Category Archives: Cryptocurrency
Kamala Harris’ Participation In Upcoming Major Crypto Conference Sought By Democratic Donors – Benzinga
Key Democratic donors are reportedly pushing for Vice President Kamala Harris to be a speaker at the upcoming cryptocurrency conference, Permissionless. The event, which is expected to be the largest U.S.-based cryptocurrency conference of the second half of 2024, is set to focus on U.S. politics.
What Happened: These donors are urging Blockworks, the organizer of the event, to extend an invitation to Harris for their event, Decrypt reported Monday. They have even offered to facilitate discussions between Harriss representatives and the organizers.
Jason Yanowitz, the founder of Blockworks, disclosed that the donors are advocating for Harriss participation, as they believe the upcoming U.S. presidential election could be a turning point for mainstream acceptance of cryptocurrency. The conference organizers are reportedly aiming to attract speakers from both sides of the political spectrum.
Mike Novogratz, CEO and founder of Galaxy Digital and a prominent Democrat, is already confirmed as a speaker for the event which is scheduled from October 9 to 11. Additionally, Coinbase Chief Legal Officer Paul Grewal and Silicon Valley investorBalaji Srinivasan are set to speak at the event.
See Also: Scaramucci: I Agree With Every Single Thing Trump Has Said On Bitcoin
Why It Matters: These speculations come after Harris, who is the Democratic presidential nominee, refused to participate in the recently concluded Bitcoin 2024 conference in Nashville.
The event, which was largely attended by Republican politicians, saw former President Donald Trump making a fervent pitch for Bitcoin BTC/USD and cryptocurrencies, even advocating for a national stockpile of digital assets.
Experts feel the Democratic Party has a significant opportunity to win back a large portion of the cryptocurrency vote in the upcoming elections after incumbent President Joe Biden's withdrawal from the race but it is contingent on Harris declaring a genuine commitment to the industry's growth in the U.S.
Image via Shutterstock
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Disclaimer:This content was partially produced with the help ofBenzinga Neuroand was reviewed and published by Benzinga editors.
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Kamala Harris' Participation In Upcoming Major Crypto Conference Sought By Democratic Donors - Benzinga
Here’s how Bitcoin, Ethereum, Solana, and other tokens are performing today – NewsBytes
Home / News / Business News / Cryptocurrency prices today: Check rates of Bitcoin, Ethereum, Solana, Polygon
Cryptocurrency prices are fluctuating with BNB, XRP, Cardano, and Dogecoin experiencing a slight dip, while Solana shows a weekly increase of 4.59%.
The top five gainers of the day include Mog Coin and Bitcoin SV, while Popcat (SOL) and Jupiter lead the losers.
The global crypto market cap stands at $2.4 trillion, marking a 1.08% increase from the previous day.
Was a long read? Making it simpler...
What's the story
Bitcoin has lost 3.93% in the last 24 hours, trading at $66,696.65. It is 0.10% down compared to last week. The second most popular token, Ethereum, is down 0.92% from yesterday and is trading at $3,313.74. From last week, it is down 3.90%. The market capitalization of Bitcoin and Ethereum currently stands at $1,309 billion and $398 billion, respectively.
BNB is trading at $573.06, a 3.08% decrease from yesterday and 1.76% lower than last week. The current price of XRP is $0.55, down 1.37% in the last 24 hours. It is 1.20% lower compared to last week. Cardano and Dogecoin are trading at $0.44 (down 4.17%) and $0.11 (down 3.37%), respectively.
Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $183.46 (down 5.02%), $5.67 (down 2.42%), $0.000011 (down 2.35%), and $0.55 (down 0.088%), respectively. Looking at the weekly chart, Solana is 4.59% up while Polka Dot has slipped 6.18%. Shiba Inu's value has declined by 3.15% in the last seven days whereas Polygon is down 2.44%.
The top five gainers on the basis of the 24 hourly movement are Mog Coin, Bitcoin SV, BOOK OF MEME, AIOZ Network, and eCash. They are trading at $0.0000022 (up 12.35%), $53.64 (up 11.53%), $0.011 (up 9.79%), $0.66 (up 6.47%), and $0.000044 (up 6.18%), respectively.
