Tag Archives: #Bitcoin

Finance

Bitcoin drops below $50,000 for the first time since February

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  • Crypto Stocks Coinbase and MicroStrategy were among the hardest hit in premarket trading.
  • Bitcoin down to $49,111.10 at one point its lowest level and fist time under $50,000 since February after trading close to $70,000 week before
  • The move follow a broader market sell off that start last week when a weaker than anticipated July jobs report renewed investor fears of recession.

Cryptocurrencies amid global market sell off spurred by recession danger.

The price of bitcoin down over 13% on Monday to $50,963.57 according to Coin Metrics.

At one point it down to $49,111.10 its lowest level and first time under $50,000 since February.

Crypto stocks were among hit in premarket trading. Coinbase took a 13% dip. MicroStrategy slid nearly 17% Mining stocks double digit losses too.

The move follow a broader market sell off that start last week when a weaker than anticipated July jobs report renewed investors fear of a recession.

Japan stocks entered a bear market Monday after plunging over 12% overnight its worst one day sell since 1987.

Bitcoin has lost almost 18% since Saturday. A week before on July 20 it climbed as high as $69.982.

Ether losses were even steeper. The crypto asset dropped 17% to $2,271.21 bringing its three day loss to 24% and erasing its 2024 again.

“Thirty percent slumps as scary as they are pair for the course during bull markets and bitcoin bounced back more than $50,000.

“But make no mistake we are in a choppy volatile market environment  the moment to turn bullish will be when bitcoin retakes its 200 day moving average which tells us if we are in a bull or bear market $61,500.

The move follow a broader market sell off that start last week. When a weaket than anticipated july jobs report renewed investor fears of recession.

The tech heavy Nasdaq Composite entered a correction.

Japan stocks entered a bear market Monday after plunging over 12% overnight one day sell off since 1987.

Crypto traders faced mega losses as mega cryptocurrencies including Ether and Bitcoin experienced a sharp downfall resulting in more than $1 billion in liquidations.

Crypto investors and traders lost $1.08 billion in total liquidations amid falling prices of mega cryptocurrencies including Ether, Solana and Bitcoin.

 On Aug 5 crypto market prices saw a mega decline owing to weakening global economy which was catalyzed further by crash of stock market of Japan.
In the process almost 300,000 crypto traders were liquidated from leveraged positions or collateral trades according to data from Coinglass.
Traders await a comeback of the bull run hackers found a chance for profits and bear market.
Ether lost more than 20% of its value from $2,760 to 42,172 funds linked to a hack on crypto bridge Nomad in Aug 2022 were used to buy 16,892 Ether.
As Bitcoin prices crashed from almost $65,000 to $50,000 mark traders holding long position on crypto exchanges lost over $315 million in under 24 hours.
On other hands shorters lost $62.23 million in process.
Traders with Ethereum long positions lost a total of $305 million while traders holding short position lost over $50 million.
Long positions across all crypto assets lost over $930 million in 24 hours while shorters lost $163.45 million
Other crypto liquidations were recorded on OKX Huobi, BitMEX and Bybit among other exchanges.
Bitcoin has been affected by range of factors since hitting a record of $73,798 in March.
US political flux as pro crypto Republican Donald Trump and Democratic opponent vice president Kamala Harris has yet to detail a digital asset policy position lock horns in president race.
US exchange traded funds for Bitcoin suffered their largest outflows in about three months on Aug 2.
The products will attract dip buyers when they resume trading or witness a deeper efflux.
Digital assets are victim in part of unwinding yen carry trade as speculators adjust to higher interest rates in Japan.
Those investors are fighting a drastic increase in hedging cost based on the volatility in US dollar Japanese yen trading pair “Hughes said.
Finance

The next SEC chair must be named before next US election Tyler Winklevoss

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Gemini co founder Tyler Winklevoss argues that crypto industry should not tolerate any chance of a repeat of last 4 years.

The US government must take action to inform the crypto industry who will lead the securities watchdog before US election according to Gemini co founder Tyler Winklevoss.

