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Bitcoin’s $60K Freefall: What’s Next for Crypto?
Bitcoin Takes a Hit: 9.9% Drop and $143M Liquidation
Jungle Degen
August 30, 2024
Greetings Crypto Explorers! 🌴🦜
Welcome to Jungle Tales, your wild ride through the latest crypto chaos! This week, we're roaring about Bitcoin's struggle to stay above $60K and the fallout from its recent rejection, causing a 9.9% drop and massive liquidations. But that's not all—TON's outage, Sony's blockchain launch, and Trump's new NFT drop are shaking up the jungle too.
As always… Stay Wild! 🌿🦁🚀
🦍 The Big Jungle Roar
This week's monumental event that shook the crypto-jungle. Roar with us!
Bitcoin’s been on a wild ride lately, struggling to stay above $60K. On Aug. 27, it faced another rejection, leading to a 9.9% drop and forced liquidation of $143M in leveraged longs. 📉
Analysts blame weak spot Bitcoin ETF outflows, but the bigger culprit might be traditional finance. The 2-year US Treasury yields spiked, and concerns over Nvidia's earnings and inflation added to the chaos. 📈🤖
Despite Nvidia beating estimates, their shares dropped, causing jitters in the market. The PCE index rose 2.6% YoY, suggesting the Fed might ease its policies soon. 📊
Bitcoin’s rejection at $61K on Aug. 29 shows how sensitive it is to traditional finance moves. Yet, with a $1.2 trillion market cap, BTC is among the top 10 global assets, ahead of giants like Berkshire Hathaway and TSMC. 🌍💎
📈 News about the current price action:
🦁 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 shadowy depths of the crypto jungle, an old parchment was found by a wandering explorer. It spoke of a legendary event that occurs every four years, one that has the power to shake the very foundations of decentralized finance. This event, cloaked in secrecy and anticipation, gathers the attention of every trader, causing wild swings and market upheavals. Whispers among the crypto beasts suggest that the outcome of this event could dictate the future direction of digital assets. But what is this powerful occurrence that holds such sway over the crypto world?
🦩 Tweets from the Jungle
Check out these wild crypto tweets that have made it to the jungle!
Altcoins currently at the "sell your house to buy more" level.
Last time $BTC was at this level was exactly 4 years ago in the summer of 2020 when price went vertical from 10k to 60k over the next 6 months.
h/t @CryptoKoryo
— Luke Martin (@VentureCoinist)
4:48 PM • Aug 27, 2024
People holding stocks or real estate usually sell if the price is right.
If you ask a Bitcoiner for what price they sell they will say it’s not for sale.
Bitcoin is different because the hodlers wants to seperate money from state. This is not priced in.
— Bitcoin for Freedom (@BTC_for_Freedom)
1:00 PM • Aug 28, 2024
🐊 Crypto Swamp Watch
Bitcoin (BTC) - $58,832.47 (7.11%)
Ethereum (ETH) - $2,490.17 (8.79%)
Top Gainer: Helium (+2.08%)
Top Loser: Notcoin (-28.18%)
Snapshot taken on the 30th of August, around 12:24pm, Jungle time.
🍍 Jungle Poll Parrot
Join our parrot's poll! This week's squawk…
As central banks get ready to ease monetary policies, how do you feel about the future of cryptocurrencies? |
🐯 Jungle Snapshots
Our grand finale - Jungle madness, guaranteed wilder than any pump and dump. Enjoy, you crypto beasts!
spotted this fren 🦥
👋 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 heart of the crypto jungle, hope serves as the guiding star for every adventurer. Amidst the wild fluctuations and unpredictable paths, hope is the force that ignites resilience and fuels the spirit to persevere. It reminds us that even in the darkest times, there is a glimmer of light waiting just beyond the horizon. By nurturing hope, we can transform challenges into opportunities and setbacks into stepping stones. Remember, the journey may be fraught with peril, but with hope in your heart, every twist and turn becomes a part of a grand adventure leading to untold possibilities.
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!