Market
BTC Falls, BlackRock Eyes Blockchain, and More

This week, Bitcoin and the broader crypto market experienced a sharp decline following the release of US Consumer Price Index (CPI) data.
Speculation about BlackRock launching its own blockchain has also surfaced. Additionally, Binance’s delisting of several altcoins triggered significant market reactions.
Bitcoin’s “Fakeout” Following CPI Data Release
On August 14, the US Bureau of Labor Statistics (BLS) released July’s Consumer Price Index (CPI) data. The figure was lower than the previous month, leading to speculation that the Federal Reserve might cut rates in September, possibly by 25 basis points.
Bitcoin initially reacted positively to the data, trading above the $60,000 level. However, this proved to be short-lived, as the price quickly reversed, dropping below $60,000 — a move known in trading circles as a “fakeout.” At the time of writing, Bitcoin stands at $58,345, reflecting a 1.95% decrease in the past 24 hours.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Despite this volatility, analysts maintain a positive long-term outlook for Bitcoin. Potential catalysts for a bullish trend include anticipated rate cuts, increased inflows into Bitcoin exchange-traded products (ETPs), and favorable regulatory developments.
Institutional Investors and Wall Street Giants Reveal Spot Crypto ETF Holdings
This week, institutional investors disclosed their positions in Bitcoin and Ethereum ETFs through their 13-F filings with the US Securities and Exchange Commission (SEC). Goldman Sachs, for example, holds positions in seven of the 11 available spot Bitcoin ETFs in the US. Its largest stake is in the iShares Bitcoin Trust (IBIT), with an investment valued at approximately $238.6 million.
In addition to IBIT, Goldman Sachs has invested heavily in other Bitcoin ETFs. Notably, the bank holds $79.5 million in Fidelity’s Bitcoin ETF (FBTC) and $56.1 million in the Invesco Galaxy Bitcoin ETF (BTCO), among others.
Similarly, Morgan Stanley, another Wall Street giant, also demonstrated a preference for BlackRock’s IBIT, with positions valued at $188 million. Furthermore, Morgan Stanley has smaller holdings in the Ark 21Shares Bitcoin ETF (ARKB) and the Grayscale Bitcoin Trust (GBTC).
The trading firm DRW Capital also presented its significant stake in crypto ETFs, particularly focusing on Ethereum. The company’s filings indicate an allocation of over $150 million to the Grayscale Ethereum Trust.
Additionally, the State of Wisconsin Investment Board (SWIB) reported owning nearly 2.9 million shares of BlackRock’s spot Bitcoin ETF (IBIT) as of June 30. This position, valued at nearly $99 million, marks a significant increase from the previous quarter, where SWIB held around 2.5 million shares. Interestingly, SWIB also reduced its exposure to the Grayscale Bitcoin Trust by offloading 1 million shares during the first quarter.
Vetle Lunde, a senior analyst at K33 Research, recently noted that the second quarter of 2024 saw a notable increase in institutional ownership of Bitcoin ETFs. The 13-F filings revealed that 1,199 professional firms held investments in US spot ETFs as of June 30. This number marks an increase of 262 firms from the previous quarter.
“While retail investors still hold the majority of the float, institutional investors increased their share of total AUM by 2.41 percentage points, now accounting for 21.15% in Q2,” Lunde remarked.
This growth in institutional participation is significant. It indicates that large financial entities are becoming more comfortable with the risk-reward profile of crypto investments.
Hydra Update Prepares Cardano for Chang Hard Fork
On August 9, Cardano released version 0.18.0 of its Hydra Head scaling solution. This upgrade is particularly crucial as Cardano prepares for its upcoming Chang hard fork, which aims to fully decentralize the blockchain.
Sebastian Nagel, a Cardano developer, emphasized that one of the key features of this update is the ability to withdraw funds from an open head without closing it. This improvement aligns with Cardano’s broader goal of transitioning into a decentralized network. Charles Hoskinson, Cardano’s founder, envisions it as a global system featuring advanced governance and community-driven initiatives.
Speculation Surrounding BlackRock’s Blockchain Initiative
According to a report by Token Terminal, BlackRock could be exploring the launch of a proprietary blockchain similar to Coinbase’s Layer-2 network, Base. The report suggests that such a blockchain could centralize the record-keeping of BlackRock’s vast holdings, enhancing transparency, efficiency, and security. If this plan materializes, it will align with BlackRock’s broader strategy of leveraging technology to streamline its operations and offer novel solutions to its clients.
However, such a project would have challenges, including managing the complex regulatory environment and ensuring the blockchain’s security and scalability. Despite BlackRock not confirming these plans and potential challenges, the asset management firm potentially launching a blockchain could represent a major shift in the traditional finance sector.
Six Altcoins Take a Hit After Binance Delisting Announcement
On August 12, Binance, the world’s largest crypto exchange by trading volume, announced the delisting of six altcoins. Effective August 26, 2024, at 03:00 UTC, Binance will remove all spot trading pairs for these tokens.
Historically, when Binance announces the listing or delisting of altcoins, it significantly impacts their prices. The recent delisting decision immediately caused the prices of the affected tokens to drop.
Read more: Which Are the Best Altcoins To Invest in August 2024?
The tokens impacted were PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). Some of these even experienced value declines exceeding 20%.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Don’t Fall for These Common Crypto Scams

