Bitfinex Alpha | BTC Consolidates and Leverage Drops as Market Awaits a Catalyst
Main Idea
Bitcoin and the broader crypto market experienced significant declines, with altcoins suffering deeper losses, while BTC retained relative strength. Market conditions are influenced by macroeconomic factors and regulatory developments.
Key Points
1. Bitcoin broke below its local support at $115,800, hitting a low of $112,210, amid broader de-risking in the crypto market.
2. The OTHERS altcoin index (excluding top 10 coins) dropped 18.7% over 10 days, erasing nearly $59 billion in market value, with daily liquidations exceeding $1 billion.
3. BTC's market cap remains above $2.2 trillion, double its 2021 peak, while ETH and altcoins lag behind prior highs, highlighting BTC's relative strength.
4. Macroeconomic data showed weak domestic demand, with Q2 GDP growth at 3% (1.2% excluding trade and inventories), and July job growth slowing to 73,000 with unemployment rising to 4.2%.
5. SharpLink Gaming acquired $295 million worth of ETH, becoming the second-largest corporate ETH holder, while SEC's 'Project Crypto' aims to modernize US digital asset regulation.
Description
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