ETH Slips, Bull Run in Jeopardy?

ETH's dip below $3K is raising concerns that the 2024 crypto bull run may be over.

Author

Danielle du Toit
July 08, 2024

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Here's what we've got for you today:

  • Ethereum Falls Below $3,000 Sparking Bull Run Concerns

  • Do Kwon Exposed: Crypto Influencer Reveals Shocking Details of Terra Luna Fraud

  • Tron Unveils Gas-Free Stablecoin for Ethereum and Tron Networks

  • Karma Served: Pink Drainer Gets Hit With Address Poisoning Scam

📉 Ethereum Falls Below $3,000 Sparking Bull Run Concerns

On July 5, ETH saw its price drop below the critical $3,000 mark for the first time in 50 days.

  • Ethereum's value dropped to $2,871 over the weekend, raising some concerns that the 2024 crypto bull run might be over. These concerns were mostly fueled by the increased selling pressure on Bitcoin.

  • The downturn in ETH's price also coincided with the S&P 500 index hitting a new high on July 5, which ended up amplifying traders' worries.

  • The upcoming launch of spot Ethereum ETFs in the U.S. might bring positive momentum, but its possible impact is uncertain considering the current market sentiment.

Crypto influencer Rasgard took to X to shed some light on the alleged wrongdoings of Do Kwon and the now-bankrupt Terraform Labs.

  • Rasgard accused Kwon of deception and manipulation, stating that the Terraform Labs founder “always played his own game and misled people.”

  • He also stated that a secret deal with Jump Trading led to UST losing its peg for the first time in May of 2021, contrary to Kwon's public reassurances that the token self-heals by design.

  • Rasgard also accused Terraform of faking transactions on the Chai payments platform to create an illusion of legitimate activity.

Justin Sun announced that his team is developing a gasless stablecoin for free peer-to-peer transfers.

  • This stablecoin solution will launch on the Tron blockchain in the fourth quarter, with plans to extend to Ethereum and other EVM-compatible chains shortly after the launch.

  • According to Sun, the stablecoin solution will allow transfers without the need for gas tokens, as the fees will be covered by the stablecoins themselves. However, Sun did not provide any details on the mechanism behind this process.

  • Sun believes that gas-free stablecoins could benefit companies offering stablecoin services and drive mass adoption to new heights.

❗️ Karma Served: Pink Drainer Gets Hit with Address Poisoning Scam

Pink Drainer has been given a taste of its own medicine after falling victim to an “address poisoning” scam.

  • MistTrack pointed out the incident on July 7 when the hacking group lost 10 ETH, which is worth approximately $30,000.

  • The attackers used a wallet address with an almost identical identifier to Pink Drainer’s previous wallet, tricking them into accidentally sending 10 ETH to the fake address.

  • This happened just about a month after Pink Drainer announced its retirement on May 17.

👀 QUICK NEWS

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