Bitcoin
XRP is the only major cryptocurrency in the green as Bitcoin bulls stay away
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Bitcoin (BTC) fell 2.3% over the past 24 hours to $57,000 after briefly surpassing $59,000 on Thursday. XRP tokens were the only major gainers, rising 5% over the past 24 hours amid favorable developments.
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One trader said bulls were likely “on the sidelines” amid selling pressure from bitcoin wallets owned by the German state of Saxony.
Bitcoin {{BTC}} has fallen 2.3% over the past 24 hours, paring Thursday’s brief gains after a spike following the latest US CPI readings, dragging the broader cryptocurrency market down with it.
Core CPI for June rose 3.3% versus the expected 3.5%, looking bullish for risk assets like cryptocurrencies. However, it turned out to be a “buy the rumor, sell the news” event, with many already anticipating a good report and prices being buoyed in the days leading up, analytics firm Santiment said in a blog post on X.
📈📉 The US CPI report came out today with news of a 3.3% increase in core CPI vs. 3.5% expected, looking bullish for crypto. However, with many already anticipating a good report and prices being buoyed in the days before, this was a perfect “buy the rumor, sell the news” event. photo.twitter.com/RqeE7L2eHv
— Santiment (@santimentfeed) July 11, 2024
BTC briefly traded above $59,000 on Thursday, falling to $57,000 by European afternoon hours on Friday. Losses in major tokens followed, with ether {{ETH}} and BNB Chain’s BNB both falling 2.2%, while Solana’s SOL and dogecoin {{DOGE}} lost as much as 5%.
The broad base CoinDesk 20 (CD20)a net index of the largest tokens by market cap, fell 2.48%, indicating losses across the market.
Only XRP is in the green among major coins, with a 5% gain in the last 24 hours, data shows. Those gains came as traditional futures powerhouse CME and CF Benchmarks announced the debut of indexes and reference rates for XRP on Thursday, which Brad Garlinghouse, CEO of blockchain payments company Ripple, said could boost institutional adoption.
Some traders believe that the current lull in prices is due to market participants remaining “on the sidelines” amid selling pressure from the now-defunct Mt. Gox exchange and the German state of Saxony.
“Bitcoin is back at $57,000 after a failed attack at $60,000 on Thursday,” Alex Kuptsikevich, senior market analyst at FxPro, shared in an email to CoinDesk. “German authorities are actively selling previously confiscated Bitcoin. This volume is not huge, but some potential buyers prefer to stay on the sidelines, seeing the oversold.”
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Kuptsikevich ruled out gains in major tokens until BTC makes a move higher. “An altcoin season could only begin when the prices of the largest coins, such as bitcoin, reach all-time highs and appear overvalued to some,” he said.
The German state of Saxony transferred more than $600 million worth of BTC to exchanges on Thursday — moving one of the largest amounts in weeks.
Arkham Data shows that it moved more than 3,000 BTC in the early Asian hours of Friday to various exchanges and OTC trading firms, leaving just over 6,000 BTC in its wallets, worth $340 million 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.
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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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