The market has been relatively quiet in the past two days. Affected by Sun Ge's entry into WBTC, the crypto market has seen a small correction today. Bitcoin fluctuated at $58,600, and Ethereum fluctuated at $2,550. Altcoin as a whole are also correcting, with a general decline of about 5%.
The news worth noting is: 1. Justin Sun entry into WBTC caused market panic. Cryptocurrency custody company BitGo announced that it would transfer its WBTC business to a world-first multi-jurisdictional and multi-institutional custody service. BitGo said that this cooperation also marks the deepening of strategic cooperation between BitGo and Justin Sun, the founder of the Tron ecosystem. The market speculates that Justin Sun may have significant influence or control in the joint venture that manages WBTC. According to data, more than 41% of WBTC is currently used for lending, and MakerDAO is the largest acceptor. In the face of Sun Ge's entry into WBTC, MakerDAO plans to initiate a proposal to reduce the size of WBTC collateral in the executive vote on August 12 to cope with the potential risks of changes in custody rights. Jupiter co-founder also said that the Bitcoin behind WBTC should not be used for any purpose, and hoped that BitGo would clarify the community's doubts. BitGo CEO responded to the controversy over the WBTC project. He said that he was willing to assist Maker DAO in due diligence to alleviate community concerns. Justin Sun also issued a statement to clarify that he did not control the private key of the WBTC reserve and could not move any BTC reserves. He also said that WBTC is an important part of the DeFi ecosystem, and he also looks forward to its continued development. 2. The median Gas fee of the Ethereum network hit a new low in the past five years, falling below 2 gwei for the first time on August 10. In addition, the real-time Gas fee was once lower than 1 gwei.
Currently, the transaction fees for Ethereum and Bitcoin are very low, which shows that the market is relatively quiet and the market activity is not high.
3. According to Dune panel data, only the meme coin sector has maintained an increase in the crypto market in the past 90 days. The meme coin sector rose by 2.89%, the only one among the 11 sectors monitored to maintain an increase. The Layer1 sector fell by 15.21%, which was relatively resistant to declines. The chain game sector and the AI sector fell by 60.69% and 63.6% respectively. The Meme coin sector in this bull market has performed very strongly, with a strong market consensus and popularity, so it can be studied in detail. 4. According to the monitoring of the on-chain analyst Ember, a whale address that participated in the Ethereum ICO in 2015 transferred 48,500 ETH to OKX in the past month. This address has 1 million ETH, and the ICO price was $0.311 at the time. 5. The suspected wallet address of Justin Sun deposited $31.45 million worth of Bitcoin to Binance 3 hours ago. 6. Celsius filed a lawsuit against Tether, accusing it of improper use of assets and claiming about $3.5 billion. Celsius claims that Tether had loaned it USDT stablecoins during bankruptcy proceedings, with 39,542 BTC as collateral. After the price of Bitcoin fell, Celsius was asked to provide more collateral to avoid liquidation. Celsius believes that Tether liquidated BTC without giving it the opportunity to replenish collateral. Tether responded that the lawsuit was baseless and extortionate, and said it would vigorously defend itself.
In general, the current market is relatively quiet and there is no money-making effect. It is recommended to watch more and do less, mainly hold spot goods, and do not touch contract transactions.
We should maintain a learning attitude. Learning can help you have a better understanding of the industry and provide more basis for your own judgment. Although learning may not directly bring wealth, it can help you more clearly understand how money is made and how it is lost.
Please note that the above is just my personal experience sharing and does not constitute any investment advice. For more practical content, please join the QQ exchange group: 809359902
