Gary Gensler is (let’s just say it) universally disliked in crypto for the SEC’s frequent aggressive “enforcement actions” and for his unwillingness to be clear about what is and what isn’t legally permissible when it comes to digital assets.
But is the story true? Let’s take a look at the evidence, and how this “story” may have come about.
It may be true that “multiple senior Senate staffers” believe Gensler could be Treasury Secretary in a Harris administration. Gensler is long believed to have coveted that job and he would certainly be well-qualified: he worked on Wall Street (Goldman Sachs), he’s led both of the country’s primary markets regulators (the SEC and Commodity Futures Trading Commission), and he was a professor at MIT. He’s a well-rounded, experienced economic public servant; why wouldn’t he be considered as a Treasury Secretary candidate? Putting aside that Harris needs to win the presidency, a Senate majority and persuade both Democratic and Republican Senators to support his nomination … it’s certainly possible Gensler could get the job next year, though, according to most experts, that is unlikely.
But the story is filled with red flags that any decent editor would immediately mark up with red ink. For example: “Those rumors corroborate what top Republicans have also told the Reporter on the record.” Rumors don’t corroborate anything. And there’s nothing close to a quote from someone close to the Harris camp; the “likely” in the headline all comes from those Senate staffers.
Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated with executing these using “unfriendly” currencies. Russian Finance […]
On August 20, 2024, during the Asian trading hours, the overall cryptocurrency market was experiencing impressive upside momentum. However, following the opening of the US stock market, the market began experiencing selling pressure as the S&P 500 and Dow Jones fell significantly.
Potential Reason for Market Fall
Apart from the S&P 500 and Dow Jones, another potential reason behind the cryptocurrency market’s decline is the recent all-time high in Gold price. In this recent market downturn, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have fallen significantly.
Before the opening of the US market and before Gold made its all-time high BTC, ETH, and SOL were trading above $61,350, $2,690, and $148.29, respectively, according to Coinmarketcap. However, later these values dropped to $58,600, $2,560, and $142 level.
This significant price drop once again hints that the crypto market is still in a downtrend.
Bitcoin (BTC) Technical Analysis and Upcoming Levels
According to expert technical analysis, BTC, ETH, and SOL look bearish as they are all trading below the 200 Exponential Moving Average (EMA) in a higher time frame. Based on the price action and technical analysis, if BTC gives breakdowns to the current consolidation zone there is a high possibility it could fall to the $54,000 level.
Source: Trading View
Ethereum (ETH) Technical Analysis and Upcoming Levels
The ETH chart looks extremely bearish due to the presence of rising wedge patterns and head-and-shoulder price action patterns. If ETH falls below the $2,500 level, there is a high possibility it could sink to the $2,300 level and $2,200 level in the coming days.
Source: Trading View
Solana (SOL) Technical Analysis and Upcoming Levels
However, on the daily time frame, Solana (SOL) is at a crucial support level of $140 and is also receiving support from the 200 Exponential Moving Average (EMA). If SOL falls below the 200 EMA, there is a high possibility it could fall to the $130 level in the coming days.
Source: Trading View
Additionally, the open interest for BTC, ETH, and SOL has remained stable, indicating that investors’ and traders’ interest remains consistent.
Binance will airdrop 900 billion CAT tokens to FLOKI holders on August 29, 2024.
On-chain holders of 400,000 FLOKI will receive 315 billion CAT tokens.
5% of CAT supply allocated to Floki Trading Bot users over 30 days.
Floki ($FLOKI) token holders are set to receive a substantial airdrop of Simon’s Cat ($CAT) tokens. The airdrop is part of Simon’s Cat’s launch strategy and highlights the growing significance of meme coins in the cryptocurrency market.
The airdrop, scheduled for August 29, 2024, will be facilitated by Binance, the world’s largest cryptocurrency exchange, marking a notable integration of new assets into the market.
Binance support for Simon’s Cat airdrop
Binance will play a crucial role in the airdrop by directly crediting CAT tokens to FLOKI holders on its platform.
Binance will take a snapshot of FLOKI holdings on August 29, 2024. To qualify, users must hold a minimum of 400,000 FLOKI tokens, which translates to roughly $50 at current prices.
The airdrop will distribute a total of 900 billion CAT tokens, representing 20% of Simon’s Cat’s total supply allocated to the Floki community. This move aims to enhance user engagement and extend the reach of Simon’s Cat within the crypto ecosystem.
On-chain airdrop and trading bot allocation
In addition to the Binance-supported airdrop, Simon’s Cat will also conduct an on-chain airdrop. This distribution will provide 315 billion CAT tokens, equivalent to 3.5% of the total supply, to FLOKI holders who maintain their tokens on-chain.
