The largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), were trading with gains on Tuesday morning. Meanwhile, today’s most trending crypto was Ethereum, for the second consecutive day in a row.
The global crypto market capitalisation went up by 1.77 per cent to $1.12 trillion as of 8.50 am. The global crypto volume was up by 71.22 per cent to $70.6 billion, according to Coinmarketcap data.
The trading volume in the decentralised finance coins section is about $9.6 billion or 13.59 per cent of the total crypto market 24-hour volume. The volume of all stable coins is $67.37 billion or about 95.42 per cent of the total crypto market volume in the last 24 hours.
Bitcoin (BTC)
As of 8.50 am, Bitcoin rose 2.26 per cent to $23,779.54 and currently commands a 40.49 per cent dominance in the crypto market.
Regarding price analysis, BTC started its upward journey sometime around 11 AM on August 8 and reached a high of $24,203.69 around 5 PM. However, the price could not sustain and fell. But its trading volume jumped by 80.62 per cent at $28,967,092,187.
Ethereum (ETH)
The price of Ethereum this morning was $1,774.71 and it was up by 3.66 per cent.
Regarding price analysis, ETH saw strong support. Although prices fell slightly in the negative territory on August 8 at $1,711 around 10 AM but sometime after 1.49 PM, ETH started inching upwards and for the next two hours it kept on touching new highs. The highest price ETH touched was $1,806.82.
ETH’s trading volume jumped by 72.08 per cent at $17,219,473,899.
Other Altcoins
Solana’s price today was up by 1.77 per cent at $42.19.
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Although the value of bitcoin has fallen by over 60% from its record highs as of August 2022, this “crypto winter” isn’t reducing interest in purchasing digital currency.
About 56% of consumers say they’re at least somewhat interested in buying cryptocurrency within the next year, according to PYMNTS and BitPay’s August “Paying with Cryptocurrency” survey.
Nearly 42% of millennials say they are either very or extremely likely to buy crypto in the next year. For Gen Z, that number drops to about 26%.
What’s behind the continued fascination with crypto? While nearly 50% of respondents are motivated by the possibility of making money from their crypto investments, about 15% of respondents say the “fear of missing out” is driving their decision.
“History has shown us that the market has defied all odds even during downward periods, so investors remain positive about the ability of bitcoin and cryptocurrencies to remain resilient,” says Iyandra Smith-Bryan, chief operating officer of Quantfury, a global broker-dealer that provides exchange spot prices on global and crypto exchanges.
Additionally, belief in the underlying blockchain technology continues to fuel investors’ optimism about the adoption of cryptocurrency in the future, Smith-Bryan says.
Investors also tend to see the silver lining to crypto winters. “It eliminates the weaker players, leaving the best players on the field; giving those best players an opportunity to concentrate on advancements in technology, product development, and heightening support and service,” Smith-Bryan adds.
While plenty of people hope to earn a profit from their crypto holdings, many want to be able to use it to make purchases too.
Around 40% of 18 to 35-year-olds plan to use crypto to pay for goods and services this year, according to Checkout.com’s “Demystifying Crypto” report.
As the process of using crypto to make purchases becomes more seamless, “we will see hockey stick-like growth — much like the speed of growth of the internet,” says Max Rothman, head of crypto and digital assets at Checkout.com.
Currently, the fluctuations in the value of many forms of cryptocurrency, such as bitcoin and ether, make it challenging to use as a payment method.
However, stablecoins, which is cryptocurrency that’s value is pegged to the price of another asset such as gold, can present both consumers and retailers with the price stability they’re seeking, Rothman says.
Stablecoins “offer all the benefits of a digital asset — transparency, decentralized data and immediate availability of funds — but are better able to withstand the volatility of markets,” Rothman says.
Although interest in crypto remains high, there are real risks that should be taken into account.
Cryptocurrency is a highly volatile digital asset that is subject to erratic fluctuations in value. There are no guarantees of earning a profit, which is why experts recommend only investing as much money as you’re willing to potentially lose.
Additionally, cyber thieves can sometimes hack the virtual wallets that store your crypto and steal your funds, so it’s important to be extra diligent about security.
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A cryptocurrency-exchange company accidentally transferred almost $10.5 million to an Australian woman but failed to notice the error for seven months, according to a legal document.
Crypto.com made the mistaken payment in May 2021 when it was supposed to pay Thevamanogari Manivel $100 but instead entered the wrong account number into the payment-amount field, according to a default judgment released on Friday in the Supreme Court of Victoria.
