According to CoinMarketCap, Bitcoin’s price took a 3% nosedive from an impressive peak of $110,764 to a humbler $107,000. This thrilling circus of price fluctuations sent altcoins into a free fall, with ETH shuddering 5.8% to $3,680, XRP stumbled 5% to $2.38, BNB wobbled 5.70% to $1,029, and Solana (SOL) making a cringe-worthy 6.5% dive to $174 by 6:50 AM UTC.
In the peculiar way only politicians and crypto gurus seem to manage, US Senator Elizabeth Warren and Binance’s head honcho Changpeng “CZ” Zhao find themselves in the midst of a rather delightful tug-of-war. It all started, rather unsurprisingly, with a volley of accusations and counter-accusations. CZ’s legal team, notably full of zest, labeled Warren’s comments as defamatory, only for her rebuttal to come swift and firm, claiming every word was grounded in cold, hard, verified facts.
Maybe! But SOL’s ETF debut was about as exciting as watching paint dry. 🎨
Yestreen, as though guided by the muse of fortune, Solana danced through $180 and $182, a nimble ballet that rivaled the grace of Bitcoin and Ethereum. But alas, returning simplicity of action, Solana ascended past $188 – reached for the stars! Only to tumble with the weary yawn of gravity and form a high near $189. And there, SOL stumbled, with a low at $176, now snoozing amidst the corpses of gains under the watchful eye of a bearish cannon, outlined with the 23.6% Fib retracement.
Earlier this month, the crypto market experienced one of its most brutal shakeouts on record: over $19 billion in leveraged positions were liquidated overnight, the largest single-day wipeout in the industry’s history. Bitcoin, which had set a new all‑time high of $125,835 just days earlier, plunged in the aftermath of the event, hovering around the $110,000 level. 🤯💸
The U.S. Federal Reserve (Fed) pumped $29.4 billion into the banking system on Friday, sparking optimism on crypto social media. While the move aimed at easing liquidity concerns and is supportive of risk assets, including bitcoin, it’s nothing out of the ordinary. 🙃
Kyrgyzstan’s President Sadyr Japarov, with a flourish worthy of a Lancre mayor, announced the launch of Bereket Bank. This shiny new institution is all about digital dosh, thanks to a nudge from Changpeng Zhao, the wizard behind Binance. The goal? To hoover up foreign investments like a goblin with a gold fetish. Japarov was quick to clarify: “It’s private, no government meddling here. We’re not running a state-sponsored piggy bank!” 🐷💰
The OI-Weighted Funding Rate, that most fickle of courtiers, is positive, showing derivatives traders are predominantly betting on the upside. 🧠
CZ, in his usual understated way, shared his wallet holdings on X (formerly Twitter, for those still clinging to 2022) with the kind of nonchalance usually reserved for people announcing they’ve bought a sandwich. “I bought some Aster today, using my own money on Binance,” he wrote, as if this were just another Tuesday. “I am not a trader. I buy and hold,” he added, which is crypto-speak for “I’m rich enough to ignore volatility.”
Creditors of the defunct FTX exchange now face a major shortfall. This is, naturally, despite the promise of a nominal payout of 143% – a number so specific it almost felt…optimistic. FTX creditor representative Sunil has confirmed the real recovery rate. He said the actual crypto recovery is between 9% and 46%. So basically, you’re getting a participation trophy made of regret. The final value could be even lower because of the high prices of cryptos at present. Because of course it could. Why wouldn’t it? 🤔
