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Bitcoin’s ongoing correction took another turn for the worse hours ago when the asset slumped to a new multi-week low of under $112,000 before it recovered some ground. Many altcoins continue to trade indecisively, with ETH dropping further away from $3,500 and SOL close to breaking below $160. BTC Bounces Off $112K Bitcoin’s business week began on a relatively familiar note as it jumped toward $120,000 after it erased the losses charted at the end of the previous one. However, as it happened during the last few attempts to take down that resistance, the bears quickly reemerged and didn’t allow BTC to challenge its all-time high, set in mid-July. Within the next few days, the cryptocurrency traded sideways between $117,000 and $119,000 before it dipped slightly on Wednesday evening to $116,000 after the US Fed refused to lower the key interest rates. Although it bounced back to its upper boundary on Thursday morning, the worst was yet to come. Amid political turmoil and global economic uncertainty, BTC’s price went into a correction mode and dropped to $115,000 on Thursday and Friday and below $112,000 on Saturday evening, which became a three-week low. It reacted well to the last price dump and has added over $1,500 since then. Its market cap remains stable on a daily scale at $2.260 trillion, while its dominance over the altcoins is above 60%. BTCUSD. Source: TradingView XRP Joins the Pack Ripple’s native token took yesterday’s correction relatively well , as it remained sideways around the crucial $3 support, while most other alts were deep in the red. However, XRP has joined the adverse party, by losing that coveted support level and dumping roughly 4% to under $2.9 as of press time. Ethereum has extended its gap to $3,500 after another minor daily decline, while SOL and DOGE have dropped by around 1%. The rest of the larger-cap alts are with insignificant losses and gains. Pi Network’s token has bounced off its latest ATL registered yesterday and now sits around 4-5% above it at $0.36. The total crypto market cap stands at essentially the same spot as yesterday at $3.750 trillion, having dropped by almost $250 billion since Thursday morning. Cryptocurrency Market Overview. Source: QuantifyCrypto The post Ripple’s XRP Joins Market Pullback as Bitcoin (BTC) Recovers From Sub-$112K Drop: Weekend Watch appeared first on CryptoPotato .
Ethereum is certainly not in danger as multiple support levels can help carry it through correction
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XRP prices are down by over 5% in the last day amid a broader price correction in the general crypto market. The prominent altcoin now trades around $2.81 with no indication of a potential pause in selling momentum. While this crisis persists, popular X analyst with the username Egrag Crypto has helped identify the currently crucial support and resistance levels for the market bulls. Related Reading: No Gold? No Problem: Why XRP Stands Strong On Its Own—Analyst Hold $2.65 Or Risk Collapse, Break $3.12 And Set For Rally In an X post on August 2, Egrag Crypto shares an interesting technical insight on the XRP market currently undergoing an intense correction wave. According to the renowned analyst, macro analysis indicates the altcoin retains a bullish structure; however, the present price correction can only be terminated via two pathways. Firstly, micro price analysis suggests that XRP must achieve a daily price close above $3.12 to signal a market bottom entry. In doing so, the cryptocurrency reclaims a pivotal resistance level, paving the way for a potential rise to higher levels such as $3.60. On the other hand, the immediate major support level lies around $2.65. Egrag Crypto explains that a continuous price decline to successfully retest this price floor may ignite a rally, pushing XRP to its current all-time high of $3.84. However, any decisive price break below $2.65 could create a rather dire situation, pointing to potential lows around $2.19. Related Reading: Exchanges Receive 21,400 Bitcoin At A Loss From Short-Term Holders – Retail Capitulation? XRP Surge To $17 Remains On The Cards In other news, Egrag Crypto’s analysis also reveals that XRP remains in a macro, long-term cyclical pattern that shows a multi-year bullish cycle, with recurring structural traits. The key elements in this pattern include bullish pennant formation, which suggests a continuation pattern, the 21 EMA (Green dotted line) that historically aligns with significant trend shifts, the Support Arc (Red line), and the Market Cycle Top (blue line). Notably, XRP has since emerged from the bull pennant signaling intentions to maintain its current uptrend. However, the altcoin faces an insurmountable resistance around $3.84, which aligns with an intersection between the mid-cycle top and the 21 EMA line. If XRP can successfully break past this price barrier, investors should anticipate a direct rally to the projected cycle top $17, representing a potential 525% gain on present market prices. At the time of writing, XRP trades at $2.81, reflecting a 5.32% decline in the past day as earlier stated. This recent price fall underscores a turbulent trading period for the altcoin, which lost over 11.38% of its market value in the last week. However, a monthly price gain of 22.18% indicates a significant number of investors remain in profit despite these corrections. Featured image from Pexels, chart from Tradingview
The cryptocurrency market experienced a substantial downturn today, with major assets like Bitcoin and Ethereum falling to their lowest levels in months. Bitcoin dropped below $113,000, while Ethereum dipped under $3,500. Several altcoins also saw notable declines, and overall trading volumes spiked as prices moved sharply. Key Stats and Events More than 114,000 traders saw positions closed due to liquidations, totaling over $368 million in value. The majority of these were long positions, as prices dropped quickly across the board. The largest single liquidation was on Binance, where a $2.58 million Solana position was closed automatically. New U.S. tariffs and uncertainty about Federal Reserve policy contributed to a cautious trading environment, encouraging some investors to reduce risk. The release of additional tokens from projects like SUI and Ethena also increased selling pressure. Industry and Community Response BitMEX co-founder Arthur Hayes sold more than $13 million worth of digital assets, including ETH, ENA, and PEPE, and commented that further correction is possible under current economic conditions. On the other hand, Eric Trump took to social media, encouraging investors to consider whether current prices may be an opportunity to buy. While some investors opted to step back, others are watching the market for potential entry points or looking for early signs of recovery. Despite low retail activity, large holders (“whales”) have quietly accumulated significant amounts of Ethereum recently, suggesting that long-term sentiment is not entirely negative.