Manivel therefore received $10,474,143 from Crypto.com by mistake.
The cryptocurrency firm failed to spot the erroneous payment until a company audit was carried out in late December — seven months later, according to the judgment.
Crypto.com then launched legal action against Manivel and her sister Thilagavathy Gangadory, who received some of the $10.5 million payment, the judgment said.
The company was granted freezing orders in February against Manivel’s bank account but discovered that she had sent most of the money to other accounts, the judgment said.
In late January, Manivel sent $430,000 to her daughter, the judgment said. A month later, Manivel purchased a $1.35 million house in Craigieburn, a suburb of Melbourne, with the money that was mistakenly sent to her, the company added in the judgment.
Manivel then transferred the ownership of the house to Gangadory, who lives in Malaysia, the judgment said.
Crypto.com tried to freeze Gangadory’s bank accounts in March, but it proved unsuccessful, the judgment said.
Gangadory didn’t respond to correspondence from Crypto.com’s solicitors but did reply to one email from Manivel’s lawyers, saying “received, thank you,” according to the judgment.
Manivel’s solicitors told Crypto.com that Gangadory was seeking legal advice, the judgment said.
The default judgment ordered Gangadory to pay Crypto.com $1.35 million, sell the property, and pay interest of $27,369.64 and costs.
Crypto.com didn’t immediately respond to Insider’s request for comment. The company declined to comment to The Guardian and Daily Mail Australia while the case was before the courts.
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Only1, the Web3 social platform backed by Alameda Research and Animoca Brands — where users launch Passes as semi-fungible tokens (SFTs) and post exclusive content for holders — is about to launch a new ex-Marvel artist-designed nonfungible token (NFT) collection, “Acid Monkeys,” on Sept. 1.
Web3 OnlyFans to bring adoption to the masses by Q4 2022
Similar to Patreon and OnlyFans, Only1 allows content creators to monetize their content through a paywall, where instead of a subscription, creators launch their own passes as SFTs, and the holders are granted access to the creator’s content.
The future of NFTs and SFTs
Most SFTs and NFTs today are profile picture collectibles; however, the market is at a turning point now where developers are starting to give these tokens real utility. GameFi is one of the focuses for such utility, such as using NFTs as tradable in-game items. SocialFi is the other major focus using NFTs as a means of access to content creators. This allows creators to monetize their content directly and connect with fans through Web3.
Many innovative creators have already experimented with NFTs and found massive success. Gary Vaynerchuk famously launched VeeFriends, a collection of 10,255 NFTs on the Ethereum blockchain that grants holders different levels of access to Gary, including FaceTime calls, or even having a one-on-one workout with him. Irene Zhao, the famous ex-chief marketing officer of Konomi Network, also launched her NFT collection, IreneDAO, on the Ethereum blockchain to grant holders access to her exclusive Discord channel and even the opportunity to invest in her new startup, So-Col.
The creator economy will drive the next bull cycle
The narrative to drive the industry to the next bull cycle is going to be end-consumer adoption, and the $100-billion creator economy is in the middle of it with all its Generation Z TikTok dance videos and content creators as businesses-of-one. Only1 has been building through the bear market and is ready to launch the passes feature for the whole world in Q4 2022.
Unlike Zhao or Vaynerchuk, who have to go through a lengthy process of hiring developers and using multiple platforms, anyone can soon launch passes for their fans and connect with them through exclusive content, Web3 messengers and more. The Only1 ecosystem is powered by LIKE, while platform revenue from NFT launches and creator passes will be used for token buyback, burn and redistribution to active users on the platform, a process called create-to-earn.
Only1’s initial NFT offering: An innovative and fair launchpad
An initial NFT offering (INO) is a new funding model for creators where NFTs are offered to the public for the first time on the Only1 launchpad. The term INO was coined by Only1 on CoinMarketCap and featured on Cointelegraph as early as September 2021.
How does an INO work?
At the beginning stage, creators and upcoming projects provide plans and roadmaps to the community. Creators would launch on a first-come-first-serve basis or lottery model to fairly distribute their NFTs. NFT launches may require LIKE staking in order to receive whitelists or allocations from upcoming NFT projects.
Easy-to-launch NFT projects
Through INOs, anyone can issue limited-edition NFTs through the Only1 launchpad. INOs enable everyone with both big and small ideas to be recognized by a wider range of audiences. Many creators who are still in the process of creating their masterpieces would need new funding to finance their projects. With INOs, any artist can raise the needed funds before creating.