ZachXBT, a well-known blockchain investigator, recently shared two key “minimum checks” on Telegram to avoid crypto scams.
He emphasized that users must accept full financial responsibility if they take risks in these situations and added that recovering lost funds would be extremely difficult.
Evaluating a Project’s Credibility is Crucial
ZachXBT highlighted two critical scenarios: depositing funds into forked DeFi protocols on newly launched EVM chains and getting scammed by projects with few smart followers on Kaito.
“If you make either of these decisions, it is your own personal choice to risk funds, and I will NOT help you,” ZachXBT stressed.
Many newly launched DeFi protocols on EVM chains are replicas of existing ones. Their teams often do not create original code but instead, fork from established protocols. This process requires minimal technical skills yet introduces significant security risks.
A recent incident highlighted the risks in the DeFi space. The DeFi protocol SIR.trading was reportedly hacked, leading to an estimated loss of $350,000. Despite the project’s documentation promoting it as a “new DeFi protocol for safer leveraged trading,” it acknowledged the risks related to smart contract vulnerabilities.
This case illustrates how new DeFi protocols often become targets for hackers. Additionally, in late March, the DeFi lending protocol Abracadabra suffered a loss of approximately $13 million due to an exploit involving collateralized tokens.
The second situation ZachXBT warned about involves getting “rugged” (falling victim to a rug pull) by projects with few smart followers on Kaito. Kaito is an AI-powered analysis tool that measures real community interest. He advised that checking followers’ numbers and quality is a basic step to avoid falling for projects that use fake engagement or empty marketing hype.
Investor Xero agreed with ZachXBT, stating that Kaito can be a credibility assessment tool.
“Kaito has become an amazing security and reputation tool that I value over others. It can help you identify an impersonator or a new rug project fast. If a 40k+ follower project isn’t connecting with real smart followers, it’s not legit,” Investor Xero commented.
Other Emerging Crypto Scams
In addition to ZachXBT’s warnings, several new scam tactics have recently been flagged.
Investor Jerome warned about a scheme that exploits browsers’ automatic download function to trick users into downloading malicious software.
Another method involves scammers creating and sending small transactions. They would be often as little as 0.001 tokens—using fake wallet addresses that closely resemble legitimate ones. Their goal is to deceive users into copying and pasting the fraudulent address when making future transactions.
Additionally, Microsoft has identified StilachiRAT, a new remote access trojan specifically designed to target cryptocurrency wallets and login credentials.
According to a Chainalysis report, from 2021 to 2024, decentralized finance (DeFi) platforms have been the primary targets of crypto hacks.

The report explains that DeFi platforms may be more vulnerable because developers prioritize rapid growth and launch over security measures. This lack of security focus makes them prime targets for hackers.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
This Is How Dogecoin Price Reacted To Elon Musk’s Comment

Dogecoin has faced a series of setbacks recently, including a failed breakout attempt that led to a decline in its price. This downward movement was further exacerbated by a recent comment from Elon Musk, which cast doubt on Dogecoin’s future.
However, despite these challenges, the altcoin is showing some signs of recovery, largely driven by long-term holders (LTHs) who accumulate more DOGE at current low prices.
Dogecoin Is Facing Mixed Signals
Dogecoin’s Network Value to Transaction (NVT) ratio has spiked significantly, reaching a three-month high. This suggests that the network’s value does not match the number of transactions, pointing to a possible lack of investor confidence.
Elon Musk’s recent comment regarding DOGE further fueled the discourse surrounding the cryptocurrency. He clarified that the US government does not intend to use Dogecoin in any form, which led to some negative sentiment. This statement dampened expectations for the coin, although it hasn’t completely derailed its market standing.

