Bitcoin

Steady at $64K with focus on Mt Gox, US politics By Investing.com

Published

9 months ago

20 July, 2024

© Reuters. Here's Who's Selling Bitcoin (BTC) Right Now, Pushing Price Down

Investing.com– Bitcoin’s price fell marginally on Friday as the 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 $64,296.7 as of 09:24 ET (13:24 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 2.5% to $3,397.9 as recent reports said the Securities and Exchange Commission could approve a spot Ether ETF as early as next week.

rose 1% after recent reports also showed that a spot SOL ETF was in the works.

and fell 4.7% and 4.5% respectively, while among meme tokens, they fell 3% and slid 1.5%.

Cryptocurrencies trade at significant discount on WazirX after exploit

The North Korea-linked hacker responsible for draining $230 million from Indian cryptocurrency exchange WazirX has converted most of the stolen funds into ether, according to blockchain tracker Lookonchain. As of Friday morning, the hacker reportedly holds more than 59,097 ETH, valued at $200 million, and an additional $15 million in various alternative tokens.

As of Friday morning, almost all tokens listed on WazirX were trading at significant discounts compared to their global and local prices, indicating low liquidity and strong selling pressure. The bitcoin/rupee trading pair has fallen 22% in the past 24 hours, significantly more than the 2% drop seen on other local exchanges like CoinDCX and Zebpay. The Inu/rupee pair has fallen 30%.

WazirX suffered a security breach on one of its multisig wallets on Thursday, resulting in the loss of over $100 million worth of SHIB and $52 million worth of ETH, among other assets. The stolen funds represented over 45% of the exchange’s total reserves as of June 2024, notably diminishing users’ hopes of recovery.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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