Bitcoin had finally seen a minor relief rally that drove it to $57,000 after the US jobs report when the bears reminded of their presence and pushed it south hard.
The total liquidations have skyrocketed to about $150 million on a daily basis.
The primary cryptocurrency has faced its fair share of adversity in the past week or so, as its price tumbled from $65,100 last Monday to $55,500 earlier today.
This is when some positive news affected the market. As reported earlier today, the asset jumped to $57,000 after the US released the August jobs report, which outlined a minor decline in the unemployment rate.
However, that was another short-lived rally that actually turned out to be a false breakout. Instead of further increasing on the hopes of upcoming rate cuts in the

A lot can change in the cryptocurrency markets within the span of the week. This is what happened to bitcoin and most altcoins since last Friday when BTC soared from around $60,000 to over $64,000 on Saturday after the bullish developments on US soil. Namely, Fed Chair Jerome Powell hinted at incoming interest rate cuts, and RFK endorsed pro-crypto presidential candidate Donald Trump and withdrew his campaign.
The weekend for bitcoin was quiet despite the turbulence elsewhere in the crypto market following the arrest of Pavel Durov, the founder and CEO of Telegram. TON slumped by more than 20% in hours after the news broke, but more on that later.
BTC continued its run on Monday morning, soaring past $65,000 for the first time in over three weeks. However, that was

The US Securities and Exchange Commission has made it its mission to target various cryptocurrency platforms, albeit with questionable success so far.
Next on the list is the NFT platform OpenSea, whose CEO went on to X to express the team’s disappointment in the regulator’s move.
Devin Finzer, OpenSea’s chief exec, tweeted that the company he runs is the latest to receive a Wells Notice from the SEC, which indicated that non-fungible tokens available to buy or sell on the platform could be unregistered securities.
“We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at

Bitcoin ETFs have been on an impressive streak lately, and the last trading week saw more than $500 million allocated to the largest US-based products.
However, Ethereum ETFs are in the opposite corner, with minor trading volumes and withdrawals.
Bitcoin ETFs on a Roll
The spot Bitcoin ETFs had a rough start of the month as they lost more than $550 million in just three days on August 2, 5, and 6. This coincided with the major crash for BTC as the asset tumbled from over $65,000 to under $50,000 in just a few days.
However, both the inflows and the cryptocurrency’s price started to recover in the following weeks. In fact, there have been only two days since then when investors have pulled out funds from the US-based spot ETFs – on August 9 and 14.
The past week was quite

The number of celebrities and well-known public figures supporting Pavel Durov after his controversial arrest in France earlier this weekend has skyrocketed.
Some of those include Elon Musk, Robert F. Kennedy, Vitalik Buterin, and Tucker Carlson.
Durov’s Arrest
CryptoPotato reported earlier today Durov’s arrest in France on Saturday evening, which, according to local media, was because the popular messaging app he runs failed to moderate the content. He faces up to 20 years of prison for possible offenses like money laundering, complicity, terrorism, and narcotics.
Toncoin, a cryptocurrency project strongly related to Telegram, experienced enhanced turbulence, especially its native token. TON plummeted by more than 20% after the news broke, from over $6.75 to under $5.4.

After tapping $65,000 yesterday, bitcoin’s price actions calmed, and the asset remained relatively still at around $64,000.
The altcoins are also quite sluggish on a daily scale, aside from TON, which was impacted by the news surrounding Pavel Durov, Telegram’s CEO.
BTC Calms at $64K
The business week started on a negative note for the primary cryptocurrency as it failed to overcome the coveted $60,000 level and the subsequent rejection pushed it south by two grand on Monday. However, it recovered most losses on Tuesday and Wednesday and even attempted a breakout above $60,000 but to no avail, at least until Friday.
That’s when the bulls took complete control of the market and propelled an impressive rally that drove bitcoin from around $60,500 to $64,000 before the asset

Pavel Durov, the founder and CEO of Telegram, was reportedly arrested in France on Saturday evening after getting out of his private jet.
Local media said the reason for his apprehension was related to offenses committed by the popular messaging app.
Citing unnamed sources, TF1info broke the news on Saturday evening, claiming that Durov was arrested at Le Bourget Airport, located northeast of Paris.
Although he has French and UAE passports, the Russian embassy said it had taken “immediate steps” to clarify the situation.
According to the media sources, Durov’s arrest was strongly related to “suspicious” activities by the messaging app he runs. Some of the offenses he could face are as follows: terrorism, narcotics, complicity, fraud, and money laundering.

