Cryptocurrency

The latest move saw Mt. Gox transfer 0.021 BTC to a new wallet 10 minutes ago. This might mean that plans are underway to pay back creditors, given that 90,344 BTC (worth $6 billion) are held by Mt. Gox.These little transactions frequently signal bigger fund movements, which concerns the market about possible effects on the price of Bitcoin. It is interesting to note that prior exchange transfers did not cause market meltdowns.Even with sizable holdings, the majority of investors are not liquidating their Bitcoin holdings in bulk. They are attempting to maintain the market’s stability and liquidity instead. Even in cases where significant volumes are moved, this approach has prevented strong price drops.With its price hovering around $67,000, Bitcoin’s value is relatively stable and might not be affected by the move too much. Essential moving averages that traders use to determine the direction of the market are the 50 EMA, 100 EMA and 200 EMA.Despite the possible inflow of Mt. Gox’s Bitcoin to the market, it appears from recent movements that Bitcoin is holding strong. In light of previous actions, it is most likely that Mt. Gox will keep transferring money in a way that causes the least amount of disturbance to the market.The consensus among on-chain and market analysts is that the market can handle these transfers without suffering a significant crash, but traders should still keep a close eye on these transactions.This article was originally published on U.Today More

SoMon, a decentralized Web3 forum with a vision to create a space for user-owned content and connections, recently launched its app on Base and has already gained more than 300,000 on-chain transactions in 14 days since its launch, making it the most active and fastest-growing social app in the Web3 space.SoMon, short for Social Monster, allows users to monetize and create communities (Tribes) around their favorite topics, passions, creators, and fandoms. It is the first app built on OpenSocial Protocol, a composable infrastructure layer for building social applications, and also the first Web3 social app that is truly gasless, allowing it to lower the barrier of entry and onboard users beyond the crypto community. Having launched its mobile app on 19 June 2024, around a month ago, it has garnered over 30,000 on-chain registrations in just two weeks. Today, the community is growing rapidly, with over 2 million social engagements among 300+ different Tribes (communities) and its 80,000+ users. SoMon is currently in its first season, ending on 31 July 2024. In this season, users compete to gain points through interactions and earn badges by climbing to different leagues. At the end of the season, SoMon will officially launch its community token, $OwO, which will be airdropped to the community at the end of the first season, with the first airdrop releasing 3% of its total supply this 1 August 2024, and 1% of its total supply for the subsequent seasons.During upcoming seasons, SoMon is focused on activating the community economy via Tribe Summer campaign for users to create and engage with their bot-free community.About SoMonSocial Monster (SoMon) is an open topic-based Web3 social app forum powered by OpenSocial Protocol. It serves as a space where users can create vibrant and engaging communities (Tribes) centered around their passions and fandoms. SoMon ensures that Tribes, content, and social connections are wholly owned by users. ContactPublic Relations ManagerKelvin Yeo Jun HaoEverest Ventures Groupkelvin.yeo@evg.coThis article was originally published on Chainwire More

The study identified two major challenges faced by crypto investors: high fees that reduce returns and the overwhelming task of comparing numerous platforms. RankFi’s review provides crucial insights into where users can find the most cost-effective crypto platforms.Key findings from the study include:RankFi is a comparison site offering detailed analyses and reviews of cryptocurrency platforms worldwide. Our mission is to provide clear, unbiased information to help crypto investors find the best platforms for their needs.For more information, users can visit RankFi.com.ContactAlex DabekRankFihello@rankfi.comThis article was originally published on Chainwire More

As real estate markets crash, he highlights the importance of making money in your sleep — a key lesson from his Rich Dad character. According to Kiyosaki, the time to generate passive income is now.Kiyosaki’s receipt is well-known. He believes Bitcoin, along with gold and silver, is essential for preserving and growing wealth in these turbulent times. Once a crypto skeptic, the writer now calls Bitcoin “people’s money” and projects it could reach half a million dollars by the next year. This shift aligns with his long-standing criticism of traditional financial systems and the Federal Reserve’s policies, which he argues devalue the dollar, making it “fake.”Instead, he advises continual learning, attending seminars, changing your social circle and listening to successful individuals rather than those in traditional nine-to-five jobs. According to him, bad times are coming, but the brave, smart and open-minded will become richer and wiser.Meanwhile, the price of Bitcoin has risen by 20% in the last two weeks. From bottoming out at $55,000 to approaching $70,000 — the price of BTC is about to hit a new all-time high, and if it does indeed do so again this year, maybe the “best time to get rich” is really approaching.This article was originally published on U.Today More