The biggest losers of the day are Popcat (SOL), Jupiter, Ethena, dogwifhat, and Bittensor. They are trading at $0.77 (down 11.53%), $1.10 (down 8.53%), $0.44 (down 7.32%), $2.36 (down 6.60%), and $321.31 (down 6.54%), respectively.
DeFi or decentralized finance is an umbrella term for global, peer-to-peer financial services on public blockchains. Avalanche, Chainlink, Dai, Uniswap, and Internet Computer are among the most popular DeFi tokens. They are trading at $27.19 (down 3.67%), $13.74 (down 0.08%), $1 (down 0%), $7.63 (down 1.70%), and $9.05 (down 5.10%), respectively.
Non-fungible tokens (NFTs) are cryptocurrencies that lack the fungibility property, which means they cannot be exchanged for other tokens. Internet Computer, Artificial Superintelligence Alliance, Stacks, Render, and Immutable are among the prominent NFT tokens. They are currently trading at $9.06 (down 5.22%), $1.24 (down 2.93%), $1.85 (down 3.86%), $6.25 (down 3.85%), and $1.51 (down 1.20%), respectively.
The current global crypto market cap is $2.4 trillion, a 1.08% increase over the last day. The total crypto market volume over the last 24 hours is $83.12 billion, which marks a 88.17% increase. The global cryptocurrency market valuation was $2.25 trillion last month, in comparison to $2.35 trillion three months ago.
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Here's how Bitcoin, Ethereum, Solana, and other tokens are performing today - NewsBytes
Cryptocurrency: 3 Coins To Watch Out For In August For Strong Gains – Watcher Guru
We are now entering the prosperous month of August, where many crypto coins are predicted to ace new highs. As the sector widens its horizons to accommodate new coins, the old and dependable coins have also shown their progress, creating a dilemma for investors in terms of where to invest. To solve such critical woes, here are our top three coin suggestions to keep an eye on for robust August gains.
Also Read: Dogecoin Consolidates In A Descending Triangle: 200% Rally Incoming?
Solana has undoubtedly been one of the most popular cryptocurrency tokens of 2024. SOL has seen its fair share of volatility but has claimed a new price, ATH, by defeating all odds. The token has recently hit the $193 price mark, with analysts claiming that the token has a long way to go. Predictions of Solana surpass normal expectations, as several analysts hint at SOL hitting as high as $500 very soon.
According to CoinCodex, Solana may soon hit the $220 price mark by the end of August 2024.
According to our current Solana price prediction, the price of Solana is predicted to rise by 14.48% and reach $221.98 by August 28, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 74 (greed). Solana recorded 21/30 (70%) green days with 10.87% price volatility over the last 30 days.
Dubbed the second largest cryptocurrency by market cap, Ethereum has come a long way this year. The token has gained nearly 80% in the last year and is currently trading for $3,372. With the launch of Ethereum ETFs, the token is predicted to surge and claim a new price high very soon. According to Wu Blockchain, Ethereum ETFs have seen inflows amounting to $163 million. This development can significantly boost ETHs prospects and help it gain the central market spotlight.
As per CoinCodex, Ethereum will claim a new price ATH of $3,400 in August 2024.
According to our current Ethereum price prediction, the price of Ethereum is predicted to rise by 3.93% and reach $3,400.08 by August 27, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 71 (greed). Ethereum recorded 18/30 (60%) green days with 5.43% price volatility over the last 30 days.
On July 26, the total net outflow of Ethereum spot ETFs was $163 million. Grayscale Ethereum Trust ETF ETHE had a single-day outflow of $356 million, Grayscale mini ETF ETH had an inflow of $44.9426 million, and BlackRock ETF ETHA had an inflow of $87.2178 million. pic.twitter.com/8NHy8Y1eo5
A Solana-based memecoin, DogWifHat, has lately been trending and has amassed robust community support. The token has outpaced several leading coins in terms of market cap and has been climbing high on the crypto radar to tempt new users. WIF is currently sitting at $2.54, with prospects of the token claiming a new high as SOL welcomes new users to the chains.
Also Read: Shiba Inu: When Will SHIB Hit The $0.01 & $0.1 Price Mark?