It’s worth

After a relatively weak period of trading sideways for days and days, bitcoin’s price went on the offensive on Friday evening and Saturday morning and tapped $65,000 for the first time since early August.
Some of the most probable reasons behind this $5,000 daily surge seem to be connected to the US central bank and the upcoming elections in the country.
First, it Was the Fed
Bitcoin’s relationship with the US Federal Reserve’s economic policies has been demonstrated numerous times in the past few years, especially since the monetary entity changed its tune during the COVID-19 crash. The subsequent inflation spike led to an unprecedented hike in interest rates.
The multi-decade peak in the rates resulted in fewer funds getting allocated to risk-on assets like BTC, which

Bitcoin’s positive price actions on Friday evening continued in the past 12 hours or so and the asset touched $65,000 for the first time since August 3.
Several altcoins have produced impressive gains as well within the same timeframe, with SATS surging by 25%, followed by FET (19%), and SUI (15%).
BTC on the $65K Road
The end of this business week was quite different than the previous one when BTC slumped to $56,000 on Thursday but managed to recover some ground on Friday and during the weekend. However, Monday started with another retracement when the asset slumped from $60,000 to $58,000.
The bulls managed to intervene and prevent any further declines, but the rest of the week, at least until Friday evening, was quite uneventful. That’s when positive news from the US

The business week ends with high levels of volatility as bitcoin’s price soared to almost $64,000 for the first time since the start of the month.
This rally, which was mostly mimicked by the altcoins, was possibly fueled by the latest developments on the US front and its central bank in particular.
CryptoPotato reported earlier today that BTC had maintained above $61,000 after yesterday’s failure to conquer $62,000. However, the asset touched that level earlier today after Fed Chair Jerome Powell said it is time for the US central bank to start lowering the interest rates, similar to what the ECB and the Bank of Canada did during the summer.
After an immediate retracement toward $60,000, the primary cryptocurrency headed north once again an hour ago. This time, the asset

Bitcoin’s price movements over the weekend have returned to a much calmer state, and the asset has remained relatively stable at just over $61,000.
The altcoins are mostly in the green, with BNB and DOGE emerging as the top performers from the larger caps.
BTC Above $61K
Last weekend went under the rule of the bears as they pushed the primary cryptocurrency from $66,000 on Friday to $57,000 by Sunday evening. The landscape worsened on Monday, and the price plunged massively to $49,500, which became BTC’s lowest position in about half a year.
However, the asset started to recover some ground in the following days. This culminated on Friday morning with a surge to almost $63,000, meaning that bitcoin had reclaimed more than $13,000 in value in less than a week.
Nevertheless,

Another week went by, which began with massive volatility, and the spot Bitcoin and Ethereum ETFs were once again in the spotlight.
Here’s the data regarding the inflows and outflows for the past five days, according to Farside.
Bitcoin ETFs in the Red
Last week ended on a highly negative point as the spot Bitcoin ETFs registered their worst day in terms of flows in about three months, with nearly $240 million leaving the eleven funds. The start of the new week was not all that promising, as $168.4 million was withdrawn from the ETFs. Grayscale’s GBTC led the front with $69.1 million, followed closely by Ark Invest’s ARKB ($69 million) and Fidelity’s FBTC ($58 million).
Tuesday was in the red as well, with $148.6 million worth of outflows. This time, FBTC was at the

