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Crypto Jungle Shake-Up: Bitcoin & Ethereum Tumble!

Big Moves in the Wild: U.S. Gov’s $600M Bitcoin Transfer

Author

Jungle Degen
August 16, 2024

Greetings Crypto Explorers! 🌴🦜

This week's Jungle Tales dives into the big shake-up in the crypto jungle, with Bitcoin taking a 4% tumble to $58,500 and Ethereum slipping 3.8% to $2,630. We also cover the U.S. government's $600 million Bitcoin move, Morgan Stanley's big reveal, and MetaMask's new blockchain-based debit card.

As always… Stay Wild! 🌿🦁🚀

🦍 The Big Jungle Roar

This week's monumental event that shook the crypto-jungle. Roar with us!

Bitcoin, Ethereum Dip as Market Digests CPI Numbers - Decrypt

decrypt.co/244858/bitcoin-ethereum-dip-as-market-digests-cpi-numbers

This week in the crypto jungle, Bitcoin took a tumble, sliding over 4% to around $58,500, with Ethereum not far behind, shedding 3.8% to $2,630. The whole crypto market shrank by 4.4%, hitting $2.1 trillion. All this after a CPI report showing a 0.2% price increase for July and an annual inflation rate of 2.9%.

Matt Hougan from Bitwise Invest called the CPI numbers "boring, beautiful yawners," meaning no big shocks are coming from the Fed this September. 📉

Analysts at QCP Capital think we won't see a big Bitcoin breakout until Q4. BTC did bounce back to $60,000 after last week's sell-off, but it's still a cautious climb. 🐢

Big news from the U.S. government—they moved nearly $600 million in seized Bitcoin to Coinbase. This might mean a sale is on the horizon, stirring up more market moves. 💰

Bitcoin ETFs saw outflows, with a net exit of $81.4 million on August 14, while Ethereum ETFs managed to pull in $10.8 million. On-chain data shows a decoupling between Bitcoin prices and German BTCE reserves. 📊

Sharat Chandra from EmpowerEdge Ventures remains cautiously optimistic. He sees support levels at $58,800, $57,000, and $59,000 with resistance near $60,250. If the Fed cuts rates by 50 bps in September, we might see a crypto price rebound! 🚀

📈 News about the market:

🦁 King of the Crypto Jungle

Unleashing the top beasts of this week's crypto news. Beware, it's a wild ride!

🐒 Meme Monkeys

Hopping onto the funniest and savviest crypto memes that swung through the jungle this week

🦜 Jungle Mystery of the Week

Can you solve our crypto-themed riddle? The answer lies hidden deep within the jungle. Share your guesses on Twitter and tag us! (we may gift someone some crypto 👀)

In the dense, shadowy heart of the crypto jungle, whispers of a mysterious force echo through the treetops. This elusive entity moves swiftly, its presence felt but seldom seen, drawing in adventurers with promises of quick riches and untold wealth. Many have ventured into its lair, blinded by the dazzling allure of instant success, only to emerge empty-handed and disheartened. This cunning specter preys on the deepest desires of those who seek fortune without toil. What is this invisible predator that ensnares the unwary with its shimmering bait?

🦩 Tweets from the Jungle

Check out these wild crypto tweets that have made it to the jungle!

🐊 Crypto Swamp Watch

  • Bitcoin (BTC) - $59,815.38 (1.48%)

  • Ethereum (ETH) - $2,625.85 (1.05%)

  • Top Gainer: Aave (+18.88%)

  • Top Loser: dogwifhat (-22.47%)

    Snapshot taken on the 16th of August, around 1:43pm, Jungle time.

🍍 Jungle Poll Parrot

Join our parrot's poll! This week's squawk…

After the recent market shakeup, where do you think Bitcoin's price will head next by the end of Q3?

Login or Subscribe to participate in polls.

🐯 Jungle Snapshots

Our grand finale - Jungle madness, guaranteed wilder than any pump and dump. Enjoy, you crypto beasts!

girls at the beach

👋 That's all for this issue of Jungle Tales! As we part ways, let's remember the wise words of a crypto degen:

In the unpredictable heart of the crypto jungle, uncertainty is the only constant. The wise crypto degen understands that markets can swing like a vine, from dizzying highs to gut-wrenching lows, often without warning. It's in these moments of chaos that true resilience is forged. Embrace uncertainty not as a foe, but as a teacher; it sharpens your instincts and hones your strategies. Remember, it's not about predicting every twist and turn, but about being prepared to adapt and pivot. Stay informed, stay patient, and let the stormy seas of uncertainty guide you to calmer waters.

Don't forget to share our newsletter with your fellow crypto adventurers, and follow us on TwitterX.

Until next time, keep exploring the wild world of crypto!

Pura Vida,

Jungle Degen

JUNGLE WARNING: Hear me, ye dauntless navigators of the crypto wilderness. This parchment holds no keys to monetary splendor. Consider it more of a cryptic map of the jungle, teeming with teachings, not a treasure chest marked with an 'X'. It neither mutters veiled secrets of investment, nor beckons you to swap your prized assets or enact any fiscal transactions. In this unpredictable crypto habitat, caution is your most trusted ally, and your own robust investigation, the steadfast compass. Equip yourselves with the shield of wisdom, as you traverse the intricate network of paths. Remember, swift success is often a false trail; it is through enduring patience, adroit maneuvering and careful strategy can you navigate this mysterious landscape. The jungle is vast and filled with enigmatic conundrums; let your own diligent research be the torch that dispels shadows. Don't be lured by the glimmering illusion of quick profits, but bend your will to the pursuit of genuine understanding. Keep your wits about you and eyes wide open on this crypto-quest. To cut a long story short, this is NOT financial advice. Safe travels, crypto explorers!