Global

The cryptocurrency market is no stranger to extraordinary rallies and rapid price surges, with Shiba Inu (SHIB) famously rising to prominence during the 2021 bull market.

In the past two days, institutional investors have ceased their accumulation of stablecoins, leading to a notable decline in Bitcoin's price. As of 08:03 am UTC on August 12, Bitcoin (BTC) has dropped 3.9% to $58,930, falling from a weekly high of $62,510 and slipping below the $60,000 mark.

Binance, one of the globe's leading cryptocurrency exchanges, has announced the delisting of six altcoins, causing significant turbulence in the crypto market. The affected tokens—PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX)—saw their values plummet by double digits following the announcement.

As Web3 games gain momentum, OKX is leading the charge with the launch of OKX GameSphere, a platform designed to support the crypto gaming ecosystem. This new initiative aims to fill the void left by traditional platforms like Steam, which, despite its success in the Web2 era, has yet to integrate Web3 elements such as NFTs and cryptocurrencies.

Recently, analyst Franzen has closely examined Bitcoin's price action, particularly focusing on its 200-day moving average (MA), a key long-term indicator that has played a significant role in evaluating market trends since late 2022.

Morgan Stanley, the largest wealth manager in the United States, could be in hot water with regulators following its decision to allow financial advisers to promote Bitcoin exchange-traded funds (ETFs) to high-net-worth clients.