Two years after filing for bankruptcy, Celsius is trying to recover some funds by suing Tether for an alleged wrong liquidation of more than $800 million worth of BTC (at prices in mid-2022).
The stablecoin issuer was quick to respond, calling the lawsuit a “baseless shakedown” and promised to fight for a win.
Celsius Goes After Tether
The lawsuit, filed on August 9 in the US Bankruptcy Court for the Southern District of New York, alleges, among other things, that Tether broke its contract against Celsius two years ago. The two entities had entered into a loan agreement in 2020, which allowed the once prominent crypto lender to borrow USDT and EURT at low interest rates by posting collateral in the form of bitcoin (BTC).
During the peak of the bear market in mid-2022,

The economic uncertainty in the US pushed bitcoin’s price south hard in the past day or so, and the asset plunged to $60,500 for the first time in almost three weeks.
The altcoins are in an even worse state, with SOL, TON, and UNI plummeting by over 5% in the past day. ETH has slipped below $3,000.
BTC Sees 3-Week Low
The start of the business week couldn’t have foreseen what transpired just several days later. The asset soared to $70,000 on Monday after Donald Trump’s triumphant attendance at the 2024 Bitcoin Conference in Nashville.
However, it was swiftly rejected at that 7-week peak and driven south by four grand almost immediately. After a brief calmness on Tuesday and Wednesday, the bears resumed control on Thursday and Friday and initiated a few leg-downs that

The volatility in the cryptocurrency industry continues, with the leading digital asset plummeting from $65,600 to $62,300 for the second time in the past day or so.
The main driver behind the latest price plunge could be attributed to the developments on US soil, as the jobs data was weaker than expected, and the stock market crashed.

JUST IN: Over $2.9 trillion has been wiped out from major indices and stocks this morning due to growing fears of a global recession.
This is the worst day for stocks since March 16, 2020, during the COVID-19 pandemic fears. pic.twitter.com/qIPu7xiz5X
— Jacob King (@JacobKinge) August 2, 2024

The opening bell for the US stock market was met with immediate price declines from most larger companies and, naturally, the most prominent indexes.

Bitcoin continues to grab the world’s attention and increase its adoption levels, especially through the exchange-traded funds tracking its performance.
In the latest major news on the ETF frontline, Morgan Stanley reportedly informed its financial advisors that they will be able to offer two Bitcoin ETFs to wealthy clients.
Recall that the US Securities and Exchange Commission greenlighted 11 spot Bitcoin ETFs at the start of the year. Since then, the products have collectively amassed just under $18 billion in assets under management from different types of investors, including institutions like pension funds.
Morgan Stanley, a US banking giant that has showcased serious support to the industry in the past several years, is the latest to join the ETF landscape.
According

All eyes in the cryptocurrency community were on the Bitcoin Conference in Nashville last weekend as the former US president and current Republican candidate, Donald Trump, was expected to appear.
Once he took the stage, the crypto markets went on a wild rollercoaster with tons of volatility due to some of his promises, such as to make the US the ‘digital asset capital of the world’ as well as to remove SEC Chair Gary Gensler from his post immediately after retaking the office.
Once the dust had settled after the conference, BTC headed north once again on Monday and touched $70,000 for the first time in almost two months. However, it couldn’t sustain its run and quickly dumped by four grand. The price declines continued in the following few days, culminating yesterday with

All eyes in the crypto community yesterday were on the Bitcoin Conference in Nashville as Donald Trump was scheduled to appear and talk about BTC, which eventually resulted in substantial price volatility for the asset.
On a daily scale, most cryptocurrencies are slightly in the red, with TON and DOGE leading the pack from the larger-cap ones.
BTC Sees a Rollercoaster
Last weekend was also quite eventful in terms of price action for bitcoin as the asset fell by $2,000 in minutes after President Joe Biden quit the 2024 election race but then pumped by more than three grand. Ultimately, BTC topped $68,400 for the first time in over 6 weeks on Monday.
However, it failed to maintain its run and started to lose value gradually. A more substantial price decline came on Thursday

