Bitcoin
Bitcoin poised for worst week in nearly a year on Mt. Gox sell-off fears
NEW YORK/SINGAPORE/LONDON, July 5 (Reuters) – Bitcoin was poised for its biggest weekly drop in nearly a year on Friday as traders worried about a likely sell-off of tokens from now-defunct Japanese exchange Mt. Gox and more selling by leveraged investors after the cryptocurrency’s strong performance.
The price of the world’s largest cryptocurrency fell as much as 8% on the day to $53,523, its lowest since late February. It was last trading at $56,565, down more than 3% on the day.
It was on track for a weekly decline of more than 10%, the biggest since August 2023.
Ether, the world’s second-largest cryptocurrency, fell to $2,822.30, a more than two-month low. It was last at $2,976.62, down 5.28%.
Media reports said Mt. Gox, the world’s leading cryptocurrency exchange before it collapsed a decade ago, may start returning bitcoins to creditors, who are seen as likely sellers as the token was worth just hundreds of dollars in 2014.
“Selling pressure is still related to the sell-off by creditors of the failed Mt Gox exchange,” said Tony Sycamore, market analyst at IG.
“However, the downward acceleration suggests the market is trying to get ahead of creditor flows.”
Bitcoin’s downward move has triggered the biggest daily liquidations for cryptocurrency traders since the collapse of cryptocurrency exchange FTX in 2022, according to a research note from Wintermute, a cryptocurrency trading firm.
Analysts also raised concerns about the possibility of Joe Biden being replaced as Democratic presidential candidate by someone less pro-crypto after a shaky debate performance with rival candidate Donald Trump.
“What’s striking about this drop in bitcoin is that it comes at a time when U.S. stocks and global equity indices are at or near record highs. The correlation between bitcoin and traditional stocks is eroding,” said Antoni Trenchev, co-founder of cryptocurrency exchange Nexo.
Bitcoin had a strong beginning of the year after the launch of exchange-traded funds in the US, propelling it to a record high of $73,803.25 in mid-March. However, it has struggled since then.
“With an asset that has been range-bound for some time and has recently been at the lower end of that range, there are a lot of margin positions,” said Justin D’Anethan of digital asset market maker Keyrock.
“This, of course, creates a cascading effect, pushing prices down even further than in a less leveraged market.”
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Reporting by Hannah Lang in New York and Ankur Banerjee, Tom Westbrook and Sameer Manekar in Singapore and Iain Withers in London; Editing by Edwina Gibbs, Kim Coghill and Anil D’Silva
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Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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