A few lessons I learned as an institutional trader
It’s rare that a person has an opportunity to experience the financial markets through the lens of both an institutional market maker taking down hundreds of millions of dollars on block trades.
However, I’ve been in the cryptocurrency trading space since 2017 when I was a freshman in college. I played through the ICO bubble, when I traded altcoins instead of studying for finals. I went through the summer of decentralized finance (DeFi) in 2020 during Covid-19, when I first started learning about liquidity pools. I experienced the exuberant bull run of 2021 while landing my first internship on the institutional side of trading, and I went through the crash of FTX.
I’ve learned several things from these few years, but here are a few of the key takeaways I’ve experienced after trading as both a retail and institutional trader.
Institutions require more wins — and they can wait for them
As a retail trader, I often found myself drawn to microcap assets, chasing those elusive 100x gains. The strategy was straightforward: make numerous small bets, hoping that a few significant wins would offset the inevitable losses. This approach involved constant monitoring of DEX Screener, Telegram chat rooms, Discord and other social media. My attention was 100% focused on finding the next opportunities, because finding them first was more important than being 100% correct.
Related: Bitcoin bulls should steer clear of MicroStrategy's new leveraged ETF
The institutional perspective, however, was much different. When you’re dealing with substantial capital, the focus shifts to more researched, concentrated positions over longer timeframes. We looked at complex datasets and overall market liquidity. A 10% return on a $1 million position was more feasible and impactful than seeking a 100x return on a small, speculative bet — especially from a risk-management perspective. We couldn’t make 100 bets of $1 million each and hope that more than one of them resulted in a 100x return.

Dogwifhat (WIF) Holds Strong Above $1.5, Is A Bigger Rally Imminent?
Dogwifhat (WIF) continues to maintain bullish momentum above the crucial $1.5 level, following a successful breakout above this level. This sustained momentum has sparked speculation about whether the asset is gearing up for a more significant rally or if this momentum might eventually lose steam. 
As WIF remains resilient above the $1.5 level, this article will offer a technical analysis, utilizing key indicators to assess its current price performance and evaluate the potential for a larger rally, providing insight into the implications for the asset’s future.
In the last 24 hours, Dogwifhat has gained a 5.03% increase, reaching approximately $1.53. The meme coin’s market capitalization has surpassed $1.5 billion, with trading volume exceeding $421 million. Over this period, the market cap has increased by 4.64%, while trading volume has surged by 49.84%.
Current Price Action: Evaluating Dogwifhat Performance Above $1.5
Dogwifhat currently, is displaying bullish resilience above the $1.5 level, trading slightly below the 100-day Simple Moving Average (SMA) on the 4-hour chart. If the cryptocurrency maintains its strength above this key level, it could potentially set the stage for a larger rally.
Also, the position of the Composite Trend Oscillator indicator shows that WIF could be poised for further price gains. The signal line and the SMA of the indicator have risen above the zero line, suggesting that bullish pressure remains strong in the market.
On the daily chart, WIF’s price is holding steady after a successful breakout above the $1.5 mark. This resilience suggests that the bulls may continue to dominate, potentially driving the price higher towards the $2.2 mark and the 100-day SMA.
Finally, the 1-day composite trend oscillator indicator suggests that Dogwifhat has a strong potential to extend its bullish movement. Both the signal line and the SMA of the indicator are currently in the overbought zone, with the signal line attempting to cross above the SMA.

Hackers Use McDonald’s Insta to Promote the Meme Coin GRIMACE
The post Hackers use McDonald’s Insta to promote the Meme Coin GRIMACE appeared first on Coinpedia Fintech News
On August 21, 2024, a hacker hijacked one of the biggest fast-food chains McDonald’s Instagram accounts to promote a fake Solana-based meme coin called “GRIMACE.” Within just 30 minutes, the hackers stole over $700,000 in funds, as this fake token skyrocketed and its market capitalization reached $25 million before crashing to $1 million, according to data from pump.Fun.
GRIMACE Promotion on McDonald’s Instagram
Later, the hackers deleted the fake meme coin “GRIMACE” post from Instagram, which suggests that McDonald is experimenting on Solana. After the hack and theft of the funds, the hacker adds a thank you message, saying “Thank you for the $700,000 in Solana.”
Source: Instagram
Additionally, Guillaume Huin, the marketing director of McDonald’s, gained significant attention from the crypto community as his post on X (previously Twitter) went viral. In the post on X, the marketing director added, 
“If you’re a holder of $GRIMACE, drop your Instagram handles below, we will follow you on the official McDonald account. We love and appreciate all the support of Grimace.”
Source: X (previously Twitter)
However, both of these posts on X and Instagram vanished soon, but they had already hurt investors.
Hack Through Social Media
This is not the first time hackers have used any popular firm or celebrity Instagram or X accounts. Earlier, in August 2023, hackers targeted the X account of Blockchain Capital. Additionally, these hackers targeted investors and crypto enthusiasts by offering “BCAP” token giveaways through fake websites.
Hackers prefer this type of attack to trick individuals into linking their crypto wallets.
Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.

