Bitcoin
Bitcoin (BTC) Price Drops to $53K, Sending Fear and Greed Index to Lowest Level Since Early 2023
Investor sentiment on cryptocurrencies has fallen to its most negative levels since the end of the 2022 crypto winter, with bitcoin (BTC) drop below $54,000 sent digital asset markets tumbling.
The widely followed Crypto Fear & Greed Index, created by data source Alternative.eushows the market’s enthusiasm for bitcoin and other major cryptocurrencies, with 0 being extreme fear and 100 translating to extreme greed.
The indicator fell to 29 on Friday, its deepest dive into the fear zone since early January 2023, when bitcoin was trading around $17,000 following 2022’s sharp bear market.
The metric notably sent a counter sell signal last March when it hit the 90 level near what turned out to be (so far) the broader crypto market’s 2024 top and bitcoin’s all-time high of around $73,500. Since then, BTC and ether (ETH) are down 25%-30%, while major altcoins are down around 50% and smaller tokens have lost even more.
Extreme levels of fear can present buying opportunities, but the reality is more nuanced and has several factors to consider.
The main catalysts behind the crisis were the offloading of seized bitcoins by German It is US Governmentsalong with the “preventive sale” as a heritage of the extinct Japanese stock exchange Mt. Gox has started refunds investors this month, Rachel Lin, CEO and co-founder of derivatives trading venue SynFutures, said in a market update.
Selling pressure is unlikely to ease in the short term, she said. The German government still holds about $2.2 billion worth of BTC, the U.S. government has more than $12 billion and Mt. Gox’s holdings have more than $8 billion in assets, data from blockchain tracking platform Arkham Intelligence show.
“The direction of bitcoin in the coming days will be determined by the selling pressure from Mt. Gox users,” Lin added.
“The market expects most Mt. Gox users to dump their tokens, but we could see a recovery if the selloff is smaller than anticipated,” she said. “On the other hand, if there is enough selling to push the price lower, we could be looking at the $50,000 level soon.”
Markus Thielen, founder of 10x Research, lowered his price target to $50,000 from $55,000. “This situation could force ETF holders and miners to liquidate more positions,” he said in an emailed note, adding that August and September are historically “challenging months” for bitcoin. However, he added, “if the Federal Reserve cuts interest rates in September, bitcoin could see another attempt at a rally.”
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.
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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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