Bitcoin liquidations have been ramping up over the last day following the market crash that rocked the crypto space on Thursday. The result of this is a liquidation event, the likes of which have not been seen since the FTX collapse back in 2022. And Bitcoin’s numbers have shot up as long traders are completely obliterated in the process. Largest Single Crypto Liquidation Event In 2023 Following Bitcoin’s price decline to the low $25,000s, the liquidations picked up quickly with over $1 billion dollars of crypto positions being closed rapidly. Bitcoin, in particular, suffered the brunt of these liquidations as its numbers quickly climbed to 9 digits. By the time Friday morning rolled around, the digital asset’s liquidation was at approximately $500 million with long traders suffering the majority of losses. According to data from Coinglass, Bitcoin’s long liquidation figures were already over $373 million, with shorts coming in at $125 million. While Bitcoin was in the lead as expected, Ethereum was not that far behind. The second-largest cryptocurrency by market cap saw an even larger proportion of long liquidations compared to shorts. Out of the $308 million in liquidations, long traders lost $254.59 million while short traders came in at $54.3 million. Ethereum also saw the largest single liquidation order. The order which was worth $55.92 million at the time took place on the Binance crypto exchange across the ETH/BUSD pair. However, the OKX exchange saw the largest Ethereum liquidations at $108.87 million, 92.8% of which were longs. The Tide Is Starting To Turn For Bitcoin Following the initial plummet, Bitcoin began to show strength which saw its price add over $1,000. This recovery to $26,000 signaled a possible turn for the digital assets and the shorters began to feel the heat at this point. In the last four hours, long traders have gotten some reprieve as $8.53 million of the $10.96 million in liquidations so far were short trades. However, long traders are still not left out with $2.46 million in liquidations as well. Since the Bitcoin price remains extremely volatile at this point, liquidation volumes are expected to rise. However, there is no indication so far of where the price of the digital asset might be headed next as bulls and bears continue a tug-of-war for control. Bitcoin is currently trading at a price of 26,451, representing a price decline of 7.48% over the last day, according to data from Coinmarketcap. The asset has also seen a 110% increase in daily trading volume which is now sitting at $34.47 billion.

Bitcoin, the largest cryptocurrency in the world, has plummeted substantially in the past 24 hours, leading to a ripple effect among other cryptocurrencies. On August 18, the price of BTC suddenly dumped 8% in a matter of minutes, as tension from investors increased selling pressure. Bitcoin has endured many crashes of this magnitude in the past, and market corrections of this magnitude don’t come out of nowhere. So the recent plunge in BTC’s value could be due to several factors in the crypto industry and the global economy. Here are some theories about the factors that may have exacerbated the recent crash. SpaceX Reportedly Sells Off Its Bitcoin Holdings SpaceX, Elon Musk’s aerospace company, had reportedly sold off nearly all of its Bitcoin holdings. SpaceX, in addition to Tesla, was one of a few companies that bought Bitcoin during the bull run in 2021. According to reports, SpaceX held $373 million worth of Bitcoin on its balance sheet in 2021 and 2022 but has now sold the cryptocurrency. Although it’s unclear when and how SpaceX sold its Bitcoin holdings, the news seems to have triggered selling pressure from investors. Fears Of Interest Rate Hikes By The Fed The US is one of the biggest markets for Bitcoin and recent revelations from the minutes of the Federal Reserve’s July meeting hint at the possibility of another increase in interest rates. The Fed controls interest rates in the US, and when they hike rates, it can have a significant impact on risky assets like BTC. Higher interest rates lead to increased borrowing costs and higher returns on safe investments like bonds, which may discourage trading in risky leveraged positions within the crypto space. Futures Liquidations And Crypto Whales Selling Big Data from CoinGlass shows that the futures market has seen a flurry of liquidations in the past 24 hours. The market witnessed the largest futures liquidation this year, as BTC witnessed liquidations of $498.88 million. The data suggests most of the liquidated positions were longs, meaning traders were betting on Bitcoin’s price to rise. In the past 24 hours, the total liquidations come in at $1.04 billion, with $308.89 million and $27.56 million also coming from ETH and XRP liquidations. The Coinbase premium is up by +3%, implying some whales are dumping BTC on Binance. And when crypto whales sell large amounts of BTC, it can flood the market and further drive the price down. Bankrupt Chinese Property Giant China Evergrande, China’s second-largest property developer, recently filed for US bankruptcy. This seems to have had some sort of domino effect on the price of Bitcoin, as the bankruptcy news came at the cusp of the recent decline. Does This Imply A New Wave Of Extended Bearish Sentiment For Bitcoin? When Bitcoin crashes, it often brings the rest of the crypto market down with it. As such, the recent Bitcoin wipeout has led to a decrease in the price of other cryptocurrencies as well. Data from Coinmarketcap shows that Bitcoin is currently down by 7.06% in the past 24 hours. Major altcoin ETH, BNB, and XRP are also down by 5.77%, 5.19%, and 13.20%, respectively. Bitcoin has had a volatile few months and has been struggling to cross over $30,000 this year. Notwithstanding, its price could quickly rebound again, particularly if the SEC grants approval to the most recent applications for Spot Bitcoin ETFs.

