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Crypto Tumble: Market Falls Below $2 Trillion!

Navigating the Market Dip – What’s Next?

Author

Jungle Degen
September 06, 2024

Greetings Crypto Explorers! 🌴🦜

Welcome to this week's Jungle Tales, your go-to newsletter for all things crypto with a twist of jungle fun! Our top story shakes the crypto-jungle with a market dip, bringing total capitalization down by 4.8% to $1.98 trillion. Bitcoin and Ethereum are feeling the heat, with wild swings and dropping support levels. On a brighter note, BNB Smart Chain celebrates its fourth anniversary with impressive user numbers, and Polymarket gets integrated into Bloomberg Terminal!

As always… Stay Wild! 🌿🦁🚀

🦍 The Big Jungle Roar

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

The crypto cap sinks below $2 trillion. | Myfxbook

www.myfxbook.com/analysis/the-crypto-cap-sinks-below-2-trillion/28348

The crypto market took a hit this week, with total capitalisation dropping 4.8% to $1.98 trillion. This dip is the lowest since August 8th, and it’s still too early to say if the $2 trillion support line is fully broken.

Bitcoin faced some wild swings, dropping to $55.5K before finding some ground at $56.4K. Eyes are on $54K for the next support level. Ethereum is also feeling the heat, likely heading towards $2100.

Former BitMEX CEO Arthur Hayes blames Bitcoin’s drop on low liquidity, while QCP Capital suggests September is prime time to stack sats 📈 and take profits in October. Looking at the past, October has been a winner for BTC 8 out of the last 9 years!

On a brighter note, BNB Smart Chain (BSC) celebrated its fourth anniversary with some impressive numbers—1.2 million daily active users and 2.7 million on opBNB! And guess what? Polymarket just got integrated into Bloomberg Terminal! 🌿

📈 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 👀)

Deep within the heart of the crypto jungle, an ancient artifact was unearthed by a curious trader. This relic, etched with cryptic symbols and dates, hinted at a time of year when whispers of volatility and opportunity fill the air. Traders, old and new, gather around their glowing screens, eyes sharp with anticipation, as they prepare for the wild swings that this month often brings. The artifact's inscriptions mention a time when fortunes can be made or lost in the blink of an eye. Can you decipher the month that holds such power over the crypto world?

🦩 Tweets from the Jungle

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

🐊 Crypto Swamp Watch

  • Bitcoin (BTC) - $53,365.79 (10.08%)

  • Ethereum (ETH) - $2,213.73 (12.67%)

  • Top Gainer: Helium (+16.96%)

  • Top Loser: Beam (-26.48%)

    Snapshot taken on the 6th of September, around 1:01pm, Jungle time.

🍍 Jungle Poll Parrot

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

What's your strategy for the current market dip? 📉

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!

I need to get out more…

👋 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, wise degens often remind each other that true wealth isn't just measured in coins or tokens. It's about understanding the ebb and flow of the market, making informed choices, and knowing when to hold back or leap forward. Wealth in this wild terrain also means building a community, sharing knowledge, and lifting each other up during turbulent times. Remember, the riches of the jungle are plenty, but they come to those who navigate with wisdom, patience, and a keen eye for long-term growth.

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!