Global #volatility

In the past 24 hours, the cryptocurrency market has experienced a notable uptick, with its total valuation rising by 2.49%, from $2.09 trillion to $2.14 trillion. This positive shift comes amidst a decrease in trading volume, which has dropped by 23.72% to $63.94 billion.

In a dynamic week for the cryptocurrency market, several key events and trends have shaped the current landscape. As markets recover from recent turbulence, several significant developments and ongoing issues are coming into focus.

On August 9, 2024, Cathie Wood’s Ark Invest made headlines by selling significant portions of its Ethereum futures ETFs. This move, which included the Ark Active Ethereum Futures Strategy ETF (ARKZ) and the ProShares Ethereum Strategy ETF (EETH), has sparked discussions about its implications for Ethereum’s exchange-traded products (ETPs) and the broader crypto market.

In a tumultuous 24-hour period, the cryptocurrency market has seen a sharp downturn, sending shockwaves through major digital assets. Bitcoin (BTC) briefly dipped below the crucial $50,000 threshold, while Ethereum (ETH) plummeted to as low as $3,170, according to data from CoinGecko.

The PEPE memecoin has recently experienced notable volatility, with its price dropping by approximately 18.2% over the past three days. This sharp decline has brought PEPE close to a crucial support level, highlighting significant shifts in the token's price action and market behavior.

A significant event is set to unfold in the cryptocurrency market today, as Bitcoin (BTC) and Ethereum (ETH) options contracts worth a staggering $1.96 billion are slated to expire. This expiration occurs during a period of heightened uncertainty and volatility in the crypto market, adding another layer of complexity to the situation.