📰 Latest Crypto News from TDR Times! 📰
Yesterday was a difficult day for all of us. The fear sentiment surged everywhere, including traditional markets.
The crypto market experienced its largest three-day sell-off in a year, losing $510 billion in market capitalization from August 2. This decline coincided with a 4.4% drop in the S&P 500(Standard & Poor's 500), weak U.S. jobs data, and recession fears.
How did this impact?
- The Crypto Fear & Greed Index hit a score of 26. Major assets like Bitcoin and Ether fell by 20% and 28%, respectively, while @solana dropped 30.6%.
- The correlation between the crypto market sell-off and the S&P 500 drop suggests that macroeconomic factors and investor sentiment in traditional markets are significantly affecting crypto assets.
What about investor behavior?
Investors might be moving towards safer assets amidst economic uncertainties.
Apart from that:
Starting from August 7, Morgan Stanley will offer Bitcoin ETFs (BlackRock's IBIT and Fidelity’s FBTC) to clients with a net worth of at least $1.5 million. This follows the January approval of spot Bitcoin ETFs in the U.S.
How did this impact the market?
- This move indicates significant institutional interest in Bitcoin and cryptocurrencies.
-Offering ETFs could increase market liquidity and accessibility for high-net-worth individuals, potentially leading to increased investment and price stability in the Bitcoin market.
After a lot of fear, something good soothes our eyes.
@Tether_to reported a record-breaking profit of $5.2 billion in the first half of 2024, bolstered by a substantial U.S. Treasury portfolio worth $97.6 billion.
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