Web3 Job Opening: McDonald's is Hiring 🍟🍔📉

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Bitcoin crashed to $52,500 on Aug. 5, dropping 10% in under two hours, while Ether fell 18% to $2,118. Both have since recovered slightly, with BTC at $54,384 and ETH at $2,358. Over $740 million in leveraged positions were liquidated(tbh who are these people), with ETH longs hit hardest. The downturn coincided with a sharp sell-off in Japan’s stock market and concerns over US jobs data.

The crypto market hit its lowest levels in over five months as recession fears in Japan, following a central bank rate hike, impacted investor sentiment. Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, fell 9% and 18%, respectively, in the past 24 hours.

Trading volumes surged by over 214% on Sunday compared to Saturday, driven by heavy dip buying, with Bitcoin, Solana, and Ethereum leading the market. These three accounted for approximately 67% of all trading volume, with Bitcoin buys tripling the number of sales.

Other major cryptocurrencies experienced declines of 6% to 20%, according to CoinGecko data. The significant increase in trading activity highlights a strong buying interest during the dip, especially for Bitcoin and Ethereum.

Indonesia's crypto tax revenue is on the rise, driven by increased transactions. Between May and June, the sector contributed Rp798.84 billion ($49 million) to the total digital economy tax revenue of Rp25.88 trillion. The strong domestic interest in crypto saw a significant jump in tax collections, with Q1 2024 alone bringing in Rp112.93 billion. The government, imposing a 0.1% income tax on crypto sellers and a 0.1% VAT on buyers, collected higher rates from unregistered traders. The total value of crypto transactions surged to Rp301.75 trillion in H1 2024, with registered users reaching 20.24 million.

The global crypto market has dropped to its lowest in over five months due to rising US unemployment rates, now at 4.3%. The market cap fell by ore than 5% in the last day to $2.2 trillion. Bitcoin and Ethereum saw significant declines, with Ethereum dropping almost 10% in the past 30 days despite SEC-approved Ether-linked ETFs. ETH ETFs reported outflows of $510.7 million. Ethereum's price slumped 38% in the last 7 days. Other altcoins, including Solana and BNB, also saw declines, along with meme coins Dogecoin and Shiba Inu.

Saudi Arabia is emerging as a major hub for Web3, driven by a young, digitally engaged population and supportive government regulations. In Q1 2024, Saudi startups secured 51% of the $429 million invested in the MENA region. The gaming industry, worth $1.8 billion, is projected to reach $6 billion by 2027. E-commerce and fintech are also booming, with $10 billion in e-commerce sales in 2023 and a $746 million fintech market. Saudi’s Web3 ecosystem is attracting global attention, with initiatives from Outlier Ventures, Animoca Brands, and more, positioning it as a future leader in the industry.

Jatinder Singh faces jail time after spending $6 million mistakenly sent to his partner's account by Crypto.com in May 2021. Singh, who initially tried to deposit $100, received $10.47 million due to an error. He spent the money on real estate and gifts before the mistake was discovered seven months later. Singh and his partner ignored attempts by Crypto.com to recover the funds, transferring some to Malaysia. Prosecutors demand jail time, while Singh's lawyer argues for leniency. The court will announce the sentence later this month.

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