Bitcoin
recovers to $58.5K as Mt Gox losses attract bargain buying By Investing.com
Investing.com– Bitcoin’s price rose on Wednesday, further recovering from recent losses as bargain hunters took advantage of recent price drops, although sentiment remained negative amid increased supply due to Mt Gox and the German government.
The world’s No. 2 token Ether also advanced, extending a recent rally as markets awaited a key Securities and Exchange Commission decision on a cash exchange-traded fund.
rose 1.7% over the past 24 hours to $58,423 as of 08:31 ET (12:31 GMT). The crypto asset crossed the $59,000 threshold at one point before paring some gains.
Bitcoin benefits from bargain buying, but sell-off fears remain
The world’s largest currency has benefited primarily from bargain-buying in recent price declines. Bargain hunters have been seen entering the markets since last week, with cryptocurrency investment products such as Bitcoin ETFs seeing capital inflows in the wake of the trend.
But sentiment towards cryptocurrencies remained quite tense, especially amid uncertainty over how many tokens the now-defunct cryptocurrency exchange Mt Gox will distribute as part of compensation for a 2014 hack.
Mt Gox was seen mobilizing around $9 billion worth of Bitcoin earlier this year – representing a sizeable chunk of the current supply. A sell-off on this scale presents steep losses for the Bitcoin price.
Additionally, the German government was also seen offloading confiscated Bitcoin from a piracy website. Reports said that the government held at least $2 billion worth of Bitcoin and was constantly selling the token on the open market.
The dollar’s recent weakness has also offered some relief to Bitcoin, although the US currency has stabilized this week following testimony from Federal Reserve Chairman Jerome Powell, who gave no clear indication of plans to cut interest rates.
The focus is also on key inflation data, which will be released on Thursday.
Cryptocurrency Price Today: Ether Gains on ETF Hype, Altcoins Recover
Broader cryptocurrency prices followed Bitcoin’s recovery.
rose 0.7% to $3,105.34, extending a recent rally as markets waited for the SEC to approve issuers’ amended applications for a spot Ether ETF.
The ETF could be approved as early as mid-July and is expected to attract some institutional capital to the world’s second-largest cryptocurrency.
Among other altcoins, it advanced 1.9%, also gaining on the prospect of a spot ETF, while and added 1.1% and 2.7%, respectively.
Among memecoins, it rose 2%, while it added 1%.
Bitcoin’s recovery likely to be short-lived, says crypto research firm
Bitcoin’s ongoing uptrend could continue for some time and potentially propel Bitcoin towards the $60,000 mark. However, the rally is likely to be transitory, digital asset research firm 10x Research said.
“The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we do not anticipate more than a short-term tactical bullish countertrend rally,” he wrote in a note seen by CoinDesk.
“We anticipate Bitcoin could recover to near $60,000 before experiencing another decline into the low $50,000 range, creating a complex trading environment.”
Furthermore, analysts at K33 Research pointed out that seasonal trends are not favorable for Bitcoin, with the third quarter historically showing the weakest returns.
According to K33’s estimates, the market will need to absorb between 75,000 and 118,000 BTC in sales from Saxony and Mt. Gox customers over the summer, which equates to a value of $4.3 billion to $6.8 billion at current prices.
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.
Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market
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.
Getty Images
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.”
Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious
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
Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.
CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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.
“Their plans for 2025 shock the world” – Whitney Webb’s terrible warning for 2025
“The evaluation of $ 18 trillion of Bitcoin is just around the corner” – Larry Lepard
Lyn Alden – “Many are not aware of what is really happening with Bitcoin and Crypto”
“A huge BTC rally is coming! There will be many surprise” – Jeff Booth
“The strategic battle of the BTC reserve has started! Millions will buy Crypto” – Raoul Pal and Dan Morehead
Bitcoin soars above $63,000 as money flows into new US investment products
Ethena downplays danger of letting traders use USDe to back risky bets – DL News
Zodialtd.com to revolutionize derivatives trading with WEB3 technology
FRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
Bitcoin Fails to Recover from Dovish FOMC Meeting: Why?
“Their plans for 2025 shock the world” – Whitney Webb’s terrible warning for 2025
“The evaluation of $ 18 trillion of Bitcoin is just around the corner” – Larry Lepard
Lyn Alden – “Many are not aware of what is really happening with Bitcoin and Crypto”
“A huge BTC rally is coming! There will be many surprise” – Jeff Booth
“The strategic battle of the BTC reserve has started! Millions will buy Crypto” – Raoul Pal and Dan Morehead
-
News6 months agoBitcoin soars above $63,000 as money flows into new US investment products
-
DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
-
DeFi6 months agoZodialtd.com to revolutionize derivatives trading with WEB3 technology
-
News6 months agoFRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
-
Markets6 months agoBitcoin Fails to Recover from Dovish FOMC Meeting: Why?
-
DeFi9 months ago👀 Lido prepares its response to the recovery boom
-
DeFi8 months agoPancakeSwap integrates Zyfi for transparent, gas-free DeFi
-
Videos8 months agoBlackRock and Wall Street ready to take Bitcoin directly to $200,000 – Anthony Scaramucci
-
DeFi9 months ago
🏴☠️ Pump.Fun operated by Insider Exploit
-
Videos9 months agoThis is the exact and unique time to sell your crypto asset – Raoul Pal
-
Videos9 months ago“BlackRock HAS UNLEASHED a massive multi-trillion monster” – Lyn Alden and Eric Balchunas
-
DeFi9 months ago
🚀 S&P says tokenization is the future