Web3 🌘 Thursday Whirlwind: Bitcoin Crashes, Ethereum Heads East, Saylor Sells Shares, Meme Coins Get AI Boost
1/ 🔎 Bitcoin Slumps 10%: Matrixport Report, Leverage, or Cramer?
2/ 📑 Ethereum Devcon 7 Heads to Bangkok.
3/ 💰 MicroStrategy CEO Sells Shares Amid Bitcoin Dip.
4/ 📢 Crypto.com Adds SHIB & DOGE Trading Pairs with CorgiAI.
For further details, let's keep reading! 👇
Welcome, crypto adventurers!
Today, we will dive into the reasons behind Bitcoin's recent dip, explore the first-ever Devcon in Southeast Asia, and witness Michael Saylor's strategic stock sale. Then, get ready for a playful twist as meme coins SHIB and DOGE join forces with AI-powered CorgiAI on Crypto.com, creating a whole new trading frontier. Let's get started!
1/ Bitcoin Slumps 10%: Matrixport Report, Leverage, or Cramer? 🔎
Bitcoin took a tumble 10% below $41,000 on Wednesday. While some blamed Matrixport's report predicting ETF rejections or Jim Cramer's optimistic comments, analysts pointed to a bigger culprit: overzealous bullish bets that primed the market for a pullback.
Leverage played a key role, with high funding rates and futures premiums exposing the market to downside volatility. Matrixport's report served as a trigger, leading to cascading liquidations of $560 million in leveraged long positions. Despite the dip, analysts remain optimistic about a spot ETF approval, with some predicting a 10% rally within days and even new highs later in the year.
Krisztian Sandor
2/ Ethereum Devcon 7 Heads to Bangkok. 📑
The Ethereum Foundation announced Devcon 7, which will be held in Bangkok, Thailand from November 12-15, 2024. The first time Devcon will be held in Southeast Asia, a nod to the region's booming crypto scene. This isn't just a conference, it's a chance to connect, learn, and shape the future of Ethereum in a vibrant hub of crypto adoption. The Ethereum Foundation hopes to empower the local Ethereum communities when holding the conference in Bangkok.
Hassan Shittu
3/ MicroStrategy CEO Sells Shares Amid Bitcoin Dip. 💰
Michael Saylor, the CEO of MicroStrategy, is offloading $216 million of his company's stock. This planned sale, pre-arranged and triggered by a stock option that expires on April 30, 2024, involves daily sales of 5,000 shares contingent on a minimum price condition. This will allow Saylor to both fulfill financial obligations and snag more bitcoin for his already impressive stash. Saylor explained that he plans to use some of the proceeds to buy more bitcoin for his personal account.
While the exact amount of his personal holdings remains a mystery, Saylor publicly admitted to owning over 17,000 bitcoin in 2020.
Kevin Helms
4/ Crypto.com Adds SHIB & DOGE Trading Pairs with CorgiAI. 📢
Crypto.com, a leading digital currency exchange platform, has announced the introduction of new trading pairs involving the popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) with the innovative CorgiAI (CORGIAI) token. Meme icons SHIB and DOGE get AI-powered playmates with CorgiAI, opening up a fresh playground, enhancing trading options for investors, and boosting CorgiAI's bark in the crypto pack. This move blends established meme power with rising AI, opening doors for innovative experiences in the ever-changing digital currency world.
Jane Smith
Conclusion:
From Bitcoin's volatility fueled by leverage to Devcon's Southeast Asian debut, from Saylor's strategic stock sale to the meme-meets-AI on Crypto.com, today's news in the crypto space offered a glimpse into its captivating diversity. The crypto market has always been a dynamic ecosystem!
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
