Cryptocurrency

Bitcoin extended its sell-off, dropping to an intraday low of $60,240 after the July U.S. jobs report released on Friday fueled concerns that the world’s largest economy might be in danger of recession. Stocks also sank as the unemployment rate jumped to its highest level since October 2021.A further sell-off in Japan occurred in response to the Bank of Japan’s most minimal monetary tightening actions on Wednesday when it lifted its benchmark lending rate to 0.25% from a previous range of 0%-0.1%.At the time of writing, BTC was down 3.56% in the last 24 hours to $62,142.In a tweet, Schiff highlighted the weekly decline in Bitcoin’s value against the Japanese yen, suggesting that Japanese investors might soon abandon the cryptocurrency.Schiff wrote: “This week Bitcoin is down 13% in Japanese yen. That’s a big drop for something Japanese investors bought as a safe haven. Gold is down too, but only 2.5% in yen. That’s not bad considering that Japanese stocks fell 7.3% on the week. The Japanese will soon say sayonara Bitcoin.”In another tweet, Schiff criticizes Ethereum ETFs and predicts a drop to $2,000: “Ethereum ETFs have been trading for just two weeks and they’re already down 15%. They closed the week on new lows. Ethereum itself is now trading below $3,000. It won’t be long before it break $2000. Gold rose 2% this week. Bitcoin fell 10%. The race is over. Gold wins the medal.”Peter Schiff has long criticized cryptocurrencies, typically citing gold as a more dependable store of value. His recent comments reflect his ongoing skepticism towards cryptocurrencies; thus, Schiff’s prediction of Japanese investors abandoning Bitcoin should be read in light of his overall investment approach. This article was originally published on U.Today More

Such statements were shared by Arthur Hayes, the founder of major crypto exchange BitMEX and the CIO of Maelstrom Fund, with his 526,000 followers on X.However, he views the period of recession as yet another window of opportunities: Hayes says that the time to “go shopping” has come.Since the local bottom reached on July 11 at about 161 JPY per USD, the Japanese currency managed to add over 10% and stabilize at 140 JPY per USD.By contrast, Bitcoin (BTC), the largest cryptocurrency, after being twice rejected at $70,000 on July 29, plunged below $61,000, losing 14% in just three days.The Nikkei Stock Average 225, an index of largest Japanese companies stocks, lost 2,216.63 points, or 5.81% in just one day. The broader Topix index performed even worse with a 6.14% drop to its lowest closing marks in half a year.Economists indicated that both drops are the second-largest in the history of relevant indexes. As such, Japanese stocks have not seen such pressure since Black Monday in 1987.This article was originally published on U.Today More

While they are crashing, he still sees an opportunity for investors and entrepreneurs.Robert Kiyosaki reminded his 2.1 million followers on X that he had been predicting this crash in his multiple tweets issued over the past few years. The author of “Rich Dad Poor Dad” many times warned that a crash would be coming soon.One of the ways to behave now, he said, is to use the chance to get rich, which he believes has emerged now — to start “buying assets at bargain basement prices.” He admitted that losses that many investors and companies are facing now are “substantial.”He referred to his aforementioned book and stated that “Rich dad taught his son and me when markets are crashing is the time the rich get richer” using the recommendation from above.He explained that this was not actually a prediction but rather his “target, a dream, and a wish.” Curiously, he also revealed that he was holding and buying not only Bitcoin but also leading altcoins, in particular Ethereum and Solana.Kiyosaki has been actively tweeting about Bitcoin since at least 2020, when the pandemic landed, and he kept accusing the U.S. government of printing “fake” U.S. dollars to support the economy. This year, the financial guru has been giving another big reason for his Bitcoin surge expectations — the size of the U.S. national debt (by now) has reached a staggering $35 trillion.This article was originally published on U.Today More

