Bitcoin
Bitcoin Recovers to $58K After Midweek Plunge: Is the Worst Over?
Bitcoin Bitcoin suffered a dramatic drop after hovering around the $60,000 mark earlier this week. The cryptocurrency broke through its support level on Wednesday evening, coinciding with the July 4 holiday in the US, which led to a rapid decline. By Thursday morning, Bitcoin had fallen to as low as $56,750 but managed a modest recovery. Despite a final dip below $56,900 around mid-morning, Bitcoin Price recovered 5% throughout the afternoon.
At the last update, BTC was trading at $58,158.80, reflecting a loss of 3.30% in the last 24 hours.
Government Concerns and Market Reactions
This recovery eased concerns about potential selling pressure from the German government and Mt. Gox’s early Bitcoin selloff. Market liquidations totaled $100 million, a relatively small amount compared to the $600 million liquidated last week when Bitcoin plunged to near $54,000, its lowest point since February.
About that, Bitcoin ETFs have been remarkably active, with $438 million invested recently, bringing their total asset value to $49.3 billion. Trading volumes for U.S. Bitcoin ETFs on July 5 and 8 were $2.18 billion and $1.98 billion, respectively, marking the highest levels since June 25.
Germany and Mt. Gox: Overblown Fears?
Despite initial concerns about continued selling pressure from Germany and Mt. Gox, many experts consider these fears to be overblown. On Monday, the German government transferred $900 million worth of Bitcoin, followed by another $362 million to Kraken and other trading desks on Tuesday.
Ryan McMillin, chief investment officer at Merkle Tree Capital, commented that the worst of Germany’s sell-off appears to be behind it. According to Arkham Intelligence, Germany has moved about two-thirds of its seized Bitcoin assets, leaving approximately $1.6 billion remaining.
Future perspective
While the transfer of funds to exchanges and market makers indicates a likely intention to liquidate, it does not confirm that Germany’s assets have already been sold. Furthermore, the bankruptcy estate of the now-defunct cryptocurrency exchange FTX is expected to distribute approximately $16 billion in cash to crypto investors around September or October of this year. McMillin noted that this cash distribution should act as a “significant bullish catalyst” for the market in the coming months.
Read too: Bitcoin Rate Drops to 4-Year Low: What This Means for Miners and Investors
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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.
Forbes Digital Assets
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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