Crypto took a major hit with Bitcoin (BTC) falling below $59,000 while Ethereum (ETH) lost about 10%. BTC price dropped 6.5% on August 28, 2024, after reaching a high of $62,700 earlier that day.
It hit a new low of $58,240 during the downturn, its lowest point since August 19, 2024. ETH
recently fetched less than $2,500, down from a high of $2,700. At first, it wasn’t clear what
caused the sell-off.
Renowned crypto platform, CoinGlass, reports that the rapid drop caused $313 million worth of leveraged crypto derivatives positions to be closed out. This is the largest washout since the crash on August 5, 2024.
ETH investors lost more than $100 million in liquidations while BTC buyers lost $95 million, causing a mild panic among crypto users including online crypto casino players. The prices of the other top 10 coins by market cap have also decreased. For instance, Binance Coin (BNB) has dropped almost 4% to $528 while Solana (SOL) has dropped 7% to $146.
Ripple (XRP) has also dropped 4% to $0.56. At $0.098 and $0.158, Dogecoin (DOGE) and Tron (TRX) were also down 6.5% and 2.25 %, respectively. Meanwhile, Telegram-linked (TONNE) token went down sharply when news came out that Telegram founder Pavel Durov had been arrested in France on multiple charges.
Donald Trump unveils 4th NFT collection
Donald Trump, the former president of the United States, has launched a new set of digital trading cards of non-fungible tokens (NFTs). Trump holding Bitcoin (BTC) is only one of the 50 unique photos featured on the deck.
Among the prizes up for grabs is an invite to a gala dinner and a tangible trading card featuring a fragment of Joe Biden’s suit from their presidential debate. Trump promotes the collection as a chance to own a one-of-a-kind piece of American history.
He said that popular demand was the driving force behind the release of the new NFT series.
Trump said that people who buy 15 or more digital trading cards will also get a real card in the mail.
Each card will have a piece of the suit he wore during the presidential debate with Joe Biden in June, which some fans call ‘the knockout suit’. Trump will also sign five of these actual cards at random.
The former president said that each card would still cost $99. Trump also commented about his image in the crypto community saying some people call him the president of crypto but he doesn’t know if it’s true or not.
At the same time, the US Securities and Exchange Commission (SEC) is expected to start
preparations to initiate enforcement measures against NFTs. OpenSea, the world’s largest web3 marketplace, has been allegedly sent a Wells notice by the SEC.
The Wells notice asserts that certain NFTs available on the market are categorised as
securities. With this, Donald Trump has made a solemn promise to dismiss SEC Chair Gary
Gensler on his inaugural day in office, should he be elected.
The crypto world is no stranger to a rollercoaster of ups and downs which is why investors,
including online crypto casino players, are investing in a wide variety of coins in hopes for a
brighter future. Many believe that despite certain price falls, crypto will still dominate the market.