The price of Ethereum (ETH) fell sharply, to about $1550 earlier today. At the time of writing, ETH is trading at $1,684, down 7.6% in the last 24 hours. The price of Ethereum (ETH) fell by 7.6 percent as the market suffered a sudden downturn, with most of the decline occurring in a short span. On Friday morning, most of the cryptocurrencies continued their terrible performances. According to statistics from Coinglass, the previous 12 hours saw one of the biggest sell-offs in the crypto market this year, with traders losing a total of $1 billion due to liquidations. The price of Ethereum (ETH) fell sharply, to about $1550, before rebounding to a position slightly under $1700. Bitcoin investors lost over $498 million when they had to liquidate their long positions, while Ethereum (ETH) investors lost about $302 million. Need of a Strong Catalyst At the time of writing, ETH is trading at $1684, down 7.6% in the last 24 hours as per data from CMC. The price has been consolidating ever since it rebounded from a low of $1553 earlier today. There could be more trouble for ETH if the price breaks the recent support level of $1553. Bullish traders need to at least wait until the price clearly breaks above the $1726 resistance level. Source: CoinMarketCap Ethereum definitely needs a strong catalyst to overturn the momentum and start a fresh rally. All eyes are now on the approval of Ether ETF filed by several financial giants which is pending SEC approval. The race for Ether Futures exchange-traded funds now includes some of the world’s most illustrious financial organizations. However, the SEC has not yet approved any Ether futures exchange-traded funds (ETFs) so far. Eric Balchunas, a prominent Bloomberg analyst predicts that the Ether ETF has a 95% chance of getting approved.

The crypto market has retained its bullish outlook for the past many weeks. Therefore, investors of even well-established cryptocurrencies like Bitcoin (BTC) and Shiba Inu (SHIB) have started joining Pomerdoge. It is a new project with stable and long-term growth prospects. Whales have shown some interest in Bitcoin (BTC). Social mentions for Shiba Inu (SHIB) have increased by 99%. The current price of a Pomerdoge token is $0.008. Click Here To Find Out More About The Pomerdoge (POMD) Presale Bitcoin (BTC) Struggles To Surpass The $30,000 Mark For the past many weeks, Bitcoin (BTC) has struggled to surpass the psychological mark of $30,000. The ongoing bearish market conditions have been the main reason behind the price resistance of Bitcoin (BTC). However, Bitcoin (BTC) has witnessed a surge in key growth metrics. Moreover, as per the latest data from Glassnode, the number of whale addresses for Bitcoin (BTC) has hit its three-year high at 157,012. Thus, it indicates that big investors are accumulating Bitcoin (BTC). Subsequently, it can cause a surge in the value of Bitcoin (BTC). Meanwhile, Bitcoin (BTC) is down by 8% on the 30-day price chart, and is currently changing hands at $29,332.97. Shiba Inu (SHIB) Dominates On The Social Front For the past many weeks, Shiba Inu (SHIB) has been able to post a bullish performance. The market price of Shiba Inu (SHIB) has soared by 25% in the past month. As a result, Shiba Inu’s (SHIB) trading price has jumped to $0.00001039. Shiba Inu (SHIB) has performed well on the social front as well. As per the latest data from LunarCrush, the social engagement of Shiba Inu (SHIB) has increased by 23% in the past week. Besides, social mentions for Shiba Inu (SHIB) have surged by a whopping 99%. Notably, these metrics suggest that Shiba Inu’s (SHIB) market value can increase further in the coming weeks. Pomerdoge (POMD) Buckles Up For 40x The global play-to-earn (P2E) NFT games industry has shown massive growth potential in recent years. It is expected to jump to $8,857 million by 2028 and become the dominant vertical in the blockchain gaming industry. Pomerdoge is the latest project in the blockchain gaming space and has unveiled a new play-to-earn (P2E) game. Pomerdoge has announced plans to launch a new P2E game, Pomergame, with multiple features. Pomergame will be an opportunity where people can learn and play simultaneously. It will enable people to build their avatars and create customized in-game assets to upgrade their characters. Once players get a gold-status Pomer, they will be allowed to sell, buy, or trade their in-game assets with other members of the community. To facilitate trading activities, the platform has planned to introduce a marketplace, Pomerplace. It will also function as a battle arena where players can battle against each other to collect rewards and earn money. POMD will be the native crypto of the platform, and its owners will get several benefits. Notable among them is access to a unique collection of 7,777 non-fungible tokens (NFTs). Besides, POMD holders can stake their tokens to yield extra income. The presale of Pomerdoge is live, and advancing through stage 1. It has raked in more than $735,000 to date. Subsequently, the purchase price of a POMD token has also leapt from $0.007 to $0.008 within a few days of its launch. According to market pundits, the project’s value can soar by 17x during the presale round. Find out more about the Pomerdoge (POMD) Presale Today Website: https://pomerdoge.com/ Telegram Community: https://t.me/pomerdoge

XRP hit a 4-month low of $0.4226 with a decline of over 17.30%. Litecoin experienced a decline of more than 15% in the last 24 hours. The trillion-dollar crypto market witnesses yet another notable 24-hour drop of over 6%. Prices of the largest crypto members declining to further lows — Bitcoin (BTC) dropped below $26,500 and Ethereum (ETH) below $1,700 — drew major attention. Amid this downtrend, Ripple’s XRP and Litecoin (LTC) recorded maximum double-digit losses in the last 24 hours. Since July, these two cryptocurrencies sustained their trending spot on the headlines with their prominent events Litecoin halving and XRP’s legal victory against the SEC. With a sudden decline, XRP and LTC have led the crypto losers in the last 24 hours. XRP, LTC as Top Crypto Losers in 24H (Source: CoinMarketCap) On August 17, the cryptocurrency XRP hit a 4-month low of $0.4226 and became the second top loser of the day with a decline of over 17.30%. On the other hand, Litecoin reached a 9-month low of $61.76, with a decline of more than 15% in the last 24 hours. Moreover, the downtrend is expected to continue in the upcoming days as the cryptocurrencies clearly show bearish momentum. XRP Marks Its New 4-Month-Low XRP Daily Price Chart (Source: TradingView) At the time of writing, the trading price of XRP is $0.4918, with a decline of over 17% in the last 24 hours. However, the trading volume of XRP has experienced a massive surge of 71.18%. Litecoin (LTC) Touches Down 8-Month-Low Litecoin (LTC) Daily Price Chart (Source: TradingView) At press time, Litecoin is trading at $64.14, with a decline of over 15% in the last 24 hours. The daily trading volume of LTC has experienced an increase of 25.97%, according to CoinMarketCap. Adding to that, the top cryptocurrencies in the crypto market have experienced the same pattern in the last 24 hours. The sudden downtrend in the crypto market comes after the Chinese property giant Evergrande Group filed for bankruptcy protection in the U.S. as it seeks to restructure its $300 billion debt. The world’s largest cryptocurrency, Bitcoin (BTC), has fallen below the $27K mark with a decline of around 7%. Polygon (MATIC) hit a new low this year reaching $0.5464. Moreover, popular cryptocurrencies, including Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA), are experiencing bearish momentum. Will the crypto market break the bearish momentum? Share your thoughts by tweeting us at @The_NewsCrypto

