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  • Bitcoin tumbles, tests $49,000, amid major crypto selloff

    Bitcoin tumbles, tests $49,000, amid major crypto selloff

    Bitcoin tumbles, tests $49,000, amid major crypto selloff
    • Bitcoin briefly tests $49k before rebounding to $51k amid a $270 billion crypto market selloff.
    • Concerns over the US recession and Japan’s rate hike trigger market turmoil.
    • FBI warns of rising crypto scams during increased market volatility.

    The cryptocurrency market has experienced a significant downturn today, shedding approximately $270 billion in value over 24 hours according to CoinGecko data. Leading this decline, Bitcoin plummeted by almost 20%, reaching $49,121, its lowest level since February at $53,091.

    Bitcoin price chart

    Ether also suffered a substantial drop of 21%, falling to $2,300, erasing its gains for the year. Other cryptocurrencies like Binance’s BNB and Solana have also suffered significant losses.

    Bank of Japa hikes its benchmark interest rate

    This dramatic downturn in the crypto market coincided with a broader selloff in equities, particularly in Asia-Pacific markets, exacerbated by Japan’s Nikkei 225 falling by as much as 7%.

    The Bank of Japan’s decision to hike its benchmark interest rate to the highest level in 16 years triggered this selloff, sending shockwaves through financial markets.

    The US Nasdaq also slid into correction territory, marking its worst three-week stretch since September 2022, further contributing to the decline in risky assets, including cryptocurrencies.

    The market’s reaction was influenced by Japan’s monetary tightening and the US Federal Reserve’s recent actions.

    Although the Fed opted to hold its benchmark rate steady, it did not indicate a rate cut in September, which many market experts had anticipated.

    This uncertainty added to the market’s anxiety, causing traders to price in a 100% chance of lower US base rates in September.

    Concerns of a potential US recession

    The selloff reflects growing concerns about a potential US recession, triggered by softer economic data and rising geopolitical tensions.

    Tony Sycamore, a market analyst at IG, highlighted that Bitcoin and other cryptocurrencies are risk assets and are highly susceptible to market volatility. He noted that Bitcoin is currently testing crucial support levels and must hold the $53,000 mark to prevent further declines.

    However, at press time Bitcoin was trading at $51,657, well below this support level, despite making a comeback from around $49k.

    FBI issues warning

    The cryptocurrency market’s volatility has also heightened security concerns. The FBI has issued a warning about scammers exploiting the market crash to steal users’ funds.

    The FBI advised users to be cautious of unsolicited messages or calls indicating account problems and urged them to verify any issues through official channels. The agency’s warning comes amid a significant increase in crypto-related fraud and hacking incidents.

    In the first half of 2024, hackers stole nearly $1.4 billion worth of crypto, more than double the amount stolen in the same period in 2023.

    This increase is attributed to the rising value of various tokens, including Bitcoin, Ethereum, and Solana. Ari Redbord, global head of policy at TRM Labs, noted that while the security of the cryptocurrency ecosystem has not fundamentally changed, the higher value of tokens has made them more attractive targets for criminals.

    As Bitcoin and other cryptocurrencies navigate these turbulent times, investors and users should remain vigilant about market conditions and potential security threats.

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  • Bitcoin network difficulty reaches record high amid price volatility

    Bitcoin network difficulty reaches record high amid price volatility

    Bitcoin network difficulty reaches record high amid price volatility
    • Bitcoin’s network difficulty hits a record high of 90.67 trillion as of August 2, 2024.
    • Bitcoin’s hash rate reached a record 677 EH/s on July 27th, boosting network security.
    • Bitcoin’s RSI at 44 suggests potentially oversold conditions; the price may test $58,000

    Bitcoin has set a new record for network difficulty, reaching 90.67 trillion on August 2, 2024 according to data on CoinWarz.

    This milestone represents a significant rebound following three months of declining difficulty, signalling renewed confidence among miners in the cryptocurrency’s network.

    The increased difficulty implies that mining new Bitcoin blocks now requires more computational power, potentially driving up operational costs and influencing Bitcoin’s future supply and pricing dynamics.

    Bitcoin’s hashrate also hit an all-time high

    On July 27th, Bitcoin’s hashrate surged to a record 677 EH/s, reflecting a robust and secure network infrastructure. This peak suggests intensified competition among miners and strengthens the network’s resilience against potential security threats.

