Cryptocurrency

Keiser quoted a tweet published by the @RadarHits X account. That post revealed that U.S. national debt has reached a new all-time high of $35.27 trillion. The debt now comprises $104,568 debt per citizen.The Bitcoin maximalist shared a prediction that he expects the fiat U.S. dollar to collapse “probably within 6 months.” @RadarHits hinted that the fast debt growth is largely down to recent U.S. involvement in certain geopolitical events, providing large financial support and printing billions of dollars for that purpose.The debt skyrocketed, adding a whole trillion U.S. dollars within just eight months – in January 2024, it constituted $34 trillion.In his recent tweets, investor and author of the “Rich Dad Poor Dad” book Robert Kiyosaki referred to the fast-growing U.S. debt as a major reason for Bitcoin’s growth to at least $100,000 which he expects to happen in the near future, such as next year.The official reason for his arrest was the lack of cooperation with French authorities, who demanded that Durov comply and provide personal user data and keys to secret chats. Durov faced charges of complicity in drug trafficking, fraud and money laundering, aside from other charges.However, Durov was released after paying a five million EUR bail and is now forced to visit the police twice a week. When Durov was arrested, TON collapsed by more than 15% even though its team, which is not the Telegram team, stated that the TON blockchain runs in its usual mode.Keiser commented on that situation, stating that Bitcoin is the only secure crypto, unlike “s-coins” – TON, ADA, XRP, ETH and many others. This is because Shytoshi Nakamoto chose to remain anonymous.Keiser tweeted that any of the 30,000 altcoins can face a similar fate as TON and its founder Pavel Durov.This article was originally published on U.Today More

At the time of writing, BTC was 1.11% in the last 24 hours to $59,478, after reaching highs of $61,194 in yesterday’s trading session. Bitcoin remains down 2.24% weekly.According to crypto analyst Ali, it appears that some major players have taken advantage of the recent dip in Bitcoin prices. Ali noted that on-chain data from Santiment reveals a 40,000 BTC drop in the exchange’s supply over the past 48 hours, equivalent to about $2.4 billion.This move aligns with a notable surge in exchange outflows, one which might suggest buying or a move to cold storage. The latter is often seen as bullish, as it suggests that investors are holding onto their assets rather than looking to sell them in the short term.As reported, Santiment spotted an increase in accumulation for wallets with 10-10,000 BTC since the past month. This class of Bitcoin holders has collectively accumulated 133,300 more coins, according to Santiment, while smaller traders continue to impatiently drop their holdings there.The outflow of Bitcoin to cold wallets generally indicates that investors are more interested in holding the crypto asset for a longer period, hoping for future price appreciation.As indicated by CryptoQuant, Bitcoin reserves on exchanges have fallen to yearly lows, which has implications for the Bitcoin market.With fewer Bitcoin available on exchanges, the selling pressure decreases — a trend that might potentially favor a bull market if demand also continues to grow.This article was originally published on U.Today More

Fast forward two months, and we get BTC at $59,480. Its position relative to the Bollinger Bands is still pulling the cryptocurrency toward the lower of the two. Looking at the trends of the last two months, you can actually see that the first cryptocurrency traded mostly sideways. Yes, there were large liquidations and declines, as well as gains of more than 10% within a week. However, as a result, the price did not really go anywhere.In fact, it even lost, reducing to zero all the actions of bullish players on the market during that time.Ahead of the market is waiting for the closing of the weekly, monthly and quarterly candlesticks at the same time, and it will all happen on Sunday, Sept. 1. Where Bitcoin will be on that day – above or below this line – will largely determine the future direction of its price.This article was originally published on U.Today More