A few months after the SEC gave the initial green light, the spot Ethereum ETFs officially hit the ground last Tuesday.
However, the immediate results have been quite underwhelming, and one can’t help but compare them to the spot Bitcoin ETF launch in January this year.
ETH ETFs Vs. BTC ETFs
CryptoPotato reported earlier this week that the nine spot Ethereum ETFs had a solid first day, gathering more than $106 million in net flows. As expected, the converted Grayscale fund (ETHE) saw substantial withdrawals of almost $500 million, but the flows toward the rest (especially ETHA and ETHW) managed to alleviate the pain.
However, the following three days were quite different as the trend quickly changed. Instead of overall inflows, the daily numbers turned red, with $133.3

Although we still have a long way to go in 2024, this year has already been quite eventful for the cryptocurrency industry and not only for Bitcoin.
The second-largest digital asset also received a massive dose of validation earlier this year when the US Securities and Exchange Commission greenlighted almost ten exchange-traded funds tracking its performance. The first several days of trading, though, have been quite underwhelming.
The ETH ETFs were initially greenlighted a few months back, but due to some regulatory paperwork that had to be aligned, they were finally launched on US stock exchanges on July 23.
The first trading day saw substantial volumes and $106.6 million in total inflows, even though $484.1 million left Grayscale’s converted fund (ETHE). This is because

The long-anticipated launch of spot Ethereum ETFs in the United States became a reality today as nine such financial vehicles went live for trading.
The first 90 minutes were quite impactful, as the total volumes exceeded $360 million, according to data from Bloomberg’s ETF specialist – Eric Balchunas.

Here’s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have… pic.twitter.com/R5UgQFR1L6
— Eric Balchunas (@EricBalchunas) July 23, 2024

2024 continues to be a milestone-setting year for the cryptocurrency industry in terms of validation from the most critical

Bitcoin’s price continues to be highly impacted by the political scene in the United States. After the failed assassination attempt against Donald Trump last weekend, this time, news regarding his opponent rattled the markets.
However, the cryptocurrency managed to bounce off and return to nearly $67,000 almost immediately.
The current US president, Joe Biden, ended his campaign for the 2024 presidential elections an hour ago, saying it was a decision made in “the best interest of my party and the country.”
This came just a few days after reports emerged that the POTUS was suffering from COVID and the subsequent uncertainty regarding his health situation, given his age.

“And while it has been my intention to seek reelection, I believe it is in the best interest of my

Bitcoin’s price headed south on Friday evening as it popped above $58,000 and has remained there since.
The altcoins have also turned green, with XRP, ADA, DOT, BCH, and NEAR leading the pack from the larger caps.
BTC Reclaims $58K
The primary cryptocurrency had a violent end to the previous business week as it dumped hard on July 5 from over $58,500 to a multi-month low of under $54,000. The bulls intercepted the move during the weekend and drove BTC to $58,500 once again.
Another volatile ride followed with a price pump and dump of around $3,000 each at the start of the new business week. The bulls kept the pressure on, and the cryptocurrency briefly surpassed $59,000 on a few occasions, the last of which was after the favorable US CPI numbers on Thursday.
However, the

Cryptocurrency-based exchange-traded funds continue to be on the main stage in the US, with the latest filing from VanEck taking into account the fifth-largest digital asset – Solana.
Shortly after the news broke, the native token’s price shot up by 7% to $150.
Matthew Sigel, the company’s Head of Digital Assets Research, highlighted the development on X. He noted that the firm believes Solana is very similar to Ethereum as it operates as an “open-source blockchain software designed to handle various applications, including payments, trading, gaming, and social interactions.”
He added that, unlike Ethereum, Solana works as a “single global state machine” that lacks sharding or layer-2 networks.
The US Securities and Exchange Commission approved spot Bitcoin ETFs in January

The Monday massacre continues as the primary cryptocurrency slipped below $60,000 for the first time in nearly two months.
The altcoins are in a dire state as well, with several double-digit price losers, as well as many others with 5-10% drops.
CryptoPotato reported earlier today the adverse start of the trading week for bitcoin and the rest of the crypto market.
Back then, the largest digital asset had lost over two grand within hours and slumped to a 6-week low of $62,100.
However, the landscape only worsened in the following hours and the cryptocurrency just plummeted to under $60,000 for the first time since the start of May.