    A high hashrate not only indicates increased mining activity but also has the potential to positively impact Bitcoin’s price by boosting investor confidence.

    BTC price under increased bear pressure

    Currently, Bitcoin is trading at $63,103.42, showing a 0.17% increase over the past 24 hours. The cryptocurrency has been fluctuating between $62,248 and $65,593, suggesting a mild recovery trajectory despite recent volatility.

    If this trend continues, Bitcoin may avoid the $62,000 resistance level, potentially paving the way for new highs.

    However, the Relative Strength Index (RSI) for Bitcoin is at 44.64, indicating that the cryptocurrency is approaching oversold conditions.

    Bitcoin price

    A declining RSI points to diminishing bullish momentum, and if bearish forces intensify, Bitcoin might test its next support level at $58,000. Further declines could follow if market pressure persists.

    Overall, Bitcoin’s rising network difficulty and hashrate highlight a strengthened and competitive mining environment. These factors are essential for evaluating the network’s health and security as Bitcoin navigates through ongoing price volatility.

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  • Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC
    • Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring.
    • Genesis will return $3B to creditors, covering 77% of customer claims.
    • Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan.

    Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses.

    This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan.

    Genesis Trading settlement plan has been approved

    The turmoil for Genesis began in November 2022 with the collapse of the FTX crypto exchange, which severely impacted the firm’s derivatives business.

    Genesis halted withdrawals and filed for Chapter 11 bankruptcy protection in January 2023 due to substantial losses linked to the FTX debacle and the failure of Three Arrows Capital.

    At that time, the company owed over $3.5 billion to its top creditors.

    Amidst this challenging backdrop, Genesis has recently reached a court-approved settlement plan, aimed at returning $3 billion to its customers. This plan will cover approximately 77% of the total value of customer claims.

    In the immediate aftermath of Genesis’s bankruptcy filing, claims were trading at only 35% of their value on claim trading platforms. However, current trading prices for claims are significantly higher, with claims over $10 million trading between 97-110% of their value and smaller claims trading between 74-94%.

    Digital Currency Group (DCG) to miss out on this settlement

    Digital Currency Group (DCG), the parent company of Genesis, will not benefit from this settlement. The court has ruled that there is insufficient value in Genesis’s estate to provide DCG any recovery as an equity holder.

    This decision was influenced by DCG’s failed attempt to cap customer claims at January 2023 cryptocurrency values, which would have allowed for full repayment to customers and potentially a recovery for DCG.

    Additionally, DCG had assumed $1.1 billion of Genesis’s debt from the Three Arrows Capital collapse, but this obligation did not cover the losses.

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  • Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading

    Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading

    Futu Securities launches Bitcoin and Ether trading
    • Futu Securities launches Bitcoin and Ethereum trading in Hong Kong with zero fees.
    • New users can receive incentives like Bitcoin or shares of Alibaba and Nvidia.
    • Futu seeks a crypto exchange license for PantherTrade amid Hong Kong’s crypto hurdles.

    Futu Securities International, Hong Kong’s largest online broker, has introduced retail cryptocurrency trading in the city, marking a significant advancement in its financial services.

    The brokerage firm, known for its extensive reach and innovative offerings, now allows residents to trade Bitcoin and Ethereum on its platform. This initiative comes after a partnership with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong.

    Bonuses and waived crypto trading fees

    The launch comes with enticing bonuses. New account holders who deposit HK$10,000 (approximately $1,280) for 60 days can receive either HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba.

    Those who deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose stock has surged by about 130% this year.

    Additionally, Futu has waived commission fees for crypto trading starting August 1st, enhancing the appeal of their new service.

    Futu looking for a crypto exchange license

    Futu is also pursuing a cryptocurrency exchange license for its new platform, PantherTrade, which currently operates under a ‘deemed to be licensed’ status.

    PantherTrade is among 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Commission (SFC).

    Hong Kong crypto industry challenges

    Despite these advancements, Hong Kong’s aspiration to become a global crypto hub faces hurdles. The city has experienced the exit of major global trading platforms and low trading volumes for crypto ETFs.

    Increased fraudulent activities, such as a recent scam involving counterfeit currency, have further complicated the situation.

    In response, Hong Kong authorities are enhancing their regulatory measures and law enforcement capabilities to address these issues and boost investor confidence.

