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Share link:In this post: Bitcoin fell from $64k to around $60k due to escalating fears of conflict in the Middle East. The overall crypto market cap declined nearly 4% to $2.17 trillion. Over 154,000 traders were liquidated in the past 24 hours, totaling $524.31 million.
Quick Take U.S. spot bitcoin ETFs recorded $242.53 million in net outflows on Tuesday. Bitcoin fell 3.47% to trade at $61,446. Ether slid 5.89% to change hands at $2,480.
Nasdaq dropped over 1%, while energy stocks rose as US oil prices climbed 2.4%. Bitcoin fell by 4%, diving from $66,000 to $61,000, as fear spread across markets. Geopolitical conflicts tend to trigger short-term drops, with market recovery typically taking 47 days.
Quick Take The Securities and Exchange Commission is appealing the Aug. 7 judgment regarding the web3 payments firm Ripple. “We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities law,” an SEC spokesperson said.
- 13:05Options with a nominal value of 42 billion USD in BTC and 1 billion USD in ETH will expire this FridayAccording to CoinDesk, data shows that BTC and ETH options contracts with nominal values of $4.2 billion and $1 billion respectively will expire on Deribit this Friday. The maximum pain point for Bitcoin options is at $64,000, with a put/call ratio of 0.62, indicating a market sentiment leaning towards optimism. Ethereum is currently trading at around $2,600, exactly at its maximum pain price. It's worth noting that over $682 million worth of BTC options (equivalent to 16.3% of the total $4.2 billion) will be "in-the-money" upon expiration, most of which are call options. A call option is considered in-the-money when its exercise price is lower than the current market price; while an in-the-money put option has an exercise price higher than the spot price.
- 13:02Argentina drafts new cryptocurrency regulations to regulate VASP operationsArgentina is innovating its cryptocurrency framework. The Argentine Securities Commission (CNV) recently announced a public consultation on a draft to regulate Virtual Asset Service Providers (VASP) operating in the country, imposing new compliance requirements on these institutions. If Resolution No. 1025 is approved, it will force cryptocurrency companies to disclose agreements with third parties and customers. In addition, it also aims to prevent money laundering and terrorist financing by establishing policies and cybersecurity standards. This framework is a follow-up action to the VASP registration launched earlier this year.
- 13:00CryptoQuant: Institutions hold about 20% of the positions in the U.S. Bitcoin spot ETFAccording to data revealed by Ki Young Ju, CEO of CryptoQuant, institutions hold about 20% of the U.S. Bitcoin spot ETFs, and asset management companies hold approximately 193,000 BTC.
