₱12.1 Billion Liquidated as BTC, ETH Prices Dropped | Key Points | July 04, 2024 | BitPinas

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Our feature article today – the crypto market again shows how unpredictable it can be.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

• Bitcoin (BTC): $60,309.47, down 3.0% over the last 24 hours.
• Ethereum (ETH): $3,303.91, down 3.5% over the last 24 hours.
• Solana (SOL): $142.27, up 4.1% vs the previous day.

Trending Coins Update

• Megalink: $0.1044, up 27.2% vs the previous day.
• Cryptex Finance: $3.95, up 15.6% over the last 24 hours.
• Spike: $0.0357, down 12.5% vs the previous day.

For the daily price update, check out our post on Facebook.

📺 Happening Tonight: DeFi Webcast

Tonight on the BitPinas Webcast: For the next installment of our Beginners Guide Series, where we’ll be speaking with Paolo Dioquino of Pendle Finance, DeFi Philippines, and ETH63. In this session, Paolo will cover the basics of Decentralized Finance (DeFi) and share practical tips to help you navigate this innovative financial landscape.

Register here!

Feature News: Crypto Market Sees $200M in Liquidations

Over 74,000 traders lost $208 million as Bitcoin and Ethereum prices dropped.

What’s the significance? This shows how risky and unpredictable the crypto market can be, especially for those betting on prices going up.

• The crypto market has been shaky due to U.S. monetary policy, global tensions, and the upcoming U.S. presidential election, says Decrypt.

By the numbers:

• Bitcoin fell from $62,200 to $59,425 but bounced back to $60,200.
• Ethereum dropped from $3,425 to $3,254, now trading at $3,300.
• Solana took a big hit, down 8% to $140.

However: Despite the drop, experts think prices could rise again later this year. (Coindesk is reporting that expectations for Bitcoin to reach $150,000 is still intact.)

What to watch: Keep an eye on Ethereum spot ETFs, expected to begin trading by mid-July, which could boost ETH prices.

• Investors should also monitor Bitcoin mining metrics, as conditions suggest prices may be bottoming out, signaling a possible recovery.

Philippine Crypto News 🇵🇭

• BitPinas article on PDAX launching its Hold and Earn Promo.
• Ownly announced its partnership with Alex the Parrot for its Incentivized Ownchain Test net Program.
• Paytaca released the Episode #15 of Paytaca Talks which covers the live discussion and presentation during the launch of Paytaca’s P2P Exchange and Marketplace.
• YGG Esports announced it will have a live stream discussing the Season 5 of ParallelTCG on July 5.

Educational Corner 🎓

The airdrop season is still not over: Check out this updated list of airdrops to watch out for in 2024—now featuring 130+ confirmed, ongoing, and potential crypto airdrops for the year.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

• Coinbase and Ripple are leveraging a recent court ruling in the SEC’s case against Binance, which dismissed claims that secondary sales of BNB were securities, to argue for clearer regulatory guidelines on crypto.
• Hong Kong’s finance secretary, Christopher Hui, indicated that regulators will review cryptocurrency-related regulations in response to market developments.
• South Korean cryptocurrency exchanges are addressing concerns over potential mass delistings by initiating a comprehensive six-month review of 1,333 cryptocurrencies, mandated under new investor protection laws effective July 19. 
• Singapore’s Monetary Authority (MAS) raised the risk level for crypto exchange platforms from medium-low to medium-high under updated Countering the Financing of Terrorism (CFT) laws.

Community Spotlight 🔦

Meet Paolo Dioquino: He is a notable thought leader in the Philippines’ web3 community.

• He is a part of Pendle Finance.
• Dioquino is also the co-founder of two communities, ETH63 and DeFi Philippines.
• In fact, he is the speaker for tonight’s episode continuing the beginner’s series with a focus on ‘DeFi’ and the latest developments in the space.
• Check out his web3 journey here.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

• OpenLedger, a blockchain firm focused on permissionless and data-centric infrastructure for AI development, raised $8 million in seed funding round.
• Sentient, an open-source AI development platform co-founded by Polygon’s Sandeep Nailwal, raised $85 million in a seed round.
• Vitalik Buterin invested in MegaETH, a new blockchain promising 100,000 transactions per second, which raised $20 million in a seed round led by Dragonfly Capital.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

• HashKey Group launched a community airdrop through a Telegram game to distribute 10 million HSK tokens ahead of its planned third-quarter listing.
• OKX launched “OKX GameSphere,” a platform dedicated to web3 crypto gaming developers, providing a range of solutions including Wallet as a Service (WaaS), APIs, and game promotion tools to expedite game launches and enhance player engagement. 
• Pixels is exploring expanding its franchise with additional games within its universe and potential integration on Telegram to attract more players.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Upcoming events: 

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

• Telegram mini-app developers can now exchange Stars, a virtual point system introduced in June, for Toncoin (TON) or discounted advertisements on Telegram.
• Kraken is considering partnering with energy providers to use small modular nuclear reactors (SMRs) to power its data centers in North America and Europe.
• Worldcoin’s builder, Tools for Humanity, hired four former executives from Google, X (formerly Twitter), and Apple to strengthen privacy, security, and identity management.

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This article is published on BitPinas: ₱12.1 Billion Liquidated as BTC, ETH Prices Dropped | Key Points | July 04, 2024