The macro momentum of Dogecoin shows signs of stabilizing, as evidenced by the recent spike in the HODLer Net Position Change. LTHs have been actively accumulating DOGE during the recent dip, which indicates strong conviction among these holders.
This accumulation provides a level of support, potentially helping the coin recover and preventing further price declines. The increased position change suggests that LTHs are confident in the long-term viability of Dogecoin despite recent market turbulence and Musk’s controversial comment.
This continued accumulation by LTHs could lead to a floor forming under Dogecoin’s price, providing a buffer against further bearish pressures. As the market stabilizes and sentiment shifts, these holders could become a driving force that will trigger the next upward movement.

DOGE Price Stumbles, But Can It Recover?
Dogecoin is currently trading at $0.163, with the price just below the support level of $0.164. Over the last five days, the coin has experienced a 16% decline following a failed attempt to break through the $0.198 resistance level. This failure to breach key resistance levels indicates that DOGE may not experience immediate price gains without external catalysts.
Given the current market conditions, it’s likely that Dogecoin will not experience significant declines in the near future. The coin may reclaim $0.164 as support and continue consolidating just below the $0.198 resistance. However, this consolidation could persist until stronger market cues emerge to push the price higher.

The only scenario in which this bullish-neutral outlook would be invalidated is if Musk’s comment causes further damage to DOGE’s price. In that case, the meme coin could dip to $0.147, extending its recent losses. A sustained downturn would signal more negative sentiment in the market and potentially halt Dogecoin’s recovery.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Price Nears $80,000; Fuels Death Cross Potential

Bitcoin’s recent price action has shown some concerning signs. The crypto king has failed to break through key resistance levels, leaving it vulnerable to further declines.
As Bitcoin inches closer to testing the $80,000 support level, the potential for a Death Cross looms, increasing bearish sentiment in the market.
Bitcoin Investors Are Skeptical
Short-Term Holders (STHs), who buy at higher prices, are primarily responsible for the ongoing losses. These investors have been actively noting losses in response to Bitcoin’s volatile market conditions, reflecting the unpredictable environment that has made it difficult for new investors to navigate.
Meanwhile, Long-Term Holders (LTHs) continue to realize profits, benefiting from their extended market presence. However, the current market conditions show stagnation in new capital inflows, with LTH profits offset by STH losses. This creates weaker demand and resistance, signaling a potential slowdown in price momentum.
Maintaining bullishness in the market typically requires consistent capital inflows, but the market now seems to be lacking that crucial support. The overall sentiment reflects a neutral stance, with both profit-taking and loss-realization balancing out.

The crypto king’s macro momentum is showing additional signs of bearish pressure, particularly with the Exponential Moving Averages (EMAs). The 200-day EMA is less than 3% away from crossing the 50-day EMA, which would result in a Death Cross. This technical pattern has historically signaled significant corrections in price, marking a potential end to Bitcoin’s 18-month-long Golden Cross.
As the EMAs approach this critical point, traders and investors are closely watching for any signs of a correction. The fear of a Death Cross brings further concern to Bitcoin’s price stability. If the 50-day EMA crosses below the 200-day EMA, it could trigger more sell-offs, intensifying the bearish sentiment in the market.

Is BTC Price Primed For Further Decline?
Bitcoin is currently trading at $82,248, nearing the key psychological support level of $80,000. Despite attempts at a breakout, Bitcoin has failed to move beyond the two-month-long broadening descending wedge pattern. This pattern suggests that Bitcoin could be on the brink of further decline.
If the downward momentum persists, Bitcoin is likely to fall through the $80,000 support level and approach $76,741. This scenario would reinforce the bearish outlook, especially considering the technical indicators and the lack of strong buying support. A breakdown below these levels could signal a deeper correction, with the potential for further declines.

However, this short-term bearish thesis can be invalidated if Bitcoin’s price manages to reclaim $82,761 as support. If Bitcoin breaks through the $85,000 barrier, it could break out of the current pattern, signaling a potential reversal. A strong rally above $86,822 would suggest a resumption of the bullish trend, invalidating the bearish momentum that currently dominates the market.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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