Shibarium, Shiba Inu’s layer-2 network, is still waiting for a reboot. At the time of going to press, Shibarium was still not producing any blocks, as Shibariumscan.io’s block explorer shows. As a reminder, Shiba Inu’s highly anticipated layer-2 went offline minutes after its official launch on Wednesday. In the wake of the unexpectedly high traffic that temporarily took the Shibarium network offline, the Shiba Inu team is diligently working on a solution to restore normalcy, the devs assured today. With many investors keeping a close eye on developments, there is one notable promise from the team – they emphasize that users’ funds are safe. When Shibarium went offline, $1.7 million was stuck in the ETH Bridge. Shibarium, which is a fork of the renowned Polygon network, saw an unprecedented number of “compute units” of traffic shortly after its launch. This influx resulted in, as Shiba Inu developer Kaal Dhairya put it, “thousands upon thousands of contract creation and normal transactions IN A BLOCK.” As a result, the Shibarium network activated its failsafe mode and ceased operations to ensure the safety of assets within the blockchain. In an update today, SHIB developer Kaal Dhairya wrote in a blog post: “Shibarium received millions of ‘compute units’ of traffic in a matter of moments. At that point, Shibarium’s amazing system went into failsafe mode and paused to make sure the funds were safe…. And they are.” The transparency of the Shiba Inu team continues to be evident as they not only recognize the current challenges, but actively seek expert assistance to address them. But the scaling issues seem to be bigger than expected, as the network is approaching a 48-hour downtime (with short interruptions). When Shiabrium will be back online is still unclear, Dhairya announced: “Tomorrow I will send another update to inform our army of the status of Shibarium Scaling!” Shiba Inu (SHIB) Shows Resilience The Shiba Inu price briefly fell back to $0.00000727 yesterday amid the market-wide crash, posting a 20% drop. However, SHIB managed to defend a new higher low (albeit just barely) – a bullish sign. In addition, SHIB bulls have succeeded in ushering in a recovery. At the time of writing, SHIB was trading at $0.00000838, currently trading just above the 23.6% Fibonacci retracement level at $0.00000833. A daily close above this price level would be a bullish exclamation point. This would open the possibility of a move up to the 200-day EMA at $0.00000935, which was lost on Wednesday as a result of the Shibarium stall. A quick bounce of the 200-day EMA would be a strong sign. As then, the area between the 38.2% Fibonacci retracement level at $0.00000979 and the psychologically important $0.00001 level would come into focus. This area could be highly contested. However, if a breakout succeeds, the next targets are $0.00001096 (50% Fibonacci), $0.00001213 (61.8% Fibonacci) and $0.00001381 (78.6% Fibonacci) before the yearly high at $0.00001593 becomes the final hurdle for a bullish breakout of SHIB.

Coinbase had backed the plaintiffs in their complaint against the department. Tornado Cash is accused of laundering $7B worth of cryptos since 2019. A federal court yesterday ruled against a motion filed by Coinbase and other crypto industry titans arguing that US Treasury sanctions against crypto mixer Tornado Cash went too far. Six plaintiffs, including two Coinbase personnel, had their motions for summary judgment denied by Judge Robert Pitman of the US District Court for the Western District of Texas after they claimed the Treasury had overstepped its bounds in an effort to halt financial transactions that aided foreign terrorist organizations. Furthermore, Coinbase had backed the plaintiffs in their complaint against the department, which claimed its actions had an adverse impact on law-abiding citizens utilizing the private business. The court, however, sided with the US Treasury. Money Laundering Charges Since the crypto mixer’s debut in 2019, the Office of Foreign Assets Control (OFAC) of the Treasury has accused Tornado Cash of being involved in laundering over $7 billion worth of cryptocurrencies. Moreover, the agency’s reaction was to ban smart contracts and ban crypto wallets associated with Tornado Cash. In early 2023, the digital asset analysis firm Chainalysis said that it had linked North Korean cybercrime organizations to the theft of about $2 billion worth of cryptocurrencies in 2022. In addition, according to Chainalysis, these organizations rely extensively on Tornado Cash to launder their illicit gains. The judge likened smart contracts in his latest order to automated vending machines and subjected it to be within the meaning of the regulation. The court said that the Treasury Department had designated an entity, which includes the decentralized autonomous organization (DAO) that runs the crypto mixer, and that the argument that Tornado Cash is not an actual entity was not compelling. Highlighted Crypto News Today: Bitcoin Hits Two-Month Low; More Decline Likely?