The seasoned trader Peter Brandt recently shared his opinions on where he believes the price of Bitcoin is right now. He noted that contrary to what some may believe, the consolidation phase that Bitcoin is currently going through does not resemble a bullish flag pattern. As an alternative, Brandt observed a downward channel, indicating a potential bearish trend.Brandt’s analysis is predicated on the classical charting methods developed by Schabacker Edwards and Magee. He felt that pattern labeling ought to adhere to these accepted standards. According to Brandt, the current Bitcoin pattern has persisted for far too long to be taken seriously as a warning indication. Instead, the pattern is more akin to a down channel, which often indicates further potential downside.The price movement of Bitcoin as seen on the provided chart, which displays a series of lower highs and lower lows, is consistent with a down channel. This pattern gradually lowers the price due to resistance levels, which typically denotes a declining phase of the asset. In the event that the downward trend continues, there may be increased selling pressure on Bitcoin, which could push prices below their current levels. This view contradicts the hope that some investors have for the future of Bitcoin, especially in view of the divergent signals from various technical indicators. In general, it is not clear whether or not the bullish rally will continue in the upcoming week. One way or another, we need a fresh inflow of funds in order to see Bitcoin at $70,000 or above.This article was originally published on U.Today More

This happened as the leading global digital coin BTC suddenly jumped by 6%, leaving the $67,000 price level behind.According to this diagram, digital gold (as Bitcoin is often referred to) has increased by an impressive 460%. Next to BTC comes the S&P 500 and Nasdaq indexes with 64% and 62% increases, correspondingly. Gold has added 21% and silver gained merely 8% over the past four years. While all these assets spearheaded by Bitcoin have been rising in value, bonds, as the diagram shows, has plunged into red, falling by 19%.Commenting on this bullish Bitcoin leadership among the popular assets, Saylor tweeted: “If you’re not winning, you’re losing. #Bitcoin.” Thanks to regular Bitcoin accumulations over the recent years, MicroStrategy currently holds 226,331 BTC valued at $7.538 billion USD. The most recent purchase was made in June, when the company raised $700 million through offering its investors convertible senior notes specifically to buy more Bitcoin.Earlier this year, a similar fundraising campaign was carried out by Saylor’s company in March when they raised $500 million for an additional Bitcoin purchase.It outperformed Nvidia (NASDAQ:NVDA), whose shares soared in price by 1,050%. Meanwhile, Tesla (NASDAQ:TSLA) has increased by 167% since then. It has surpassed such electronics and IT giants as Apple (NASDAQ:AAPL), Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META). At press time, MSTR is trading at $1,768 USD.By now, Bitcoin has rolled back a little and is changing hands at $66,660.This article was originally published on U.Today More

His tweet also intrigued the community because it had an image of Homer Simpson, who is “bullish on Bitcoin.”Michael Saylor issued his tweet while Bitcoin continues trading in the $64,200 zone after dropping there from the $65,800 level in a 3.53% decline.Prior to that, the world’s flagship digital currency demonstrated an amazing price increase of close to 16% between July 12 and July 17 as it surged from $56,880 to the $65,910 zone.With slightly more than 460 people who participated in that survey, 260 Redditors do not to plan to sell any of their Bitcoin. Sixty-eight people plan to send 1%-25% to exchanges for selling. Eighty-eight investors will dispose of 100% of their BTC recovered from Mt. Gox.Bitcoin maximalist and CEO of Jan3 Samson Mow believes that no more than 20% of the $6 billion in Bitcoin sent by Mt. Gox for compensation is going to hit the market. The rest, he believes, will be locked in cold wallets for long-term storage.This article was originally published on U.Today More

Brandt, a well-known figure in trading with almost 50 years experience on financial markets, shared his latest insights through a price chart. The chart shows that from March until now, Bitcoin has not been able to reach higher highs and continues to set lower lows. This ongoing pattern suggests a downtrend trend, even though the current bounce seems promising.In the subsequent social media exchange, the trader discussed the possibility of a head and shoulders pattern forming on the cryptocurrency’s monthly chart. This pattern, known for signaling potential market reversals, consists of three peaks: a higher peak (the head) between two lower peaks (the shoulders).If Bitcoin were to develop this pattern, it could indicate that a bearish shift in price direction might be on the horizon.Nevertheless, Brandt noted that while this pattern is a real consideration, it has not been confirmed yet. He emphasized that the daily chart needs to show further evidence before people draw any definitive conclusions about the pattern’s validity.The cautious tone of the veteran trade is a reminder to stay alert, even with the recent positive movement of BTC.This article was originally published on U.Today More