Bitcoin’s Rollercoaster: Market Crash, Whale Activity, and Taleb’s Critique
“Should Have Bought” is a news podcast by the ForkLog editorial team, covering the week’s major industry events and the hottest tokens.
Topics: sudden market crash, activation of major players, updates on “hamster,” Trump vs Kamala, TON’s listing on Binance.
Participants: ForkLog authors Lena Jess and Alex K., AI direction editor Vladimir Sliper.
First $50,000, then $60,000
The week began with a market crash: on the night of August 5, the leading cryptocurrency plummeted nearly 13%, testing support at $49,000.
Following Bitcoin, other top-10 digital assets also entered the “red zone.” Ethereum fell by 22%, dropping below $2300. Solana dipped below $120 (-39%), BNB traded at $430 (-29%), and TON hovered around $5.1 (-25%).
Many experts, including 10x Research and Bernstein, agreed that the crash was due to fears of a recession in the US and market instability.
However, by August 9, the leading cryptocurrency had broken the $60,000 mark. Following digital gold, other top-10 assets also entered the “green zone.”
Buy and HODL!
During the cryptocurrency market downturn on August 5-6, Bitcoin whale transactions reached their highest level since April. Wallets with balances from 10 BTC to 1000 BTC were predominantly replenished.
On those dates, there were 28,319 transactions exceeding $100,000 and 5,738 over $1 million.
According to CryptoQuant’s calculations, the balance of long-term investors’ digital gold wallets increased by 404,448 BTC ($23 billion) over the past 30 days.
Criticism from Nassim Taleb
Peter Schiff’s ally, writer Nassim Taleb, did not miss the opportunity to criticize Bitcoin amid its correction. The author of “The Black Swan” and the term “Antifragility” stated that the leading cryptocurrency is poor in the context of protection against systemic collapse.
“Bitcoin has once again proven that it does not protect against the melting of your assets,” noted Taleb.
In his view, the leading cryptocurrency has performed worse than other financial instruments, existing mainly to “track the stock market.”
What’s up with “hamster”?
According to Inal Cardan from TON Foundation, the share of active players in Telegram has grown from 1% to 20% over the past year. The messenger has approached 1 billion users thanks to games like Notcoin and Hamster Kombat.
The developers of the latter have updated the AirDrop section, adding information on factors that will influence the airdrop.
User activity is converted into points, which will be considered during the distribution of future application tokens. However, the official Telegram channel emphasizes that not all criteria have been described yet.
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