PEPE, the amphibian-themed token that kickstarted the meme coin season in April this year, remains a subject of both fascination and volatility within the cryptocurrency landscape. Its journey, marked by highs and lows, offers insights into the evolving dynamics of this speculative market. In a surprising turn of events, the meme coin arena witnessed a significant exchange of millions of SHIB and BONE tokens for PEPE, shortly after the successful launch of Shibarium’s mainnet. A notable whale, identified by Lookonchain as per a PEPE price analysis data cited in a new analysis shifted its holdings from SHIB and sister-token BoneShibaSwap to PEPE, raising eyebrows in the crypto community. The whale’s move, which included a substantial deposit of 143 billion SHIB into Binance, hints at a potential strategy shift and a “buy the rumor, sell the news” approach that seems to favor PEPE at the expense of SHIB. However, PEPE’s recent price performance has been on a rollercoaster ride. The current price of $0.00000110, as reported by CoinGecko, reflects an 8% slump in the last 24 hours and a 12% decline over the past seven days. This stark fluctuation highlights the inherent volatility of meme coins, where sudden shifts in sentiment can lead to rapid price movements. PEPE Social Volume, Holder Numbers Paint A Complex Picture The report’s analysis reveals an intricate pattern in PEPE’s social volume over the past month. The coin’s popularity has swung back and forth, indicating days of heightened interest juxtaposed with relative indifference. However, in the face of this up-and-down pattern, a notable trend emerged – the rise in the number of PEPE holders. Currently, the coin boasts a total of 137,000 holders, underscoring a dedicated community that remains engaged despite the market’s unpredictable nature. The Quest For New Meme Coins On DEXes In the wake of PEPE’s price correction, traders have turned their attention to emerging meme coins on Decentralized Exchanges. The allure of new low market cap cryptocurrencies lies in their potential for exponential gains before even making their way to Centralized Exchanges. These gains are often followed by retracements, as shorting opportunities become available post-listing. A stand-out example post-PEPE’s correction is HarryPotterObamaSonic10Inu (BITCOIN), a meme coin that has secured a consistent spot among the top 10 trending cryptocurrencies on DEXTools. Its journey underscores the dynamic nature of meme coin investments, as traders seek the next opportunity to ride the wave of speculative enthusiasm. In the world of meme coins, PEPE’s story mirrors the wider crypto market’s blend of excitement, uncertainty, and the continuous pursuit of the next big opportunity. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Benzinga

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In a significant move signaling the growing importance of Central Bank Digital Currencies (CBDCs) in global financial systems, Mastercard has announced a strategic partnership with several blockchain companies, including Ripple. Meanwhile, the XRP price took a nosedive in the past 24 hours, falling 14.3% amidst the marketwide downturn. Ripple Partners With Mastercard Unveiling its CBDC Partner Program, Mastercard emphasized its intent to work with leading figures in the CBDC ecosystem. The objective: to offer central banks a comprehensive understanding of CBDCs and their potential for redefining the future monetary systems. Ripple, recognized as a “CBDC platform” in Mastercard’s media release, stands at the forefront of this ambitious initiative. “The inaugural set of partners includes CBDC platform Ripple, blockchain and Web3 software company Consensys, multi-CBDC and tokenized assets solution provider Fluency, digital identity technology provider Idemia, digital identity consultant Consult Hyperion, security technology group Giesecke+Devrient and digital asset operations platform Fireblocks,” Mastercard detailed in its announcement. Ripple’s recent accomplishments, such as the partnership with the Republic of Palau, which resulted in the launch of a government-issued stablecoin, further reinforce its position as a key player in the CBDC arena. Mastercard highlighted this collaboration as a testimony to Ripple’s capabilities, stating, “Ripple’s launch of an inaugural government-issued national stablecoin in collaboration with the Republic of Palau, in addition to work on four CBDC pilots.” Commenting on this collaboration, Mastercard’s CEO, Michael Miebach, stated, “We’re partnering with several central banks to help them research new digital currencies projects. It starts with understanding what they want to achieve with this technology, then building in transparency, consumer privacy and stability. We’re working toward those goals with a new #CBDC partner program, with Mastercard teaming up with a handful of key blockchain/Web3/payments players so we can learn from each other.” In response, Antony Welfare, CBDC advisor at Ripple, shared his enthusiasm, noting, “Excited to be working with Mastercard on #DigitalCurrency and CBDC projects.” Ripple’s involvement in the CBDC Partner Program is yet another testament to its growing influence in the domain. The company has already marked its presence with partnerships spanning nations like Montenegro, Hong Kong, Colombia, and Bhutan. XRP Price Crashes To Pre-SEC Ruling Levels Amid the downturn in the crypto market, the XRP price has fallen to a crucial level. XRP briefly fell to $0.4347, below the price level before the summary judgment in the legal battle between Ripple and the US Securities and Exchange Commission (SEC). At the time of writing, XRP was trading at $0.5048, below the 200-day EMA at $0.5251. In a recovery rally, this should be the first target for XRP bulls before the 23.6% Fibonacci level at $0.5524 comes into focus. On the downside, XRP should defend yesterday’s low at $0.43 at all costs. Otherwise, a crash towards $0.41 could loom.

Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000. Bitcoin is down over 6% and trading below the $27,000 support zone. The price is trading below $26,800 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down and trade below the $25,800 support. Bitcoin Price Breaks Support Bitcoin price started a fresh decline after it failed to stay above the $28,400 support zone. BTC declined heavily after it broke the $28,000 support zone. It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 hourly Simple moving average. Source: BTCUSD on TradingView.com A close above the $28,500 resistance could start a decent increase toward the $29,200 resistance zone. Any more gains might set the pace for a larger increase toward $30,000. Another Decline In BTC? If Bitcoin fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 zone. The next major support is near the $25,500 level. A downside break below the $25,500 level might push the price further into a bearish zone. In the stated case, the price could drop toward $24,800. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level. Major Support Levels – $25,800, followed by $25,500. Major Resistance Levels – $27,000, $27,500, and $28,500.

