Rhythm Morning News｜A summary of important news from last night and this morning on August 5

Bitcoin fell below $53,000, with a single-day drop of more than 13%

BlockBeats news, on August 5, according to HTX market information, Bitcoin fell below $53,000, and is now quoted at $52,467, a single-day drop of 13%.

Ethereum fell below $2,100, with a single-day drop of more than 25%

BlockBeats news, on August 5, according to HTX market information, Ethereum fell below $2,100 and then rebounded, and is now quoted at $2,156, a single-day drop of more than 25%.

In the past 12 hours, the entire network has been liquidated for $748 million, and the number of liquidated people exceeds 200,000

BlockBeats news, on August 5, according to Coinglass data, in the past 12 hours, the entire network has been liquidated for $748 million, of which long orders have been liquidated for $649 million.

In addition, in the past 24 hours, a total of 201,905 people have been liquidated.

Global stock markets fell on Monday, and Japanese stocks fell more than 4.4% in early trading

BlockBeats news, August 5, according to market information, global stock markets continued to fall on Monday, among which,

Japanese stocks fell more than 4.4% in early trading.

South Korea's KOSPI index fell more than 3%,

Australia's SP/ASX 200 index fell 2.1%,

Nasdaq 100 index futures fell 2%. (Golden Ten)

Ethereum network gas fee soared to 681Gwei

BlockBeats news, on August 5, Etherscan data showed that ETH Gas fees soared to 681Gwei, which may be caused by on-chain liquidation.

In the past 24 hours, the on-chain lending liquidation volume exceeded 320 million US dollars, a new high this year

BlockBeats news, on August 5, according to Parsec data, in the past 24 hours, DeFi lending liquidation volume exceeded 320 million US dollars, a new high this year.

Among them, ETH collateral liquidation reached 187 million US dollars, wstETH reached 77.9 million US dollars, and wBTC reached 32.5 million US dollars.

Ethereum has about $29.1 million in on-chain lending and liquidation quotas around $2,324

BlockBeats news, on August 5, according to DefiLlama data, Ethereum has about $29.1 million in on-chain lending and liquidation quotas around $2,324.

In addition, if Ethereum falls 20% from the current price, there will be about $164.4 million in on-chain lending and liquidation quotas.

This week’s unlocking data at a glance: 8 projects have one-time large-scale token unlocking, with a total of over 60 million US dollars

BlockBeats news, on August 5, according to Token Unlocks data, 8 projects will have one-time large-scale token unlocking this week, with a total of over 60 million US dollars. Among them:

MODE will unlock about 185.3 million tokens at 18:59 Beijing time on August 5, accounting for 14.25% of the current circulation, with a value of about 3.63 million US dollars;

MAVIA will unlock about 1.15 million tokens at 8:00 Beijing time on August 6, accounting for 3.64% of the current circulation, with a value of about 1.62 million US dollars;

DYDX will unlock approximately 1.55 million tokens at 0:00 on August 7th, Beijing time, accounting for 0.68% of the current circulation, with a value of approximately US$1.66 million;

HFT will unlock approximately 13.62 million tokens at 8:00 on August 7th, Beijing time, accounting for 3.11% of the current circulation, with a value of approximately US$2.08 million;

IMX will unlock approximately 32.47 million tokens at 8:00 on August 9th, Beijing time, accounting for 2.11% of the current circulation, with a value of approximately US$39.29 million;

XAI will unlock approximately 35.88 million tokens at 17:30 on August 9th, Beijing time, accounting for 6.9% of the current circulation, with a value of approximately US$8.73 14.89 million tokens will be unlocked at 15:00 Beijing time on August 11, accounting for 0.82% of the current circulation, with a value of approximately US$4.68 million; IO will unlock approximately 2.11 million tokens at 20:00 Beijing time on August 11, accounting for 2.22% of the current circulation, with a value of approximately US$3.81 million.

Analysis: Jump Trading is suspected of selling a large amount of ETH

BlockBeats news, on August 4, according to EmberCN monitoring and analysis, Jump Trading may be selling ETH: they are recently redeeming a wstETH worth $410 million (120,000) in batches into ETH and then transferring it to trading platforms such as Binance/OKX.

So far, they have redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH ($191.4M) have entered the trading platform. Specific path:

· wstETH is transferred from 0x48d...575 to 0x986...8c6;
· 0x986...8c6 unpacks wstETH and redeems it into ETH and then transfers it to 0xf58...621;
· 0xf58...621 transfers ETH to trading platforms such as Binance/OKX.

Currently, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address are being redeemed into ETH; and 20,000 ETH are waiting to enter the trading platform in batches.

Andrew Kang: I will not bet on ETH to fall further, but the market may choose to continue to fall

BlockBeats news, on August 5, Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, posted on social media, "I will not bet on ETH to fall further. The market may fall further, but it is best to focus on finding future buying opportunities."

JupiterDAO voted to "destroy 30% of JUP token supply" proposal

BlockBeats news, on August 4, according to the governance page, JupiterDAO voted to "destroy 30% of JUP token supply" proposal "Token Supply" proposal, the JUP token supply will be reduced from 10 billion to 7 billion.

Galaxy Research warns of sustainability issues for Bitcoin Layer2 Rollups

BlockBeats news, on August 4, a report from Galaxy Research pointed out that although Bitcoin second-layer expansion networks such as "Rollups" are popular as promising ways to keep Bitcoin payments cheap, fast and decentralized, they may not be sustainable in the long run.

In a report released on Friday, Galaxy analyst Gabe Parker emphasized that the cost of publishing data is a fundamental challenge facing Bitcoin Rollups because these Rollups need to publish data to the base layer.

Galaxy Research estimates that in a low-fee environment, where a typical transaction fee is 10 sat/VB (satoshi per vByte, the unit of block space data), Rollups will need to spend $460,000 per month to maintain Bitcoin's security. In a higher-fee environment, where the fee is 50 sat/VB, the monthly cost could soar to $2.3 million.

Alexei Zamayatin, co-founder of Build on Bitcoin (BOB), said Bitcoin Rollups could be as cost-effective as Ethereum Rollups, but he opposed using the Bitcoin main chain to provide data availability.

Zamayatin suggested using Celestia or a merged-mined Bitcoin sidechain, which is cheaper but sacrifices some of Bitcoin's full decentralization and security.

Zamayatin responded to Galaxy’s report, saying: “If Bitcoin’s second-layer network is 100 times more expensive than Ethereum’s second-layer network, no one will use it even if ‘it’s on Bitcoin’. The good news is: they won’t be more expensive.” (Cointelegraph)

Japanese government bond futures triggered circuit breaker mechanism

BlockBeats reported that on August 5, after the Japan Topix index triggered the circuit breaker mechanism downward, Japanese government bond futures triggered the circuit breaker mechanism. (Jinshi Data APP)

Foreign media: The United States said Iran may attack Israel within the next 24 hours

BlockBeats news, on August 5, according to AXIOS, the United States informed the Group of Seven that Iran may attack Israel within the next 24 hours. (Jinshi)