Crypto Market Loses $100 bn in One Week Amid 6% Slump
By Kapil Rajyaguru
The crypto market experienced significant turmoil this week, with Bitcoin dipping to $55,746 before closing at $57,700 and Ethereum falling 7% to just over $2,300. Overall, the market lost 6% in capitalization, shedding $100 billion. Rising liquidations caused traders to lose nearly $196 million in long positions, while altcoins saw declines of 5-7%.
India Leads 2024 Crypto Adoption Index Despite High Tax Rate.
India has reclaimed the top spot in global Bitcoin adoption, leading last year’s Crypto Adoption Index by Chainalysis. The report highlights that seven of the top 20 countries in adoption are in Central and Southern Asia and Oceania, with India, Indonesia, Vietnam, the Philippines, and Pakistan among them. The region received $750 billion in crypto assets between July 2023 and June 2024.
WazirX Hacker Moves Over $67 mn in Stolen ETH So Far.
A hacker linked to the WazirX security breach moved over $67 million in stolen Ethereum to multiple accounts, mirroring recent transactions. The exchange is undergoing reorganization, which could potentially refund 55-57% of the stolen funds to users. On September 10, the hacker moved 5,000 ETH worth $11.7 million to a new address.
Bitcoin ETFs Register $39 mn Inflow While $20 mn Exits ETH ETFs.
U.S. spot Bitcoin and Ethereum ETFs reported mixed results on September 12. Bitcoin Spot ETFs saw a minor rebound with a $39 million net inflow, while Ethereum ETFs continued to suffer losses. Grayscale’s ETHE led to a $20 million net outflow from top altcoin ETFs, highlighting ongoing challenges for Ethereum-based funds.
New UK Legislation Classifies Crypto as Personal Property.
The UK government introduced the “Property (Digital Assets) Bill” on September 11, recognizing Bitcoin, NFTs, and carbon credits as personal property. This legislation aims to protect digital asset owners from fraud and assist courts in handling complex legal cases involving digital possessions, including divorces.
Bitcoin Hash Rate Hits A New All-Time High Despite Price Woes.
Despite Bitcoin’s lackluster price performance, its network hash rate reached a record high of 693 exahashes per second, indicating continued investment in mining hardware despite market uncertainty. While miner income has dropped since Bitcoin’s March peak, the hash rate surge shows strong competitiveness in the mining sector.
Indodax Crypto Exchange Suspends Services After Alleged $22 mn Hack.
Indodax, an Indonesian exchange, was breacjed by hackers last Saturday, shortly after the FBI signaled a surge in crypto-related threats. The hackers took away about $22 million of multiple cryptocurrencies such as Bitcoin, Tron, and Ether. The exchange has initiated internal audits to verify the system’s security and has temporarily suspended remaining services while investigations continue.
Metaplanet Stock Soars 6% Following Another Bitcoin Acquisition.
Metaplanet Inc., a Japanese venture capital firm, boosted its Bitcoin holdings to 398.832 BTC valued at $26 million after acquiring 38.464 BTC worth 300 million yen ($2 million). The announcement pushed Metaplanet’s shares up by 5.87% to 1,101 yen, drawing comparisons to MicroStrategy’s large Bitcoin reserves. Metaplanet is quickly becoming a key player in tech, supporting diverse workforces and expanding global reach through innovation.
World’s 4th Largest Power Company Looks into Bitcoin Mining Through Subsidiary.
Agile Energy X, a subsidiary of Japan’s largest electric utility TEPCO, is entering Bitcoin mining using renewable energy, specifically solar power. TEPCO, the world’s fourth-largest electric utility, is leveraging its resources to adopt cleaner energy for mining, reflecting a broader trend among miners to use sustainable power sources.
Trump Meme Coins Plunge Following ‘Unhinged’ Presidential Debate.
The Trump-themed meme coin MAGA (TRUMP) experienced significant volatility, initially rising to $3.42 before dropping nearly 15% to $2.89 following a lackluster debate performance on September 10. The fluctuation highlights the meme coin’s sensitivity to political events and investor sentiment tied to Trump’s public appearances.
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