Crypto Market Trading Volume Hits $244 Billion; Highest Since March

Crypto Market Shaken: $510 Billion Sell-Off Hits Memecoins Hard

Crypto Market – Binance CEO Richard Teng has recently addressed the market volatility, emphasizing that the recent declines in cryptocurrency and stock prices are attributed to macroeconomic factors rather than indicative of a long-term negative trend.

In other news, OKX has introduced Cryptopedia Season 22 within its Web3 wallet, offering a reward pool exceeding $350,000 USDT for completing tasks related to the TON ecosystem.

Major Market Developments

The crypto market experienced a dramatic sell-off, with the 24-hour trading volume reaching $244 billion on August 5, marking the highest level since March 6. This drop resulted in a staggering $510 billion reduction in the total market capitalization.

US-listed Semler Scientific made headlines by purchasing 101 BTC for $6 million. Additionally, the Fear & Greed Index plummeted to 17 on August 6, reflecting “Extreme Fear,” the lowest sentiment level since July 2022.

Layer 2 solution Zircuit has announced that 21% of its ZRC tokens will be allocated for airdrops and community rewards. Meanwhile, five major market makers, including GSR Group and Jump Trading, have transferred over 130,000 ETH to centralized exchanges since August 3.

Private bank Xapo has launched interest-bearing BTC accounts in the UK following its licensing. The Aave Treasury also saw significant gains, earning $6 million overnight through decentralized liquidations.

Australian rapper Iggy Azalea is set to speak at Solana Breakpoint in September. Crypto DEX PancakeSwap has burned approximately 8.86 million CAKE tokens, valued at around $12 million. Additionally, ARK Invest purchased approximately $14.81 million worth of Coinbase shares on August 5.

Funding and Regulatory Updates

Blockchain game developer Cartridge has completed a Series A funding round of $7.5 million, led by Bitkraft Ventures.

Japanese Finance Minister Shunichi Suzuki has indicated that stock prices are dictated by market forces and highlighted close collaboration with the Bank of Japan and the Financial Services Agency to support this process. Chicago Fed President Austan Goolsbee assured that the Fed will take necessary actions if the economy worsens.

Market Analysis and Predictions

BTC fell to a low of $49,000 but saw a positive opening in the US stock market, which improved risk sentiment and led to a rebound. If $49,000 is confirmed as the bottom of the correction from $73,777, BTC could potentially rise to around $64,300, aligning with the 61.8% Fibonacci retracement level of the downtrend. The crucial factor will be the stabilization of the US stock market, which will influence whether $49,000 can be confirmed as the cycle’s bottom.

BTC Spot ETFs as of August 5

• Overall Data:
  • Total Net Inflows: $17.34 billion
  • Daily Net Outflows: $168 million
  • Single-Day Turnover: $5.24 billion
  • Proportion of BTC’s Market Value: 4.55%
• Breakdown by ETF:
  • GBTC:
    • Net Asset Value: $12.73 billion
    • Single-Day Net Outflows: $69.12 million
    • Cumulative Net Outflows: $19.113 billion
    • Single-Day Turnover: $691 million
  • FBTC:
    • Net Asset Value: $9.4 billion
    • Single-Day Net Outflows: $58.04 million
    • Cumulative Net Inflows: $9.74 billion
    • Single-Day Turnover: $852 million
  • BITB:
    • Net Asset Value: $2.02 billion
    • Single-Day Net Outflows: $2.9 million
    • Cumulative Net Inflows: $2.04 billion
    • Single-Day Turnover: $217 million

ETH Spot ETFs as of August 5

• Overall Data:
  • Total Net Outflows: $509 million
  • Daily Net Inflows: $1.64 million
  • Single-Day Turnover: $715 million
  • Proportion of ETH’s Market Value: 2.27%
• Breakdown by ETF:
  • ETHE:
    • Net Asset Value: $4.72 billion
    • Single-Day Net Outflows: $46.84 million
    • Cumulative Net Outflows: $2.16 billion
    • Single-Day Turnover: $261 million
  • ETHW:
    • Net Asset Value: $210 million
    • Single-Day Net Inflows: $7.2 million
    • Cumulative Net Inflows: $295 million
    • Single-Day Turnover: $26.95 million
  • FETH:
    • Net Asset Value: $233 million
    • Single-Day Net Inflows: $16.15 million
    • Cumulative Net Inflows: $313 million
    • Single-Day Turnover: $72.59 million