On-chain random function to ensure fairness
Only1 developed its own on-chain randomness function on Solana using Zig technology. This ensures the lottery system or allocation of NFTs is fair.
Early community building
Only1 will allow the community to vote for promising projects to be listed on the platform and reward the winners. The exposure encourages potential investors to look into NFT projects. The mechanism enables creators to build an early community of active traders and experienced investors around the NFT project.
For NFT projects and creators, an INO rises as a brand new type of offering that leverages the strongest elements of NFT technology by empowering them to kick-start their success stories. To apply for an INO, click here.
Acid Monkeys NFT launches on Only1 Sept. 1
Acid Monkeys is a dark age comic-inspired profile picture collection of 5,000 escaped lab experiments on the Solana blockchain. The project is backed by a strong focus on lore and community and designed and cultivated by ex-Marvel artists.
Mint details:
- Quantity: 5,000 NFTs
- Price: Whitelist — 1.38 SOL; Public — 1.68 SOL
- Launch Model: Lottery
- Launchpad Link: https://only1.app/launchpad/acid-monkeys
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The Harvest has announced that they will be holding their NFT Sale on Binance NFT on August 29th, 2022. The Harvest has been among the most promising game launches of 2022 thus far, and their first NFT sale with Fractal in July of this year was a resounding success, selling out in just a few minutes.
Why does the sale matter?
This is an early-bird opportunity to acquire the O’Ree-Jin Limited NFT Collection that contains one of the rarest sets for the first four heroes of the game. Binance users can enjoy a discounted price prior to the open beta scheduled for October 2022. There are 500 Legendary Boxes for sale at 200 BUSD each, which sets the overall sale value at 100,000 BUSD.
As to why the sale is significant, the NFTs provide a completely new experience in the game and adds massive replay value. Also, although players begin with common free cards, they will eventually be given the opportunity to earn or buy NFT cards with unique abilities as they progress through the game, which can then be utilized during matches, leveled up, or even sold in the marketplace if desired.
What can the cards be used for?
The most important part about the cards is that they represent different useful abilities and have a rarity index as well as a level system associated with them. The cards can also be upgraded in addition to granting the hero new powers or enhancements. They even include scarce characteristics like glossy images or unique traits.
Each type of card will also play a vital role in the game. For instance, the ‘Ability Cards’ are crucial because they allow players to upgrade and expand their abilities. There are also other types of cards like the ‘Companion Cards’ and ‘Calling Cards’. Finally, skins, player icons and emoticons allow players to personalize their appearance, enhancing user experience by providing an even greater sense of individuality in the game.
What else is there to know?
The Harvest is currently in pre-alpha, and anyone can join their Discord server to play. The Open Beta version will be available in early October of this year, with the full game expected to be available in February 2023.
Furthermore, The Harvest has achieved significant PR, partnered with large investors, and engaged a massive community consisting of tens of thousands across multiple platforms like Twitter, Discord, and their YouTube channel in a relatively short period of time. The game’s popularity and reach are expected to grow even further with the announcement of their second NFT sale on one of the biggest cryptocurrency exchanges, Binance.
About The Harvest
The Harvest is a fast-paced P&E (Play and Earn) shooter with MOBA (Multiplayer Online Battle Arena) elements that utilizes cutting-edge emerging technologies such as NFTs and the metaverse. It’s a new take on the ‘Class-Based Hero-Shooters’ genre in which the player fights alongside teammates from various civilizations against other players in order to gain control of the universe’s essence. Players can select their own heroes and play to earn #HAR tokens, which can be used to buy in-game NFTs or redeemed for real money.
The Harvest is developed by Falco, a Web3 gaming publisher founded by industry experts and notable crypto entrepreneurs, and is backed by impressive founders like Justin Kan (Twitch Co-founder), Robin Chan (serial gaming and tech entrepreneur and Fractal Co-founder), and Andres Bilbao (Co-founder of Rappi, Latin American Unicorn), as well as funds like Goat Capital Amber Group, Spartan Capital, Sanctor Capital, and Greek Cartel.
For additional information and regular updates, be sure to check out Falco’s official website as well as The Harvet’s official website along with the Twitter, Medium and YouTube channels. Language options in English, Spanish and Filipino are also available.
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Immutable X, the platform of choice for world-class Web3 games, announces a partnership tournament with first-person shooter (FPS) gaming leader Wagyu Games to release the flagship game, Undead Blocks.
