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Crypto Bloodbath: Bitcoin and Altcoins Plummet, Mt. Gox Starts Repayments, German Govt Contineus Selling: Weekly Crypto Recap

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What a week it’s been…

The cryptocurrency markets ultimately took a turn for the worse, but they haven’t been without their moments. The bottom line is that the total capitalization lost a whopping $200 billion, which is more or less 10% in the past seven days alone.

This came on the back of considerable losses from Bitcoin, but especially from the altcoins. In fact, the BTC dominance – a metric that gauges its share relative to that of the rest of the market – is up by about 0.3% in the past week, outlining the broader failure of altcoins altogether.

That said, BTC’s price crashed by a massive 9%, dipping to a low below $54K – a point that we haven’t seen in many months. But the interesting thing is that it all started incredibly well as the leading cryptocurrency reached an intraweek high of almost $64K on July 1st. It was all downhill from there, though.

The bears seized the opportunity and absolutely dominated the market, bringing it down to its current levels.

But if you think that’s bad, you should take a look at some of the altcoins.

Ethereum is down 14%, currently trading below the important $3K level. BNB crashed by a massive 14.4%, trading below $500. Major altcoins, such as ADA, SOL, XRP, AVAX, and so forth, are charting declines in the range between 8% and 15%. Meme coins also tumbled, with DOGE crashing by 20%, SHIB losing 19%, etc.

You must be wondering what the reason for this blood

Well, first and foremost, Mt. Gox, the defunct crypto exchange that owes its creditors many billions in BTC and BCH, sent a whopping $2.7B to a new address today, sparking fears of immediate selling pressure. On top of that, the German government, which was in possession of around 50,000 BTC seized years ago, started selling and disposed of close to 10K BTC in the past few days.

That, coupled with the broader market uncertainty, pushed the entire sector down, leaving many to wonder whether there’s a bottom anywhere to be found.

Well, the prices are now recovering ever so slightly, and many experts, including Adam Back, are calling this an opportunity that will yield its fruits in the coming years.

We have yet to see how the next few weeks will shape up, but if there’s one thing that’s certain it’s that the crypto markets are starting to heat up once again!

Market Data

Market Cap: $2.146T | 24H Vol: $155B | BTC Dominance: 51.2%

BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)


This Week’s Crypto Headlines You Better Not Miss

Bitcoin Price Crashes Below $54K as Mt. Gox Transfers $2.7B in BTC to New Address. In a terrible turn of events, Bitcoin’s price was unable to sustain its bullish momentum from earlier in the week and tanked completely. It dropped below $54K today as Mt. Gox sent $2.7B in BTC to a new address.

More Details About the Mt. Gox Bitcoin Repayments: What’s Next? The Mt. Gox fiasco is finally coming to an end, as the defunct exchange has already distributed some of the funds back to its creditors. It did so in Bitcoin and Bitcoin Cash, but there is still a long way to go. The hope is to be completely done by October this year.

Better than the Rest: Bitcoin is the Best Investment so Far in 2024 (Report). In weeks like these, it’s important to zoom out and take a look at the bigger picture. According to a recent report, both Bitcoin and Ethereum remain the best investments so far in 2024, even compared to a lot of TradFi assets.

Are Bitcoin Miners Capitulating Amid the Drop Below $60K? Bitcoin’s price is trading well below the $60K mark at the end of this week, and there are already some signs that the miners are capitulating. This might be interpreted as a glimmer of hope amid the ongoing crypto bloodbath.

Here’s The Key To Reviving Bitcoin’s Bull Market: Analyst. While the prices might be down, some analysts are taking a closer look at potential catalysts for a much-needed recovery. According to CryptoQuant, stablecoin liquidity is a key factor to keep in mind.

KuCoin Introduces 7.5% Tax on Fees for Nigerian Users. KuCoin came up with an announcement this week, stating that it will levy a tax of 7.5% on transaction fees for all trades executed on the platform for its Nigerian users.


This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin, and Polkadot – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Bitcoin Surges to $63,000 as US Whales and Institutions Drive Buying Spree

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Bitcoin has returned to the $63,000 level during early trading on Monday, July 15. This marks a two-week high, prompting some analysts to suggest that the downtrend has broken.

On July 15, on-chain analytics platform CryptoQuant suggested that the move has been driven by “U.S. whales” as institutional Bitcoin purchases increase again.

Coinbase Premium Gap

Analysts looked at the Coinbase premium gap to determine the trend shift.

“Looking at the Coinbase premium gap, the movement of U.S. whales, which had a selling trend, has recently become buy.”

The Coinbase premium gap is the difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair). High premium values could indicate strong buying pressure from investors in the United States.

CryptoQuant analysts added that so far, “it is only a rebound that slightly compensates for the decline.”

However, the fact that Bitcoin rebounded on the weekend means that additional funds can be expected to flow into spot Bitcoin ETFs on weekdays, they added before concluding that there is a possibility of more upward momentum. More than a billion dollars flowed into spot Bitcoin ETFs in America last week. However, retail trading remained subdued.

CryptoQuant concluded that the market was due to a period of recovery following a prolonged pullback.

“Even from a psychological perspective, it appears to be a good period for Bitcoin to rebound, as market participants have already experienced fear and frustration due to a considerable period of adjustment.”

Market analyst ‘Rekt Capital’ noted that the downtrend had been broken when the asset topped $61,500, and BTC was about to reclaim the post-halving reaccumulation range.

Fellow analyst Michaël van de Poppe commented, “Global uncertainty is rising after the assassination attempt on Trump.”

He added that this was an “ideal climate” for Bitcoin to go upwards consistently.

