The cryptocurrency market faced a tumultuous week as significant liquidations occurred, exacerbated by economic concerns and the crash of Japan’s stock market. 
This turmoil led to widespread panic among investors and traders, with $BTC and other major cryptocurrencies experiencing sharp declines.
Crypto Market Faces Major Liquidations
On Aug. 5, the crypto market witnessed unprecedented liquidations totaling $1.08 billion. This massive sell-off affected prominent cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). According to Coinglass, nearly 300,000 crypto traders were liquidated from their leveraged positions due to the rapid price declines. 
The latest report from CoinShares revealed that digital asset investment products saw outflows totaling $528 million in the week from July 28 to Aug. 3. This marked the first outflow in four weeks and was largely driven by fears of a recession in the United States and geopolitical concerns, including the crash of Japan's stock market. The weakening global economy further fueled the panic among investors.
Bitcoin Leads the Sell-Off
#Bitcoin (BTC), the largest cryptocurrency by market value, led the outflows with a staggering $400 million, marking its first outflows after five consecutive weeks of inflows. BTC's price dropped sharply from around $65,000 to the $50,000 mark, resulting in long position losses of over $315 million in less than 24 hours. Short traders also faced significant losses, totaling $62.23 million.
#Ethereum (ETH), the second-largest cryptocurrency by market cap, saw $146.3 million in outflows, with its price falling by over 20%. Traders holding long positions in ETH lost a total of $305 million, while those with short positions lost more than $50 million. Solana (SOL) also experienced substantial outflows of $2.8 million.
The sudden crash of Japan’s stock market acted as a catalyst, amplifying the existing economic concerns. The ISM Manufacturing Index, a key economic health indicator, showed a significant downturn, contributing to the pessimistic outlook. According to Markus Thielen, founder of 10x Research, the weak market structure and high volatility make it premature for traders to open further leveraged long positions.
Analysts are forecasting more losses for Bitcoin and other cryptocurrencies. Markus noted that Bitcoin could drop to $42,000 if the support line at $55,000 breaks. The disconnect between the ISM Index and #BTC suggests a bleak outlook for the crypto market. With the US economy showing signs of weakness, further exacerbated by the Federal Reserve's potential dovish shift in policy, the market remains on edge.
Hackers Exploit the Market Downturn
Amid the bear market, hackers have found opportunities to profit. As Ethereum's value plummeted, funds linked to a hack on the crypto bridge Nomad were used to buy 16,892 #ETH at low prices. These funds were then siphoned through the crypto mixer Tornado Cash to prevent traceability, highlighting the ongoing security challenges in the crypto space.
The recent crash in Japan’s stock market and economic concerns have led to significant liquidations in the crypto market, causing widespread panic among investors and traders. With BTC and other major cryptocurrencies facing substantial declines, the market outlook remains uncertain. As analysts predict further losses, traders must navigate these turbulent times with caution. 

Elon Musk’s micro-blogging site X has suspended the popular account “makenowmeme,” which allowed users to create #memecoins with a single post. This account, boasting 15,000 followers, was found to be in violation of the platform's rules, leading to its suspension on August 2nd.
The “makenowmeme” account revolutionized the way memecoins were minted by simplifying the process to a mere social media post. Users only needed to include a $ticker with the token name, a description of the coin, and tag @makenowmeme, optionally attaching an image or video. This ingenious method allowed for the seamless creation of new digital assets directly through social media interactions.

