Was that the bottom? 🎢

Bitcoin and other cryptos bounced back from Monday's lows, but have yet to recover fully from the market turmoil.

Author

Stephen Graves
August 06, 2024

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📝 What you need to know

Bitcoin and other crypto assets rebounded Tuesday morning from Monday’s lows, but have yet to recover fully from the losses incurred during the market turmoil.

Amid a volatile market, meme coins staged a double-digit recovery while U.S. spot Ethereum ETFs saw their second-largest day of inflows.

With markets sinking and poor economic data, one Wharton economist urged the U.S. Federal Reserve to make an emergency rate cut in order to stave off a recession.

Bitcoin Taps $56,000 in the Face of Fresh Global Market Fears

Bitcoin faces fresh headwinds this week, including weak economic data, tensions in the Middle East, and Japan’s rate hikes.

Fed Must Make Emergency Rate Cut to Avoid US Turmoil, Says Top Economist

The lack of movement so far “makes absolutely no sense,” Wharton's Jeremy Siegel tells CNBC.

What Is a Carry Trade and What Does It Have to Do With the Bitcoin Crash?

As traders move to cover souring bets on the yen, the prices of risk assets (including Bitcoin) have taken a beating as a result.

US Ethereum ETFs Post Second-Largest Daily Inflows as Global Markets Wobble

Ethereum ETFs have recorded their second-largest daily inflows as global markets nose-dived on the back of recessionary fears.

🎓 LEARN: Getting Started with Institutional Staking

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💬 Quote of the Day

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"We are very encouraged by the strong positive reaction to our recent announcement of a bitcoin treasury strategy.”

Eric Semler, Chairman, Semler Scientific

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🤖 EMERGE: Meet the Long-Shot Candidate Letting AI Run His Campaign

Author Thomas Ross sees AI as a solution, not a threat, and says the U.S. political machine needs to be rebooted.

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📚 Dive Deeper

📹 WATCH: FOMO HOUR 172 - A VERY RED DAY FOR BITCOIN

Bitcoin hits $50k, liquidations hit $1bn in sell-off. Macro sell-off and end of Yen carry trade blamed. Multiple altcoins hit cycle or all-time lows.

🎓 LEARN: What Is Hamster Kombat? The Telegram Crypto Game and Airdrop

UPDATE: The airdrop missed July, but Hamster Kombat's team has offered new clues on when the token is coming—and how best to earn a share.