Ethereum price declined heavily below $1,800 and $1,700 against the US Dollar. ETH could resume its decline and test the $1,500 support zone. Ethereum is gaining bearish momentum below the $1,750 and $1,800 resistance levels. The price is trading below $1,750 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline and visit the $1,500 support in the near term. Ethereum Price Nosedives Ethereum’s price started a major decline after it broke the $1,800 support zone. ETH gained bearish momentum after it traded below the $1,720 support, similar to Bitcoin. The bears even pushed the price below the $1,600 level. Finally, it tested the $1,520 zone. A low is formed near $1,517 and the price is now attempting a recovery wave. There was a move above the $1,600 level. The price is now trading above the 50% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low. Ether is now trading below $1,750 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,700 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low. The next resistance is near $1,750 or the trend line. Source: ETHUSD on TradingView.com A close above the $1,750 level could start a decent increase in the near term. The next major resistance is near the $1,800 level and the 100-hourly Simple Moving Average. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1.880 zone. Fresh Decline in ETH? If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The first major support is near the $1,550 zone. If the bulls fail to protect the $1,550 support, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,500 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,620 Major Resistance Level – $1,750

Ripple’s token price is down over 20% against the US Dollar. XRP price is gaining bearish momentum and might revisit the $0.40 zone. Ripple’s token price is moving lower from the $0.620 resistance against the US dollar. The price is now trading below $0.55 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to decline toward the $0.42 and $0.40 levels. Ripple’s Token Price Plunges To $0.40 After struggling to rise above the $0.65 resistance, Ripple’s XRP started a fresh decline against the US Dollar. There was a strong decline below the $0.550 support zone, similar to Bitcoin and Ethereum. The price is down over 20% and there was even a spike below $0.420. A low is formed near $0.3994 and the price is now attempting a recovery wave. There was a wave above the $0.45 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low. XRP is now trading below $0.55 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair. Initial resistance on the upside is near the $0.520 zone. It is close to the 50% Fib retracement level of the downward move from the $0.6365 swing high to the $0.3994 low. The next major resistance is near the $0.550 level. The main resistance is now forming near the $0.585 zone and the trend line. Source: XRPUSD on TradingView.com A successful break above the $0.585 resistance level might send the price toward the $0.62 resistance or the 100 simple moving average (4 hours). Any more gains might call for a test of the $0.650 resistance. Another Decline in XRP? If ripple fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.480 zone. The next major support is near $0.455. If there is a downside break and a close below the $0.455 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.400 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.48, $0.455, and $0.400. Major Resistance Levels – $0.520, $0.550, and $0.585.

The world of cryptocurrency is on the brink of a revolutionary transformation as Inspect, a pioneering force in the Web3 domain, and Avalanche, a dynamic smart contracts platform, join forces to pioneer multichain innovation. This strategic partnership, announced by the two companies, heralds a new chapter in the evolution of blockchain technology, as two industry leaders collaborate to integrate cutting-edge solutions into the Inspect platform. This union marks a stride towards the advancement of the crypto ecosystem and also opens up avenues for expansion and growth. Charting a Course for Multichain Integration By seamlessly incorporating Avalanche’s cutting-edge blockchain technology, Inspect is allowing users to interact seamlessly with and analyze cryptocurrencies built on the Avalanche network. This collaboration perfectly aligns with Inspect’s core mission of promoting innovation and accessibility within the Web3 ecosystem. Avalanche’s advanced consensus protocol, coupled with its Subnet infrastructure and HyperSDK toolkit, provides the foundation for a robust and versatile blockchain ecosystem. Inspect aims to enhance user experiences, offering seamless interactions with Avalanche-based cryptocurrencies and fostering a more interconnected and dynamic cryptocurrency landscape. Central to this groundbreaking partnership is Inspect’s resolute dedication to the Avaissance movement—an initiative spearheaded by the Avalanche Foundation. The Avaissance movement is an ambitious endeavor designed to empower digital artists and catalyze the growth of the Avalanche crypto ecosystem. Comprising two pivotal components, this initiative strives to inject vibrancy into the realm of Avalanche crypto and push the boundaries of creativity: Artist in Residence (AIR): Attracting talents from every corner of the world, this program beckons digital artists on a transformative six-month journey. Selected artists receive substantial funding, personalized mentorship, and access to immersive virtual workshops. Covering an array of subjects, including marketing strategies and digital tools, these workshops empower artists to refine their skills and build successful careers within the Cryptocurrency landscape. Mona Lisa Initiative (MLI): A collaborative venture between the Avalanche Foundation and DAO curatorial teams, MLI is committed to preserving the future of digital art on the Avalanche blockchain. Through strategic partnerships with art-focused DAOs, MLI enriches the NFT collections of these organizations, shedding light on the works of emerging Avalanche Cryptocurrency artists. The establishment of the Avalanche Permanent Collection underscores the ecosystem’s unwavering commitment to safeguarding and showcasing exceptional digital creations. Forging a Path Forward in the Multichain Landscape As the multichain landscape undergoes dynamic transformation, Inspect and Avalanche rise as trailblazers on this exhilarating journey. Together, they embark on a collaborative odyssey that seamlessly melds technology, innovation, and community engagement. With an unwavering focus on the Avaissance movement, this partnership seeks to redefine the future of Avalanche Cryptocurrencies, cementing the ecosystem’s position as a hub of creativity and progress. The integration of Avalanche’s advanced blockchain technology into Inspect’s platform represents a convergence of innovation and expertise that promises to redefine the boundaries of what is possible in the Web3 space. Together, Inspect and Avalanche illuminate a path toward a future where multichain integration is not just a concept but a reality that empowers artists, investors, and enthusiasts alike to engage with the crypto landscape in unprecedented ways.