The Suspension and Its Impact
The sudden suspension of the “makenowmeme” account has left many of its users in dismay. According to a statement on their website, the account's owners are actively working to restore it, while the minting process has been temporarily paused. This has created a temporary void in the innovative space where social media and blockchain technology intersect.
The “makenowmeme” system used a unique approach to liquidity and trading. Once a memecoin garnered enough interest and purchases, liquidity was deposited on the Solana decentralized exchange Raydium and then burned. This mechanism is similar to that of pump.fun, another Solana memecoin generator. The process ensured that the coins had a real market value and were tradable on a decentralized platform.
One of the standout tokens on the platform, named ‘Dogs,’ reached a market capitalization of $184,000. The platform also incentivized users with MNM token airdrops once memecoins hit specific market cap and volume milestones, fostering a vibrant and engaging community.
Makenowmeme Profits and Popularity
The memecoin craze on “makenowmeme” was not just for fun—significant profits were at stake. On-chain analytics platform Lookonchain reported that traders had made considerable gains trading these tokens. In a notable instance, a trader earned 4,721 SOL (approximately $800,000) within an hour by trading a memecoin named CTO. The trader spent 50 SOL to acquire 257 million CTO tokens and subsequently sold 228 million CTO for 4,771 SOL, achieving a substantial profit.
Even prominent figures in the blockchain space participated in the “makenowmeme” frenzy. Alex Svanevik, CEO of on-chain analytics platform Nansen, launched a memecoin called IQ on July 31st. Although he cautioned his followers against impulsively buying the token, the prices and market cap surged on the day of its launch, as tracked by DEXScreener.
Memecoins within the #Solana ecosystem experienced significant gains towards the end of July, outperforming the broader cryptocurrency market. This surge in activity highlighted the increasing interest and potential profitability in this niche segment of the crypto world. Cointelegraph reported these gains, which were further substantiated by CoinGecko's data indicating that memecoins currently account for 2% of the total cryptocurrency market capitalization, valued at $48 billion.
What’s Next for Memecoins on Social Media?
The suspension of the “makenowmeme” account raises questions about the future of memecoin creation on social media platforms. The account’s innovative approach demonstrated the potential for integrating blockchain technology with social media, offering a new avenue for digital asset creation and trading.
As the owners of “makenowmeme” work to restore the account, the broader community is left to ponder the implications of this suspension. Will other platforms adopt similar models, or will stricter regulations curb such innovations? Only time will tell.

Daily net spot Ethereum ETF (exchange-traded fund) inflows in the US have flipped positive once again, despite significant cumulative outflows from the Grayscale Ethereum Trust (ETHE). 
On August 1, the Ether (ETH) ETFs recorded a net inflow of $26.7 million, marking a notable shift in investor sentiment.

A Shift in Ethereum ETF Inflows

The positive net inflow was led by a substantial $89.6 million inflow into BlackRock’s iShares Ethereum Trust (ETHA), according to data from Farside Investors. This influx into ETHA demonstrates growing investor confidence in Ethereum ETFs, despite the challenges faced by the Grayscale Ethereum Trust.
Grayscale’s Ethereum Trust, which was recently converted into a spot ETF, saw outflows of $78 million on August 1. These outflows have brought the cumulative outflows from the fund to just over $2 billion since its conversion. The outflows represent a significant 22% of the initial $9 billion in Ether that the fund held prior to its conversion.
The conversion of Grayscale’s Ethereum Trust into a spot ETF has been a critical development in the cryptocurrency investment landscape. Unlike the eight other spot Ether ETFs launched as new funds on July 23, ETHE was an established trust offering institutional investors exposure to Ether. The conversion aimed to provide a more liquid and accessible investment vehicle for institutional and retail investors alike.
However, the conversion also triggered substantial outflows as investors re-evaluated their positions in the newly converted ETF. This has been a point of concern for market observers and investors.
Steno Research senior analyst Mads Eberhardt has provided insights into the current situation, suggesting that the massive outflows from Grayscale’s ETHE are likely to subside by the end of the week. Eberhardt views the slowing of these outflows as a bullish catalyst for the price of ETH. In a July 30 post on X, Eberhardt expressed optimism, stating, “When it does, it’s up only from there.”
Earlier, on July 23, Kaiko’s head of indexes, Will Cai, highlighted the sensitivity of ETH’s price to inflows into spot products. This sensitivity has been reflected in the recent price movements of ETH, which is currently trading at $3,168. The price has seen a decline of 8.5% since the launch of the ETFs, according to TradingView data.