Will Bitcoin Breach $62,000 Level or Fall Again?
The post Will Bitcoin Breach $62,000 Level or Fall Again? appeared first on Coinpedia Fintech News
After a strong 3.7% of green 4-hour engulfing candle, Bitcoin (BTC) once again reached its crucial level near $62,000. However, this is the fifth time BTC has reached this level in the last 15 days, and each time it has faced massive selling pressure, resulting in a significant drop in BTC’s value
Bitcoin’s Upcoming Levels
This time, BTC’s daily candle closing will be crucial in determining its upcoming momentum, whether it will repeat the history or breach this $62,000 resistance. According to expert technical analysis, BTC looks bearish as it started falling from that crucial level. Looking at the current market sentiment, there is a high possibility BTC will again fall to $59,000 and $58,000 levels in the coming days.
Source: Trading view
However, to experience a massive upside move, BTC needs to breach the $62,000 level and close a daily candle above that level. If this happens, BTC could rally to the $67,000 level or even higher. 
Rise in Open Interest
With the recent price surge, BTC’s open interest has increased by over 4.05% in the last 4 hours and over 5% in the last 24 hours. This increased open interest signals and strong interest from traders and investors in BTC. 
However, the rise of open interest does not necessarily signal a bullish trend, it is possible that short sellers have begun making significant bets at the current level, hoping that BTC will fall.
Bitcoin’s Price Overview
At press time, BTC is trading near the $61,200 level and has experienced a price surge of over 3% in the last 24 hours. Meanwhile, its trading volume has remained unchanged during the same period, meaning traders’ participation remains stable.
Earlier, on August 21, 2024, the on-chain analytic firm made a post on X (previously Twitter) that a large sell order of 1,200 BTC had been placed at the $60,500 level.
#BTC OrderBook Heatmap Someone placed large sell orders at $60500,about 1.2K.

Who Cares More About Crypto: Kamala Harris or Donald Trump?
As the upcoming U.S. presidential election draws near, cryptocurrency has emerged as a key issue for candidates. Both major parties are refining their positions on digital assets and blockchain technology, aiming to win over the growing crypto community.
Kamala Harris: Balancing Growth and Regulation
Vice President Kamala Harris is making strides to appeal to crypto supporters. Her campaign team is reportedly developing policies that would foster growth in the cryptocurrency sector. At the Democratic National Convention, Harris's senior policy advisor, Brian Nelson, emphasized the candidate's commitment to nurturing emerging technologies.
However, Harris isn't advocating for a completely hands-off approach. Her stance appears to balance industry expansion with necessary oversight, aiming to create an environment where innovation can thrive within a well-defined regulatory framework.
Donald Trump: From Skeptic to Supporter
Former President Donald Trump has undergone a significant shift in his crypto stance. Previously dismissive of digital currencies, Trump now reportedly owns over $1 million in crypto assets. His campaign promises include easing regulations on the industry and replacing SEC Chairman Gary Gensler with a more crypto-friendly figure.
Trump's platform also includes plans to establish an advisory council on cryptocurrency and develop guidelines for stablecoins. This change in position has attracted support from prominent figures in the crypto world, including the Winklevoss twins.
The Battle for Crypto Votes Intensifies
As the election nears, both Harris and Trump are actively courting the crypto community. Harris's campaign is working on policies that promote growth while maintaining "stable rules" for the industry. Meanwhile, Trump is leveraging his newfound pro-crypto stance to differentiate himself from his previous position.

