Bitcoin
Steady at $66K as US selloff fears persist By Investing.com
Investing.com– Bitcoin’s price fell on Wednesday, extending a recent slide as fears over mass token sales by the U.S. government largely offset optimism over more cryptocurrency-friendly regulations in the country.
has fallen 0.7% over the past 24 hours to $66,352.0 as of 09:11 ET (13:11 GMT). Positive comments from Republican presidential candidate Donald Trump sent the token soaring to $70,000 over the weekend before the token quickly reversed course.
Appetite for risk assets was also hurt by expectations of a Federal Reserve interest rate decision, as well as a potential escalation in Middle East tensions following reports that Hamas chief Ismail Haniyeh was killed in an Israeli strike in Tehran.
Spectre of US government sell-off hurts Bitcoin
The pressure on the world’s largest cryptocurrency has come mainly from speculation about potential token sales by the U.S. government, which reportedly holds around $12 billion worth of tokens and is among the largest holders of Bitcoin in the world.
Media reports said government-linked wallets transferred $2 billion worth of Bitcoin seized from the Silk Road online black market to what could be a custodial service.
But a token move of this magnitude usually heralds a sell-off, as seen with the distributions from now-defunct cryptocurrency exchange Mt Gox earlier this month.
Mt Gox distributions sent Bitcoin down to $54,000, although the token has since rebounded on the prospect of more crypto-friendly regulations.
Trump reiterated his support for the cryptocurrency industry during a speech at the Bitcoin Convention in Nashville over the weekend. A number of prominent figures in the cryptocurrency industry were seen donating to entities associated with Trump’s campaign or expressing direct support for his presidency.
Cryptocurrency Price Today: Altcoins Muted, XRP Surpasses SEC Speculation
Among the broader cryptocurrency markets, most altcoins moved in a flat to bearish range as sentiment towards cryptocurrencies remained largely subdued.
But it was an exception, rising 3.6% amid unfounded rumors that the Securities and Exchange Commission was close to dropping its case against , the company that issues XRP.
Broader altcoins moved in a flat to bearish range. The world’s No. 2 token fell 1.2% to $3,318.64 an ounce, while and slipped 0.2% and 0.4%, respectively.
Among meme tokens, it fell by 2.2%, while it lost 1.3%.
Terra Blockchain Pauses Operations After $4 Million Token Theft Due to Exploit
In other developments in the cryptocurrency world, Terra developers temporarily halted network operations on Wednesday following a reentrancy attack that resulted in the theft of more than $4 million worth of various tokens from the blockchain.
The network was paused at block height 11430400 to implement an emergency patch to fix the vulnerability, which was completed at 04:19 UTC. Validators, who hold over 67% of the voting power on Terra, have updated their nodes to prevent future exploits, according to a post on X.
Security firm Beosin estimated that the attack led to the theft of $3.5 million worth of USDC stablecoin, $500,000 worth of stablecoin, 2.7 bitcoins (BTC) and over 60 million ASTRO tokens from Astroport.
“The attacker exploited a reentrancy vulnerability in the ibc-hooks timeout callback. The vulnerability was disclosed in April this year,” Beosin noted.
The token (LUNC) is down 2.8% in the last 24 hours, while ASTRO has lost 52%.
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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