The Broader Impact on Ethereum ETFs

The positive net inflows into Ether #ETFs on August 1 are a significant development, indicating renewed investor interest and confidence in Ethereum-based investment products. This trend is particularly noteworthy given the backdrop of substantial outflows from Grayscale’s Ethereum Trust.
The inflows into BlackRock’s iShares #Ethereum Trust (ETHA) are particularly significant, as they represent a major vote of confidence from investors. BlackRock’s entry into the Ethereum ETF market has brought additional credibility and visibility to these investment products.
$ETH #ETH

Business intelligence firm MicroStrategy has announced the purchase of an additional 12,222 Bitcoin for $805 million in the second quarter of 2024, boosting its total Bitcoin holdings to 226,500 BTC. At current market prices, these holdings are valued at approximately $14.7 billion.
In its Q2 earnings call, #MicroStrategy reported significant losses, posting $5.74 per share on a quarterly revenue of $111.4 million, a 7% decline year-over-year. These figures fell short of analysts’ expectations, who had predicted a quarterly loss of $0.78 per share and $119.3 million in revenue, according to a Bloomberg survey.

Financial Performance and Bitcoin Strategy
Despite the disappointing revenue, MicroStrategy revealed a net loss of $123 million for Q2, showing a slight improvement from the $137 million net loss in the same period of 2023. The firm’s total Bitcoin holdings, acquired for $8.5 billion at an average price of $36,821 per Bitcoin, have been a focal point of its financial strategy.
MicroStrategy also introduced a new key performance indicator (KPI) called “Bitcoin Yield,” which tracks the percentage change over time in the ratio between the firm’s Bitcoin holdings and its diluted outstanding shares. The company reported a year-to-date $BTC yield of 12.2% and aims to maintain an annual yield of 4%–8% over the next three years.
“The Company uses BTC Yield as a KPI to help assess the performance of its strategy of acquiring Bitcoin in a manner the Company believes is accretive to shareholders,” MicroStrategy stated.
MicroStrategy Stock Split and Future Plans
MicroStrategy confirmed the implementation of a 10:1 stock split, initially announced on July 11, which will take effect on August 7. Additionally, the firm disclosed plans to file a registration form for a $2 billion at-the-market equity offering to raise further capital. While the company did not specify the intended use of the raised capital, historically, MicroStrategy has used such funds to purchase more Bitcoin.
MicroStrategy’s shares were trading at $1,500 at the time of writing, having fallen by 6% on August 2. However, the share price saw a 1.1% increase in after-hours trading following the release of its Q2 earnings report, according to TradingView data.