#kamalaHarris #donaldtrump #usa #Election2024 #crypto

Meeting Binance CEO Richard Teng
Yesterday, CoinDesk was lucky enough to sit down with Richard Teng, the new CEO of Binance. It was a chance for us to meet with the man entrusted to run the world’s biggest crypto company at a fascinating time. Teng, a former regulator, was appointed last year as Binance reached a $4.3 billion settlement with U.S. authorities for violating sanctions and anti-money laundering regulations. He replaced CZ, Binance’s larger-than-life founder, who is currently serving a four month prison sentence in California.
My colleague Cheyenne Ligon wrote up the interview yesterday (the headline was that Binance, unlike other large crypto companies, is not currently considering an IPO). Here are some other takeaways along with some personal impressions.
Teng Is Not CZ
CZ always gave the impression of being the man in charge, the operational and spiritual leader of Binance. Teng is a different sort of CEO. He deflected questions about technology and future plans to other managers, and Teng made a point of saying that Binance was now a more decentralized company. “Today, the organization is quite different from the one CZ led. It was a founder-led organization, CZ was running it,” Teng told us. “Right now, it’s a totally different corporate structure. It’s a board-led organization. We have three independent directors on board, we have a talented crew of very senior experienced executives for day-to-day operations at the company.”
Teng was a financial regulator in his native Singapore as well the United Arab Emirates. He was appointed CEO because he understands regulation and regulators. The challenge for Binance is to convince authorities that it can be trusted on money laundering and other sensitive issues. It’s investing heavily in compliance. Teng, who has a graceful, unflappable manner, is the man for the hour.
No HQ yet
CZ famously used to say that Binance was a “global company,” by which he meant not only did it operate around the world, but really was of the world, as opposed to any one country.

Bitcoin is holding $60K — Here’s why it’s important
Bitcoin (BTC) gained 4% between Aug. 21 and Aug. 22, and despite losing some momentum, it has sustained the $60,000 support. Some analysts argue that a break above the $62,000 resistance is necessary to confirm a bullish trend. However, given the market’s confidence in the United States Federal Reserve (Fed) implementing expansionary measures, the odds still favor Bitcoin bulls.
Bitcoin’s fundamentals and spot ETF flows remain solid
Bitcoin analyst and investor Decode believes that BTC's price must break above the 200-day moving average, especially at the monthly close, to “resume the bull trend.” 
Source: decodejar
However, Decode adds that Bitcoin “seems to have lost momentum for now, [...] so, August - September looks most likely a continuation of the boring zone, but I am bullish on Q4 and ready to be surprised.” 
In essence, investors remain bullish for the medium term but do not foresee an immediate catalyst to close the gap between Bitcoin and traditional markets.
Investors anticipate that the Federal Open Market Committee (FOMC) will cut interest rates at the next meeting scheduled to conclude on Sept. 18. Some economists believe there is potential for a 0.50% rate cut, which would be considered aggressive and typically favorable for risk-on markets. 
Such a cut would lower the compensation for fixed-income investments like US Treasuries and reduce the cost of capital for companies. Even a 0.25% rate cut would signal to the market that the most severe phase of monetary tightening is behind us.
Bitcoin (blue) vs. gold (orange) vs. S&P futures (red). Source: TradingView
Some traders might note that the S&P 500 is trading just 1% below its all-time high, and even gold, often considered the world’s most reliable store of value, reached its highest-ever mark on Aug. 20. In contrast, Bitcoin remains 16% below its June 2024 historical high of $71,943. are certainly concerned about the US government’s fiscal debt and are seeking protection in scarce assets, most are not yet ready to fully

Former Goldman Analyst Predicts Dogecoin (DOGE) Will Be Flipped by Another Meme Coin This Year
Former Goldman Sachs analyst Murad Mahmudov has predicted that Dogecoin, the leading meme cryptocurrency, will end up being flipped by another meme coin in 2024. 
"The biggest trick they played on you is to convince you that DOGE cannot be flipped," Mahmudov wrote in a social media post. 
The prediction has sparked discussions about meme coins that could potentially occupy Dogecoin's much-coveted throne. 
card
For now, DOGE remains the only meme cryptocurrency in the top 10. 
Has any meme coin toppled Dogecoin? 
As reported by U.Today, Shiba Inu (SHIB) managed to briefly surpass Dogecoin on the CoinGecko ranking website back in October 2021.
However, SHIB's massive rally proved to be short-lived, and Dogecoin maintains an impressive lead over its biggest rival ($15.3 billion and $8.3 billion, respectively). 
card
Other potential Dogecoin challengers include Pepe (PEPE) and dogwifhat (WIF). However, these cryptocurrencies are extremely far from catching up with the canine meme coin king.  
Not realistic? 
Some commentators have pointed out that the idea of any other meme cryptocurrency potentially surpassing Dogecoin is not realistic. The gap between the OG meme coin and some of its potential challenges is just too big. 
Of course, it should also be mentioned that Dogecoin is an inflationary cryptocurrency, which means that its total supply is virtually unlimited. The expansion of the Dogecoin supply, which currently stands around 3.5% per annum, is necessary for rewarding miners and keeping the network fees low. Moreover, this makes it possible for the leading cryptocurrency to actually function as a currency. 
Even though Dogecoin's monetary base is going to shrink with time, it still has an edge over non-inflationary meme coins. 
#DOGE
Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
#DOGE