To be eligible, holders must retain at least 400,000 FLOKI tokens, and the airdrop will be proportionate to the amount held. Two snapshots will be taken: one on August 22, 2024, and a final one on August 29, 2024. To qualify, participants must hold their tokens through both snapshots without transferring or selling them in between.
Moreover, 1.5% of the CAT supply will be allocated exclusively to users of the Floki Trading Bot over 30 days. The exact details of this distribution will be revealed in a separate announcement. Other centralized exchanges are also expected to host CAT airdrops, with specifics still being finalized.
This airdrop strategy underscores the ongoing popularity of meme coins in the crypto market, despite recent slowdowns in trading volumes. As the meme coin craze persists, initiatives like these continue to drive enthusiasm and participation in the cryptocurrency space.
Bitcoin experienced a sharp decline on Aug. 20, falling below the $59,000 mark as selling pressure intensified, leading to significant liquidations in the crypto market.
The flagship crypto slid over 3% in an hour, giving up almost all of its gains over the previous trading day after touching a weekly high of $61,400.
Bitcoin was trading at $59,000 as of press time, based on CryptoSlate data.
Liquidations
The downward price movement resulted in widespread liquidations across the crypto market, with over $50 million liquidated in an hour, based on Coinglass data.
The liquidation heatmap indicates that Bitcoin accounted for the largest portion of liquidations over the last four hours, with $1.84 million being liquidated. Ethereum (ETH) and Litecoin (LTC) also saw notable liquidations of $396,130 and $178,470, respectively.
Most of these liquidations were concentrated on major exchanges, with OKX leading at $27.29 million and Binance at $23.61 million. The majority of liquidations over the past four hours were long positions, accounting for $57.09 million, while short positions saw $5.76 million liquidated.
Meanwhile, over the past 24 hours, total liquidations amounted to $135.32 million, affecting 46,264 traders. The largest single liquidation order was recorded on Binance, where a BTCUSDT contract valued at $3.17 million was liquidated.
The market volatility and subsequent liquidations highlight the risks involved in leveraged trading within the crypto space. As Bitcoin and other digital assets face ongoing selling pressure, traders are likely to remain cautious, with the potential for further liquidations if bearish momentum continues.
Large-cap performance varies
Ethereum and Solana echoed Bitcoin’s movements, with both giving up the previous day’s gains within the last few hours.
As of press time, ETH was trading at $2,576, while SOL was trading at $142.3.
Meanwhile, BNB, Dogecoin, and XRP managed to retain most of the previous day’s gains despite a slight decline as Bitcoin fell.
As of press time, BNB was trading at $569.4, up 3.81% over the past day, while DOGE stood at $0.102, up 3.37%. XRP was similarly up 1.35% over the last 24 hours and trading at $0.59.
Toncoin recorded the worst performance among the largest cryptos, with TON down 2.03% over the last 24 hours to trade at $6.64 as of press time.
TRON, ADA, and AVAX defied the downtrend and were up 7.83%, 2.92%, and 6.98% over the last 24 hours, respectively.
Bitcoin Market Data
At the time of press 6:03 pm UTC on Aug. 20, 2024, Bitcoin is ranked #1 by market cap and the price is up 0.12% over the past 24 hours. Bitcoin has a market capitalization of $1.16 trillion with a 24-hour trading volume of $31.97 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 6:03 pm UTC on Aug. 20, 2024, the total crypto market is valued at at $2.08 trillion with a 24-hour volume of $68.91 billion. Bitcoin dominance is currently at 55.71%. Learn more about the crypto market ›
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Precious metals prices are on the move again, with gold hitting a new peak of $2,564 during Tuesday’s trading sessions. As of now, gold is being traded at $2,527 per ounce, while silver has climbed more than 6% this week, currently standing at $29.68 per ounce. Market trends show that the prices of precious metals […]
The DAO behind the Solana-based DeFi protocol, Mango Market, has overwhelmingly approved a proposal to settle a securities violation case with the US Securities and Exchange Commission (SEC).
On Aug. 19, MangoDAO submitted the SEC Settlement Offer Proposal to avoid further litigation after the financial regulator accused the platform of securities violations.
Under the proposal, MangoDAO would pay the SEC $223,228 in fines, destroy its MNGO token holdings, and seek delisting from trading platforms. It added:
“The settlement offer would also agree that the DAO will, and certify compliance, immediately cease all of its offers, sales or resales of MNGO tokens on the protocol through the means or instrumentalities of interstate commerce in the United States.”
Crypto lawyer Gabriel Shapiro noted that the SEC typically requires “token issuers” to destroy all “unissued” tokens to dissolve the “common enterprise” and end the “investment contract.” However, he questioned whether delisting the tokens from centralized exchanges truly serves investors’ interests.
Meanwhile, the MangoDAO proposal emphasized that the settlement is neither an admission nor a denial of wrongdoing.