The Worldcoin price dropped over 2% in the last 24 hours to trade at $2.22 at press time.
This drop in the WLD price comes after the Worldcoin Foundation unveiled its World ID orb verifications in Austria, marking a significant step in expanding its "proof of humanness" technology across Europe. 
The launch, announced on Wednesday, makes the eyeball-scanning orbs available at various locations in Vienna, enabling residents over 18 to join the Worldcoin network by verifying their World ID.
Worldcoin Foundation Expands 'Proof of Humanness'
With this expansion, Austria joins neighboring Germany in adopting Worldcoin's orb technology. This initiative is part of Worldcoin's broader mission to ensure the future health of the internet by distinguishing between human and non-human actors. Participants who verify their humanity through an iris scan are assigned World IDs and rewarded with WLD tokens. The Worldcoin Foundation claims that 6.3 million people are already participating in the network globally.
Despite its growth, the Worldcoin project has faced regulatory challenges in Europe. Spain recently extended its ban on Worldcoin until the end of the year or until a GDPR audit is completed. Similarly, Portugal ordered the project to halt biometric data collection temporarily in March. These actions reflect broader concerns about personal data protection, with several government agencies scrutinizing the project.
"In a 2024 survey in Spain, 82% of the 21,000 World ID holders who responded agreed that technologies such as Worldcoin/World ID are important for distinguishing between humans and bots online (13% were unsure)," the Worldcoin Foundation stated in a blog post. "Similarly, in Portugal, more than 3 in 4 (77%) of the 19,000 World ID holders who responded agree that Worldcoin can have a positive impact on their digital interactions (13% were unsure)," the post added, noting similar positive feedback from Latin American markets.
Worldcoin, primarily developed and promoted by Tools for Humanity, a company co-founded by OpenAI CEO Sam Altman, has taken steps to address privacy concerns. In March, the project introduced "Personal Custody," prohibiting new signups from requesting the storage and encryption of their biometric data. Additionally, individuals who had previously signed up could request the deletion of the numeric "iris code" created during their scan. The project also implemented measures to prevent those under 18 from signing up.
Upcoming Layer 2 Network
In a move to enhance its technological infrastructure, the Worldcoin Foundation released a developer preview of its own Layer 2 network, World Chain, earlier this month. This preview allows developers to build, test, and provide feedback before the mainnet launch expected later this summer. The initiative also enables developers to prepare their deployments ahead of migrating Worldcoin’s World App users from its existing base on OP Mainnet. Worldcoin user transactions have reportedly grown to more than 50% of OP Mainnet’s activity since its launch in July 2023.
World Chain, which is intended to be permissionless, open-source, and independently governed by its community, is secured by Ethereum within the Superchain network of Layer 2 chains built using the OP Stack.
Worldcoin Price Technical Overview
The Worldcoin price has recently exhibited a cautious tone on the 4-hour chart, with price action testing key support and resistance levels. Closing prices over the last few sessions show that the asset has struggled to maintain upward momentum, hovering around $2.174 to $2.215. The near-term outlook is clouded by resistance at $2.251 and more formidable barriers at $2.392 and $2.407, which could cap any bullish advances.
From a technical perspective, the 9 EMA has consistently remained below the 20 EMA, indicating a short-term bearish trend. This crossover often signals that sellers have the upper hand, with the price likely to face downward pressure unless bulls can reclaim these moving averages.
The MACD, another momentum indicator, also points towards a bearish trend. The MACD line is below the signal line, and the histogram has been consistently negative, showing that the bearish momentum is gaining traction. This setup suggests that any attempts to break above resistance could face significant headwinds, and a move lower remains on the cards.
Slightly Oversold
The RSI hovers just above oversold territory, indicating that while the market is bearish, it hasn't reached an extreme where a reversal is imminent. However, if the RSI dips further, it could prompt a short-term bounce, potentially providing a better entry point for traders looking to go long.
Given the current setup, potential entry points for short trades could be near the resistance levels of $2.251 and $2.392, with exits around the support levels of $2.199 and $2.178. Conversely, for those looking to take long positions, waiting for a confirmed break above $2.251 with strong volume could present an opportunity, targeting the next resistance at $2.392 and $2.407.