    As Futu Securities deepens its presence in the cryptocurrency market, the success of its initiative will depend on balancing innovation with stringent oversight to ensure a secure trading environment.

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  • Bitflow integrates swap function into Leather Wallet

    Bitflow integrates swap function into Leather Wallet

    Bitflow integrates swap function into Leather Wallet
    • Bitflow integrates its swap function into the Leather wallet for 370,000 users.
    • The partnership enhances user experience and broadens Bitcoin DeFi accessibility.
    • Integration guarantees the best swap rates across various DEXs on Stacks.

    Bitflow, a decentralized exchange (DEX) that enables users to trade and earn using their Bitcoin, has announced the integration of its swap function into Leather Wallet, a leading Bitcoin ecosystem wallet.

    This partnership simplifies asset swapping on Stacks for over 370,000 Leather wallet users, removing barriers to deeper engagement with decentralized finance (DeFi).

    The integration promises to expand the user base and foster greater adoption and innovation within the Bitcoin Layer 2 (L2) ecosystem.

    Unlocking new opportunities for Bitcoin L2 Stacks

    The integration of the Bitflow Swap function in Leather marks a significant step forward in enhancing user accessibility and engagement with Bitcoin L2 Stacks.

    By enabling seamless asset swaps, Bitflow is opening the door for a broader audience to explore Bitcoin DeFi.

    Bitflow leverages technologies such as Runes, Partially Signed Bitcoin Transactions (PSBTs), Atomic Swaps, Layer-2 smart contracts, Stacks Bitcoin (sBTC), and decentralized liquidity pools, unlocking the full potential of Bitcoin.

    The integration of Bitflow into Leather Wallet not only broadens its user base but also enhances the utility and accessibility of Bitcoin L2 tokens, promoting greater adoption and innovation in the ecosystem.

    Mark Hendrickson, General Manager of Leather, emphasized the wallet’s vision to bridge the gap between the Bitcoin main chain and Bitcoin L2s like Stacks.

    Hendrickson has said that Leather aims to be the Bitcoin and Stacks wallet that makes using Bitcoin easy for everyone. He also said that the integration of Bitflow’s SDK into Leather’s native swap interface provides the most scalable, cross-protocol swapping experience, giving Stacks users the convenience of their wallet.

    Enhancing DeFi user experience with Bitflow Swap Aggregator

    The Bitflow Swap Aggregator is designed to integrate seamlessly with other decentralized applications and wallets through its SDK, enabling effortless token swaps directly within users’ preferred crypto wallets.

    This innovation makes it easier than ever for users to swap tokens, enhancing the overall user experience in the DeFi space.

    Dylan Floyd, Co-Founder and CEO of Bitflow, highlighted the benefits of this partnership saying that The integration of Bitflow SDK into Leather is a huge win for the in-wallet trading experience and users are guaranteed to get the best rate for swaps across all the DEXs on Stacks.

    Floyd also said that the partnership connects fragmented liquidity across Alex, Arkadiko, Bitflow, and Velar, propelling the whole ecosystem forward.

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  • Bitcoin falls to $62k as crypto mirrors stocks crash

    Bitcoin falls to $62k as crypto mirrors stocks crash

    • Bitcoin price dropped to its lowest level since mid-July with a dip to near $62k on August 1.
    • Stocks also plummeted as investors reacted to latest economic data and geopolitical tensions in the Middle East.

    Bitcoin price crashed 10% to trade to near $62k on Thursday as August began on a painful footing for cryptocurrencies and stocks.

    On August 1, the global cryptocurrency market cap fell to $2.3 trillion amid an overall 5.7% dump. BTC fell to lows of $62,300 across major crypto exchanges. The declines also hit Ethereum, which traded to lows of $3k and Solana that retreated sharply to touch $160.

    XRP, Dogecoin and Pepe also experienced sharp declines.

    Why did Bitcoin, crypto prices fall today?

    Losses across the crypto market came as the stock market nosedived, with the Dow Jones Industrial Average shedding more than 600 points and the S&P 500 falling 1.5%. According to CNBC, the bloodbath across stocks follows fresh investor jitters around possible economic contraction on weak data released on Thursday.

    Markets’ reaction also follows Wednesday’s Federal Reserve FOMC meeting, although analysts say the market has fully priced in a September cut. Geopolitical tensions in the Middle East was also on investors’ minds.

    What next for BTC, crypto?

