MARKETS DAILY: Crypto Update | Bitcoin Slumps Under $26K as Bearish Outlook Engulfs Crypto Market

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4.7 • 698 Ratings

🗓️ 28 August 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Plus, Robinhood with $3B in BTC, a ‘Clockwork’ shutdown and more from Sam Bankman-Fried. Today's episode is sponsored by Kraken Pro and Simpluris Today's Stories: Bitcoin Slumps Under $26K as Bearish Outlook Engulfs Crypto Market Ethereum's Daily Transaction Fees Hits 8-Month Low of $2.8M Robinhood Revealed to be Third-Largest Bitcoin Holder With $3B in BTC Solana-Based Automation Startup Clockwork to Shut Down Sam Bankman-Fried's Defense Renews Push for 'Temporary Release' Ahead of October Trial From our sponsors: Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto. It’s Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface. Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax. Simpluris: If you purchased FEI or TRIBE tokens in the Genesis Event between March 31st and April 3, 2021, a class action settlement may affect your rights. You can learn more about the settlement and file a claim here. - This episode was hosted by Michele Musso. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by Cracken and Simplers.
0:08.8	It's Monday, August 28th, 2023, and this is Markets Daily from CoinDesk.
0:13.6	Hi, I'm Michelle Muso here with your Crypto Markets Roundup.
0:16.8	On today's show, we're talking Bitcoin, Ether, a Salana startup shutdown, and more.
0:23.5	And just a reminder, CoinDesk is a news source and does not provide investment advice.
0:32.9	Bitcoin slumps as bearish outlook engulfs the crypto market.
0:37.2	In the early hours of Monday's European session, Bitcoin BTC slid below the $26,000 mark.
0:43.2	This dip was driven by an overall pessimistic sentiment prevailing among crypto traders,
0:48.3	compounded by the absence of fresh driving forces to ignite the market momentum.
0:52.8	According to Coin Gecko data, BTC experienced a
0:55.6	dissent to $25,886 on Binance, though it did manage a slight rebound thereafter. Other significant
1:02.8	tokens like XRP, ADA from Cardano and SOL from Solana also endured losses of up to 2.2%,
1:10.4	extending a downward trend observed since the previous week.
1:14.3	A trader said price charts suggest more declines ahead, even as large investors are adding on their
1:19.5	Bitcoin holdings.
1:21.2	Ethereum, the world's largest programmable blockchain and the parent platform of the world's second
1:26.2	largest cryptocurrency, Ether,
1:28.0	ETH, is the cheapest to use in eight months.
1:31.1	The total daily fees paid by users for executing transactions on Ethereum fell 1,719 ETH,
1:37.8	$2.8 million on Sunday, the lowest single day total since December 26, 2022, according to data tracked by
1:46.1	South Korea-based blockchain analytics firm CryptoQuant.
1:49.9	The drop happened even as trading aggregator protocol 1-inch invested over $10 million
	...

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