Donald Trump, a U.S. presidential candidate, has officially announced a decentralized finance (DeFi)
#BecomeACreator
Donald Trump, a U.S. presidential candidate, has officially announced a decentralized finance (DeFi) project that has been the subject of speculation for some time. This move marks a significant step into the cryptocurrency space, aligning with growing interest in blockchain technology and digital assets. The project is expected to leverage DeFi's core principles of decentralization, transparency, and accessibility, aiming to provide innovative financial solutions outside traditional banking systems.
Trump's involvement in the project has garnered considerable attention, given his influence and high-profile status. While details of the project's structure and objectives remain under wraps, it is anticipated to focus on enhancing financial freedom and reducing dependence on centralized institutions. The project could also potentially cater to Trump's political base, many of whom have shown increasing interest in alternative financial systems amid growing distrust in traditional institutions.As this initiative unfolds, it could have significant implications for both the DeFi space and the broader financial landscape. Trump's entry into the cryptocurrency world underscores the growing mainstream appeal of digital assets and their potential to disrupt conventional financial systems. Observers are keenly watching for further developments, which could shape the future of DeFi and influence its adoption on a global scale.#DefiPoolz #DEFİ #DeFiEducation

'Something is happening' — Bitcoin hodlers scooped $23B in the past 30 days
Bitcoin “permanent holder addresses” have accumulated nearly $23 billion of the asset over the past month, according to on-chain data.
In a post on X on Aug. 7, CryptoQuant founder and CEO Ki Young Ju exclaimed “I'm pretty sure something is happening behind the scenes.”
The comment came in reference to a recent spike in 30-day demand change for permanent Bitcoin (BTC) holders.
Around $22.8 billion worth, or 404,448 BTC, have moved to permanent holder addresses over the past 30 days, “and it's clearly accumulation,” said Ki.
He predicted that within a year, some entities such as TradFi institutions, companies, governments, or others, “will announce that they've acquired Bitcoin in Q3 2024,” before adding:
“And retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic shit was going on.”
In a separate X post on Aug. 7, Ki Youngadded another couple of bullish factors such as Bitcoin miner activity.
“Miner capitulation is nearly over,” he said adding that hash rate is nearing all-time highs and U.S. mining costs are around $43,000 per coin so hash rate is likely to remain stable unless prices dip below this.
“Retail investors are mostly absent, similar to mid-2020,” he said before adding that there has been “reduced old whale activity” with long-term holders of over three years selling between March and June but “no significant selling pressure from old whales at this time.”
“Based on this data, I believe the bull market is still intact. If the market doesn’t recover in two weeks, I’ll reconsider. I follow smart money, so if I'm wrong, it means the new whales are either misguided or underestimated the macro environment.”
In late July, he observed the flows to permanent holder addresses such as exchange-traded funds stating that not all remaining BTC is in custody wallets, but “whales are clearly accumulating, and it's an unprecedented level.”

