Dear PointPay Family,
Stay informed with our selection of the top 5 most intriguing and significant events in the crypto world! Dive into the key stories and noteworthy events from the past seven days.
Bitcoin Drops, Leading to $300 Million in Longs Liquidation
The U.S. Federal Reserve kept the key interest rate between 5.25% and 5.5%, aligning with market expectations. Despite this, the cryptocurrency market reacted negatively: Bitcoin’s price fell below $69,000, and most top 10 cryptocurrencies by market cap experienced minor declines. Concurrently, a record streak of inflows into spot Bitcoin ETFs ended, resulting in a $64.9 million outflow.
In light of these developments, nearly $300 million worth of long positions in cryptocurrencies were liquidated, exacerbating the decline in Bitcoin and Ethereum prices. On the same day, the market ignored U.S. employment data, and experts warn of potential further price drops due to increasing open interest in Ethereum futures. Despite some recovery efforts, the market remains unstable.
Notcoin Faces Turbulence
The cryptocurrency Notcoin is experiencing a turbulent period. Initially, it surged, attracting 40 million new users. However, the coin then lost about 40% of its value within a week, dropping from $0.03 to $0.015. Analysts attribute the crash to growing investor skepticism about the project’s future. Reactions have been mixed: some investors closed their positions, while others continued to monitor the situation.
Amidst this, the creator of Notcoin decided to revoke his rights to the token. This means he can no longer influence the cryptocurrency, making changes like logo updates and new token releases impossible.
Apple Fails to Meet Investor Expectations
AI-linked cryptocurrencies saw significant price drops following an Apple presentation that disappointed investors. Apple announced a partnership with OpenAI and the integration of ChatGPT, causing the company’s stock to fall by 1.9%. Similarly, tokens of projects like Worldcoin and Render fell by 4% and 6.3%, respectively. The total market capitalization of AI-related cryptocurrencies decreased by 4.9%, despite a 30% increase in trading volume.
The key issue was unmet expectations. Many users and investors hoped Apple would unveil groundbreaking AI applications. However, the company limited itself to integrating AI as a smarter assistant, rather than a major leap forward from Siri.
Future of Digital EUR as a CBDC
The European Central Bank (ECB) is actively promoting the digital euro concept amidst decreasing cash usage and increasing digital payments. During the Money20/20 conference, digital euro director Evelien Witlox emphasized the necessity of this electronic currency for Europe’s economic security and independence. The digital euro aims to retain its status as legal tender, enhancing the security and privacy of financial transactions without becoming a tool for user control.
However, many users remain skeptical about these assurances, anticipating increased oversight with the digital euro.
Major Data Breach at CoinGecko
CoinGecko reported a significant data breach affecting nearly two million users. The breach resulted from the hacking of an employee account at third-party email service provider GetResponse. Hackers accessed contact information and sent phishing emails to thousands of addresses. CoinGecko assures that user accounts on their platform remain secure, as the hackers did not gain access to passwords. Users are advised to stay vigilant and disregard phishing messages.
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