Terra Luna Classic (LUNC) finds itself grappling with a significant setback as its price takes a sharp dive. Within the span of just 24 hours, the coin experienced a 13% decline in value. The swift sell-off, which began on August 16, triggered a cascading effect that sent LUNC’s price plummeting from its recent peg of $0.00007734 to a new low of $0.00006512. While this may appear as a dramatic swing, it echoes the bearish sentiment that has persistently lingered around the coin throughout the past month. LUNC Battles To Maintain Essential Support For a duration exceeding three weeks, LUNC’s price showcased resilience as it managed to keep itself above a crucial support zone resting at $0.000076. This period of relative stability served as a reflection of the overarching uncertainty pervading in the market. However, with the breach of this monthly support threshold, experts caution that the existing selling pressure could magnify significantly. This breach also carries the potential to indicate a prolonged period of downward movement for the Terra classic coin. Beyond The Surface Scrutinizing the Luna Classic community on Twitter reveals a landscape marred by internal conflicts, particularly concerning the governance protocols. Recent days have witnessed heated debates revolving around the proposed implementation of the LUNC DAO validator, which would have assumed a prominent role in leading the chain. Unfortunately, this proposal met its end, and the aftermath was telling – a substantial sell-off unfolded. Notably, Crypto Classy, a prominent LUNC validator, alleges that the sell-off was meticulously orchestrated by the LUNC DAO itself. The assertion is that the DAO orchestrated deliberate coin sales to incite panic within the investor community, ultimately facilitating coin repurchases at lower prices – a move perceived as an attempt to gain control over the network. Impact On Price Dynamics The repercussions of these recent events reverberate through LUNC’s price dynamics. As per CoinGecko’s data, the coin currently hovers around $0.00006770. A decline of 2.4% over the past 24 hours coupled with a substantial seven-day slump of 12.5% underscores the mounting strain that the coin is grappling with. As the LUNC community grapples with these internal struggles, governance challenges, and potential market manipulation, the future path remains uncertain. Investors and stakeholders are keeping a watchful eye on the evolving situation within the LUNC ecosystem, anticipating whether Terra Luna Classic can navigate these tumultuous waters and regain its footing while working to restore trust among its dedicated supporters. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Matthias Hangst/Getty

Sei, a specialized trading network within the Cosmos ecosystem, has recently recorded a significant downward trend. Notably, on a day rife with anticipation, the price of Sei plunged by more than 20%, plummeting from its initial spike above $0.28 to somewhere below $0.18. This decline coincided with the Sei Foundation’s decision to open airdrop claims, arguing free tokens are often distributed to early participants or testers of a new crypto project. Airdrop Details And The Impact On Sei’s Price The crypto community has since waited with bated breath for the Sei blockchain to launch and initiate its airdrop. And finally, on August 15, Sei launched its mainnet beta, with the airdrop initiatives happening after. Today, the blockchain reported an upsurge in the number of wallets eligible for the airdrop. Initially planned for 500,000 wallets, the number swelled to roughly 1.5 million in response to what the foundation termed “fervent demand.” This enlargement incorporated users from a variety of blockchain networks, including but not limited to Ethereum, Polygon, Arbitrum, BNB Chain, and Solana. From its coin supply, the Sei team earmarked 3% specifically for the airdrop. This translates to a figure of 300 million coins. To put this into perspective, according to a report by Binance, these coins form a significant chunk of the 1.8 billion Sei coins currently circulating out of 10 billion coins. Sei Price Plunges More Than 20% In The Past Day Sei has plummeted by more than 20% over the past 24 hours. This plummet contributes to the asset’s fall from its rank among the top 100 in crypto on the day of launch to a current rank of 107 among the most prominent crypto by market capitalization, according to CoinGecko. Despite the token’s listing on exchanges such as Binance, it has seen quite a plunge in the past day with a current market price of $1.80, a 22% drop from its initial trading price above $0.25. The reason behind Sei’s plummet is evident as it comes amid the asset’s airdrop expansion. It is worth noting that an event such as an airdrop can often trigger a cascade of sell-offs as eligible users rush to convert their newfound assets into cash or other cryptocurrencies. Alongside its declining value, Sei’s market capitalization plunged from $413 million on Wednesday to $319 million at the time of writing. The asset’s trading volume has declined from a high of $1.2 billion yesterday to $705 million in the past 24 hours. Sei is a new trading-focused blockchain claiming a faster transaction initiation than its counterparts. The blockchain touts the capability to execute sub-second blocks making its transaction more efficient. In the ever-demanding realm of cryptocurrency trading, where speed is of the essence, this feature makes the blockchain worth paying attention to. Featured image from Unsplash, Chart from TradingView

Curve Finance, a decentralized liquidity pool for stableswap and stablecoin trading, has disclosed a strategic partnership that will see the decentralized exchange (DEX) launch on the TRON network. Curve Set To Launch On Tron And BTTC Networks Decentralized Exchange, Curve Finance has solidified its position as the second largest DEX, following the announcement of its integration into the TRON network. Curve Finance’s recent alliance with the TRON network has prompted a substantial investment from TRON DAO Ventures, a venture capital firm established by the TRON network. On Thursday, August 17, TRON Founder, Justin Sun purchased $2 million worth of CRV, the native token of the DeFi protocol. Similarly, Curve Finance has stated that it will be launching on the BitTorrent Chain (BTTC) network, a peer-to-peer network blockchain scaling solution for file and data sharing. The Integration of the protocol into TRON DAO and BTTC networks aims to fuel the development of innovative DeFi projects and the growth of DeFi ecosystems. Curve Finance is widely known for its role in stable coin trading by providing low slippage exchanges through automated market maker (AMM) algorithms. By aligning with the protocol, TRON and BTTC will benefit from lower financial costs and indirect backing from prominent blockchains Curve DAO supports including Avalanche, Ethereum, and Arbitrum. Justin Sun welcomed the newly formed alliance with enthusiasm. He commented that Curve Finance plays a pivotal role in the DeFi ecosystem and blockchain industry and looked forward to new innovative solutions promoted by the partnership. “Curve is an essential DeFi infrastructure for the blockchain industry. Our thoughts are with the team and the users affected. As a community, let’s support and strengthen the security measures to protect our decentralized ecosystem,” Sun stated. Compensation For Hack Victims Following Tron Alliance The decentralized finance (DeFi) landscape was previously shaken up following news of a hack on the DEX. On July 30, Curve Finance fell victim to a reentrancy attack that exploited vulnerabilities in its smart contract codes, resulting in a loss of $62 million. Following the news of the hack attack, the CRV token declined and the majority of the DeFi ecosystem was in panic. However, Curve Finance has reportedly recovered 70% of the funds and to recover the rest of the stolen funds, the protocol has placed a bounty on the attacker, promising $1.85 million to anyone able to reveal the hacker’s identity. Curve Finance has also promised to compensate victims of the security breach. The DEX has stated that it will distribute reimbursements fairly as they determine the extent of damages and work toward recovering the stolen funds.

