Popular technical analyst TechDev overlaid an 8-week Bitcoin chart onto the well-known global market adoption curve, which prominently features a deep "bear trap."

📉Today's correction fits perfectly within this scenario so far. The next stages should be "Renewed Optimism," FOMO, and euphoria 👀

Bitcoin crashed below $51,000

⬆️ Germany, which sold Bitcoin at an average price of $57,900. 😂

Why has Bitcoin dropped so much? 📉

Jack Mallers from Strike reminds us that we are living in a crisis period. During crises, markets sell what they can, not what they want:

"Bitcoin is down because it was the only market open to sell on Sunday night, not because the only fixed supply money we have is now less valuable."

👀 Indeed, after the opening of U.S. stock markets, Bitcoin’s decline stopped, and it even saw a slight increase (now the price of Bitcoin is $55,600), despite previous speculation that once the markets opened for trading, Bitcoin ETF holders would rush to sell and drive the price down further.

A particularly telling example is BlackRock, whose Bitcoin wallets did not offload any BTC yesterday, despite the drop, panic, and FUD. 💪

Donald Trump once again stated that the U.S. government should not sell cryptocurrency. The government considered this and... sold Ethereum. 😂

👀 Trump also reiterated his point that if the U.S. does not engage with cryptocurrency, China will.

“It’s like AI—you like it or not. If we don’t do it, China or other people will. We can’t fall behind, and cryptocurrency is exactly in this sphere,”

- Trump said.

Well, the government agreed. But Ethereum can definitely be sold 🤣

Yesterday, 300 ETH were transferred from a U.S. government address.

The U.S. government currently holds over 50,000 ETH. 😉

The Crypto Fear & Greed Index is at 17 today!

This is the lowest value since June 2022, when Bitcoin was forming the bottom of the bear market after the 2021 peak. 👀

The amount of BTC sold at a loss yesterday was comparable to the period of massive sell-offs following the mining ban in China and the collapse of the FTX exchange. 🧐

As we can see, history teaches us that people do not learn from it. 🤷

Ronin Bridge Hacked Again! 🚨

The Ronin blockchain bridge for Axie Infinity has been hacked once more, with attackers draining 4,000 ETH (nearly $10M), according to PeckShield’s X account. 😱

Remember, the previous breach in 2022 was the largest crypto hack ever, with nearly $600M stolen. 🏴‍☠️💰

The Ronin bridge is temporarily shut down while the team investigates.🛠🔍

💰💥 Binance on Fire! Binance's head, Richard Teng, announced that the exchange recorded a net inflow of $1.2 billion in the last 24 hours! 🚀 This is one of the highest capital inflows of 2024! 🏆

Yesterday, the exchange also saw one of the highest trading volumes of the year. 📈💹

Did you buy or sell crypto yesterday, or were you just chilling? 🤔

Bought - 👍

Sold - 👎

Cool as a cucumber, just waiting for Bitcoin to hit 150k - 🔥

Weekly Bitcoin correction turned out to be one of the harshest in the last decade! 📉🪓

Similar panic sales occurred during the FTX exchange scam against its clients, the March 2020 COVID crash, and the mining ban in China. 🤔

Another market manipulation at play? 🧐

Over the last 30 days, long-term holders have received 404,448 BTC.

This means they’ve snagged a better entry price and further squeezed the circulating supply. 🚀

Experts point to a level where a breakout could trigger a new correction phase 📉

👀 The price of the leading cryptocurrency has reclaimed key support at $56,000, but uncertain trading suggests risks of resuming a downward trend, according to a CryptoQuant report.

Analysts note that the MVRV indicator has fallen below the 365 DMA, which in previous cycles signaled a continuation of price declines. 🧐

A similar situation occurred during the COVID-19 crash in March 2020, during the downturn in May 2021, and at the start of the bear market in November 2021, they added.

"Investors should be monitoring these valuation metrics to assess the possibility of a price bounce or a further correction. If this support fails, the price can go as low as around $40,000, which is the trader realized price minimum band,"

- experts advised.

🐳 After 11 years of inactivity, a Bitcoin wallet has awakened and transferred 250 BTC ($14 million) to 5 new wallets — the user received these coins in 2010.

For comparison, Bitcoin in August 2010 was worth 6 cents! 🙀

“BTC just hits 57K, we’re back bro”.

⬆️ At the same time 49K Seller ⬆️

The Ronin developers have announced that white-hat hackers have returned approximately $10 million in stolen funds. 🎩

In return, they were rewarded with $500,000. 💰

The bridge will undergo an audit before it resumes operations.

Confiscated ETH from China Begins to Move 🫨

💸 Hundreds of wallets that have been inactive for 3 years have started transferring large amounts of ETH.

This ETH was seized by Chinese authorities from the Plus Token financial pyramid in 2020. A total of 194,775 BTC ($11.2 billion), 833,083 ETH ($2.1 billion), and hundreds of millions in other altcoins were confiscated.

📉 Will the market drop further?

▪️No, we've seen this before with Germany - 👍

▪️Yes, such transfers are concerning - 👎

▪️The market might dip, but definitely not because of this nonsense - 🔥

▪️I don’t care, we might drop, but we’ll eventually to the moon, and I’m still waiting for Bitcoin to hit $150K - 🚀

🚀 Trump to Interview with Elon Musk 😮

Two cryptocurrency supporters will meet on Monday. This could be epic!

▪️ It is expected that X (Twitter) will announce the launch of payment functions on the platform during this interview.

▪️ In January, DOGE surged on news of acquiring payment licenses, and it might happen again.

▪️ By the way, on August 5, Trump was on a stream with Adin Ross, and they made a TikTok together.

Don't miss this event! 📅

TON is being listed on Binance today!

👀 It’s strange why the exchange took so long with this listing, especially when NOT has been on Binance for three months already.

Nevertheless, the community has received this news with enthusiasm, and TON has already grown by 9% in the last 24 hours. 📈

The listing will take place at 10:00 UTC. ⏳

Court Issues Final Ruling in SEC vs. Ripple Case

⚖️ A federal judge has ordered Ripple to pay $125 million in civil penalties and has imposed an injunction against future violations of securities laws.

The injunction requires Ripple to file a registration statement if it intends to sell any securities. 🧐

The court ruled that Ripple violated securities laws in 1,278 institutional transactions involving the sale of XRP.

Previously, the SEC sought a $2 billion fine.

👀 The court also confirmed that Ripple’s sale of XRP to retail investors through exchanges did not violate securities laws.

Receiving the final answer that XRP is not a security, traders immediately drove the token’s price up by 20%. XRP is now trading at $0.60. 📈

Chinese Police DID NOT Transfer $2,000,000,000 Worth of ETH!

👀 Most of the ETH from Plus Token was sold on Huobi exchange back in 2021 (confiscated in 2020).

Today, only 25,757 ETH ($63.1 million) were moved.

And Lookonchain has already deleted their tweet. 🤷

Michael Saylor Personally Accumulates $1 Billion in Bitcoin 💰

About four years ago, Saylor reported holding approximately 17,732 BTC.

👀 Since then, he has not sold a single coin and continues to accumulate them.

During the recent severe crypto market downturn over the weekend, he posted a brief tweet urging people to HODL. 💪

According to FOX Business, Kamala Harris's team has formed a group called "Crypto for Harris."

The group is planning to hold a meeting soon.

👥 The meeting will include billionaire Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, and several Democratic Party members of Congress.

It looks like the fight for crypto voters' support in the U.S. is heating up. 🤔