Undead Blocks was born in response to the traditional, outdated gaming model, where players are forced to pay excessive premiums for in-game items that lose value over time due to the inability of the original purchaser to resell the items. For context, in 2020, experts estimated that players spent nearly $74 billion on these in-game items without building any equity on these purchases. Recognizing the negative impact this loss of value has on players, a genre of blockchain-based games emerged with a model that would flip traditional gaming on its head by enabling players to build equity on their purchased assets.
Calling all survivors — Undead Blocks is inviting the public to participate in the world’s first AAA kill-to-earn first-person zombie shooter and survival game. To bring back the nostalgia of zombie FPS games, players are being introduced to the same unforgettable, heart-racing journey that comes with the traditional fight to the death, now replete with extensive loadout variations (2,700 in total) and lucrative rewards.
However, the real difference in the Undead Blocks release is the power being brought back and given to the gamers. With gas-free and fully carbon-neutral NFTs utilized for each team’s fight, players will experience the play-and-earn mentality — a standard that is vastly unlike the blockchain games currently available in the market.
Empowering players through ownership
To spread the word, Undead Blocks has announced its partnership with Immutable X, a key collaborator for its strategy to expand its reach into mobile FPS gaming. With the intent to empower gamers through ownership of their weapons and skins as NFTs, Wagyu Games believes this is likely to be a trend-setting development in gaming history. Immutable X will make this possible for Undead Blocks by ensuring all in-game assets are gas-free, fully carbon neutral and tradeable with high speed on the world’s leading open-source blockchain, Ethereum.
In response to this partnership, Grant Haseley, the executive director of Wagyu Games, shares, “As Wagyu Games continues to empower FPS gamers to truly own their weapon and character skins for the first time in their lives, so shall we scale with Immutable, the world’s premier gasless, zk-Rollup solution. Immutable’s placement of entertainment value above all aligns closely with our strategic vision of being the premier Web3 FPS gaming studio for PC, Mac and mobile gamers.”
The joint efforts of Wagyu Games and Immutable X will kick off with a celebratory free-to-play public Partner Launch Weekend Tournament, complete with attractive prizes worth $10,000 in ZBUX, the in-game token that can be swapped for any crypto on the Wagyu Games website.
However, unlike comparable blockchain tournaments, an NFT-compatible crypto wallet is not a requirement to participate in this tournament. Instead, players can participate with an email address, which will unlock access to the tournament. Here, players will use their NFT-based weapons to kill zombies, earning more ZBUX, which can later be swapped for alternate crypto assets via multi-chain withdrawals or used to upgrade Undead Blocks NFTs and purchase other perks.
The Undead Blocks full multiplayer experience is slated to launch in Q4 of 2022. For event details, interested participants are encouraged to follow the official Undead Blocks account on Twitter, where all up-to-date information will be released.
About Immutable
Immutable is a global blockchain gaming company with a mission to bring digital asset ownership to billions of users through the power of immutable NFTs. The Immutable Group consists of Immutable X and Immutable Games Studio.
Immutable X, in partnership with Starkware, is the leading Layer 2 Ethereum-scaling solution offering innovators and builders incredible speed, security and liquidity across digital worlds. Immutable X has become the platform of choice for world-class Web3 games such as Guild of Guardians, Gods Unchained, Illuvium, Embersword, Planet Quest and many more.
About Wagyu Games
Wagyu Games is recognized around the world as an industry leader in FPS gaming on the blockchain, providing players with a platform where they can have fun and win big simultaneously. The team’s main claim to fame has come from its flagship game, Undead Blocks. The Kill-to-Earn FPS zombie crypto game is now attributed with over 25,000 downloads, 2,700 weapon loadout NFTs and sponsored tournaments in a public beta. The Undead Blocks full multiplayer experience is slated to launch in Q4 of 2022.
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After more than two years of development, Ethereum is less than a month away from the biggest upgrade in its seven year history.
Known as the ‘Merge’, the event will see the world’s second largest cryptocurrency switch its underlying technology from a proof-of-work system to a proof-of-stake. This means that mining Ethereum’s ether currency will no longer require powerful computers to perform complex calculations and instead rely on holders to verify transactions and validate the network.
By some estimates, this update will reduce Ethereum’s electricity consumption by a factor of 1,000.
The Merge has been described by some commentators as “the most anticipated event in crypto’s history”, and has resulted in a major price rally for Ethereum despite a broader downturn for the overall cryptocurrency market. Although still a long way off its peak, the anticipation surrounding the Merge saw Ethereum more than double in price between June and August.
