BlockBriefly

Date: July 27, 2024

Market Cap 24h Change: 0.90%

Reason:

The market has been up by 0.9% because of several favorable developments:

• Bitcoin ETFs see $31.1 million inflows, indicating growing investor interest in Bitcoin over Ethereum.
• Positive rumors and optimism about the potential approval of a spot Bitcoin ETF on Friday have significantly enhanced market sentiments.
• Some institutional actions, such as the Michigan pension fund's $6.6 million investment in Bitcoin ETFs, further boost confidence in the market.
• Marathon Digital's CEO hints at potential Bitcoin buys through convertible notes, signaling continued institutional interest.

Date: July 25, 2024

Market Cap 24h Change: -3.55%

Reason:

The market has been down by -3.55% because of multiple interrelated factors:

• The significant sell-off in major US tech shares has contributed to global market declines, creating a negative spillover effect on the crypto market. Read more
• Bitcoin and Ethereum have faced substantial losses, with Bitcoin's value plunging to $64K and Ethereum experiencing an 8% drop. These losses led to approximately $250 million in liquidations, exacerbating the market downturn.
• All 20 assets in the CoinDesk 20 index experienced declines, particularly Ethereum and Cardano, which were dragged down by broader market movements.

Date: July 23, 2024

Market Cap 24h Change: -2.21%

Reason:

The market has been down by -2.21% because several unfavorable events have contributed to the decline:

• Swan Bitcoin halting its mining and IPO plans, along with staff cuts, likely indicates internal financial difficulties and reduced investor confidence in the firm.
• The substantial movement of $2.85B in Bitcoin by the bankrupt Mt Gox exchange to new wallets creates concerns about potential sell-offs, impacting market sentiment negatively.
• Large Ethereum holders cashing out ahead of the launch of spot ETH ETFs suggests anticipation of high volatility and reflects uncertainty or lack of confidence in the new financial products.

Date: July 21, 2024

Market Cap 24h Change: 1.05%

Reason: The market has been up by 1.05% because of positive sentiments surrounding rumors about the imminent approval of a spot Bitcoin ETF on Friday and a significant boost in Bitcoin mining activities by Marathon Digital. Read more.

Date: July 18, 2024

Market Cap 24h Change: -0.73%

Reason:

The market has been down by -0.73% because of significant security breaches:

• A major data breach at Web3 KYC vendor Fractal ID affected around 50,000 users, undermining trust in digital identity verification services.
• Indian crypto exchange WazirX was hit by a massive $235 million hack, leading to SHIB, WRX tumbling and causing significant market panic.
• Most coins, including bitcoin and USDT, started trading at a significant discount on WazirX, further amplifying investor concerns.