Winklevoss believes this perfectly captures President Joe Biden administration position on crypto industry. The Biden Harris Administration had chance to try and reset the relationship with crypto industry this week.

We should demand to know among other things who the next chair of the SEC before we head to ballot box. Winkelvoss declared on X post on July 26 while opening up that he and his brother Cameron Winklevoss also a Gemini co founder were uninvited from a latest event at Whit House for endorsing Donald Trump.

This is table stakes and this is how you make crypto bipartisan. No more guessing. No more hoping. no more surprises. Our industry should not tolerate any chance of a repeat of last 4 years. Winklevoss said.

Winklevoss shared his hope that politicians will stop attending Bitcoin conference. Crypto should become so mainstream that it no longer need debate.

Like going to a conference on whether or not email or the internet should be legal or allowed he stated.

The post cam on 2nd day of the Bitcoin 2024 conference in Nashville Tennessee which saw several politicians make appearances. Independent Presidential candidate Robert F Kennedy Jr delivered a speech praising the role Bitcoin should play in improving the US economy and American way of life.

He promise to sign a various executive orders on first day in office to start the process.

US president Donald Trump will headline the event.

Gary Gensler the current chair of the US Securities and Exchange Commission since February 2021 has become a controversial person in crypto industry due to various statements and decision he has made past year which have been viewed as anti crypto.

His 5 years terms end in June 2026.

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dWallet Network increases Monad with Multi Chain DeFi Support

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Blockchain service provider dWallet Network has declared its step to help Layer 1 blockchain Monad enabling multi chain transfers

The collaboration will permit Monad ecosystem developers to use dWallet non collusive and decentralized building blocks to create multi chain decentralized finance DeFi applications.

Monad is a layer 1 blockchain aiming at the rapid Ethereum Virtual Machine compatible network with promise of handling up to 10,000 transactions per second tps.

BNB chains registered maximum output is 1731 tps.

By tapping dWallet Network infrastructure of dWallets, Monald DeFi ecosystem can connect to different blockchains and access more liquidity.

Monad Labs CEO lauds dWallet’s support in advancing DeFi development.

This support from dWallet Network is testament to dedication to providing possible platform for EVM developers expressed Keone Hon co founder and CEO Monad Labs

” Our unmatched speed and performance combined with dWallets innovative multi chain capabilities not only solidify Monad position as leading blockchain for DeFi development.

By aligning with Monad we are bringing our multi chain technology to forefront of fastest and efficient EVM ecosystem. Omer Sadika said .

This integration is major step forward in our mission to facilitate a seamlessly interconnected DeFi landscape and we are excited to see revolutionary apps that will emerge from this”

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Hospitality worker arrested with #2.5B Bitcoin found guilty of money laundering

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The UK police said that the arrest was the mega of its kind in nation history with sentencing date set for May.

The Southwark Crown Court was found Jian Wen of laundering money using Bitcoin for purchase multi million pound houses and jewelry.

A hospitality worker been found guilty for money laundering in UK specialized court for mega fraud cases following discovery of $2.5 billion of BTC $64,155 in her possession.

The investigation involved scrutiny of 48 electronic devices and thousands of digital files which were translated from Mandarin.

When’s change in lifestyle was what drew attention from authorities. In 2017 she went from living in flat above Chinese restaurant to renting a 6 bedroom house in North London costin $21,420 per month.

It was attempted purchase of $30 million mansion London that was red flag for authorities to investigate her.

Same year she tried to buy a series of expensive houses in London but face challenges passing money laundering checks despite her claims of earning millions from Bitcoin mining.

Stock Exchange company Nasdaq released its Global Financial Crime Report which highlights data linked to financial crime over past year and there was not mention of Bitcoin.

In 2023 around $3.1 trillion in illicit funds flowed through world financial system.

US Treasury report claim that crypto is a famous choice for money laundering but the cash continues to be preferred option.Treasury highlighted the anonymity and stability of cash as a means of payment as primary reason why it remains the preferred choice of laundering illicit proceeds.