According to CoinCodex, WIF can surge up to 220% to claim a new price milestone of $8 by the end of August.
According to our current Dogwifhat price prediction, the price of Dogwifhat is predicted to rise by 229.52% and reach $8.36 by August 28, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 74 (greed). Dogwifhat recorded 17/30 (57%) green days with 17.65% price volatility over the last 30 days.
Giottus Investor Watch
Dogwifhat ( $WIF ) reaches new monthly high following a 40% price rally!
Solana memecoin Dogwifhat (WIF) has surged by 41.01% in the past week, re-entering the top 50 cryptocurrencies by market cap. This rise contrasts with the overall memecoin pic.twitter.com/AMAHTYakeV
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Cryptocurrency: 3 Coins To Watch Out For In August For Strong Gains - Watcher Guru
Top Analysts Predicts the Rise of a New $0.005 Cryptocurrency to Match Shiba Inu (SHIB) Success – Finbold – Finance in Bold
DISCLAIMER: This article is a SPONSORED Press Release and does not constitute Finbold's editorial content. Crypto assets/products involve significant risks. Do not invest unless you are prepared to lose your entire investment. For a full disclaimer, please .
Crypto Analysts are closely watching a new contender that could potentially emulate the success of Shiba Inu (SHIB). MoonTaurus (MNTR), a fresh entrant in the crypto market, is generating significant buzz with its current presale price of just $0.005. As MoonTaurus begins to attract attention from investors and experts alike, its unique features and strategic plans suggest it may have the potential to achieve notable success similar to that of Shiba Inu.
MoonTaurus (MNTR) is emerging as a promising new token that analysts believe could follow in the footsteps of Shiba Inu (SHIB). Currently in its presale phase, MoonTaurus is available at a compelling price of $0.005 per token. As the first stage of the presale nears its end, the price is set to rise to $0.01 in the upcoming second stage.
With a total of 10 stages planned, early investment now offers a significant advantage. By purchasing MNTR tokens during the initial phase, investors can secure tokens at the lowest price and stand to benefit from an increase of up to 1300% by the time the token launches at $0.07.
For example, if an investor buys $50 worth of MNTR tokens at the current presale price of $0.005, they would receive 10,000 tokens. When the price reaches $0.07, their investment would be worth $700, yielding a substantial return on investment. This presents a compelling opportunity for those looking to capitalize on the early stages of MoonTauruss growth.
Crypto analysts are forecasting that MoonTaurus (MNTR) could reach $1 per token by 2024. This optimistic prediction is supported by several key factors:
Firstly, MoonTaurus has a capped supply of 3 billion tokens, creating scarcity and potentially increasing value as demand rises. Secondly, the project aims to achieve a $1 billion market capitalization and is planning to list on premium exchanges. Such moves will enhance liquidity and make the token more accessible to a wider range of investors.
Moreover, MoonTaurus is backed by a strong community engagement strategy and innovative marketing efforts. These factors combined are expected to drive the tokens price up, making MoonTaurus a promising investment with significant growth potential in the coming years.
The scarcity of MoonTaurus (MNTR) tokens, capped at 3 billion, is a key factor driving its potential value increase. With a fixed total supply, the project creates an inherent scarcity that ensures demand will outstrip availability as interest grows. This limitation prevents the inflationary dilution seen in other cryptocurrencies, preserving the value of each token.
The finite supply enhances exclusivity, making MNTR tokens more attractive to investors. As the project advances and the community expands, the fixed number of tokens becomes more valuable, especially for early adopters who can acquire them at a lower price. This scarcity strategy positions MoonTaurus for potential long-term appreciation and stability.
Heres how the 3 billion MoonTaurus (MNTR) tokens are allocated:
MoonTaurus is currently running a $100,000 giveaway with 10 winners. This initiative aims to boost community engagement and promote the project. To participate, individuals need to follow MoonTaurus official accounts on Twitter, Telegram, and Discord. Detailed information about the giveaway and how to enter can be found on the MoonTaurus official website.
MoonTaurus (MNTR) presents a compelling investment opportunity with its initial presale price offering substantial potential for growth. Early investors could see significant returns as the token moves from its current phase to a higher launch price. Analysts predict that MoonTaurus could achieve notable value increases by 2024, supported by its capped supply and strategic plans for exchange listings and community engagement. With an ongoing giveaway to boost visibility, now is a crucial moment to explore the potential of MoonTaurus.