As of this writing, the proposal has reached a quorum with over 110 million votes, all in favor of the settlement.
Mango Market’s downturn
Mango Markets was once a leading DeFi platform on Solana until Avraham Eisenberg exploited it for $110 million in 2022. At that time, Eisenberg admitted to the actions but claimed they were legitimate.
Eisenberg was recently convicted after being found guilty of commodities fraud, commodities manipulation, and wire fraud. He is reportedly seeking a retrial of his case.
Although Eisenberg returned a significant portion of the funds to MangoDAO, the platform has struggled since, with deposits remaining a fraction of their pre-exploit levels. Meanwhile, the incident also drew the attention of regulators, leading to further inquiries into Mango Markets by regulators like the US SEC.
The MNG token is up 4% in the past 24 hours according to CryptoSlate data.
Bitcoin (BTC) price is inching closer to reclaiming its post-halving reaccumulation range, setting the market abuzz with anticipation. Amid critical weekly close, traders and investors are keenly watching the $60,600 level. As of now, BTC price is slightly above this threshold at $60,700.
Stock Market Rally To Fuel Bitcoin Price Surge
Crypto analyst Rekt Capital expects BTC to enter the post-Halving reaccumulation phase if it closes above $60,600 this week. Bitcoin price is currently well above $60,600. However, since there are six days left for the week to end, the uncertainty remains.
Nonetheless, one of the significant factors catalyzing Bitcoin’s upward momentum is the ongoing stock market rally. According to QCP Capital’s analysis released today, momentum traders and trend-followers are re-leveraging their positions.
This activity has been amplified by August’s lower liquidity, which typically sees reduced trading volumes as major financial institutions and traders take summer vacations. Adding fuel to this rally, corporate share buybacks have surged. Companies buying back a staggering $1.15 trillion worth of shares this year.
This trend has been particularly pronounced among clients of Goldman Sachs’ trading unit. It has reported record demand for buying dips in the market. Hence, QCP Capital noted this surge in share buybacks reflects corporate confidence and could have a spillover effect on other risk assets, including Bitcoin.
The risk-on sentiment evident in the equities market could extend to cryptocurrencies and precious metals like gold. Bitcoin, in particular, stands to benefit from this environment as demand for topside call options on BTC increases. This growing interest in bullish options suggests that traders are betting on further Bitcoin price appreciation.
U.S. Election Dynamics
However, the upcoming U.S. 2024 elections remain a critical focal point for market participants. QCP Capital notes a skew in Bitcoin options favoring puts ahead of the election, indicating some caution among traders. There is a significant six-point volatility spread between pre and post-election expiries. This reflects uncertainty about the election’s outcome and its potential impact on Bitcoin price.
Meanwhile, Democrats are losing the crypto community’s support as the Democratic platform shunned crypto. Whilst, the Republicans have pledged to end what they describe as an “unlawful and un-American crypto crackdown.”
Zach Pandl, Grayscale Investments’ Managing Director of Research, recently expressed a bullish outlook on Bitcoin’s near-term prospects. In a recent interview, Pandl suggested that BTC is poised to rally, regardless of the outcome of the upcoming U.S. election. Furthermore, the Grayscale exec emphasized Bitcoin’s long-term potential, particularly as a hedge against looming depreciation of the U.S. dollar.
Short Liquidations & ETF Flows Impact On BTC Price
Another key factor contributing to recent Bitcoin price movements is the liquidation of short positions. According to data from Coinglass, Bitcoin short liquidations totaled $25.90 million, significantly outpacing the $5.23 million in long liquidations.
When short positions are liquidated, traders are forced to buy back Bitcoin to minimize their losses, which can drive the price higher. In addition to short liquidations, spot Bitcoin ETF flows have been positive, further supporting the price recovery.
On Monday, August 19, spot Bitcoin ETFs saw inflows of $62.1 million. This surge has likely played a role in Bitcoin’s recovery from $58,000 to its current level of $60,900. BlackRock led the charge with $92.7 million in inflows, followed by Fidelity with $3.9 million.
However, not all funds experienced positive flows; Bitwise recorded outflows of $25.7 million, and Invesco saw $8.8 million in outflows. Nevertheless, institutions, including Morgan Stanley showed increased confidence in Bitcoin.
Currently, 60% of the top 25 hedge funds in the U.S., including Citadel Investment Group and Millennium Management, expanded their BTC exposure to. These hedge funds have increased their holdings of spot Bitcoin ETFs in the second quarter of FY24.
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Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated with executing these using “unfriendly” currencies. Russian Finance […]
Precious metals prices are on the move again, with gold hitting a new peak of $2,564 during Tuesday’s trading sessions. As of now, gold is being traded at $2,527 per ounce, while silver has climbed more than 6% this week, currently standing at $29.68 per ounce. Market trends show that the prices of precious metals […]