Bitcoin (BTC) Follows Japanese Stocks Recovery
Bitcoin (BTC) has begun its recovery. Now up 15.6% since its Monday low, and no small increase of $7,600 since then; Bitcoin appears to be following the recovery seen in the Japanese Nikkai 225 Index. Could this be a v-shaped recovery for both?
Nikkai on road to recovery
The Nikkai 225 is an index of the top 225 companies on the Tokyo Stock Exchange (TSE). Since a horrendous plunge from top to bottom of 26% over only 5 days, the Nikkai 225 Index has recently recovered 12.4% of this.
The unwinding of the Yen carry trade, and the fact that crypto was the only sellable asset over the weekend, meant that Bitcoin took a terrible beating, as traders looking to unwind their positions sold $BTC hard, because it was the only asset that could be sold.
Source: TradingView
The weekly price chart for the Nikkai 225 Index shows a huge wick down to the horizontal support. This wick down also nicely tested the upward trend line. The Japanese stock market could proceed back to the highs from here, although the carry trade unwind is probably still taking place, so caution should be maintained.
It’s not just the Japanese stock market that is experiencing this kind of recovery; both the S&P 500, and the tech-heavy Nasdaq exchanges in the U.S. are starting to claw back the huge losses sustained on Monday.
Bitcoin outperforms them all
Source: TradingView
As for Bitcoin, the alpha cryptocurrency is outperforming them all. It can be seen that the heavy selling over the weekend and into Monday crashed the price through the confluence of the bottom of the bull flag, and the 0.618 fibonacci.
However, it can be observed that the price was also bought up heavily once it got into this incredibly low environment for what is still a bull market. The $BTC price is currently up against some strong resistance at the $57,000 level. Should it be able to battle past this, a return to the top of the bull flag could be on the cards.

Aventus Supply Chain Solution Demonstrates Polkadot’s Impact on Aviation Inudstry
London, United Kingdom, August 7th, 2024, Chainwire
Blockchain-based solution drives significant improvements in data visibility, accuracy and operational efficiency within cargo handling sector, according to research conducted by Aventus at Heathrow Airport
Airlines can benefit from overall cost savings in their cargo handling operations by leveraging Web3-based solutions, according to a study conducted by Aventus & Airport Perishables Handling (APH) at Heathrow Airport.
The existing toolset used for global ULD management has remained unchanged since the 1990s and relies heavily on manual data inputs, resulting in critical challenges with data visibility and accuracy, secure information sharing, and costly ULD losses, damages and delays – costing airlines north of $1.6 billion annually. 
Web3, through blockchain technology, offers a robust solution to the challenges of traditional ULD management, by: 
Enabling immutable, tamper-proof records that provide a single source of truth, eliminating disputes and improving regulatory compliance;
Reducing administrative overhead and minimize errors by automating manual processes via self-executing smart contracts; 
Enabling real-time visibility into ULD location, custodianship and condition, and streamlining data sharing to enable airlines to optimize operations.
In a pilot study conducted at Heathrow Airport, Aventus, an industry-leading provider of end-to-end Web3 solutions for enterprises and parachain on Polkadot, found that its end-to-end blockchain-based cargo handling solution drives improvements in data visibility, accuracy and operational efficiency within the cargo handling sector.
90% reduction in communication and error incidents as a result of digitized data capture; 
83% reduction in manual documentation time;
81% reduction in time between ULD stock updates from 3-4 hours to just 30 minutes, enabling real-time decision-making; and
28% reduction in loading times as a result of optimized ULD loading workloads.

Bitcoin Dominance Hits 58% Yearly High Amid Altcoin Sell-Off
Bitcoin dominance hits 58% YTD high as altcoins like Ether drop 30% amid market turmoil.
Jump Crypto's massive Ether sell-off triggers 20% price plunge, shaking crypto markets.
Geopolitical tensions & economic data fuel crypto volatility, Bitcoin now 58% of market cap.
Bitcoin dominance, the ratio of Bitcoin’s market capitalization to the entire crypto market, has set a new year-to-date high of 58%. It rose to a high of 58.1% in the early hours of August 5 after a sharp sell-off that saw Ether tumble by 18% within two hours and BTC fall by 10% in the same time frame. This was triggered by a massive selloff in altcoins & global stock markets, which crumbled.  https://twitter.com/_TOBTC/status/1820336240946004335 Bitcoin Drop Impact on Altcoins
As Bitcoin's value rises, price variations affect the rest of the cryptocurrency business. A prolonged drop in Bitcoin's price may increase selling pressure on several cryptocurrencies. 
According to CoinGecko data, the price of Ether has fallen 30% in the last seven days, while prominent altcoins such as Solana have fallen 35%,25%,& 21%, respectively. 
Analysts speculate that the sell-off in altcoins & subsequent gain in Bitcoin's market share may reflect a flight to quality or a move to more cautious investing tactics among crypto investors during periods of economic uncertainty & geopolitical turmoil.Factors behind Bitcoin & altcoin fall
Hostilities between Israel & Hezbollah have been ratcheting up, with increased military posturing in the area by the U.S. putting things, particularly on edge,which now brings a further squeeze on markets that have recorded losses across asset classes.Concurrently, Trading activity has hugely driven the latest market dynamics. More specifically, Jump Crypto, the cryptocurrency trading division of Jump Trading, caused Ether to lose 20% of its value. On Sunday, Jump Crypto sold off large amounts of its holdings in Ether,moving millions worth of the asset to hot wallets on various exchanges,such as Coinbase, Binance,OKX,&Bybit.