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A massive Bitcoin theft from 2020 has surfaced nearly four years later, and it’s now being called the largest crypto heist ever uncovered. Key Takeaways: Arkham has revealed an undisclosed 2020 hack of 127,426 BTC from Chinese mining pool LuBian. The attack exploited weaknesses in LuBian’s private key system, with over 90% of its BTC drained in a single day. LuBian attempted to contact the hacker via Bitcoin’s OP_RETURN feature. On Saturday, blockchain analytics firm Arkham Intelligence reported that 127,426 BTC, valued at around $3.5 billion at the time and nearly $14.5 billion today, was stolen from Chinese mining pool LuBian in December 2020. LuBian rose quickly in early 2020, becoming the sixth-largest mining pool on the Bitcoin network by mid-year. Its website promoted it as “the safest high yielding mining pool in the world.” LuBian Vanished in 2021, Sparking Speculation of Shutdown By February 2021, LuBian had disappeared without explanation, fueling speculation that it was either shut down by authorities or quietly converted into a private pool. Arkham’s investigation points to a more dramatic exit: a hack that drained the pool’s holdings. “They appear to have been first hacked on December 28th, 2020 for over 90% of their BTC,” Arkham wrote. The following day, attackers siphoned off another $6 million in BTC and USDT from a LuBian-linked address on the Bitcoin Omni layer. The firm believes the Bitcoin theft stemmed from vulnerabilities in LuBian’s private key generation system, which may have allowed brute-force attacks. While 11,886 BTC, worth roughly $1.35 billion, remains untouched in LuBian’s wallet, none of the stolen coins have moved since July 2024. Interestingly, LuBian attempted to communicate with the attacker using Bitcoin’s OP_RETURN feature. BREAKING: ARKHAM UNCOVERS $3.5B HEIST – THE LARGEST EVER LuBian was a Chinese mining pool with facilities in China & Iran. Based on analysis of on-chain data, it appears that 127,426 BTC was stolen from LuBian in December 2020, worth $3.5 billion at the time and now worth… pic.twitter.com/PnIOKgMt0i — Arkham (@arkham) August 2, 2025 In two transactions, the team wrote: “To the whitehat who is saving our asset, you can contact us… to discuss the return of asset and your reward.” The message included an email address, but it’s unclear if the hacker ever replied. While the Mt. Gox collapse involved more BTC, the LuBian breach is the largest confirmed crypto theft by value at the time of the incident. Bitcoin Hacks, Theft Cost Investors $2.2B in H1 2025: CertiK Crypto investors lost over $2.2 billion to hacks , scams, and breaches in the first half of 2025, driven largely by wallet compromises and phishing attacks, according to CertiK’s latest security report. Wallet breaches alone caused $1.7 billion in losses across just 34 incidents, while phishing scams accounted for over $410 million across 132 attacks. Two major incidents, including Bybit’s $1.5 billion hack in February and Cetus Protocol’s $225 million exploit in May, skewed the year’s losses upward, together accounting for nearly $1.78 billion. Without these, losses align more closely with previous years at around $690 million. Ethereum remained the primary target, suffering over $1.6 billion in losses across 175 events. The report also pointed to rising sophistication of phishing schemes and ongoing risks from social engineering, urging crypto users to verify links, avoid suspicious sites, and use hardware wallets. The post Arkham Uncovers $3.5B Bitcoin Theft from Chinese Mining Pool Stolen in 2020, Largest Theft Ever appeared first on Cryptonews .
The chief investment strategist at Charles Schwab believes that a restrained Fed is one of the key reasons why markets are bullish. In an interview on the Excess Returns YouTube channel, Liz Ann Sonders says investors prefer a calm and steady Fed, even amid pressure from President Trump to cut rates, as inflation remains elevated. Sonders also notes that the Fed’s current pause is perfectly in line with its mandate of low inflation and maximum employment. “I think part of the reason why the market is doing well is because the Fed is not cutting. A combination of because they’re not bowing to political pressure, and oh and by the way, neither side of their dual mandate suggests that they should be cutting. Financial conditions are easy. The unemployment rate is steady, actually has been coming down. Inflation is still above their target. So the conditions just don’t suggest that they should be easing.” The investor points out that a Fed rate cut at this stage could backfire by tightening financial conditions and triggering a market drop. She explains that borrowing costs are tied to the 10-year Treasury yield, a rate determined by market forces and not directly set by the Fed. The Charles Schwab executive warns that a cut could push yields higher, making it more expensive for consumers and businesses to borrow. “And there’s a distinct possibility that if the market feels the Fed is prematurely lowering rates, doesn’t have the incentive to do that based on their mandate, that you could have a repeat of what happened as recently as last fall – when the Fed cut by a 100 basis points and the Fed funds rate and the 10-year yield over the same exact span of time went up by a 100 basis points. So this idea that if we just get the Fed to cut rates, that that eases borrowing costs for companies and brings mortgage rates down, suggests a misunderstanding of what rate it is that is tied to borrowing rates for corporations, for individuals. I think part of the reason why the market has done well is because the Fed doesn’t have the conditions that suggest easing.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Markets Are Rallying Because the Fed Is Not Cutting, Says Charles Schwab Exec – Here’s Why appeared first on The Daily Hodl .