Website: https://moontaurus.com/Linktree: https://linktr.ee/moontaurus
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Top Analysts Predicts the Rise of a New $0.005 Cryptocurrency to Match Shiba Inu (SHIB) Success - Finbold - Finance in Bold
BlackRock leads as ether ETFs rack up $100mn on first day of US trading – Financial Times
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BlackRock, Bitwise Investments and Fidelity have emerged as the early leaders among the US exchange traded funds that invest directly in ether, the worlds second largest cryptocurrency.
The funds took in about $267mn, $204mn and $71mn respectively on their first day of trading Tuesday, while investors withdrew about $484mn from a better established but more expensive rival Grayscale Investments, according to data from Bloomberg Intelligence.
The nine new ETFs that invest in the native token of the ethereum blockchain drew in about $108mn, generating about $1.1bn in overall volume.
The stock market funds were given final sign-off by the Securities and Exchange Commission earlier this week and give the crypto market a firmer toehold in traditional finance following Januarys launch of the first spot bitcoin ETFs.
But the inflows for ether ETFs are far smaller than the volume and flows for the bitcoin ETFs, which pulled in more about $655mn with nearly $4.7bn in overall trading volume, in the first day.
Traders and executives said it was unlikely that ethereum would match bitcoins spectacular performance, because it was not as well known and had a different function and investment narrative to bitcoin.
Bitcoins market cap of $1.3tn is much higher than ethers $412bn while ethereum is widely used as a platform for building new cryptocurrency projects.
Ethereums native token, ether, can also be used to earn a return for the holder when it is staked, or locked up, to help secure and validate transactions on the Ethereum network.
However the regulator had yet to clarify if the activity qualified as a security and barred the new ETF issuers from participating in staking.
Given the larger-than-expected outflows from the Grayscale Ethereum Trust, these inflows align with the consensus expectation of around 20 per cent of the spot Bitcoin ETFs assets under management, said CCData, a data provider, on Wednesday.
Grayscale, which converted its Ethereum Trust to an ETF, has maintained its 2.5 per cent management fee, which is far in excess of its rivals charges. It also spun off a less expensive mini ether ETF, which pulled in about $15mn, per Bloomberg data.
The ether ETF launches followed an abrupt initial approval in May by the SEC. Grayscales head of research, Zach Pandl, suggested that investors may be underappreciating the importance of this milestone for the current market cycle and for the crypto industry over the longer-term.
Projections compiled by CCData indicate that analysts and research groups are conservatively expecting the ether ETFs to amass just north of $3.5bn collectively over the next six months, with predictions ranging from $7.5bn to $1bn.
The bitcoin ETFs have amassed more than $17bn combined in new money since their January debut, led by BlackRocks iShares Bitcoin Trust, which now has assets of about $22bn.
The prices of bitcoin and ether have risen by about 50 per cent and 45 per cent, respectively, since the start of 2024.
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BlackRock leads as ether ETFs rack up $100mn on first day of US trading - Financial Times
Coinbase Fined $4.5 Million Over High Risk Customers – PYMNTS.com
Coinbasehas been fined $4.5 million by a U.K. regulator for serving high-risk customers.
The fine,announcedThursday (July 25) by theFinancial Conduct Authority(FCA), was levied against a subsidiary of the cryptocurrency exchange, CB Payments Limited (CBPL), which the FCA says repeatedly violated a requirement preventing the company from doing business with high-risk clients.
The money laundering risks associated with crypto are obvious and firms must take them seriously,Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA, said in a news release.
Firms like CBPL that enable crypto trading need to have strong financial crime controls. CBPLs controls had significant weaknesses and the FCA told it so, which is why the requirements were needed. CPBL, however, repeatedly breached those requirements.
According to the FCA, CPBL agreed not to take on new high-risk customers in 2020, after the regulator expressed concerns about the companys financial crime control network.
But despite this agreement, the FCA said, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers, who made multiple crypto asset transactions through other Coinbase Group entities, totaling around $226 million.
