Hello everyone, I am Ali, from Wujie Club. Wujie Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
1
Bitcoin plummets, losing $53,000
The cryptocurrency market has recently experienced an unprecedented crash, with the prices of major cryptocurrencies such as Bitcoin and Ethereum falling sharply, resulting in more than $600 million in leveraged long positions being ruthlessly wiped out. On August 5, the price of Bitcoin plummeted from a high of $58,350 to $52,500, a drop of more than 10% in just two hours, shocking the market. Although Bitcoin has since recovered, the plunge still dealt a heavy blow to market sentiment. The last time Bitcoin traded below $53,000 was on February 26, when the price rebounded after the approval of the US spot Bitcoin ETF. At the same time, Ethereum was not spared, with its price plummeting from $2,695 to $2,118, a drop of 18%. Despite a rebound, market sentiment remains tense.
Although the current cryptocurrency market has suffered a heavy blow, this is only a minor setback in the bull market, and there is still more room for growth in the future. Crypto asset investors need to be able to withstand volatility, and the Federal Reserve may further cut interest rates, which is a positive signal for crypto assets. It is worth noting that Ethereum bulls suffered a heavy blow in this plunge, with more than $256 million of ETH longs liquidated, and $231 million of Bitcoin longs forcibly closed. More than $740 million of leveraged positions in the cryptocurrency market evaporated in the past 24 hours, highlighting the sharp volatility of the market.
Global financial markets have recently experienced severe turbulence, with the Japanese stock market bearing the brunt of the situation. The Nikkei 225 index plunged 7.1% in early trading, and bank stocks recorded their worst single-day performance since the 2008 financial crisis. This series of fluctuations is closely linked to the plunge in the cryptocurrency market, which has been hit hard by weak US employment data, slowing growth in technology stocks, and concerns about a large-scale sell-off in cryptocurrency trading companies. The collapse of the cryptocurrency market has not only caused heavy losses to many investors, but also once again pushed the volatility and risk of cryptocurrencies to the forefront. However, despite the current severe situation, some investors still firmly believe in the future potential of cryptocurrencies and believe that this plunge is just a brief setback in the bull market.
2
Cryptocurrency market hit hard, ETH plunge becomes focus
Amid the panic slump in global financial markets, the cryptocurrency market has also been hit hard. In the past 24 hours, the global cryptocurrency market value has fallen sharply by more than 10%, and the prices of major currencies such as BTC and ETH have plummeted. Among them, ETH has almost "halved" from its high point, with significant single-day and weekly declines. The plunge was affected by multiple factors, including global market volatility caused by the Bank of Japan's interest rate hikes and market panic caused by uncertainty about the Federal Reserve's policy. In addition, the large-scale transfer of tokens by market makers such as Jump Crypto, especially the selling behavior during the sensitive period after the launch of ETFs, has also exacerbated the downward trend of ETH and put great pressure on the market.
As the price of ETH plummeted, the DeFi lending market was also hit hard. In the past 24 hours, the lending liquidation volume exceeded 320 million US dollars, setting a new high for the year. Among them, the ETH collateral liquidation volume reached 187 million US dollars, further exacerbating the decline of ETH. In this plunge, whales were not immune, and a whale address suffered heavy losses. This has aroused the market's attention to the volatility and risk of cryptocurrencies, but for investors who are firmly optimistic about the future of cryptocurrencies, this may just be a short setback in the bull market.
Today's recommendations are ONG, UFT, WIF, and FXS.
1
NGO
ONG is the second utility token of the Ontology network, representing the right to use the Ontology network. Ontology is a new generation of public basic chain project, aiming to provide high-performance basic public chain services and support the customization of public chains for different applications. The technology of the ONG coin project has been recognized by the industry, and the project has a high degree of community participation. The development of the Ontology network is relatively mature, and it is currently being promoted in universities around the world, showing its technical strength and subsequent development potential. The current price is $0.237.
2
UFT
UniLend Finance is a digital currency and DeFi (decentralized finance) protocol token based on blockchain technology. The parameters related to the UniLend protocol will be decided by UFT holders through consensus to implement proposals. UFT holders can participate in UniLend's mortgage to obtain a certain percentage of the fees generated by the platform, and mine UFT tokens by increasing liquidity and borrowing from specific pools. The UniLend smart contract integrates the transaction and DeFi functions in the protocol, allowing these two functions to coexist in the same protocol. The current price is $0.1904.
3
WIF
WIF coin, also known as Dogwifhat, is an encrypted digital currency based on blockchain technology. There is no central authority to control it, and anyone can issue and trade it freely. WIF coin is anonymous, protects the privacy of users, and ensures transaction security. Thanks to blockchain technology, the transaction speed of WIF coin is relatively fast. The design is inspired by the Internet meme. Its pattern is a Shiba Inu wearing a pink knitted hat. It has a unique image and appeal, and has a certain degree of attention and investment value in the cryptocurrency market. The current price is $1.207.
4
FXS
FXS coin, full name Frax Share, is the governance token in the Frax protocol, emphasizing a highly autonomous algorithmic approach, without active management, and is completely decentralized. Frax is a fractional algorithmic stablecoin, part of its supply is backed by collateral and part of its supply is backed by algorithms. The ratio of collateral and algorithms depends on the market pricing of FRAX stablecoins. Frax v1 uses Uniswap and Chainlink's oracles to obtain market information such as the US dollar price. FXS coin is the governance token in the Frax protocol, with the characteristics of deflation, revenue sharing, and stability. The current price is $1.578.
Review of club recommendations
1.【PEPE，WIF】
When the market rebounds, meme coins are always the fastest to take action. After in-depth analysis and research, we recommend entering the market at a price point of 0.0000059, and the performance of Pepe tokens has exceeded our expectations, rising to a maximum of 0.00001208, an increase of 40.13%! The performance of Pepe tokens exceeded everyone's expectations.
WIF is most likely to become Sol's Golden Dog meme. The club recommends a layout around 1.7. The highest was around 2.23, an increase of 31.7%.
2.【STORAGE】
Storj Labs' acquisition of GPU cloud company Valdi is a big positive. Storj is a storage company, and its transformation into AI has completed the empowerment of depin+AI. The club recommends building a position at 0.3468, and STORJ has reached a high of 0.50, an increase of 40%.
Unbounded Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
Thank you for reading this far. Ali is with you and wishes you a happy life. Good morning, good afternoon, good night, and see you next time.