As of now, BTC has managed to bounce off to just over that level, but its market cap has plunged below $1.2 trillion. This is because bitcoin

The cryptocurrency industry is often described as a risk-on asset class that tends to underperform in times of economic uncertainty.
Although the stock market also falls in this category, at least to an extent, it has been on a wild run in the past few weeks, with multiple new all-time highs from the most prominent indexes. At the same time, crypto has suffered and the largest digital asset have plummeted since March.
US Stock Market on a Roll
Perhaps driven by the hype around Nvidia, the US stock market has been on a massive bull run since the start of the year. Let’s take the largest and arguably most prominent index – the S&P 500 – for example. It entered 2024 at under 4,800 but skyrocketed to roughly 5,500 earlier this week to chart a fresh peak.
The Nasdaq Composite

Most US-based spot Bitcoin ETFs have started to see substantial withdrawals and the total amount has shot up to more than $500 million in the past week alone, even though it was just a four-day trading week.
These developments have undoubtedly harmed BTC’s price movements, which have been closely related to the ETF flows.
Spot ETF Outflows Skyrocket
Ever since mid-January, when the US SEC reluctantly approved nearly a dozen spot Bitcoin ETFs, these financial vehicles have been at the forefront of investor adoption, especially from those who refrained from entering the landscape before this regulatory nod.
There have been a few trends established in the past five months or so. It all started quite positively as the ETFs saw consecutive days of inflows from January 26 to

Bitcoin’s price actions have calmed during the weekend, as it has happened quite frequently lately, and the asset remains still at just over $66,000.
The weekly scale is quite painful for most crypto assets, as BNB and NEAR have dumped by double digits. UNI and TON are among the few exceptions.
Bitcoin’s Volatile Week
As mentioned above, the last several weekends have been quite dull in terms of price movements and so was the previous one, in which BTC stood at around $69,500. Monday began on a more positive note as the asset jumped to just over $70,000 but was quickly stopped there and pushed down by four grand.
This volatility came as investors were preparing for the US CPI numbers as well as the subsequent FOMC meeting. The better-than-expected inflation data sent BTC

Just a day after announcing a $500 million convertible senior note offering to purchase more BTC, among other goals, Michael Saylor’s brainchild increased its target to $700 million.
The company’s shares have been on a wild ride in 2024, perhaps due to the developments around the Bitcoin landscape, but have soared by triple digits since the start of the year.
$500M Not Enough
Ever since August 2020, when it announced its first BTC purchase, the NASDAQ-listed business intelligence software firm has been using various types of funding to accumulate more of the cryptocurrency. One of its methods included going into debt by offering convertible notes.
CryptoPotato reported earlier this week that the company announced plans to offer $500 million aggregate principal amount of

Ever since mid-January, when the 11 spot Bitcoin ETFs saw the light of day, Grayscale’s converted GBTC has been at the forefront of outflows. This eventually resulted in losing its crown as the world’s largest exchange-traded fund tracking the performance of BTC.
In the last two trading days of this week, though, the tides changed, and this negative award went to Fidelity’s FBTC.
Data from FarSide shows the overall outflows for the week, in which four out of the five trading days were in the red. In total, the 11 ETFs saw $64.9 million withdrawn on Monday, $200.4 million on Tuesday, $226.2 million on Thursday, and $189.9 million on Friday. The only exception was June 12, with $100.8 million in inflows.
What’s particularly worth noting is that Grascayle’s GBTC, which has