Margex, a cryptocurrency trading platform boasting ultra-convenient and user-friendly copy trading, is excited to announce Margex TON (Toncoin) deposit and withdrawal.TON (Toncoin) has become a revolutionary blockchain technology that aims to bring something unique into the cryptocurrency ecosystem. TON, a native token of “The Open Network,” is designed to promote the infrastructure of digital transactions and decentralized applications. TON’s objective to focus on scalability, speed, and ease of use has tremendously improved the demand for and usability of the blockchain experience for many users, thereby positioning it as a major player and contributor to the blockchain space. Despite being relatively new to the blockchain space, TON (Toncoin) has grown significantly since 2024, helping with decentralized applications (DApps), TON has a total value of over $760 million and a market capitalization of $17.1 billion, sitting above TRON (Tron network) and AVAX (Avalanche). Key Features of TON for Margex UsersKey features of TON (Toncoin) that have driven much adoption and increased high demand for activities on its network include the following; 1 A Distributed Supercomputer – TON’s blockchain has been designed to act like a supercomputer that helps coordinate different products and services. Due to its unique design, TON has the potential to process millions of transactions per second (TPS), positioning its technology as a fast, secure, and decentralized system.2 Performance – TON has been built to handle smart contracts of different capacities and other complex transactions. This high-design system of TON also allows it to scale gaming platforms, decentralized finance systems (DeFi), and DAOs. 3 Speed and Scalability – In TON’s ecosystem, new blocks are generated every 5 seconds, making transactions and executing smart contract orders fast. To scale and meet demand, TON employs workchains and dynamic sharding to accommodate large numbers of users and transactions.Additionally, TON’s integration with Telegram enables seamless transactions, boosts usability experience, and opens the widespread adoption of Telegram-based tap-to-earn games like Notcoin (NOT), Hamster Kombat (HMSTR) airdrop, and other tap-to-earn Telegram games.The addition of TON on Margex to a list of its instant deposit and withdrawal options, such as Kaspa, will improve usability and provide more options for users to carry out transactions in the shortest time. Margex is a legit copy trading platform. To further improve the user experience, it has redesigned its platform with key features such as a zero-fee converter and a listing of high-traded pairs.Margex’s zero-fee converter enables users to swap from one token to another without additional cost, thereby encouraging portfolio diversification. Margex also plans to launch its ultra-modern wallet, which will help users manage all assets within its platform.With a minimum deposit of $10, traders can access all of Margex’s copy trading functionality, as it remains the most user-friendly platform in the crypto industry. Users can follow Margex on Facebook (NASDAQ:META), Twitter, Telegram, Discord, and YouTube, or join the Margex teamContactHead of CommunicationsAlsu IrkabaevaMargex LTDpr@margex.comThis article was originally published on Chainwire More

As of today, MicroStrategy owns 226,500 BTC, which is about $15.06 billion. In comparison, the IBIT ETF holds 343,387.46 BTC, which is about $21.7 billion.Peter Schiff, a well-known crypto skeptic, shared his thoughts on such a large Bitcoin (BTC) portfolio of the two market giants. Schiff suggests it is possible that the companies will have to sell their BTC bags. These very losses are inevitable, in Schiff’s view, however, because BTC is worthless in the expert’s opinion.What happens to the market when someone decides to sell a large stake could be seen a few weeks earlier in the example of Germany. When selling a $3 billion stake, one of the country’s administrative bodies managed to drop the price by 20% within a month.It is unknown what will happen if Schiff’s forecast turns out to be true and BlackRock and MicroStrategy decide to sell their Bitcoin holdings, which are 12 times bigger than Germany’s.This article was originally published on U.Today More

Notably, the Bitcoin evangelist preached the “gospel” of digital assets and its numerous advantages as capital preservation compared to financial assets. Saylor maintained that the high inflation rate has made many investors give up on financial assets as a way to preserve funds. Additionally, the high maintenance cost and depreciation in value over time make the class of assets an unwise investment.Saylor notes that while alternatives such as silver, gold and land may seem like better alternatives, these also have limited time values ranging between 22 years and 90 years on average.However, for Bitcoin, the minimum lifespan for digital assets begins from 1,000 years. According to Saylor, this intrinsic value lies in the fact that Bitcoin, a creation of Satoshi, remains a digital not impacted by material forces.The MicroStrategy chairman has always remained bullish on Bitcoin and, as recently reported by U.Today, Saylor issued a bold price prediction of $13 million as the digital asset’s base case by the year 2045. Analysts say the prediction helps to understand the accumulation strategy of MicroStrategy, which thinks in the long term.This article was originally published on U.Today More

The latest difficulty adjustment shows that competition among miners is on the rise as the Bitcoin network expands and becomes more complex after this year’s halving.Higher mining difficulty usually means a tougher environment for miners, which can affect Bitcoin’s overall network security and the efficiency of mining operations. This could lead to higher operational costs for miners, which might influence the future dynamics of Bitcoin’s price.Meanwhile, as of today, Bitcoin’s price stands at $62,800. In the past 24 hours, the trading volume reached $44.90 billion. Quotes of the main cryptocurrency have experienced a decline of 3.9% since the start of the new trading session, with the daily high recorded at $65,600 and the daily low at $62,600.The big change in difficulty could have an impact on how stable Bitcoin’s price is and how people on the market make their decisions.It is not straightforward how the difficulty of mining affects the price of Bitcoin. On the one hand, it could make mining more difficult, but on the other, it could signal that the network is more secure, which might affect how investors feel about it and how the market moves.This article was originally published on U.Today More

In order to revisit its all-time high, Bitcoin (BTC) miners should raise its hashrate by 2%, as of now. The CryptoQuant team stresses that this should be treated as a positive sign for the market.In the midterm, the higher hashrate is a result of recovering revenues and miners being fairly paid now after experiencing an extremely underpaid situation since April, when BTC halving reduced block rewards by 50%.Daily miner revenues have increased by almost 50% since early July, which appears to be the period of “maximum pain” for the segment. As covered by U.Today, in mid-April, BTC block rewards for miners dropped to 3,125 Bitcoins (BTC) per block.Namely, daily Bitcoin (BTC) miner outflows have remained between 5,000-10,000 in July, which is roughly equal to 50% of March 2024 levels.However, Bitcoin (BTC) miners remain dependent on BTC price volatility. Daily transaction fees dropped by orders of magnitude in recent months, researchers say.This article was originally published on U.Today More