Bitcoin
Steady at $64K with focus on Mt Gox, US politics By Investing.com
Investing.com– Bitcoin’s price fell slightly on Friday as a recent rally in cryptocurrency markets lost steam, with focus remaining on distributions from defunct exchange Mt Gox and further indications on the U.S. regulatory outlook.
The world’s largest cryptocurrency has seen a strong rally this week on bets that Donald Trump’s presidency will produce a better regulatory environment for cryptocurrencies, as Trump has been pushing for more crypto-friendly regulation as part of his re-election campaign.
That helped offset concerns about selling pressure from token distributions by Mt Gox, which began mobilizing billions of dollars worth of Bitcoin to return to creditors after a 2014 hack.
fell 0.9% to $64,166.3 as of 2:03 a.m. ET (06:03 GMT). It was trading up 8.5% last week.
Cryptocurrency markets were also pressured by
Bitcoin Headed for Strong Week on Trump Speculation
The world’s largest cryptocurrency rebounded from four-month lows this week after Trump appeared to enjoy a major boost in popularity following a failed assassination attempt last week.
He was formally nominated as the Republican presidential candidate this week.
The former president has maintained a broadly pro-crypto stance during his recent campaign efforts, stating that the future of cryptocurrencies should be built in the U.S. His campaign also accepts donations in cryptocurrency.
Trump is set to speak at the Bitcoin Conference in Nashville later this month, where social media speculation has suggested the presidential frontrunner could potentially outline plans to declare Bitcoin a “strategic reserve asset.” But there did not appear to be any credible grounds for this speculation.
Mt Gox fears cap Bitcoin gains
But concerns over Mt Gox distributions remained in play, especially as wallets linked to the exchange were seen mobilizing nearly $3 billion worth of tokens earlier this week.
Fears over distributions — which are expected to greatly increase Bitcoin’s supply — triggered major losses in Bitcoin in early July, although the token has since recovered.
Still, it’s unclear how large the Mt Gox distribution will be. Traders have also speculated that given Bitcoin’s massive gains over the past decade, recipients of the token will be more inclined to sell — a scenario that presents strong selling pressure on the token.
Cryptocurrency price today: Altcoins fall, but ETF speculation persists
Among the broader cryptocurrency markets, major altcoins also retreated as a recent rally cooled, although losses were limited by speculation over more U.S. spot exchange-traded fund launches.
fell 0.2% to $3,444.58 as recent reports said the Securities and Exchange Commission could approve a spot Ether ETF as early as next week.
rose 3.8% after recent reports also showed a spot SOL ETF was in the works.
and fell 2.3% and 4.7% respectively, while among meme tokens, they fell 1.1% and slid 6.2%.
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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