Bitcoin
Bitcoin Falls Below $61K as Trader Maintains $150K Forecast This Year
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Bitcoin and major cryptocurrencies suffered sharp declines during Asian trading, reversing gains made earlier in the week.
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The price drop was attributed in part to concerns about large BTC sales from the now-defunct exchange Mt. Gox, which is set to distribute assets stolen in a 2014 hack later this month.
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One trader continues to predict a BTC price of $150,000 this year despite short-term turbulence.
Bitcoin (BTC) led declines in Asian trading as major tokens erased gains made earlier in the week.
BTC fell to $60,900 from over $62,000 shortly after Tokyo markets opened, with losses of up to 3% in ether {{ETH}}, Solana’s SOL and dogecoin {{DOGE}}. XRP was little changed while Cardano’s ADA pared some gains from a Tuesday rally as its development base published certain indicators to comply with with European regulatory requirements.
The broad base CoinDesk 20 (CD20)a liquid index of the largest tokens, has fallen more than 1.7% in the past 24 hours.
The declines came as U.S.-listed exchange-traded funds (ETFs) track bitcoin recorded outflows of 13 million dollarsbreaking a five-day streak of entries.
Concerns that large BTC sales would follow distributions from the now-defunct Mt. Gox exchange likely contributed to the bearish sentiment, Singapore-based QCP Capital said in a Telegram broadcast on Tuesday.
“The Mt Gox launch is also scheduled to take place this week,” QCP Capital said. “This overhang of up to 140,000 BTC is likely to continue to weigh on markets, especially as the exact launch schedule is unknown at this time.”
Mt. Gox will begin distributing assets stolen from customers in a 2014 hack in July 2024, after years of delayed deadlines. The refunds will be made in bitcoin and bitcoin cash, and could potentially add selling pressure to both markets, as previously reported.
However, some traders’ bullish long-term outlook remains intact, with expectations of a rally to as high as $150,000 following the completion of the Mt. Gox distribution.
“One of the biggest overhangs will be gone in July, so I think that’s a reason to expect a strong recovery in the second half,” said Tom Lee, head of research at Fundstrat Global Advisors. said in an interview with CNBC Tuesday. “$150 [thousand] it’s inside …”
Lee first said in February that he expects BTC hit $150,000 by 2024 due to demand from spot ETFs, the reward halving, and Federal Reserve interest rate cuts.
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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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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