But the world’s biggest cryptocurrency was nursing a steep decline in August, as a broader risk-off move across financial markets hit crypto prices particularly hard.Bitcoin fell 1.2% to $59,726.0 by 08:46 ET (12:46 GMT), and was set to lose nearly 9% in August. Bitcoin spent most of August trending lower, as the world’s biggest cryptocurrency was dented by persistent concerns over token distributions and mass sale events, especially from defunct exchange Mt Gox.Slowing capital inflows into crypto also weighed, especially as initial hype over the launch of spot Bitcoin exchange-traded funds now appeared to have petered out. This, according to a recent report from blockchain analytics firm Glassnode, appeared to have largely quashed speculative activity in the token, which presented few immediate cues for price movement. Retail interest in Bitcoin was also seen largely dwindling in recent months. Concerns over a U.S. recession had sparked deep losses across global financial markets at the beginning of August, with crypto seeing no exception. But while broader markets, especially stocks, recovered from these initial losses, crypto has so far struggled.Bitcoin established a trading range of $50,000 to $60,000 over the past month, and has struggled to remain above $60,000 for extended periods. Broader cryptocurrency prices drifted lower in tandem with Bitcoin, and were also nursing losses for August. World no.2 crypto Ether losd 1.6% to $2,529.75, and was down a whopping 22.2% in August- its worst month since a rout seen in January 2022. Other altcoins XRP, SOL and ADA fell between 1.4% and 4%, and were also down for August. MATIC shed 4.5%.Markets were largely on edge before key PCE price index data due later in the day. The reading is the preferred inflation gauge of the Federal Reserve, and is likely to factor into the central bank’s stance on interest rates. Lower rates bode well for cryptocurrencies, given that they free up more liquidity for speculative trade. Traders are pricing in a greater chance of a 25 basis point cut in September, according to CME Fedwatch. Among meme tokens, Dogecoin fell 1%, taking little support from the dismissal of a lawsuit alleging Elon Musk and Tesla (NASDAQ:TSLA) manipulated the price of the meme token.Musk had made a series of posts on social media website Twitter, now known as X, hyping up Dogecoin. He had also briefly teased the prospect of accepting DOGE as payment for Tesla vehicles. The carmaker currently accepts DOGE as payment for Tesla merchandise, according to its website. In other crypto-related news, troubled cryptocurrency exchange WazirX has earmarked millions of dollars to cover legal expenses following the theft of hundreds of millions in cryptocurrency during a devastating cyberattack in July that severely impacted the Indian exchange.Singapore-based Zettai Pte Ltd, the parent company of WazirX, on Wednesday submitted an affidavit to the High Court of Singapore, seeking a 30-day moratorium. This pause is intended to facilitate discussions with investors and creditors, aiming to stabilize the platform.If approved, the moratorium is considered crucial for maintaining the platform’s operations and preventing additional legal complications.WazirX has halted withdrawals as it works to recover user funds following the breach, which saw attackers make off with $230 million in various cryptocurrencies, including $102 million in Shibu Inu tokens. The attack has left many users in a difficult position and significantly damaged trust in the exchange.In an effort to alleviate investor concerns, Nischal Shetty, WazirX’s co-founder, stated on Thursday that the exchange is actively working to resolve the issue as quickly as possible.Meanwhile, rival exchange CoinSwitch has taken legal action against WazirX over funds that are currently inaccessible on its platform.Zettai stated in its affidavit that it is taking into account creditors’ interests in a proposed scheme aimed at determining the optimal method for distributing users’ assets.Zettai disclosed that its liquid assets consist of $284 million in cryptocurrency, with an additional $12 million set aside for ongoing investigations, legal proceedings, and efforts to restructure its liabilities.Ambar Warrick contributed to this report.  More

Under this new sponsorship, Polkadot’s logo will be featured on all of IMCF’s first team training gear, debuting ahead of the club’s away match against Chicago Fire FC on August 31. Players and technical staff will don Polkadot-branded training shirts during official sessions at Miami’s Florida Blue Training Centre, on the road, and during pre-match warm-ups.As a main partner, Polkadot will engage with Inter Miami’s fans through interactive fan zones and digital campaigns. The company will also enjoy branding opportunities at the training center and throughout the Chase Stadium, with signage on the inside and outside, as well as LED displays and other stadium visuals.Chrissy Hill, CLO & interim COO of Parity Technologies, Polkadot’s leading technical contributor, said: “We’re thrilled the innovative Polkadot community is continuing its strong commitment to the future of entertainment with its sponsorship of Inter Miami. Knowing this team of global soccer superstars will soon wear the brand we love and support on their jerseys is beyond exciting.”Euan Warren, Inter Miami Vice President of Partnerships, added: “Partnering with Polkadot as our Global Training Partner is a natural fit for Inter Miami. Our shared vision for innovation makes this a collaboration that will resonate with our fans worldwide.”According to its recent treasury report, Polkadot allocated $87 million worth of DOT to various initiatives in the first six months of 2024. Marketing and outreach activities took the largest share of spending, with over $36 million allocated to advertisements, events, meetups, conference hosting, and other initiatives. Doubling the pace of the previous six months, these expenses were justified to attract new users, developers, and businesses to the Polkadot ecosystem.After wrapping up Polkadot 1.0 in July 2023, the blockchain community is now preparing for Polkadot 2.0, which is supported by advanced technologies like Async Backing, Elastic Scaling, and Agile Coretime.  More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in partnership with Block Scholes, is pleased to release its latest Crypto Derivatives Analytics Report. This in-depth analysis provides a view of the crypto market, focusing on recent macroeconomic events and trading signals from futures, options, and perpetual contracts.Critical Insights from the Report:#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. For media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