A successful dress rehearsal of the Merge earlier this month was the last major test before the transition on 15 September, with a subsequent price surge suggesting confidence in the switch remains high.
Other cryptocurrencies and projects underpinned by the Ethereum network also saw gains and increased investment from institutional investors, according to market watchers.
“The defined pace with which investors are injecting cash into the Ethereum-linked products is based on the clarity that now surrounds the Merge event,” said Fuad Fatullaev, co-founder of Web3 platform WeWay.
“Once the merge is live, it will herald a whole new ecosystem for Ethereum as it will now be more energy efficient, more scalable, and generally more usable across the board. Investors, particularly institutional buyers, will prefer Ethereum to bitcoin, and the overall potential accounts for why there is an ongoing upsurge in ether’s price at the moment.”
Some even believe it could finally fulfill the hypothetical “flippening” that would see Ethereum overtake bitcoin as the world’s most dominant cryptocurrency.
Speaking to The Independent more than four years ago, one industry expert said the use cases of Ethereum compared to bitcoin would see it eventually surpass its more famous rival.
“From the get-go it was a more versatile tool,” said Hubert Olszeweski, director of Blockchain Board of Derivatives, highlighting its ability to enable applications like smart contracts, as well as underpin the arrival of new Web3 protocols that could transform the entire internet.
The upgrade to a more environmentally friendly technology makes it even more appealing as a platform to build off, according to some analysts, especially considering that attempts to do the same thing for the mining system of bitcoin have so far failed. Some critics of proof-of-stake claim that it would lead to more centralisation and potentially even greater government interference.
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Cardano user Adam Dean, who flagged some testnet issues in the upcoming Vasil hard fork, has shared a screenshot of his most recent Vasil testing, which he tagged “Building, together, stronger, better than ever.”
As reported earlier, Adam Dean highlighted critical issues with the previous Vasil node 1.35.2, sparking a debate within the community. Dean indicated then that the Vasil upgrade was being rushed, which led to technical issues.
After hard forking the Cardano testnet to Vasil functionality with the initial Vasil node 1.35.0, the IOG teams proceeded to work on v1.35.1 and 1.35.2 as a result of the bugs discovered.
The team then released the Vasil node 1.35.3, which the Cardano creator, Charles Hoskinson, noted was “heavily tested” after earlier urging SPOs to upgrade to the node. Stake pool operators confirm “fix” According to Cardano pool operator, Andrew Westberg, “the fix to the issues pointed out earlier in the v.135.3 was successful and was confirmed by other SPOs.”
A Twitter user who goes by the name “the Ancient Kraken” also gives a green light on the Vasil node 1.35.3: “I think I properly reproduced the bug that was in 1.35.2 that caused issues for testnet on the spo dev net going on right now.
As of now, it does seem like 1.34.1 and 1.35.3 behave as expected in terms of smart contract usage. Everything is looking good.” Adahandle cofounder, “Conrad,” also tweeted a confirmation of this: “Retweeting this to confirm that, as of now, all tests demonstrate that 1.35.3 is, in fact, ready to go. All issues detected on 1.35.0, 1.35.1, and 1.35.2 could NOT be recreated.”
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FTX rode the crypto craze to a billion dollars in revenue last year while expanding its global footprint through a flurry of acquisitions, according to internal documents seen by CNBC.
The audited financials give a rare glimpse into the privately held company’s finances. FTX was profitable, quickly expanding across the globe and saw breakneck growth.
The crypto exchange’s revenue soared more than 1,000% from $89 million to $1.02 billion in 2021. Its profitability, like many start-ups, depends on how you measure it. Operating income was $272 million, up from $14 million a year earlier. FTX saw net income of $388 million last year, up from just $17 million a year earlier.
FTX declined to comment on the leaked financial documents.
The company brought in $270 million in revenue in the first quarter of 2022, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC. But it’s unclear how FTX held up in the second quarter as crypto prices plunged during the recent so-called “Crypto Winter.”
By way of comparison, publicly traded Coinbase also experienced a cash boom during crypto’s bull market, with $7.4 billion in revenue and $3.6 billion of net income last year. But in the second quarter of this year, it reported $808.3 million in revenue, a decline of 64% from the year-ago quarter, and a surprise net loss of $1.1 billion, compared with $1.59 billion in net income a year earlier, as retail trading volumes cratered.