Pepe Price Plunges as Whale Activity Surges: What’s Next for PEPE?
Pepe, an Ethereum-based meme coin, has shown significant price fluctuations following recent developments in the cryptocurrency market. Over the past week, Pepe's price has experienced sharp swings, mirroring broader trends within the crypto space. The token is currently hovering around $0.00001, with bulls and bears contesting its value amid the ongoing market uncertainty.
Whale Transactions Signal Potential Market Shifts
Despite a general market decline, Pepe's price surged recently as a whale deposited 400 billion PEPE tokens, worth $4.22 million, to Binance to take profits. This transaction highlights significant movements in the cryptocurrency market as investors closely monitor whale activities.
Previously, the same whale withdrew 795.92 billion PEPE tokens, valued at $2.55 million at the time, from Binance on March 1. Following the recent deposit, the whale still holds 395.93 billion PEPE tokens, approximately $4.18 million. The total profit generated by this investor amounts to $5.85 million, representing a remarkable return on investment (ROI) of 230%. This substantial gain showcases the potential rewards within the cryptocurrency space and the strategic maneuvering by investors to capitalize on market trends.
Over the past 24 hours, Pepe's price has experienced an 8% decline, currently standing at $0.00000105. The trading range for the day saw a low of $0.000001043 and a high of $0.000001162. Over the past week, the meme coin has been on a descending trend, with an 11% decrease and an 8% monthly drop.
Is the Market Poised for Recovery?
If the bearish trend continues, PEPE could break below the support level at $0.00001. A further decline could push the price down to $0.0000097 and eventually to $0.0000095, indicating strong selling pressure in the market. The technical indicators for Pepe reveal a mixed outlook in the cryptocurrency market. The Relative Strength Index is currently at 27, indicating that the asset is in the oversold territory, suggesting a potential for a price reversal.

Marathon Digital Falls Short of Revenue Prediction, Shares Plunge 8%
Marathon Digital (MARA) saw its shares drop over 8% in after-hours trading on Thursday following a second-quarter revenue report that fell short of Wall Street’s forecasts.
However, the stock has since recovered some of these losses.
Marathon Digital Sees a Revenue Miss
Marathon Digital reported second-quarter revenue of $145.1 million, falling short of Wall Street’s forecast of $157.9 million, approximately 9% lower.
The company attributed the revenue miss to operational challenges, including unexpected equipment failures, transmission line maintenance at its Ellendale site, an increased global hash rate, and the impact of the recent halving event on the mining sector.
CEO Fred Thiel noted that these issues had adversely affected the company’s BTC production. Despite these setbacks, Marathon achieved a record mining power of 31.5 exahash per second (EH/s) in the quarter. The company aims to reach a hashrate of 50 EH/s by the end of the year and plans further expansion in 2025.
Meanwhile, the miner’s adjusted EBITDA dropped to a loss of $85.1 million from a $35.8 million gain in the previous year, primarily due to unfavorable fair value adjustments of its digital assets and reduced BTC production.
In response to its financial pressures, Marathon sold 51% of the BTC it mined to cover operating costs. The company has since purchased $100 million worth of bitcoin, opting to retain all of it on its balance sheet, which now exceeds 20,000 BTC.
The report also highlighted that the average price of BTC mined in Q2 2024 was 136% higher than the previous year. On average, Marathon mined 22.9 BTC per day, a decrease of 9.3 BTC per day compared to the prior period.
Thiel has acknowledged that the company has restructured internally to better align with growth opportunities and enhance operational efficiency.
Riot Platforms Revenue Closer to Estimate
The report follows Marathon Digital’s recent legal trouble when the company was fined $138 million for breaching a non-disclosure agreement. #BTC