The FCA said CBPL demonstrated a lack of due skill, care and diligence in the design, testing, implementation and monitoring of its financial controls, with repeated and material breaches going undiscovered for nearly two years.
We take the FCAs findings and our broader regulatory compliance very seriously and CBPL continues to proactively enhance its controls to ensure compliance with its regulatory obligations, Coinbase said in astatementposted to its blog.
The FCA notes that this action was taken under the U.K.s 2011 electronic money regulations, and marks the first time the regulator has taken enforcement action using these powers.
The fine comes as the need forclear regulatory frameworksremains one of the most pressing issues facing the crypto space, as PYMNTS wrote earlier this month.
Clear regulations can protect consumers, reduce fraud and encourage institutional investment, while regulatory uncertainty or overly restrictive regulations can stifle innovation and hinder technological advancements, lead to market instability and drive businesses to more crypto-friendly jurisdictions, that report said.
The report added that the U.S. Securities and Exchange Commission (SEC) and other regulatory bodies are working onframeworks for cryptocurrencies, but there is still substantial uncertainty, while EuropesMarkets in Crypto-Assets (MiCA) regulation offers a more unified regulatory approach.
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Coinbase Fined $4.5 Million Over High Risk Customers - PYMNTS.com
Cryptocurrency Maker Up More Than 3% In 24 hours – Benzinga
Maker's MKR/USD price has increased 3.92% over the past 24 hours to $2,768.31. Over the past week, MKR has experienced an uptick of over 1.0%, moving from $2,741.09 to its current price. As it stands right now, the coin's all-time high is $6,292.31.
The chart below compares the price movement and volatility for Maker over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has fallen 32.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.18%. This brings the circulating supply to 930 thousand, which makes up an estimated 92.53% of its max supply of 1.01 million. According to our data, the current market cap ranking for MKR is #37 at $2.58 billion.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cryptocurrency Maker Up More Than 3% In 24 hours - Benzinga
Coinbase Shares Tumble With Bitcoin: What’s Going On With The Stock? By Benzinga – Investing.com UK
Benzinga - Coinbase Global, Inc. (NASDAQ:COIN) shares are trading lower Monday after the price of Bitcoin fell below $62,000.
The Details:
Bitcoin is down by nearly 5% over the past 24 hours, and Coinbase shares are moving lower as bitcoin retreats.
Investors are looking to the possible approval of a spot Ethereum (CRYPTO: ETH) ETF as the next potential cryptocurrency catalyst. Analysts are divided on the potential benefits of a spot Ethereum ETF. Some experts are predicting a drop in price following an ETF approval, while asset management firm VanEck projects that spot Ether ETFs could drive Ether to $22,000 by 2030.
Nate Geraci, president of The ETF Institute, predicted in a post on X that spot Ether ETFs would be approved soon.
I'm deciphering this as spot ETH ETFs will be approved this weekJust me tho, Geraci posted.
The first spot bitcoin ETFs were approved in January and the price of Bitcoin has risen more than 40% since then.
Related News: Clover Healths $1 Million Insider Buy: Whats Going On With The Stock?
Wall Street analysts have an average 12-month price target of $248.17 on Coinbase. The Street high target is currently at $325 and the Street low target is $110. Of all the analysts covering Coinbase, 12 have positive ratings, 7 have neutral ratings and 4 have negative ratings.
In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase is 253.87% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Coinbase, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 4.58% at $215.51 at the time of publication Monday.
Image: Shutterstock
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Coinbase Shares Tumble With Bitcoin: What's Going On With The Stock? By Benzinga - Investing.com UK
Bitcoin price today: slid to $61k amid dollar pressure, inflation jitters By Investing.com – Investing.com
Investing.com-- Bitcoin price slid lower on Monday, extending a deep decline from the past week as concerns over U.S. interest rates and anticipation of key inflation data kept traders largely biased towards the dollar.
Broader cryptocurrency prices were also pressured by a strong dollar, as the greenback came close to a two-month high following robust U.S. purchasing managers index data.
fell 4.9% in the past 24 hours to $61,233.4 by 08:37 ET (12:37 GMT).
The worlds largest cryptocurrency was nursing steep losses over the past week as traders grew skeptical over the timing of interest rate cuts by the Federal Reserve.
