ETH Bulls Push the Market Higher prior to Merge
In today's newsletter:
Price Point: Bitcoin slips below $20,000; cryptocurrency market to remain unstable.
Thodex, a Turkish cryptocurrency exchange's founder, was detained in Albania
Indonesia's Biggest Tech Firm Enters Crypto With Purchase of Local Exchange: Report
Today’s Newsletter is Sponsored by Bybit Exchange-
Sign up to one of the most beginner-friendly exchange loaded with 100+ Crypto pairs and derivative trading options.
Use our link to sign up and support the newsletter:
https://www.bybit.com/register?affiliate_id=40106&group_id=0&group_type=1
Bitcoin slips below $20,000; cryptocurrency market to remain unstable:
The value of Bitcoin, the most popular cryptocurrency, dropped by an average of 12% this August, and as a result, the entire global cryptocurrency market also experienced a shock. This is lower than the closing price from June, it should be noted.
Altcoins outperformed bitcoin with ether (ETH) up 8% on Tuesday while stocks rose as investor sentiment began to stabilize. U.S. futures climbed. Markets suffered a rough start to the week on fears of aggressive rate hikes by the Federal Reserve.
From Friday’s peak to Sunday’s low, bitcoin lost 10% whilst ether lost 17%. But on Monday and Tuesday we saw a parity between the stock market and Crypto market.
While the stock market took major correction, crypto market is holding on relatively strong specially the altcoins as ETH Bull are looking to push ETH up for selling the merge news.
Thodex, a Turkish cryptocurrency exchange's founder, was detained in Albania
Faruk Fatih Özer disappeared in 2021, taking funds from 400,000 users.
According to a statement from the Turkish Interior Ministry on Tuesday, the founder of Thodex, one of the biggest cryptocurrency exchanges in Turkey that turned out to be an exit fraud, has been detained in Albania.
Last year, Faruk Fatih zer's exchange abruptly went offline, and the founder and CEO ran away to Albania, abandoning over 400,000 users without access to their assets. The exchange had received user deposits totaling $2 billion in cryptocurrency, according to Cumhuriyet, the oldest newspaper in Turkey.
Indonesia's Biggest Tech Firm Enters Crypto With Purchase of Local Exchange: Report
GoTo Gojek Tokopedia, Indonesia’s biggest tech company has entered the cryptocurrency market with the purchase of local crypto exchange Kripto Maksima Koin for 124.84 billion rupiah ($8.38 million).
The tech firm, which was formed out of a merger between ride hailing app Gojek and e-commerce platform Tokopedia in 2021, raised over $1 billion in an IPO in April and claims to contribute more than 2% to Indonesia's GDP of $1 trillion. It wants to become a "diverse money management hub," according to the report.
Kripto Maksima is one of 25 crypto exchanges registered with Indonesia's Commodity Futures Trading Regulatory Agency, known as Bappebti. The regulator stopped issuing new registration certificates for crypto firms earlier this month, with the aim of making trading activities "transparent, efficient and effective," Tech in Asia reported.