Latest Crypto News and Market Updates – August 7

1. MYX volatility spikes, hits all-time high

MYX price crashed and then surged 100% to reach a new all-time high (ATH). Funding rate on Binance dropped sharply to -0.78%, ranking just behind Bitcoin (BTC) and Ethereum (ETH) in trading volume.

2. PUMP stages a comeback as meme coin FOMO returns

After a strong 3-month rally, meme coin TROLL reignites market FOMO. PUMP has increased for 7 consecutive days, with its market cap recovering to $3.4 billion. BONK ecosystem is under pressure.

3. PROVE crashes nearly 50% after listing rumors

PROVE surged due to rumors of listings on multiple exchanges, only to drop almost 50% afterward. A familiar lesson: whales tend to take profits when retail investors FOMO.

4. Orca proposes buyback using 55,000 SOL

DeFi platform Orca has proposed using 55,000 SOL for a token buyback. Despite the initiative, ORCA price remained stable and the market response has been relatively muted.

5. PancakeSwap launches US stock derivatives trading

PancakeSwap now offers derivatives trading for major U.S. stocks like AAPL, AMZN, and TSLA with up to 25x leverage. CAKE token jumped by around 5% following the news.

6. Ethereum top holders shift positions

 - BMNR: 833.1K ETH

 - SBET: 521.9K ETH

 - DYNX: 345.4K ETH
Ethereum Foundation holds 232.6K ETH and is the only major holder that sold in the past 30 days.

7. MEMEFI surges 180% before delisting

MEMEFI skyrocketed 180% in 24 hours. Binance is set to delist its derivatives pair on August 11. Is this the final pump before the delisting?

8. Trader Eugene warns of low-volume market

Crypto trader Eugene shared that the market is currently experiencing low trading volume. He advises waiting for "irrational price levels" before taking action.

9. Tornado Cash founder convicted, DeFi shaken

The founder of Tornado Cash has been convicted for operating an unlicensed financial service. He faces a potential prison sentence of up to 5 years—marking a major blow to the DeFi space.

10. Market snapshot: Crypto and AI sectors

 - Market sentiment remains cautious

 - Bitcoin stays strong with high long interest

 - Ethereum faces resistance despite large inflows

 - Altcoins are highly volatile, with capital rotating across trends