MIAMI–(BUSINESS WIRE)–U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC” or “the Company”), a leading operator of large-scale data centers for new-age workloads such as digital asset mining, today shared production and operations updates for July 2023. The Company generates revenue from self-mining, hosting, and property management services. Below are certain key production and operational metrics for July 2023, including illustrative data if the Celsius Transaction had been completed on July 1, 2023. Operational Metrics1 Month-End Miners Under Management 189,349 Month-End Hashrate Under Management 18.99 EH/s Estimated Pro Forma Operational Metrics Assuming Consummation of the Celsius Transaction2 Miners Under Management 311,349 Hashrate Under Management 31.19 EH/s Self-Mining Metrics3 Month-End Miners Installed 48,255 Month-End Hashrate Installed 4.9 EH/s Energy Metrics Month-End Megawatts Under Management1 730 MW Energy Volume Supplied for Grid Relief and Ancillary Services4 33,580 MWh Energy Sold From Echo Wind Farm into ERCOT 3,071 MWh Commentary “USBTC reached a major milestone this month in its pursuit of building a resilient, diversified revenue base,” said Asher Genoot, President of USBTC. “As we continue to scale, self-mining no longer represents the primary driver of the company’s revenue stream. Hosting and property management revenues have grown significantly, creating strong revenue visibility and downside protection. At the same time, we continue to maintain significant upside potential should bitcoin run by optimizing our self-mining operations and building profit share structures into our hosting and property management agreements. In July, self-mining contributed 286 bitcoins to our portfolio.” Celsius Mining Operations On May 25, 2023, the Company, as part of the Fahrenheit LLC coalition, won a bankruptcy auction to manage and operate the assets owned by Celsius Network LLC (“Celsius”), which includes a lending portfolio, digital assets, and approximately 122,000 mining machines, subject to the approval of the bankruptcy court. In addition, the Company, acting separately through its USMIO business, won the right to enter into one or more operating and services agreements with the restructured company, which is also subject to the approval of the bankruptcy court. The Company previously announced that it secured hosting agreements for approximately 150,000 bitcoin miners. These companies include Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group. In aggregate, the Company expects to manage a fleet of more than 310,000 bitcoin miners across Celsius and hosted assets. Merger with Hut 8 On February 7, 2023, the Company announced an all-stock merger of equals (the “Transaction”) with Hut 8 Mining Corp. (Nasdaq, TSX: HUT), one of North America’s largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure providers. The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large-scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices. About US Bitcoin Corp Founded by a team of visionary entrepreneurs and experienced executives, USBTC is an efficient, eco-friendly, and large-scale North American mining company. Through cutting-edge technology and a relentless commitment to operational excellence, USBTC seeks to set the standard for what is possible in its industry. With campuses in New York, Nebraska, and Texas, USBTC aims to monetize electrons at scale, operating hundreds of megawatts of Bitcoin mining infrastructure both independently and on behalf of clients. USBTC prides itself on deploying next-generation software and hardware innovations to deliver results across its self-mining, hosting, and site management verticals. To learn more, visit https://usbitcoin.com/ or contact Matt Prusak at [email protected] Cautionary note regarding Forward–Looking Information This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward looking information”). All information, other USBTC or Hut 8 Mining Corp. (“Hut 8”) expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of each company’s businesses, operations, plans and other such matters is forward-looking information. Forward looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this communication that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements with respect to: (i) the expected outcomes of the transaction, including New Hut’s assets and financial position; (ii) the ability of Hut 8 and USBTC to complete the transaction on the terms described herein, or at all, including, receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other closing customary conditions; (iii) expectations related to the Celsius transaction, including the closing thereof and any required legal approvals and the expected impact on our business and miners and hashrate under management (iv) the expected synergies related to the transaction in respect of strategy, operations and other matters; (v) projections related to expansion; (vi) expectations related to New Hut’s hashrate and self-mining capacity; (vii) acceleration of ESG efforts and commitments; and (viii) the ability of New Hut to execute on future opportunities, among others. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by USBTC and Hut 8 as of the date of this communication, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the ability to obtain requisite shareholder approvals and the satisfaction of other conditions to the consummation of the transaction on the proposed terms or at all; the ability to obtain necessary stock exchange, regulatory, governmental or other approvals in the time assumed or at all; the anticipated timeline for the completion of the transaction; the ability to realize the anticipated benefits of the transaction or implementing the business plan for New Hut, including as a result of a delay in completing the transaction or difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact on mining activities; the potential impact of the announcement or consummation of the transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to New Hut’s mining sites; failure of the Celsius transaction to receive the necessary legal approvals or failure of the Celsius transaction to otherwise close; and failure to achieve the intended benefits of the Celsius Transaction and expected impact on USBTC’s business and miners and hashrate under management. 1Includes installed self-mining, hosting and co-located operations for core business and King Mountain JV; excludes Celsius assets 2Includes installed self-mining, hosting and co-located operations for core business, King Mountain JV and Celsius assets (assuming the Celsius transaction had closed in the relevant time period for purposes of the calculation). The Celsius transaction has not been consummated and any consummation thereof remains subject to a number of factors, including approval of the bankruptcy court. There can be no assurances as to the consummation of the Celsius transaction. 3Includes 100% of self-mining operations from King Mountain JV; Represents peak hashrate during the period; not adjusted for economic or ancillary services-based curtailment 4Represents total megawatt hours curtailed during the period for ancillary services across all owned and managed sites – all MWHs are from economic curtailment Contacts Matt Prusak [email protected]