    Commenting on the overall outlook ahead of the sharp sell-off, analysts at Singapore-based firm QCP Capital noted:

    “Crypto experienced a broad sell-off overnight and into this morning. The market remains on edge as traders pay close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and US government.”

    According to QCP, the long term picture remains bullish for Bitcoin. Key catalysts could be the upcoming US election and direction of the quest for a sovereign Bitcoin reserve for the US.

    “The establishment of a U.S. or sovereign “put” on BTC prices may have significant implications, potentially making accumulation on dips a strategic investment approach,” QCP Capital added in the note posted on Telegram.

    BTC traded around $63,007 at 2:40 pm ET on Thursday, up from intraday lows.

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  • M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

    M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

    M2 crypto exchange to allow UAE residents to trade crypto using bank accounts
    • M2 enables UAE residents to trade BTC and ETH directly with bank accounts.
    • Integration supports dirham deposits, withdrawals, and market-responsive trading.
    • UAE has strict regulations to ensure consumer protection and market transparency.

    In a significant development for the digital asset market in the United Arab Emirates (UAE), M2, a prominent crypto exchange, has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.

    This new integration facilitates the direct conversion of UAE dirhams into BTC and ETH through M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.

    M2 users can seamlessly convert dirhams into BTC and ETH and vice versa

    In an announcement shared with Cointelegraph, the M2 exchange highlighted that the new feature will enable users to convert dirhams into Bitcoin and Ether seamlessly through the trading pairs listed on M2’s spot markets.

    Additionally, the platform supports the deposit and withdrawal of dirhams, offering users greater flexibility in managing their assets.

    The M2 team emphasized that this integration would enable users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

    This is particularly beneficial for everyday investors who may not be fully immersed in the complexities of the trading environment.

    According to M2, the higher levels of familiarity and significant trading volumes of BTC and ETH make these cryptocurrencies ideal entry points for new investors looking to enter the digital asset space.

    UAE has the strictest regulatory framework globally

    Regulated by the UAE government, which is known for its stringent consumer protection measures, this move reflects the country’s commitment to safeguarding its residents in the evolving crypto landscape.

    The UAE has established a reputation for having one of the strictest regulatory frameworks globally, prioritizing consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency in crypto advertisements to better protect consumers.

    Moreover, in 2023, the UAE introduced a federal law aimed at preventing fraud in the crypto market, imposing fines of up to 10 million AED ($2.7 million) for violations.

    Commenting on the integration, Kimmel, an executive at M2, noted that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits. However, he affirmed that this rigorous due diligence ensures that licensed platforms meet the country’s security and transparency standards, thereby fostering trust among UAE users.

    Despite the challenges associated with the licensing process, the UAE continues to be a strategic region for the crypto industry.

    Favourable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for crypto businesses.

    This new development by M2 is set to further enhance the accessibility and appeal of virtual assets in the UAE, making it easier for residents to participate in the burgeoning crypto market.

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  • Poochi $SIR: The Anti-Scam Ethical Hacker Shiba Inu Meme Coin Set to Make Waves

    Poochi $SIR: The Anti-Scam Ethical Hacker Shiba Inu Meme Coin Set to Make Waves

    Poochi $SIR: The Anti-Scam Ethical Hacker Shiba Inu Meme Coin Set to Make Waves

    contract address: 0x670737204304a1F02363104223538441BCEA4936

    twitter https://x.com/PooChiPCI website https://poochi75.com/

    telegram https://t.me/poochieth

    On July 21, 2024, a new player entered the cryptocurrency arena, bringing with it a blend of nostalgia and forward-thinking innovation. Poochi $SIR, a Shiba Inu-inspired meme coin, is quickly capturing the attention of the crypto community. This coin not only pays homage to the legendary Shiba Inu meme coin that took the world by storm in 2020 but also sets itself apart with a strong emphasis on ethical hacking and anti-scam measures.

    The Poochi development team has embraced the mysterious ethos popularized by the original Shiba Inu creator, Ryoshi. This approach, characterized by anonymity and intrigue, has become a signature trait of successful meme coins, and Poochi is no exception. In a particularly bold and cryptic move, the developer left a hex text message on the Ethereum blockchain. This message, when decoded, translates to:”I spent two years planning this TAKEOVER. It’s time for a new run. Let’s create new millionaires once again and make the world a better place.