FTX was founded three years ago by former Wall Street quant trader Sam Bankman-Fried. The 30-year-old CEO has recently stepped in as the industry’s lender of last resort, looking to backstop companies as liquidity dried up. On top of multiple loans of hundreds of millions of dollars, Bankman-Fried’s companies also looked to acquire distressed assets. In July, FTX signed a deal that gives it the option to buy lender BlockFi and was in discussions to acquire South Korean Bithumb. FTX also offered to buy Voyager in August but was turned down for what the company claimed was a “low ball bid.”
FTX had roughly $2.5 billion in cash at the end of last year and 27% profit margins, according to the documents. Margins were closer to 50% if advertising and “related party” expenses are stripped out. It last raised money in January, collecting $400 million from investors like SoftBank’s Vision Fund 2 and Tiger Global, at a $32 billion valuation.
Global footprint
FTX was founded at a time when Coinbase and Binance had solidified themselves as the world’s largest trading venues. Coinbase still operates largely within the U.S. Binance, the largest exchange by trading volume got its start in China, later moved its headquarters to the Cayman Islands and is now making a push for the U.S. market with an American subsidiary.
FTX has been quietly building its own fleet of global subsidiaries to compete.
FTX Trading Ltd. is headquartered in Antigua, with FTX Derivatives Markets based in the Bahamas, where Bankman-Fried lives. FTX Trading recently bought Digital Assets DA AG, out of Switzerland, as well as IFS Group and Hive out of Australia – bringing the total to 15 smaller companies across the world. Its portfolio companies span Cyprus, Germany, Gibraltar, Singapore, Turkey and the United Arab Emirates, among other countries, according to the documents. Crypto companies often acquire start-ups to quickly get the proper regulatory licenses to set up shop in a new country.
Bankman-Fried also founded trading firm Alameda Research, which accounts for about 6% of FTX’s exchange volumes, according to the documents.
FTX’s U.S. business is technically owned by a parent company, West Realm Shires Inc. As of 2021, FTX U.S. made up less than 5% of FTX’s total revenue. Still, the company is making a push to expand in the U.S. with a series of high-profile ads and sponsorships.
FTX spent roughly 15% of revenue on advertising and marketing in 2021, according to the documents. That may account for its 2022 Super Bowl ad with actor Larry David and high-profile celebrity endorsements by Tom Brady and Giselle Bündchen, who are also equity investors in the company. FTX also bought the naming rights to Miami’s NBA arena, formerly the American Airlines Arena. FTX planned to spend an estimated $900 million in advertising in the coming years, according to the documents.
The crypto exchange is also expanding into stock trading. It launched equities trading weeks after Bankman-Fried took a 7.6% passive stake in Robinhood, fueling speculation that FTX is looking to buy the trading app in a landgrab for U.S. retail accounts. Robinhood and Bankman-Fried have denied that a deal is in the works.
FTX has certainly ramped up its retail expansion efforts. But the documents show that it’s still mainly a venue for more sophisticated traders using derivatives – either futures, or options. About two-thirds of revenue came from futures trading fees, while roughly 16% came from so-called spot trading. Futures and derivatives trades tend to be more lucrative for exchanges.
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Bitcoin slumped about 8% on Friday as markets and investors took in Fed comments that suggested a dovish pivot remained unlikely to happen soon.
The crypto traded at $21,438 Friday at 8:30 a.m. ET, and the decline of $1,751.40 marked its biggest single-day drop in a month, according to CoinDesk data. Friday’s move also continued a five-day decline for the world’s biggest cryptocurrency, which hovered near $25,000 before the sell-off. On the year, bitcoin has dropped over 54%.
Meanwhile, ether dropped nearly 10% over the last 24 hours, trading at $1,690.38. Similar to bitcoin, the token has shed approximately 55% in 2022.
The crypto retreat mirrored an overall risk-off trend, with stocks also selling off, after Fed officials dashed hopes for relief from rate hikes anytime soon.
St. Louis Fed President James Bullard said he’d prefer a 75-basis-point hike next month, which would mark the third straight increase of that size, and said he isn’t ready to say inflation has peaked.
“We should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation,” Bullard told the Wall Street Journal Thursday.
Also on Thursday, San Francisco Fed President Mary Daly told CNN that a September rate hike of 50 or 75 basis points would be “reasonable” and predicted increases will continue into at least 2023, pushing back against calls for a dovish pivot by then.
Meanwhile, the US dollar index notched a fresh one-month high Friday as the central bank signaled its committement to more rate hikes.
As investors pile into the safe haven, the index moved above 107, it’s highest since July 18 and on pace for the largest weekly gain since March 2020.
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