$WLD #worldcoin #altcoins

The group of high-performing tech stocks known as the "Magnificent Seven" has collectively lost $2.6 trillion in market capitalization over the past 20 days. 
This significant decline precedes a highly anticipated earnings week for several of these tech giants.
On July 31, The Kobeissi Letter highlighted the severity of these losses, noting that "The Magnificent Seven has lost triple the value of Brazil’s entire stock market in 20 days."
The Magnificent Seven includes industry titans Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, Nvidia, and Tesla. These companies have led the growth of the S&P 500 since the market low in 2022, but recent market activity has shaken investor confidence.
Microsoft, Nvidia, and Alphabet Also Suffer Share Slumps
Microsoft, the world's second-largest company by market capitalization, reported its fourth-quarter earnings for the 2024 fiscal year ending June 30. Despite better-than-expected earnings, Microsoft's stock (MSFT) fell 3.8% on July 30, closing at $422.92. Over the past three weeks, the company's market capitalization has declined by 15%, now standing at $3.1 trillion.
Meanwhile, Nvidia, whose Q2 earnings report is due on Aug. 28, has already experienced a 23% stock slump, resulting in an $800 billion market cap loss since July 10. The semiconductor giant’s market capitalization now sits at $2.55 trillion, with its share price (NVDA) closing at $103.73 on July 30, down 7%.
Alphabet, the parent company of Google, reported Q2 earnings of $84.72 billion on July 23, a 5.2% increase from the previous quarter. Despite this, Alphabet's market cap has dropped by 12% since July 10, with shares (GOOG) largely unchanged, closing at $171.47 in after-hours trading.
Apple and Amazon Set to Report Earnings
Apple, the largest company in the world by market cap at $3.35 trillion, is scheduled to release its earnings report on Aug. 1. The company has seen a 9% decrease in market cap, equating to a $312 billion loss since July 10. Shares (AAPL) closed at $218.80, down 7% from their recent peak.
Similarly, Amazon, with a market cap of $1.89 trillion, has seen a 12% decline over the past three weeks. Its stock (AMZN) dipped 1.5% on July 30, closing at $180.90 in after-hours trading. Amazon’s Q2 earnings report is also expected on August 1.
Meta, formerly known as Facebook, ranks sixth among the Magnificent Seven with a market cap of $1.17 trillion. The company has lost 18%, or $257 billion, of its market cap since July 10. Meta is set to release its Q2 earnings report on July 31, with its stock (META) falling 2.5% to $463.19 on July 30.
Tesla, led by Elon Musk, has a market cap of $711 billion, making it the smallest of the Magnificent Seven. The company has lost 19% in market cap since July 10. Tesla reported its lowest quarterly profit margin in five years on July 23, with earnings per share missing estimates for the fourth consecutive quarter. Consequently, Tesla’s stock (TSLA) plummeted 9.4% on July 30, closing at $222.62.
Broader Market Implications of the Magnificent Seven Slump
The substantial losses among these tech giants could signal broader market volatility, especially in higher-risk assets like cryptocurrencies. Interestingly, during the same three-week period, the total crypto market capitalization has gained 11%, suggesting a potential early divergence in market trends.
As the earnings reports unfold, the performance of these tech behemoths could set the tone for market sentiment in the coming months. Investors and analysts alike will be closely monitoring the results to gauge the potential impact on the broader financial markets.

Bitcoin futures' open interest has surged to a new all-time high, signaling increasing investor demand for the world's largest cryptocurrency and raining the question about whether a $BTC price breakout is imminent.
Bitcoin futures open interest, which measures the total number of open positions in the underlying asset, has reached an unprecedented $39.46 billion across all exchanges. This surpasses the previous record of $39.03 billion set on March 29, 2024, according to data from CoinGlass.

Rising Investor Interest In Bitcoin
The record high in Bitcoin's open interest is a crucial metric for traders, indicating heightened interest and liquidity in the asset. The current peak of $39.46 billion suggests that investor interest in Bitcoin is on the rise, potentially setting the stage for a breakout to new record highs.
Several indicators support the possibility of a #Bitcoin price breakout. As of July 24, over 75% of Bitcoin’s short-term holders were in profit. This metric is often used to gauge retail demand for Bitcoin, and the high percentage of profitable short-term holders could translate into upward momentum for #BTC .
Additionally, Bitcoin's growing dominance in the crypto market is another positive sign. Benjamin Cowen, the CEO and Founder of Into The CryptoVerse, highlighted Bitcoin's increasing market share in a recent post on X (formerly Twitter). He noted that Bitcoin dominance had its highest weekly close all cycle, suggesting BTC could continue to reclaim more market share in the coming months.
Key Price Targets
Prominent crypto analyst Rekt Capital has identified $71,500 as Bitcoin's next major target. In a post to his 484,000 followers on X, he pointed out the ongoing price clustering between $65,000 and $71,500, suggesting that Bitcoin could revisit the range high of approximately $71,500 in the near future.
Currently, Bitcoin is trading 5.8% below its all-time high of over $73,750, recorded on March 14. The future price action will largely depend on inflows into US-based spot Bitcoin exchange-traded funds (ETFs). According to Dune data, US spot Bitcoin ETFs saw $795 million worth of cumulative net inflows during the previous week, marking the fourth consecutive week of positive net inflows.