This sentiment is likely to see little signs of improvement this week, especially ahead of key data due this Friday.
The reading is the preferred inflation gauge of the Fed, and is likely to factor into the central banks outlook on interest rates in the coming months. While Fridays data is expected to show some mild cooling in inflation, the reading is still expected to remain well above the Feds 2% annual target- giving the central bank more headroom to keep rates high.
High rates bode poorly for crypto, given that they diminish the appeal of speculative, risk-driven assets such as crypto.
Major altcoins saw much deeper losses than Bitcoin, as a slew of token unlocks, dwindling institutional demand and a healthy dose of profit-taking pressured crypto prices.
Recent capital flow data showed institutional demand, especially for crypto investment products, remained centered largely around Bitcoin. But even Bitcoin was seen logging heavy outflows earlier in June.
World no.2 token dropped more than 5% to $3,320.76, hitting a one-month low as it largely consolidated gains made on hype over a spot Ether exchange-traded fund.
slipped 1.9%, while and slid 3.5% and 4.6%, respectively. Both tokens had seen some gains in recent sessions.
Among meme tokens, and fell 5.5% and 6.5%, respectively.
Defunct bitcoin exchange Mt. Gox said on Monday that it will begin distributing assets stolen from clients during a 2014 hack starting in the first week of July, a move that comes after years of moving deadlines.
Nobuaki Kobayashi, the Rehabilitation Trustee, stated on the Mt. Gox website, The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and under the Rehabilitation Plan. The repayments will be made from the beginning of July 2024, adding that due diligence and safety steps are necessary before payments can proceed.
These repayments are expected to increase selling pressure on the bitcoin market. Early investors will receive assets now valued much higher than their pre-2013 entries, leading many to sell at least part of their holdings, according to traders.
Mt. Gox, once the worlds leading crypto exchange, handled over 70% of all bitcoin transactions in its early years. In early 2014, a hack resulted in the loss of approximately 740,000 bitcoin (worth $15 billion today). This was the largest of several attacks on the exchange between 2010 and 2013.
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Bitcoin price today: slid to $61k amid dollar pressure, inflation jitters By Investing.com - Investing.com
Bitcoin falls below $61000 after one of its worst weeks this year – Quartz
Bitcoin dropped below $61,000 on Monday morning as the cryptocurrency continues to shed value.
The Fed needs to start cutting rates now, strategist says
Bitcoins price fell to as low as $60,818 its lowest level in more than a month in Monday morning trading in London. The cryptocurrencys price has dropped almost 4% in the past day, and has fallen roughly 8% over the last week.
Mondays slide comes after one of cryptos worst weeks of 2024 so far, as the global cryptocurrency market shed tens of billions of dollars in value. Overall, the global crypto market cap has slipped 4.7% in the last day, bringing its market cap to $2.24 trillion, according to CoinMarketCap. An index containing the 100 biggest cryptocurrencies fell about 5% in the week through Sunday, its steepest such decline since April, according to data compiled by Bloomberg.
Crypto watchers were eagerly anticipating new all-time highs for Bitcoin, which traded above $71,000 earlier this month. But in a somewhat surprise turn, the popular cryptocurrency, and the wider crypto market, have largely cooled. In recent weeks, it has continued to steadily decline. Bitcoin dropped below $66,000 last week, extending declines from a dip the prior week brought about by the latest Consumer Price Index data and the Federal Reserves interest rate decision.
Despite the short-term volatility, Bitcoin is up 38% this year.
Uncertainty over monetary policy has been driving much of the volatility around Bitcoin and other altcoins. While annual inflation has slowed to 3.3% year-over-year, it has remained well above the Feds 2% target. Given stubbornly high prices, Fed officials decided earlier this month to keep the benchmark federal funds rate steady between 5.25% and 5.5%, forecasting just one rate cut in 2024.
Its not just Bitcoin. Ether, the second-largest cryptocurrency by market capitalization, also fell 5% on Monday morning, coming in at around $3,320. Other major cryptocurrencies, including Solana, Dogecoin, and Cardano, all saw declines between 4% and 6%.
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Bitcoin falls below $61000 after one of its worst weeks this year - Quartz