BTC Price Outlook

With BTC reclaiming $63,000 on July 15, the next level of resistance lies around the $65,000 price zone, which was last breached on June 20.

At the time of writing, the asset was trading at just over $63,000, following a gain of 4.7% over the past 24 hours.

Moreover, total market capitalization has increased by over $100 billion in rare weekend trading activity, largely influenced by the Donald Trump assassination attempt.

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BNB Smart Chain Losses Dropped 83% in Q2 2024: Security Report

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[PRESS RELEASE – Dubai, UAE, July 15th, 2024]

  • BNB Chain experienced a decrease of ~83.3% in total amount loss in Q2 2024 in comparison to Q2 2023
  • Moreover, in Q2, 2024 BNB Chain experienced a ~19% decrease in total losses and a ~18.6% decrease in the number of security incidents compared to Q1, 2024

Salus, the Web3 security firm tackling the most complex security challenges through fundamental scientific research, has today released its BNB Chain 2024 Security Report. The report provides an in-depth analysis of the security events that unfolded on BNB Smart Chain (BSC) during the second quarter of 2024 and reveals a significant security milestone of an 83.3% reduction in financial losses on BSC between Q2 2024 and Q2 2023. In addition, its findings show that in Q2, 2024 BNB Chain experienced a ~19% decrease in total losses and a ~18.6% decrease in the number of security incidents compared to Q1, 2024.

Alongside the in-depth analysis of the security incidents that took place on BSC in Q2 2024, the report also delves into the types of projects targeted. It highlights common attack techniques used during this period and presents data regarding the financial losses incurred, including:

  • Significant improvement in Q2, 2024: Loss amount on BSC dropped by 19% to ~$11.7m in Q2 2024 compared to Q1, 2024 and a ~83.3% decrease in total loss amount on BSC in Q2, 2024 compared to Q2, 2023. This demonstrates the success of security measures and the continuous commitment to enhancing the security of the BNB Chain ecosystem.
  • A look at the blockchain industry: In Q2, BSC represented 5.97% of the total $95,552,224 stolen across all chains.
  • Types of attacks and threats: The most frequent attack vectors were contract vulnerabilities and exit scams. In Q2, there was a noticeable decrease in both the total amount and the number of incidents compared to Q1. The total amount in Q2 was $11,731,093, down from $14,446,914 reported in Q1. The number of incidents in Q2 was 35, down from 43 in Q1.

BNB Chain continues to be a strong industry player, demonstrating its robust performance and boasting growing daily active users and transaction count. The report highlights a quarter with a notable reduction in both the total amount lost and the number of security incidents. The total financial impact shows a clear improvement, underscoring the effectiveness of the security measures that have been put in place.

These results are a testament to the resilience and proactive efforts of the BNB Chain team and community. The landscape of blockchain security is ever-evolving, and going forward, BNB Chain’s AvengerDAO will keep improving its ability to:

  • Identify scam projects early
  • Focus on projects with large liquidity
  • Monitor malicious activities and mitigate hacks as early as possible
  • Expand its reach and actively inform users of risks

Users can view the Security Report here.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

  • BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
  • opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
  • BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, users can follow BNB Chain on X or start exploring via BNB’s Dapp library.

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Ripple v SEC Lawsuit: One Year Anniversary Since the Company’s Biggest Partial Court Win

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  • Ripple’s partial court victory a year ago, where certain XRP sales were not deemed securities, boosted the asset’s price. The ongoing trial continues with disputes over penalties.
  • XRP rose 23% in the past week, likely due to speculation that the lawsuit may soon conclude.

One Year Passed by

Despite the numerous developments in the past several months, the legal spat between Ripple and the US Securities and Exchange Commission (SEC) remains ongoing. It all started in December 2020 when the regulator sued the company and some of its executives, accusing them of conducting an unregistered securities offering via XRP sales. 

Ripple achieved a significant court victory almost exactly a year ago (on July 13) when Judge Torres ruled that its programmatic sales to secondary trading platforms do not constitute offers of investment contracts. The decision fueled a massive rally for XRP, whose price shot by over 70% in a matter of hours, surpassing the $0.80 mark. 

Shortly after, the magistrates dismissed the SEC’s intention to appeal the ruling, while CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the agency. 

According to some industry participants, those triumphs (yet partial ones) gave Ripple the upper hand in the battle. That said, a resolution in favor of the company could trigger massive volatility and a potential uptick in XRP’s price (similar to what was witnessed after the previous victories).

The lawsuit entered its trial phase in April this year. Instead of an outcome, though, it keeps offering additional confrontation. A bone of contention is the size of Ripple’s potential penalty. The SEC initially sought a staggering $2 billion fine, while the company insisted on a sum no larger than $10 million. 

Ripple also pointed to Judge Amy Jackson’s decision to dismiss the SEC’s claims that secondary market sales of Binance’s BNB token constituted securities transactions. It filed a Notice of Supplemental Authority, arguing that the ruling supports its case that the alleged illegal sales of XRP do not warrant “harsh remedies.”

The SEC maintained that the lawsuit against Binance is “wholly irrelevant” to the one against Ripple. On the other hand, it softened its tone, proposing a reduced penalty of $102.6 million.

XRP Price Outlook

Ripple’s native token has been among the best performers in the crypto market in the past several days. It is up by 23% on a weekly scale, briefly surpassing the $0.55 mark for the first time since early May (per CoinGecko’s data).

One possible reason could be the increased expectation that the lawsuit is drawing to an end. Some of the people speculating that an official agreement could be announced as early as this summer include the American lawyers Fred Rispoli and Jeremy Hogan. 

Those curious to learn more about the case and its potential impact on XRP’s price, feel free to take a look at our dedicated video below:

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