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14 Years Ago Today
BTC
Was Priced at $0.05.
$BTC
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U.S. Congressman Ro Khanna will host a meeting to help Vice President Kamala Harris improve her relationship with the cryptocurrency industry. This is the second event of its kind in two months to aid Harris’ campaign efforts amid the Biden administration’s tough stance on crypto assets. #USPresidentialElection
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Dips are temporary. Up is forever. #Bitcoin
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Leak Reveals Crypto Is Braced For A Huge BlackRock And Wall Street ETF Earthquake After $60,000 Bitcoin Price Crash $BTC $ETH
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📉 The market is facing another sharp sell-off. Ethereum has fallen below $3,000, and Bitcoin is now trading at $62,500. **Reason:** Wallets linked to Genesis Trading have transferred 16.6k #BTC (approximately $1.1 billion) and 166.3k #ETH (around $521.1 million) to an address connected with bankruptcy liquidation procedures in the past hour. Over $60 million has been liquidated in the last hour, with total liquidations exceeding $270 million in the past 24 hours. How are you navigating the dip? #HoldingVsSelling
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Reasons Behind The Fall Of Crypto Market Today: 1-The Inactive FOMC Crushes Crypto Market Dream The recovery rally before the FOMC meeting and the positive July CPI data results formed a bullish broader sentiment. Further, the interest of three major US pension funds expressed interest in buying Bitcoin through the ETFs cemented the sentiment. However, the long-anticipated rate cut was delayed in the FOMC meeting, with the next possible decision in September. Hence, the excitement in the crypto market subsides quickly, resulting in a bearish turn of events. 2-Massive Outflows In Bitcoin ETFs On August 2nd, massive daily net flows turned bearish after the FOMC meeting. The total net daily inflow of all the U.S. Spot Bitcoin ETFs was negative $237.45 million. The largest outflow was recorded by Fidelity’s FBTC fund of $104.1 million. Other notable outflows were Ark’s ARKB at $87.68 million and Grayscale’s GBTC at $45.95 million. In contrast, BlackRock’s IBIT fund on NASDAQ had the highest net inflow of $42.81 million. Thus, the massive outflows brought a catastrophic move in the crypto market. Mt. GOX Starts Distribution Earlier this week, despite Mt. Gox distributing Bitcoins worth billions to its creditors, 40% of these were sent to exchanges. With minimal pressure on BTC, the price soared. However, the transfer of $3 billion to exchanges from the $9 billion due, the sell-off wave from the distribution run could fuel the bearish run in the crypto market. 3- Bitcoin’s Falling Open Interest Warns Off-roading Amidst the market crash, Bitcoin’s Futures Open Interest dropped by -5.17% in the last 24 hours. Further, the OI-weighted funding rate is declining faster and is down to 0.0085%.
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