From the comment #Bitcoin can be further reduced to OKX reminding everyone to complete the KYC steps before 2:00 p.m. on August 21. Here are some outstanding news on the #crypto. market

Bitcoin News

Strategist Benjamin Cowen says Bitcoin (BTC) could fall further, even after a correction of more than 15% from its 2023 peak reached last month.

The current recession fits a pattern of occurring every four years, Cowen told his 785,000 YouTube subscribers.

“The idea behind the fear in the crypto space comes from the fact that the S&P 500 stock index tends to correct in August or September of the year before the US election. So, in 2023, the S&P is currently experiencing a correction, down more than 5% since the beginning of August.

According to the widely followed strategist, Bitcoin has plummeted between 39% and 83% in previous “secondary scares.”

“In 2019, when the secondary scare started, the market went below the 20-week moving average and Bitcoin fell 61%… In 2015, it fell about 40%. Before that, in 2011, BTC dropped by 82.5% before truly bottoming out during the secondary scare. All three cases happened in the year before the halving, the S&P fell in the third quarter of the year before the election… and then Bitcoin started trending down for a while.”

Cowen outlines three scenarios for a Bitcoin price drop.

“If it drops 40%, similar to 2015, Bitcoin will return to $17,500. That will be the bottom this year. A 61% drop in 2019, would take BTC back to $11,400. Meanwhile, an 80% drop would bring the price back below $10,000, which is the most unlikely scenario.”

Bitcoin Ordinals NFT trading volume plummeted 98% since May

Total trading volume has plummeted from a peak of $452 million in May to about $3 million on August 14. Along with that, the number of transactions also decreased by about 97% in the same time frame.

DappRadar said that while the change in sales could be due to market volatility, the continued decline in transaction numbers means fewer and fewer traders are participating in Bitcoin Ordinals (BRC- 20).

Source: DappRadar

Ripple News

Amid the recent turmoil in the cryptocurrency markets, XRP experienced a sharp price drop of around 40% within a month and is currently trading around $0.50.

Earlier today, the digital currency even hit a low of $0.476, wiping out all the gains made following a favorable ruling from the United States Securities and Exchange Commission (SEC).

Hedgeye CEO Keith McCullough left a comment: “BTC Bag-HODLers, look on the bright side…everyone can buy Ripple.”

Bitcoin, the world's leading cryptocurrency, recently fell below $26,000. Many analysts have linked Bitcoin's sudden 8% price drop to Bitcoin Magazine's controversial post.

The post, which quickly went viral, attracting more than 2.4 million views, alleged that Elon Musk's SpaceX liquidating its entire $373 million Bitcoin holdings was the main cause of BTC's collapse. However, subsequent reviews revealed inaccuracies in this claim.

In fact, The Wall Street Journal, clarified that SpaceX only announced the value of the amount of BTC it owns from 2022. The misleading post created a backlash, with critics accusing the magazine of intentionally spread “FUD”.

Cardano News

Cardano (ADA) has recently shown surprising resilience. Despite broader market fluctuations, ADA is one of the most resilient tokens in the crypto space.

According to the latest data, ADA is trading around $0.26. The price point, while still modest, represents a strong recovery, especially when considering the recent challenges the network has faced.

Source: TradingView

The recovery was particularly unexpected given current liquidity concerns and the low Total Value Locked (TVL). According to recent data, Cardano's TVL stands at approximately $3.83 billion, lagging behind some of its peers.

The 200 EMA is an important technical indicator used by traders to determine the general trend direction of an asset over a specific period of time. When the price of an asset, such as in the case of ADA, is above the 200 EMA, it is often considered a bullish sign.

In light of recent price performance, its position relative to the 200 EMA will be the key factor to watch. Traders and investors need to closely observe this metric to assess Cardano's future trajectory.

OKX News

On the morning of August 19, the OKX exchange announced reminding everyone to complete KYC steps including filling in information, ID and face verification before 2:00 p.m. on August 21 (Vietnam time).

For accounts that have not completed KYC, OKX will send reminder notifications to each account. Those who do not complete by the deadline will not be able to access any services on OKX.

The exchange said that requiring KYC is to comply with global legal policies, which are quite complex and sensitive.

Meanwhile, the market has seen more than $1 billion liquidated across trading platforms. Even though the crypto space is down as much as 5.4% in the past 24 hours, OKB is showing strength. According to data from IntoTheBlock, the profitability of OKB addresses remains at 97%.

OKB's profitability chart | Source: IntoTheBlock

According to the chart, a total of 42,830 addresses holding OKB are “Profitable,” a metric used by the analytics platform to describe profitable wallets. Of the total number of active addresses, there are currently only about 868 addresses at a loss, with a total of 234 addresses currently breaking even.

Data from CoinMarketCap has revealed OKB's trading volume has increased by 165.9%, with a total of $7.9 million traded in the past 24 hours.

Friend.tech news

Social network friend.tech has started a six-month airdrop process of reward points to its users.

friend.tech is a new web3 social network launched on Base in early August, attracting a large amount of interest from the crypto community. The project allows users to link Twitter accounts, then transfer ETH from Ethereum to Base to participate in buying and selling shares of friend.tech accounts, called shares. Many accounts of large KOLs have seen share prices increase sharply.

The project's operating model is quite similar to BitClout in 2021, except that it does not allow buying and selling shares of Twitter accounts that have not been linked to friend.tech.

According to the announcement in the early morning of August 19, friend.tech has airdropped reward points to 44,000 recent users. Airdrops will take place every Friday, lasting for 6 months, with a total reward point distribution of 100 million.

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