Shiba Inu (SHIB) Sees Boost as Whale Acquires 2.7 Trillion Coins
Trending
Shiba Inu (SHIB) has gained attention today as a major investor bought 2.7 trillion SHIB coins from a crypto exchange. This large purchase suggests potential for further price growth, with a possible target of $0.0000386.
This report summarizes SHIB’s recent market activity and what it might mean for future prices.
Major Whale Purchase and Shiba Inu’s Growing Optimism
According to Whale Alert, an unknown whale acquired 2.70 trillion Shiba Inu (SHIB) coins, worth $48.34 million, from the Robinhood crypto exchange. The wallet address 0x40b38765 was identified as the buyer. Further investigation shows that this wallet now holds $653.52 million worth of SHIB, according to Etherscan data.
This substantial accumulation has fueled optimism about SHIB’s future, reflecting the whale’s strong confidence in the token. The significant purchase has generated excitement among investors, who are hopeful for potential gains.
Additionally, Shytoshi Kusama, Shiba Inu’s lead developer, recently highlighted the coin’s decentralized features. In light of the recent CrowdStrike outage, Kusama suggested that the Shiba Inu ecosystem could offer a solution to the risks associated with centralized systems. This has further energized discussions and added to the positive sentiment around SHIB.
Currently, SHIB’s price is benefiting from the buying pressure driven by the whale’s acquisition, contributing to a generally optimistic market outlook.
Shiba Inu (SHIB) Price Update and Future Outlook
Today, Shiba Inu’s (SHIB) price increased by 1.87%, reaching $0.00001789. The token’s 24-hour trading range was between $0.00001705 and $0.00001815. Over the past week, SHIB has seen a 4.67% gain.
The weekly charts show a bullish pattern called a rounding bottom, which suggests that SHIB might be finishing its downtrend. This pattern hints that SHIB could reach a price of $0.0000386 by the end of the month.
Currently, the 14-day Relative Strength Index (RSI) is at 50, signaling a neutral state.

Trump Picks Crypto-Friendly Sen. J.D. Vance As Vice Presidential Candidate
Trending
Former President Donald Trump has announced that he has chosen crypto-friendly Sen. J.D. Vance (R-Ohio) as his vice presidential candidate.
According to his latest federal financial disclosure, Vance, a venture capitalist turned politician, owns between $100,001 and $250,000 in Bitcoin.
Trump and Vance’s United Front on Crypto
Earlier this year, former President Trump’s stance on crypto shifted from skepticism to support. In May, his team began accepting contributions in various cryptocurrencies through Coinbase. He has also been vocal on the industry during his campaign, vowing support.
While Trump’s lead is widening in almost every post-debate survey, one advocacy group still believes that Biden has a “pivotal opportunity” to alter his position on crypto to lead.
Meanwhile, in his mandated Annual Report for 2022, filed in October 2023, Vance disclosed that he holds his Bitcoin on Coinbase and maintains accounts with brokerages Robinhood and Charles Schwab.
Vance has not yet filed financial disclosures for 2023. However, his previous efforts to bring clearer legislation to the crypto space have made him a favorable choice among crypto leaders.
He recently drafted a bill to revamp how the U.S. regulates digital assets, which sources say would be even more crypto-friendly than the bill passed by the House in June.
Vance Has Been Active in Crypto Legislation
Senator J.D. Vance, the first millennial on a major party presidential ticket, is bringing a generational shift to the race, including a strong stance on crypto.
He voted to repeal the SEC’s controversial staff accounting bulletin SAB 121, which restricts certain banks and broker-dealers from holding digital assets. Although the repeal passed both chambers of Congress by a simple majority in May, it was ultimately vetoed by President Biden.
In February, Vance penned a letter to SEC Chairman Gary Gensler alongside several GOP Senators. They expressed concerns over an enforcement case against the crypto firm Debt Box.

$33 Million in Ethereum (ETH) on Move, Here's Why
Trending
Ethereum (ETH) has been consolidating in the past few days. It appears that the leading altcoin is lacking support from bulls. In fact, we are now witnessing some sell-offs as well. As per Whale Alert, an Ethereum whale triggered a major Ethereum sell-off earlier today.
The tracking service reported that this whale transferred 10,291 ETH to crypto exchange Coinbase. This transaction is worth around $33.7 million, based on the current ETH price level. The timing of this whale transfer is crucial as it comes at a time when Ethereum is struggling to get bullish momentum.
Notably, crypto whales hold coins in their personal wallets. But they transfer the coins to an exchange when they plan on selling those coins. In this case, the whale has transferred ETH coins to Coinbase, and it clearly indicates a sell-off.
This is a worrying sign for Ethereum as such moves from whales can trigger a downturn. While ETH is already struggling to gain traction, this sell-off is expected to put more bearish pressure on the coin. Moreover, it also shows that major traders are showing minimal interest in Ethereum.
What does it mean for ETH?
As of now, Ethereum is trading at $3,249 after a decrease of 0.82% in the last 24 hours. Moreover, the ETH price is down 7.18% in the last 24 hours. ETH has been consolidating in the past few weeks. While this is not a major crash, it is troubling the market.
Last week, the U.S. SEC approved spot Ethereum ETFs. As they went live, these ETFs witnessed significant inflows from investors. Consequently, the crypto community was anticipating bullish movements from ETH after this historic development.
However, Ethereum has not really reacted to it in a positive way. The Ethereum price has remained in the bearish territory. But it should be noted that such major developments do not result in a big rally right away. They have positive impacts in the long term, hence ETH may get out of the current bearish phase soon.
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Disclaimer: Includes thrid-party opinions. No financial advice.