    Hacking poverty.”This cryptic message underscores the project’s ambitious vision and highlights its dual commitment to fostering wealth creation and addressing pressing social issues such as poverty. The idea of “hacking poverty” suggests an innovative approach to leveraging cryptocurrency for social good, aligning with the ethical foundations the project espouses.For those intrigued by the technical intricacies of Poochi $SIR, the transaction containing the cryptic message can be examined in detail on Etherscan: [View Transaction](https://etherscan.io/tx/0x4071f00125c6613d085a785035075f76ee4cc8512efbadb208789c84d5045af9).

    As the cryptocurrency market continues to evolve, Poochi $SIR raises an intriguing question: Will it rekindle the excitement and community spirit reminiscent of the 2021 crypto bull run? The project’s unique positioning and innovative approach certainly suggest it has the potential to do so. However, only time will reveal whether Poochi $SIR can deliver on its ambitious promises and emerge as a beacon of hope and prosperity in the dynamic world of digital currencies.In summary, Poochi $SIR is not just another meme coin. Its commitment to ethical hacking and anti-scam measures, combined with a socially conscious mission, sets it apart in the crowded crypto landscape. As investors and enthusiasts alike watch closely, the future of Poochi $SIR holds promise, potential, and perhaps, a significant impact on the cryptocurrency market.

    this article does not state a financial advice invest carefully by doing research bitcoinlfg is not responsible for your loss/gains in crypto

  • Whales accumulate more Bitcoin after latest pullback

    Whales accumulate more Bitcoin after latest pullback

    • Whales scoop Bitcoin as pullback dents bulls’ momentum
    • Bitcoin price touched lows of $65,911 as US government transferred its Silk Road BTC

    Bitcoin pulled back from its intraday highs around $70k on Monday to wipe gains seen after former US President Donald Trump highlighted the recently concluded Bitcoin 2024 conference.

    But the upside move built around Trump’s speech faded abruptly after the US government moved $2 billion in BTC from the Silk Road. The news spooked investors, crashing the crypto market.

    The price of Bitcoin fell more than 4% to lows of $65, 911 across major crypto exchanges, pushing into the negative territory on the weekly chart and cutting 30-day gains to just 8.8% at the time of writing.

    Gemini co-founder Tyler Winklevoss, commenting on the BTC transfer, noted that it came only two days after Trump “pledged to never sell any of the US government’s bitcoin.” It’s a view that many across the crypto community hold, with the move seen as a continuation of the anti-crypto stance from the Biden-Harris Administration.

    Whales accumulating Bitcoin

    While BTC hovers below the $67k level, large investors are using the low prices as an opportunity to add to their portfolios. These whales have aggressively scooped Bitcoin since Monday’s dip, market intelligence account Lookonchain shared on X.

    One such whale, “12QVsf”, reportedly withdrew 4,500 BTC worth over $302 million from Binance. The whale has also been linked to three other wallets that moved 1,400 BTC worth $94 million from crypto exchange Bitfinex on Tuesday morning.

    The wallets also withdrew a total of 2,510 BTCworth over $163 million from Bitfinex on June 20.

    On-chain insights platform Spot On Chain also highlighted this whale accumulation.

    Bitcoin reached a peak of $73k in March and analysts are bullish the market will see a new bull run that could take BTC to above $100k in coming months.

    The price of Bitcoin hovered around $66,527 at the time of writing.

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  • Cryptocurrencies to watch in August: Poodlana, Bitcoin, BOOK OF MEME (BOME)

    Cryptocurrencies to watch in August: Poodlana, Bitcoin, BOOK OF MEME (BOME)

    Cryptocurrencies to watch in August: Poodlana, Bitcoin, BOOK OF MEME (BOME)
    • Poodlana’s presale surges to $3.5M, with price set to rise further.
    • Bitcoin hits $69,000, boosted by Trump’s pro-crypto remarks.
    • BOOK OF MEME rises 20%, with strong technical patterns and market interest.

    As August approaches, the cryptocurrency market continues to evolve with exciting developments and noteworthy trends. Three cryptocurrencies stand out for their potential to capture significant attention and drive market momentum: Poodlana (POODL), Bitcoin (BTC), and BOOK OF MEME (BOME).

    Each of these assets is making waves in its own way, whether through innovative presales, significant price rallies, or emerging market trends.

    Here’s why Poodlana, Bitcoin, and BOOK OF MEME (BOME) are the ones to watch as we move deeper into August.

