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- Crypto Market Suffers Major Sell-Off, Erasing 2024 Gains for Majority of Top Coins!
Crypto Market Suffers Major Sell-Off, Erasing 2024 Gains for Majority of Top Coins!
An Australian couple accidentally received $6.86 million from Crypto.com due to a clerical error and spent most of it, leading prosecutors to seek a jail sentence amid concerns about the seriousness of the situation and potential flight risk.
Steven Walgenbach
August 06, 2024
Breaking Crypto Stories
Here are the top stories today:
Major Crypto Market Sell-Off Wipes Out 2024 Gains for Over 60% of Top Coins
Indian Authorities Demand $86 Million in Unpaid Taxes from Binance
Vitalik Buterin Shares Vision for Cross-Layer-2 Interoperability in Ethereum
💵 Major Crypto Market Sell-Off Wipes Out 2024 Gains for Over 60% of Top Coins
The crypto market experienced a significant sell-off, erasing 2024 gains for more than 60% of the top 50 cryptocurrencies, driven by macroeconomic factors and substantial Ether sales by market makers.
The crypto market lost $510 billion in total market capitalization, with over half of the top 50 cryptocurrencies by market cap in the red.
Ether's price fell to a five-month low below $2,200, exacerbated by the sale of 130,000 ETH by major market makers.
Memecoins like Dogwifhat (WIF) and Pepe (PEPE) saw the largest losses, with WIF down over 41% and PEPE down over 34% for the week.
Indian law enforcement has demanded $86 million in unpaid taxes from Binance, marking the first such tax demand on a crypto exchange by the Indian government.
Indian law enforcement demanded $86 million (722 crore INR) from Binance for unpaid Goods and Services Tax (GST), following a detailed investigation into transaction fees earned from Indian customers.
Binance was banned in India in January 2024 for noncompliance but expressed intent to resume operations after settling its tax obligations.
Indian authorities are now actively targeting offshore crypto exchanges for compliance under India's GST framework, with similar actions expected against other major exchanges.
Vitalik Buterin outlines a roadmap for cross-chain interoperability between Ethereum layer-2 networks, promising a smoother user experience within the Ethereum ecosystem.
Vitalik Buterin envisions improved cross-chain interoperability for Ethereum layer-2 networks, expecting quick resolution of current challenges and enhanced user experience.
Key proposals include EIP-3370 for chain-specific address standards, EIP-7683 for cross-chain communication, and EIP-3668 for accessing off-chain data.
Future updates aim for "cross-L2-replayable account state updates" and phase 2 enhancements like keystore rollups and proof aggregation, with long-term expectations of all rollups adopting zero-knowledge technology.
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Dogwifhat (WIF)
4-hour chart for WIF/USDT
Price Movements: The 4-hour chart of Dogwifhat (WIFUSDT) displays a mixed outlook with both bullish and bearish indicators suggesting potential reversal scenarios. Recent session closing prices have varied, highlighting periods of gains and corrections. The current movement shows signs of diminishing bearish momentum, indicating a possible shift towards bullish sentiment.
Key Levels to Watch: Critical support is identified at $1.123, with significant resistance levels at $1.681, $1.721, and $1.847. These levels are crucial in determining future price action. The 9 EMA is currently below the 20 EMA, indicating a bearish trend; however, the 9 EMA is approaching the 20 EMA, suggesting a potential bullish crossover. MACD values show decreasing bearish momentum, and RSI values climbing from oversold territory to around 40 indicate reduced selling pressure and a possible bullish phase.
Trade Strategies: Traders should consider entering a long position if the price breaks above the 9 EMA and approaches the first resistance level at $1.6809, with potential exits at $1.7204 and $1.8468, using a trailing stop-loss to secure profits. Alternatively, a short position could be taken if the price fails to sustain above the 9 EMA and declines towards the support level of $1.123, with exits targeted just above the support to minimize risk. Adjust strategies based on market conditions and overall sentiment.
Pepe (PEPE)
4-hour chart for PEPE/USDT
Price Movements: In the latest 4-hour chart analysis for Pepe (PEPEUSDT), recent closing prices fluctuated between $0.00000704 and $0.00000794, indicating market volatility and signs of consolidation. The 9 EMA is trending below the 20 EMA, suggesting a bearish crossover and potential continuation of the downtrend. However, the narrow gap between these EMAs could hint at a possible reversal if buying pressure increases.
Key Levels to Watch: The MACD line remains below the signal line, with the histogram showing decreasing negative values, indicating weakening bearish momentum. The RSI is hovering around 44, up from the low 30s, suggesting that Pepe is emerging from oversold conditions and may be poised for recovery. Key resistance levels are at $0.0000093, $0.00000941, and $0.00000956, while strong support is observed at $0.0000079 and $0.0000062.
Trade Strategies: Traders might consider entering a long position if Pepe breaks and sustains above the $0.0000093 resistance, targeting $0.00000956. Alternatively, short positions could be favorable if Pepe fails to hold the $0.0000079 support, targeting the $0.0000062 level. Monitoring the RSI for a rise above 50 would further confirm bullish momentum and inform strategic trading decisions.
Bitcoin (BTC)
4-hour chart for BTC/USDT
Price Movements: Recent Bitcoin price action on the 4-hour chart shows notable fluctuations and significant volatility. Closing prices have ranged from $53,470.09 to $55,665.73, indicating a mixed outlook with potential movements both upward and downward. The analysis reveals a bearish sentiment with the 9 EMA and 20 EMA trending downward, although the recent crossing above the 9 EMA suggests a potential short-term bullish reversal.
Key Levels to Watch: Key support levels are identified at $55,160.01, $54,415.05, and $51,340.0, providing potential foundations for upward moves if prices remain above these supports. On the upside, immediate resistance levels are at $58,214.0, $58,230.13, and $58,777.99. The MACD shows decreasing bearish momentum, with the MACD line nearing the signal line and a narrowing histogram, indicating a potential shift towards bullish momentum. The RSI, currently around 38.68, suggests Bitcoin is in oversold territory, hinting at a possible bounce-back if it moves above 50.
Trade Strategies: For long positions, consider entering around the support levels of $55,160.01 and $54,415.05, with exit points near the resistance levels of $58,214.0 and $58,777.99. For short positions, consider entering near the resistance levels of $58,230.13 and $58,777.99 if Bitcoin fails to break above these levels, with exits set near the support levels of $55,160.01 and $54,415.05. Monitor the technical indicators and key levels closely to optimize entry and exit points, staying informed of market conditions to make well-founded trading decisions.
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