Bitcoin

slides to $60K amid Mt Gox dump fears By Investing.com

Published

7 months ago

3 July, 2024

Investing.com– Bitcoin’s price fell on Wednesday, extending losses seen earlier in the week, as traders remained largely averse to the token amid concerns that distributions from defunct exchange Mt Gox will trigger mass selloffs of the token.

Sentiment towards broader cryptocurrency markets also remained gloomy amid uncertainty over US interest rates, with a recent drop in the dollar doing little to arrest weakness in the sector.

has fallen 4% in the past 24 hours to $60,339.1 as of 08:20 ET (12:20 GMT). The world’s largest cryptocurrency had been suffering steep losses through June and has remained firmly within a trading range established since March.

Bitcoin Sees Little Relief as Mt Gox Fears Reign

Traders have been on edge ahead of Mt Gox’s distributions. The exchange’s liquidators have signaled that they will begin returning Bitcoin stolen during a 2014 hack to customers in early July.

The exchange was seen mobilizing around $9 billion worth of Bitcoin earlier this year, though it remains unclear how much the planned distributions will involve.

Traders have speculated that the token recipients would be largely inclined to sell them, given that Bitcoin has seen massive price gains over the past decade. Such a scenario presents extended selling pressure on Bitcoin.

Speculation about dumping activities by other entities has also weighed on Bitcoin. The German government was seen offloading Bitcoin recovered from a piracy site, while some whales were also seen mobilizing Bitcoin this week.

But even before Mt Gox fears began to affect Bitcoin prices, sentiment towards the cryptocurrency was waning as the token remained range-bound for more than three months.

Capital flow data showed that trading volumes for cryptocurrency exchange-traded funds, particularly Bitcoin, have fallen sharply in recent months.

Cryptocurrency price today: Rate jitters weigh on altcoins

Broader cryptocurrency prices retreated, receiving little support from the dollar’s decline overnight.

The world’s No. 2 token fell 4.5% to $3,296.01 as sentiment towards the token remained weak even as reports suggested a spot Ether ETF could be approved this week.

and fell between 1% and 4.5%, while meme tokens lost more than 4% each.

Cryptocurrencies saw little gains even as Federal Reserve Chairman Jerome Powell signaled progress in reducing inflation, which weighed on the dollar.

But Powell warned that the Fed still needed more confidence to start cutting interest rates.

His comments came ahead of more important hints about U.S. interest rates. The Fed’s June meeting is scheduled for Wednesday, when several Fed officials are also expected to speak.

Other than the Fed, data is due out on Friday.

Bitcoin Could Hit $100,000 on US Election Day, Says Standard Chartered (OTC:)

Bitcoin’s price could hit a new all-time high in August, followed by a surge to $100,000 around the US presidential election in November, analysts at Standard Chartered said.

In a Tuesday note, analysts noted that “a new all-time high for bitcoin in August is likely, followed by $100,000 by US election day.”

The bank’s forecast depends on Joe Biden remaining in the presidential race, a scenario perceived by the market as favorable to Donald Trump’s victory. Analysts consider Trump “bitcoin-positive” and have highlighted a positive correlation between Trump’s electoral chances and the price of bitcoin.

“The logic here is that both regulation and mining would be viewed more favorably under Trump,” they wrote.

Standard Chartered also modeled a “less likely” scenario in which Biden drops out of the presidential race at the end of July, which could see bitcoin prices fall to $50,000-$55,000.

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Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Published

6 months ago

1 August, 2024

Financial Block Staff

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

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.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

6 months ago

1 August, 2024

Financial Block Staff

'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.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

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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ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

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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ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

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

Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

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Bitcoin

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

Published

6 months ago

1 August, 2024

Financial Block Staff

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

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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