Bitcoin Conference Increases BTC’s Fear and Greed Index to New Highs
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The market sentiment on Bitcoin has grown positive as traders have become more bullish. The BTC Fear and Greed Index has also clocked over 70. The BTC positive sentiment hit a 16-month high score, according to Santiment.
The crypto analytics company Santiment tweeted the insights on July 28. According to Santiment, the king coin’s 20%+ rally over the past three weeks increased traders’ bullish sentiment. 
The analytics company reached this conclusion by monitoring positive vs. negative comments on social media about BTC. The positive sentiment is the highest it has been since March 2023. Santiment measured these comments using the Weighted Sentiment Index, which monitors Bitcoin mentions on X. 
The Bitcoin price at the time of writing is $67,515, down by approximately 0.90% in the past 24 hours. The current price is approximately 0.70% up in the past 7 days. The trading volume is up by over 46% over the past 24 hours. 
Trump’s speech at the Bitcoin Conference impacts market sentiment
#Bitcoin has hit a 16-month high in positive sentiment, with its price nearing $68,000. #Santiment data shows a surge in positive social media mentions, reaching levels not seen since March 2023. This boost in sentiment is partly driven by anticipation for former #US… pic.twitter.com/5taz8gYXkK
— TOBTC (@_TOBTC) July 28, 2024
Some attribute the current positive sentiment to how the crypto community anticipated Donald Trump’s speech at the Bitcoin Conference 2024. The Bitcoin Conference 2024 took place in Nashville, Tennessee, from July 25 to 27, attracting global key figures and crypto enthusiasts. 
Former President Donald Trump was one of the key speakers during the Bitcoin Conference. Others included presidential candidate Robert F. Kennedy Jr., Microstrategy’s Michael Saylor, and ARK’s CEO Cathie Woods.
Trump’s continued support for BTC and his wish to make crypto a strategic reserve for the U.S. has been gaining attention from crypto enthusiasts.

Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In
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The Shiba Inu (SHIB) and Terra Classic (LUNC) ecosystems have become known for their regular token burns, which aim to increase the value of these coins. A computer engineer has given his opinion on this burn mechanism, revealing between Shiba Inu and LUNC, which will likely reach their desired goal of $0.01. 
Will Shiba Inu And LUNC Reach $0.01?
Computer engineer Charu Bey suggested in an X (formerly Twitter) post that only LUNC will likely reach its desired goal of $0.01 through its burn mechanism. He stated that the $0.01 price target is “not a dream for LUNC,” meaning it is more likely to become a reality at some point, although the engineer warned that it wasn’t financial advice. 
On the other hand, he expressed his sadness for Shiba Inu while suggesting that the meme coin’s burn mechanism hasn’t changed much, considering that the token still has a circulating supply of 589 trillion. He further remarked that the SHIB community is “very quiet” about this development, unlike the LUNC community, which is still dissatisfied despite burning millions of LUNCs daily, with the token currently having a circulating supply of “only” 5.44 trillion. 
Shiba Inu and LUNC have adopted similar burn mechanisms, with some transaction fees earned deployed for token burns. LUNC has, however, had extra help considering that the world’s largest crypto exchange by market cap, Binance, has also committed to burning trading fees earned from the token monthly. Data from LUNC Metrics shows that Binance has burnt almost 62 billion LUNC tokens (48.9% of total tokens burnt so far). 
Meanwhile, Shiba Inu has had to rely on the layer-2 network Shibarium for most of its token burns this past year. However, network activity on Shibarium has continued to slow at times, leading to a decrease in the rate at which Shiba Inu burns are carried out.