Project and Token Updates

Zircuit Tokenomics:

Zircuit, a fully EVM-compatible zero-knowledge rollup, announced its tokenomics on August 5. The total supply is 10 billion tokens, with allocations as follows:

• 21% for airdrops and community rewards (7% for Season 1, 14% for future distributions)
• 12.61% for community governance
• 17.93% for ecosystem development
• 18.70% for the foundation
• 18.74% for the team
• 11.02% for investors

Over 262,200 addresses have claimed the first airdrop, and the protocol’s total value locked (TVL) exceeds $2 billion.

LOCKIN and CatDog Surge:

• LOCKIN: This memecoin has surged 84% in the last 24 hours. The token’s total supply is 1 billion, with 100% of the liquidity pool burned. The current on-chain liquidity is $688,000, with 5,980 holding addresses.
• CatDog: This memecoin, combining cat and dog themes, has increased 50% in the last 24 hours. CatDog reached a new all-time high, with on-chain liquidity of $708,000 and a market cap of $56.58 million. The 24-hour trading volume has exceeded $20 million.

On-Chain Daily Highlights

• Andy: A memecoin on Ethereum featuring a Pepe comic character.
  • Current Price: $0.00008316
  • 12-Hour Change: +37.27%
  • Market Value: $83.1M
• HOPPY: A memecoin on Ethereum featuring a human-like frog.
  • Current Price: $0.00005792
  • Historical High: $0.0002095
  • 24-Hour Change: +49.61%
  • Market Value: $24.3M
• BabyNeiro: A memecoin on Ethereum, part of the Neiro family.
  • Current Price: $0.01505
  • 6-Hour Change: +5807%
• BTW: A Solana memecoin with a banana taped to the wall.
  • Current Price: $0.004443
  • 24-Hour Change: +222%
  • Market Value: $4.4M
• CATDOG: A Solana memecoin addressing conflicts between cats and dogs.
  • Current Price: $0.0005628
  • Historical High: $0.04307
  • 24-Hour Change: +42.8%
  • Market Value: $55.6M
• GINNAN: A Solana memecoin, claiming to be Doge’s cat sister.
  • Current Price: $0.0(5)4547
  • Historical High: $0.0(5)9889
  • 24-Hour Change: +50%
  • Market Value: $31.6M

Daily Rune Observation

• Gas Fee Change: The current BTC transaction fee is low at 4 satoshis/byte, with a fast fee of 6 satoshis/byte, maintaining a consistent speed.

Today’s Popular Projects:

• BILLION•DOLLAR•CAT:
  • Market Value: $25.71M
  • 24-Hour Trading Volume: $14.1K
  • 24-Hour Change: +41.3%
• BYZANTINE•GENERAL:
  • Market Value: $21.2M
  • 24-Hour Trading Volume: $4.7K
  • 24-Hour Change: +37.62%
• SAIKO•HAMSTER:
  • Market Value: $23.7M
  • 24-Hour Trading Volume: $8.12K
  • 24-Hour Change: +35.92%

Top Rune Projects Tracking:

• DOG•GO•TO•THE•MOON: Rune #3, airdrop Runes of Runestone.
  • Current Price: 4.95 Sats
  • 24-Hour Change: +31.97%
  • Market Value: 5,012 BTC
• BAMK•OF•NAKAMOTO•DOLLAR: Synthetic dollar protocol on Bitcoin L1.
  • Current Price: 4.39 Sats
  • 24-Hour Change: -16.98%
  • Market Value: 923 BTC

For the latest in crypto updates, keep tabs on Crypto Data Space.