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News recap: how Durov’s arrest shook the crypto market
The arrest of Durov and the correction of the US stock market have negatively impacted the sentiment of traders and investors. August ended with a 12% drop in the crypto market. Read the News recap to learn about the most important events in the crypto world between 22nd August and 4th September.
Crypto market in numbers
Since 23rd August, the total market cap of the crypto market has fallen by 7%, now standing at $1.99 trillion. It continues to hit new local lows without breaking past previous highs. Altcoins were hit harder than bitcoin, with their market cap down by 8.2%. The arrest of Pavel Durov and its fallout significantly impacted the market.
Average daily trading volumes have remained relatively steady, hovering around $70 billion, with occasional drops to $30-40 billion. Notably, liquidity in the crypto market is increasing, but it hasn’t been distributed yet, as traders and investors remain in a wait-and-see mode.
The Fear and Greed Index for cryptocurrencies has landed in the “Fear” zone. Between 23rd and 27th August, it fluctuated between “Neutral” and “Greed,” but soon after dropped into the “Fear” zone, staying between 29 and 34 points.
Volatility in the crypto market has also declined. Since 23rd August, bitcoin’s 30-day volatility index has dropped by 35.2%, from 3.12% to 2.02%. Ethereum’s volatility saw an even sharper decline of 49.8%, from 4.33% to 2.17%.
The slowdown in growth and further correction of the US stock market is negatively affecting the mood of crypto market participants. Durov’s legal troubles in France not only led to a significant correction in TON but also affected the entire market. Despite the negative outlook, analysts at EXMO.com predict market stability through mid-September. Many altcoins are currently undervalued, offering a great chance to build positions at favourable prices.
August ended with a 12.1% drop in the crypto market. Traders should brace themselves for September, a historically tougher month than August, though with less severe average declines. Barring any major news events, the market is expected to consolidate during the first half of September.
Gainers (19th August – 2nd September 2024)
| Coin | Opening price 19.08, $ | Opening price 02.09, $ | Change |
| TRX | 0.14 | 0.17 | 21.4% |
| PRQ | 0.06 | 0.07 | 10.5% |
| ZRX | 0.41 | 0.44 | 5.7% |
| LINK | 10.53 | 11.02 | 4.6% |
| ONE | 0.0109 | 0.0113 | 3.8% |
Losers (19th August – 2nd September 2024)
| Coin | Opening price 19.08, $ | Opening price 02.09, $ | Change |
| ONT | 0.53 | 0.35 | -34.8% |
| DEGEN | 0.0042 | 0.0029 | -30.2% |
| TON | 7.32 | 5.44 | -25.7% |
| MKR | 2,018.49 | 1,729.20 | -14.3% |
| DASH | 26.95 | 23.89 | -11.4% |
Easily track gainers and losers within the Simple Trade section on EXMO. Check real-time updates in the last 24 hours, week and month.
Most traded coins (19th August – 2nd September 2024)
| Coin | Trading volumes, $ |
| USDT | 75,055,764 |
| BTC | 34,938,875 |
| ETH | 14,162,520 |
| TRX | 11,433,451 |
| SUI | 6,562,751 |
| DOGE | 5,971,727 |
| NEAR | 5,140,324 |
| SOL | 3,963,834 |
| ADA | 3,295,695 |
| XRP | 3,280,823 |
Top crypto market driving factors
Overall сrypto market
▲ 27.08.2024 – The market capitalisation of the USDT (Tether) stablecoin reached $118 billion.
▼ 30.08.2024 – According to Santiment, the positive correlation between cryptocurrencies and stocks has risen significantly. Assets are once again trading in tandem.
▼ 30.08.2024 – RootData reports that the total volume of venture funding in cryptocurrencies for August was $785 million, a 22% decrease compared to the previous month.
▼ 03.09.2024 – FTX plans to pay $16 billion to creditors in the fourth quarter of 2024.
▼ 03.09.2024 – Santiment notes a global decline in whale activity across all cryptocurrencies since March.
Bitcoin (BTC)
▼ 27.08.2024 – CryptoQuant experts note that short-term holders have started moving bitcoins to exchanges again. Over the past two days, 33,000 coins were transferred.
▲ 28.08.2024 – According to CryptoQuant, the amount of bitcoin held by long-term holders has increased by 262,000 coins during the last 30 days.
▲ 29.08.2024 – Santiment reports that wallets holding 10 to 10,000 bitcoins are actively accumulating more coins.
▲ 29.08.2024 – The Bitcoin network has undergone another mining difficulty adjustment, increasing by almost 3% to 89.47 T.
▲ 30.08.2024 – Analysts at IntoTheBlock note that 30.7% of all bitcoins in circulation haven’t moved in at least five years.
▼ 02.09.2024 – Bitcoin miners sold 2,655 bitcoins, worth about $154 million, between 31st August 2024 and 2nd September 2024.
▼ 03.09.2024 – CryptoQuant reports strong bitcoin inflows to exchanges, possibly indicating increased selling.
▼ 04.09.2024 – JPMorgan reports that bitcoin mining profitability is now at a record low. Last month, miners earned an average of $43,600 per block, the lowest ever.
Ethereum (ETH)
▼ 03.09.2024 – The yield for Ethereum network validators continues to decline. Since the beginning of 2024, it has dropped by more than 90%.
▲ 04.09.2024 – Over the past three months, the number of non-zero ETH wallets has grown by 4 million.
Toncoin (TON)
▼ 27.08.2024 – Toncoin lost $2.7 billion in market capitalisation after Durov’s arrest. India is also investigating Telegram and may ban it depending on the outcome.
▼ 28.08.2024 – Pavel Durov was officially charged and is not allowed to leave France.
▼ 29.08.2024 – BBG reports that major funds invested in TON, expecting Telegram to become a “super app”, but now investors’ confidence is shaken.
Dogecoin (DOGE)
▲ 30.08.2024 – The court dismissed a lawsuit against Musk and Tesla, accusing them of insider trading of the DOGE token.
Cardano (ADA)
▲ 01.09.2024 – The Cardano network successfully completed the Chang hard fork, marking the beginning of the Conway ledger and a move towards decentralised governance.
Aave (AAVE)
▲ 27.08.2024 – Aave Labs proposes integrating the stability module of its GHO stablecoin with BlackRock’s BUIDL fund.
EXMO.com news
EXMO.com newcomer promo extended: 1,000% APY on BTC for one day until the end of September!
Profit with stablecoins in the Earn program: we’ve raised USDT and USDC APYs to 15%!
Disclaimer. We do our utmost to ensure only reliable cryptocurrencies are traded on EXMO.com. However, investing in cryptocurrencies is the personal responsibility of each trader. We are not responsible for any possible losses incurred as a result of trading operations. Also, remember the DYOR rule (Do Your Own Research) when choosing a project to invest in.