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⌚👀 Market Watch ⌚👀

How Low Can Bitcoin Go?

Bitcoin's price has dropped below $60,000 and could potentially fall further to $54,000-$52,000. If the $60,000 support is lost, a liquidity sweep around $54,700 could be triggered. There's a possibility of a more significant correction to $49,000. However, strong buy orders at $54K-$49K could provide support before a potential bullish recovery in Q4.

Ethereum DApp Volumes Rise 36%, But ETH Price Stalls

Ethereum DApp volumes surged 36% between July 22-29, led by Uniswap and Balancer. Despite this, Ether's price has declined by 22% over the past 30 days. Ethereum’s total value locked (TVL) and DApp volumes are rising, but active addresses and transactions have stagnated. Competing chains like BNB and Solana gained more users. The lack of institutional interest in Ether ETFs adds to the uncertainty, keeping ETH’s price recovery in check.

El Salvador’s $135M Bitcoin Bet Now Worth $400M

President Nayib Bukele declared El Salvador’s Bitcoin investment a success, growing from $135M to $400M. Despite lower-than-expected adoption, Bitcoin is now accepted at major businesses like McDonald's and supermarkets. Bukele, in a recent interview, emphasized that Bitcoin has brought positive attention, boosting investments and tourism. He believes the benefits, including financial inclusion, outweigh the risks. El Salvador continues accumulating Bitcoin daily, and Bukele sees a bright future for the cryptocurrency despite ongoing criticism from the IMF.

Sony Launches Soneium Blockchain Testnet for Developers

Sony has launched the Soneium Minato testnet, just one week after introducing its Soneium blockchain. The public testnet is now available for developers and creators to build and explore Web3 applications using risk-free test crypto assets. Sony also unveiled its Soneium Spark Incubation program, offering investments of up to $100,000 per team. The initiative is backed by Sony's collaboration with partners like Pyth Network, Chainlink, and Alchemy. This marks a significant step in Sony’s expanding Web3 vision, following its acquisition of the crypto exchange Whalefin, now renamed S.BLOX.

Justin Sun Launches DAO to Support Pavel Durov’s Release

Justin Sun announced plans to launch a FreePavel DAO to aid Telegram CEO Pavel Durov, who was detained in France. Sun pledged $1 million to support the initiative, but only if the community backs it and it's handled in a decentralized manner. Durov’s detention on August 24 remains unclear, with no confirmed charges. Meanwhile, Telegram has issued a statement backing their CEO and affirming compliance with EU laws. The detention has sparked market turbulence, causing a 12% drop in TON’s price, while support for Durov grows online.

TON Network Restores Operations After Second Outage

Telegram Wallet announced that the TON network is fully operational after its second outage caused by heavy DOGS token transactions. The network paused for nearly five hours due to overload, with exchanges like Bybit suspending deposits and withdrawals. Despite market turbulence, Toncoin has gained over 7% in the past 24 hours, recovering from a drop to $5.15 after the first outage. With upcoming events like Hamster Kombat’s token launch and airdrop on September 26, the network could face more stress soon.

Binance Seizes Palestinian Funds Following Israeli Request

Binance has frozen and seized funds belonging to Palestinians under Israel’s Anti-Terrorism Law of 2016, following a request from the Israeli Defense Forces (IDF). The law allows the seizure of assets linked to terrorism. The move is tied to alleged transfers from a group designated as a terrorist organization by Israel. Appeals to return the funds have been denied, sparking criticism of centralized exchanges like Binance for compromising user trust. Reports also suggest Binance has shared user data with the IDF without legal procedures.

Hamster Kombat Announces $HMSTR Token Launch and Airdrop

Hamster Kombat has set the launch date for its $HMSTR token on the TON blockchain for September 26, 2024. Players will also receive their long-awaited airdrop on the same day. Initially planned for July, the token release was delayed due to the scale of the airdrop. Hamster Kombat boasts over 300 million players, with 80 million active in the past month. The news follows a brief outage on the TON blockchain caused by the DOGS token launch.

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