns.

They emphasized that allowing betting on elections commodifies the democratic process, shifting voter motivations from political convictions to financial calculations.

The lawmakers warned that such markets could allow wealthy individuals and corporations to exert undue influence over election outcomes.

The letter highlighted the risks of election gambling, including the potential for corruption and the undermining of voter confidence.

The lawmakers stressed that elections are not-for-profit enterprises and should remain free from the influence of big money bets. They called on the CFTC to act swiftly to implement the proposed rule and prevent the further commodification of US elections.

As the 2024 election approaches, the debate over election gambling and platforms like Polymarket continues to gain momentum.

The outcome of this regulatory push could have significant implications for the integrity of the US electoral process and the future of political betting markets.

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Solana plummets to near $110 amid $1 billion crypto liquidation

Solana has plunged more than 20% to trade near $110 as crypto traders see more than $1 billion in trading positions wiped out in the past 24 hours.

SOL dipped as Bitcoin led the crypto market in the bloodbath that had BTC testing lows of $49k and Ethereum tumbling to under $2.2k. Solana, which traded at highs of $145 late Sunday, fell sharply to test the $111 price level on Monday.

Declines for SOL and the rest of the crypto market came as investor fears over a US recession catalysed a global market meltdown in stocks. The Federal Reserve’s interest rates policy is also a major concern, while geopolitical tensions are also a factor.

In the crypto market, jitters over selling pressure from Jump Trading intensified the bleeding for ETH and other altcoins.

Crypto sees over $1 billion in liquidations

As crypto prices tumbled on Monday to see the total market cap dip 17% to under $1.9 trillion, hundreds of crypto traders experienced massive liquidations.

Coinglass data showed early Monday that total liquidations jumped more than 400% to over $1.1 billion. These were mainly long positions, with data indicating more than $962 million were leveraged positions that had bullish bets on crypto prices.

Amid the BTC crash and broader market decline, the number of crypto traders liquidated in 24 hours spiked past 301,700.

The total liquidations at the time of writing stood at $1.14 billion, with the largest single liquidation order being the $27 million in BTC.USD wiped out on crypto exchange Huobi.

Notably, short liquidations were at just $174 million, with $64 million in bearish bets for BTC and $50 million for Ethereum in 24

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Bitcoin tumbles, tests $49,000, amid major crypto selloff

  • Bitcoin briefly tests $49k before rebounding to $51k amid a $270 billion crypto market selloff.
  • Concerns over the US recession and Japan’s rate hike trigger market turmoil.
  • FBI warns of rising crypto scams during increased market volatility.

The cryptocurrency market has experienced a significant downturn today, shedding approximately $270 billion in value over 24 hours according to CoinGecko data. Leading this decline, Bitcoin plummeted by almost 20%, reaching $49,121, its lowest level since February at $53,091.

Bitcoin price chart

Ether also suffered a substantial drop of 21%, falling to $2,300, erasing its gains for the year. Other cryptocurrencies like Binance’s BNB and Solana have also suffered significant losses.

Bank of Japa hikes its benchmark interest rate

This dramatic downturn in the crypto market coincided with a broader selloff in equities, particularly in Asia-Pacific markets, exacerbated by Japan’s Nikkei 225 falling by as much as 7%.

The Bank of Japan’s decision to hike its benchmark interest rate to the highest level in 16 years triggered this selloff, sending shockwaves through financial markets.

The US Nasdaq also slid into correction territory, marking its worst three-week stretch since September 2022, further contributing to the decline in risky assets, including cryptocurrencies.

The market’s reaction was influenced by Japan’s monetary tightening and the US Federal Reserve’s recent actions.

Although the Fed opted to hold its benchmark rate steady, it did not indicate a rate cut in September, which many market experts had anticipated.

This uncertainty added to the market’s anxiety, causing traders to price in a 100% chance of lower US base rates in September.

Concerns of a potential US recession

The selloff reflects growing concerns about a potential US recession, triggered by softer economic data and rising geopolitical tensions.

Tony Sycamore, a market analyst at IG, highlighted that Bitcoin and other cryptocurrencies are risk assets and are highly susceptible to market volatility. He noted that Bitcoin is currently testing crucial support levels and must hold the $53,000 mark to prevent further declines.

However, at press time Bitcoin was trading at $51,657, well below this support level, despite making a comeback from around $49k.

FBI issues warning

The cryptocurrency market’s volatility has also heightened security concerns. The FBI has issued a warning about scammers exploiting the market crash to steal users’ funds.

The FBI advised users to be cautious of unsolicited messages or calls indicating account problems and urged them to verify any issues through official channels. The agency’s warning comes amid a significant increase in crypto-related fraud and hacking incidents.

In the first half of 2024, hackers stole nearly $1.4 billion worth of crypto, more than double the amount stolen in the same period in 2023.

This increase is attributed to the rising value of various tokens, including Bitcoin, Ethereum, and Solana. Ari Redbord, global head of policy at TRM Labs, noted that while the security of the cryptocurrency ecosystem has not fundamentally changed, the higher value of tokens has made them more attractive targets for criminals.

As Bitcoin and other cryptocurrencies navigate these turbulent times, investors and users should remain vigilant about market conditions and potential security threats.

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