Bitcoin hit $49K today, while Ethereum revisited $2,100.
However, an intelligence platform observed mild dip-buying interest.
Nomad Bridge Exploiter hackers capitalize on the dip, purchasing 16,892 ETH post-market drop.
The cryptocurrency market is experiencing dramatic declines today, with Bitcoin dipping to $49,000 before stabilizing at $52,400. Ethereum, the second-largest cryptocurrency, has also fallen to $2,100.
This massive dip has liquidated many investors who have bet on the continued uptrend of the crypto market. Data from Coinglass highlighted a $1.12 billion liquidation, with more than $953 million from long and $169 million from short positions.
Despite the market’s fear, uncertainty, and doubt (FUD), some retail traders see the movement as an opportunity to bag more coins in their portfolios. Data from the intelligence platform Santiment reveals an increasing discussion revolving around the best time to ‘buy the dip.’
However, the data suggests that the discussion levels are still lower than the required limits, and a bigger dip could be on the horizon as the U.S. markets wake up.
📉😱 Is this THE dip? Discussions about buying have spiked, but not as much as you may think on such a dramatic drop. Expect for the bigger reaction to come as the US wakes up for their Monday morning shock. Emotional selloffs will only accelerate the timing of crypto's rebound. pic.twitter.com/Cwi5GhWxXX
— Santiment (@santimentfeed) August 5, 2024
At the time of the update, Bitcoin hovered around $52,500, but the most recent record indicates that BTC has hit a fresh intraday low of $49,121. This confirms the expectation of more price drops amid the low interest in dip buying.
In a surprising development, even hackers are capitalizing on the current market conditions, as per Wise Advice. The Nomad Bridge Exploiter, a known hacker, made significant purchases of Ethereum following the market drop, acquiring 16,892 ETH. Blockchain analytics firm Lookonchain recorded that the Nomad Bridge Exploiter used 45 million stolen DAI tokens to buy the ETH and moved it to crypto mixer Tornado Cash to prevent traces.
The mixed reactions observed across different platforms suggest a cautious optimism among traders and investors. While some are eager to buy the dip, anticipating a rebound, others remain hesitant, awaiting further market stabilization before making any moves.
The post Bitcoin Hits New Low as ‘Buy the Dip’ Sentiment Grows appeared first on Coin Edition.