Plan Focused on Distributing a Meaningful Liquid Cryptocurrency to Customers as well as Equity in NewCo Celsius Creditors Encouraged to Vote in Favor of Chapter 11 Plan by September 22, 2023 HOBOKEN, N.J.–(BUSINESS WIRE)–Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”). As previously announced, the Company completed a successful Court-approved auction process in May 2023 that resulted in the selection of Fahrenheit, LLC (“Fahrenheit”) as the winning bidder. Celsius’ proposed Chapter 11 Plan (the “Plan”) contemplates a transaction with Fahrenheit, which will provide the capital, management team, and technology required to successfully establish and operate the new company (“NewCo”). NewCo will be overseen by a new Board of Directors, a majority of which will be appointed by the statutory committee of unsecured creditors that was appointed in Celsius’ Chapter 11 cases (the “Creditors Committee”). “We remain laser focused on creating the best outcome for customers and creditors and returning value as soon as possible,” said Chris Ferraro, Chief Restructuring Officer & Interim Chief Operating Officer, Celsius. “The approval of the Disclosure Statement marks another major milestone in our process to transition Celsius’ assets to NewCo and provide a path to complete the proposal from Fahrenheit,” added David Barse and Alan Carr, members of the Special Committee of the Board. “We remain committed to working with the Official Committee of Unsecured Creditors, regulators, Fahrenheit, and creditors throughout this process to achieve a strong result for all stakeholders.” The Plan outlines a proposed path to a value-maximizing conclusion that returns as much value to the Company’s creditors as possible. Celsius’ eligible creditors will receive a Solicitation Package in the mail from the Company’s claims, noticing, and solicitation agent, Stretto. The Solicitation Package will include Celsius’ Disclosure Statement and Plan, detailed voting instructions, and additional important information. In order for a vote to be counted, it must be received by Stretto on or before September 22, 2023, at 4 p.m. prevailing Eastern Time. Celsius encourages customers to read the Disclosure Statement in full to learn more about the Plan. Votes will be solicited until September 22, 2023, and the Company encourages all eligible creditors to vote in favor of the Plan by the voting deadline. A Court hearing to consider approval of the proposed Plan is currently scheduled to begin on October 2, 2023. Following confirmation of the Plan, Celsius expects to distribute Liquid Cryptocurrency to account holders on the Plan’s effective date (or as soon as reasonably practicable thereafter), and create NewCo., which will manage Celsius’ illiquid assets, including Celsius’ institutional loan portfolio, mining business, and alternative investments for the benefit of account holders as contemplated in the Plan. Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo (subject to dilution by the equity to be distributed to Fahrenheit as management fees). “We are excited about the progress that has been made and remain steadfast in our commitment to create a stronger organization coming out of this process,” said Steve Kokinos of Fahrenheit Holdings. “We are continuing to work with all stakeholders to ensure a successful transition and a bright future for NewCo. Our vision includes optimizing existing infrastructure, exploring new growth opportunities, diversifying revenue streams, and delivering meaningful benefits to Celsius’ customers and creditors. We look forward to engaging more deeply with the Celsius community in the weeks ahead regarding the Plan.” Additionally, the Company previously confirmed that it has secured a backup bid with the Blockchain Recovery Investment Consortium (“BRIC”), which, if required for any reason, would provide for the orderly wind down of Celsius’ remaining assets. Additional details regarding the outcome of the vote will be forthcoming when the results are available. Additional Information about the Restructuring Process The full terms of the Plan and Disclosure Statement, as well as additional information about the Chapter 11 filing, including Court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email [email protected]. Advisors Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Creditors Committee. Brown Rudnick LLP is serving as legal counsel to Fahrenheit, LLC. Willkie Farr & Gallagher LLP is serving as legal counsel to the BRIC. Contacts Media Inquiries C Street Advisory Group [email protected]

Bitcoin has observed some sharp price action today, and if data of these metrics is to go by, the asset may not be done being volatile just yet. Bitcoin’s Open Interest And Leverage Ratio Have Remained High As explained by an analyst in a CryptoQuant post, some metrics are forming a pattern that can lead to more volatility in the cryptocurrency’s price. These indicators are the open interest and the estimated leverage ratio. The “open interest” refers to the total amount of Bitcoin futures contracts that are open on all derivative exchanges. An increase in this metric suggests that the investors are opening more positions on the futures market right now, while a decrease implies some of them are closing their positions, or are getting liquidated. The other metric of interest here, the “estimated leverage ratio,” keeps track of the ratio between the open interest and the derivative exchange reserve (that is, the total amount of Bitcoin sitting in the wallets of these derivative platforms). What this metric tells us is the amount of leverage that futures users are opting for on average. High leverage can significantly increase the risk of a large number of contracts being liquidated, so whenever this metric has a high value, the market can become more probable to show high volatility due to violent liquidation events. Now, here is a chart that shows the trend in these two Bitcoin indicators over the past few days: As displayed in the above graph, the Bitcoin open interest and estimated leverage ratio had both been at relatively high values right before the plunge that the asset saw in the past 24 hours. In this sharp price plummet, the futures market naturally observed a high amount of liquidations, leading to the open interest registering some decrease. The metric, however, didn’t actually see that much of a cool down despite these liquidations, and it has now already reached back to the same levels it was at before the volatility. This would suggest that the futures market users have opened new positions since the mass liquidation event. While the open interest had gone down in this event, albeit briefly, the leverage ratio actually hadn’t budged even that much. Rather, the indicator has only been going up, implying that the users opening up the new futures contracts are only opting for higher and higher amounts of leverage. Because of the open interest rebounding and the leverage ratio only trending higher, it would appear like a reasonable possibility that the Bitcoin price would observe more volatility in the near future. Such volatility can take the coin in either direction, but generally, the side of the market with the less amount of contracts is the more probable one. In the chart, the data for the “funding rates” is attached, which basically tells us whether the longs or the shorts are dominant in the futures market currently. The funding rates had been positive in the latest futures market overheat, as well as in the one seen earlier in the month, but following today’s long liquidations, the metric has turned negative. This may suggest that a liquidation event involving the shorts is more likely to happen next. BTC Price At the time of writing, Bitcoin is trading around $28,500, down 3% in the last week.