    1. Poodlana: a new Solana meme coin making waves in presale

    Poodlana (POODL) is quickly gaining traction in the crypto space, particularly within the meme coin sector. Launched on July 17, 2024, Poodlana’s presale has already hit an impressive $3.5 million in under two weeks.

    This surge in interest highlights the growing excitement around this new entrant in the market.

    The inspiration behind Poodlana is equally compelling. The cryptocurrency draws from the allure of the poodle, one of Asia’s top dog breeds, blending fashion-forward appeal with the meme coin trend.

    This combination is resonating with both investors and enthusiasts, contributing to its rapid rise.

    With just 17 days left in the presale, the token is set to list on its first decentralized exchange (DEX) on August 16.

    The presale price is designed to rise after every 72 hours. The price at press time was $0.0335 and was expected to rise to $0.0375 in the next presale stage.

    It is projected to list on crypto exchanges $0.06, offering early buyers a chance to capitalize on a potentially lucrative opportunity.

    Poodlana’s tokenomics are also noteworthy. With a total supply of 1 billion tokens, 50% is available during the presale, and 100% will be unlocked after the ICO sale.

    The token’s immediate listing on a DEX post-presale is designed to eliminate uncertainties and could drive significant price movement as the project transitions from presale to public trading.

    2. Bitcoin: seeing increased activity after the Bitcoin 2024 Conference

    Bitcoin (BTC) remains a cornerstone of the cryptocurrency market, and its recent performance underscores its continued relevance and influence.

    In the past 24 hours, Bitcoin price has surged by over 3%, breaking past the $69,000 level. This price increase reflects a broader bullish trend in the market, which is further fueled by recent events.

    Former President Donald Trump’s pro-crypto speech at the Bitcoin Conference has been a significant driver of Bitcoin’s recent gains.

    Trump pledged to prevent federal Bitcoin sales if re-elected and to make the US a global leader in cryptocurrency. His remarks have resonated with the crypto community, contributing to Bitcoin’s recovery and pushing it closer to the $70,000 mark after trading as low as $63,000 in the past week.

    The rally has also positively impacted other Bitcoin-related tokens. For instance, Bitcoin Cash (BCH) and Bitcoin SV (BSV) saw substantial gains of over 14% on Monday. BSV, in particular, has experienced a dramatic 16% jump over the last day, indicating a strong recovery despite being down about 45% year-to-date.

    With Bitcoin’s influence permeating the market and its price nearing $70,000, it remains a key asset to watch in August.

    3. BOOK OF MEME (BOME): another Solana-based meme coin that’s rising

    BOOK OF MEME (BOME) is rapidly emerging as a standout within the Solana ecosystem. Recent developments highlight a significant bullish trend for this meme coin. BOME surged 20% to $0.0105, driven by a combination of technical patterns and broader market movements.

    The token’s impressive rally is reinforced by a golden cross pattern, where the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, signaling strong bullish momentum.

    Additionally, BOME has shown resilience by rebounding from early July’s drop. After retesting the $0.0065 support level, the token managed to break through key resistance at $0.0095, climbing to $0.01065.

    The Relative Strength Index (RSI) also broke bearish divergence, further supporting the positive outlook.

    Despite this, traders should remain cautious, as the RSI’s entry into the overbought region and potential volatility from the upcoming Federal Open Market Committee (FOMC) meeting could influence price movements.

    The growing interest in BOME is also evident from a 74% increase in futures open interest. This indicates heightened market interest but also suggests potential for increased volatility and subsequent corrections.

    The presence of an inverse head and shoulders pattern on the daily chart suggests a possible 41% surge to $0.013, making BOME a key cryptocurrency to monitor closely in August.

    Conclusion

    While Poodlana (POODL), BOOK OF MEME (BOME), and Bitcoin each present compelling bullish indicators for August, Poodlana stands out as the most promising choice.

    With its presale currently underway, Poodlana offers a clear price increment path leading up to its August 16 DEX listing, providing a more predictable investment opportunity.

    In contrast, Bitcoin and BOOK OF MEME face market volatility that could lead to significant price swings. For those seeking a more structured and potentially lucrative investment, Poodlana’s presale phase offers a unique and advantageous position.

    Nevertheless, it is always important to do your due diligence before making any crypto investment due to the volatile nature of the crypto market.

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