Seemingly unfazed by its inefficiencies, the payments industry has grown into one of the largest in the world, currently estimated to be producing $2.83 trillion in revenues as of 2024.The report highlighted the advantages of using cash for in-person transactions, noting the “unique freedom of money” it provides, a feature modern digital payment systems fail to offer.”Without blockchain technology, there is no means of having self-custody of digital money,” Binance Research said in the report published today, highlighting the limitations of current digital payment methods.The cryptocurrency exchange’s analysts claim that today’s global payment system relies on a “lengthy chain of rent-taking banks and other intermediaries,” creating inefficiencies and high costs.Introduced in 2009 by the pseudonymous Satoshi Nakamoto, Bitcoin was designed as a form of peer-to-peer electronic cash to offer the same freedom as cash transactions for digital payments.Bitcoin’s decentralized approach allows direct transactions between individuals without financial intermediaries such as banks, promoting “financial freedom, transparency, and reduced transaction costs.”The analysis comes at a time when the crypto industry has seen big developments, including the rise of stablecoins and advancements in blockchain technology speeding up transactions and cutting costs.Binance noted that “various Layer 1 and Layer 2 solutions have effectively reduced bottlenecks that previously impeded the adoption of distributed ledgers for mass payment transactions.”Despite these advances, Binance believes that the global payments industry still operates on outdated infrastructure. “The payments industry still largely runs on outdated, 50-year-old bank-tethered infrastructure,” the report stated.Although fintech firms like Stripe, Mastercard (NYSE:MA), and Visa (NYSE:V) have improved the user experience, the cost of involving multiple intermediaries remains.Binance argues that blockchain technology offers “a new set of globally-enabled infrastructure rails for payments,” potentially reducing the costs and speeding up cross-border transactions. It cited Visa’s pilot projects, which use public blockchains to settle global payments, and products like Binance Pay, which enable peer-to-peer and cross-border transfers with lower fees.However, Binance acknowledged that the “massive” size of the payments industry means that the adoption of blockchain technology is likely to be gradual.”This gives the blockchain industry itself the necessary time to grow out of its adolescence,” stressing the need to deal with challenges like scalability, better user experience, and unclear regulations. More

This significant accumulation is occurring even as smaller traders continue to offload their holdings, often impatiently selling into the hands of these larger players.In a tweet, Santiment wrote: “Wallets with 10-10,000 BTC have collectively accumulated 133,300 more coins while smaller traders continue to impatiently drop their holdings to them.”This accumulation trend highlights a strategic move by major Bitcoin holders, often referred to as “whales” and “sharks,” who are capitalizing on the current market conditions. While smaller traders have been selling off their holdings, these major players have been steadily increasing their Bitcoin holdings.With the accumulation, this Bitcoin address category, which are wallets with 10-10,000 BTC, now hold 66.6% of the Bitcoin supply. At the time of writing, BTC was up 3.55% in the last 24 hours to $60,898.The decrease in reserves could also be attributed to the increase in self-custody, in which investors seek greater control over their assets by holding them in cold storage solutions.The outflow of Bitcoins to cold wallets often suggests that investors are more interested in holding the asset for a longer length of time, waiting for future price increases.The implication is that as Bitcoin becomes less available on exchanges, so does liquidity for instant sale. Long-term holders’ dominance on the market may expand, resulting in a more resilient market that is less prone to panic selling.This article was originally published on U.Today More