Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Bitcoin rebounds after massive sell-off; BRETT and Poodlana shine

  • Bitcoin trades above $55k after a sharp sell-off that saw it break below $50k.
  • Brett (BRETT) meme coin is leading top gainers among the top 100 coins by market cap.
  • Poodlana has surpassed $5 million in presale with 10 days to go before it lists on DEX.

Several altcoins are green as the price of Bitcoin rebounds from the lows reached on Monday amid the staggering sell-off that engulfed crypto and stocks.

As Bitcoin (BTC) price looks to extend its bounce above $55k, meme coin Brett (BRETT) is leading the altcoin flip with over 30% gains in 24 hours. Meanwhile, traders eyeing the new Solana-based meme coin Poodlana (POODL) have increased the presale tempo as the project surpasses the $5 million mark.

Bitcoin trades above $55k as market eyes recovery

Matt Hougan, the chief investment officer of Bitwise, is bullish despite the crypto crash.

He in a post on X on Monday that the meltdown that eviscerated the crypto market on Aug. 5, 2024 was comparable to the crash that hit global capital markets in mid-March 2020.

As happened then, Bitcoin led cryptocurrencies lower amid the chaotic reaction to the Covid pandemic. But the market bounced, and Hougan believes the current downturn could offer such an opportunity.

Bitcoin has recovered some of the losses seen when it dropped to below $50k, and could benefit from an explosive bounce if the declines represented a fresh bottom.

BRETT leads market gainers with 30% spike in 24 hours

The crypto market has returned to above $2 trillion in market cap as several altcoins post notable gains in the past 24 hours. Although Ethereum (ETH), Solana (SOL) and BNB (BNB) have registered decent gains during the early Asian hours, the biggest gainer at the time of writing is Base meme coin Brett (BRETT).

According to CoinMarketCap data, BRETT has seen a 33% jump in its price to reach a 24-high of $0.094. Brett’s trading volume has increased 5% to over $93.8 million. While BRETT is outpacing Bittensor (TAO), AIOZ Network (AIOZ), Ondo Finance (ONDO), and Akash Network (AKT) at the time of writing, its price remains in the red over the past week and month.

BRETT price is down 31% over the past week, while its losses over the past month are around 23%.

Poodlana presale: Traders scoop POODL

Poodlana (POODL) is attracting huge attention despite the current market outlook. Having launched its presale on July 17, the new Solana meme coin has seen its total raise surpass $5 million in a record 20 days.

Solana’s newest meme coin describes itself as the project ‘where crypto meets couture.’ It’s inspired by the poodle, a dog breed that’s driving the fashion world wild, with top global celebrities and elites keen on making a statement with poodle fashion.

This merging of fashion and crypto to drive the new era of dog-themed market tokens has found its greatest traction in Asia, with China, Japan and Korea leading the new crypto wave. Poodlana’s presale success suggests its launch could be an explosive debut in the market.

When is the Poodlana DEX launch?

Because Poodlana offered a 30-day presale, the project expects to list its token on Aug. 16. The presle price started at $0.06 and will hit $0.0539 in the last presale stage, before hitting the DEX within an hour of the token sale closing.

That means traders looking to position with a new SOL meme coin at discounted prices have 10 days only to buy POODL. Details also show Poodlana will launch with 100% of its presale tokens unlocked.

Currently, POODL is priced at $0.0416, with the next stage set to see it rise to $0.0458.

You can discover more about this new meme coin by joining the community here.

The post Bitcoin rebounds after massive sell-off; BRETT and Poodlana shine appeared first on CoinJournal.

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Bitcoin tumbles, tests $49,000, amid major crypto selloff

  • Bitcoin briefly tests $49k before rebounding to $51k amid a $270 billion crypto market selloff.
  • Concerns over the US recession and Japan’s rate hike trigger market turmoil.
  • FBI warns of rising crypto scams during increased market volatility.

The cryptocurrency market has experienced a significant downturn today, shedding approximately $270 billion in value over 24 hours according to CoinGecko data. Leading this decline, Bitcoin plummeted by almost 20%, reaching $49,121, its lowest level since February at $53,091.

Bitcoin price chart

Ether also suffered a substantial drop of 21%, falling to $2,300, erasing its gains for the year. Other cryptocurrencies like Binance’s BNB and Solana have also suffered significant losses.

Bank of Japa hikes its benchmark interest rate

This dramatic downturn in the crypto market coincided with a broader selloff in equities, particularly in Asia-Pacific markets, exacerbated by Japan’s Nikkei 225 falling by as much as 7%.

The Bank of Japan’s decision to hike its benchmark interest rate to the highest level in 16 years triggered this selloff, sending shockwaves through financial markets.

The US Nasdaq also slid into correction territory, marking its worst three-week stretch since September 2022, further contributing to the decline in risky assets, including cryptocurrencies.

The market’s reaction was influenced by Japan’s monetary tightening and the US Federal Reserve’s recent actions.

Although the Fed opted to hold its benchmark rate steady, it did not indicate a rate cut in September, which many market experts had anticipated.

This uncertainty added to the market’s anxiety, causing traders to price in a 100% chance of lower US base rates in September.

Concerns of a potential US recession

The selloff reflects growing concerns about a potential US recession, triggered by softer economic data and rising geopolitical tensions.

Tony Sycamore, a market analyst at IG, highlighted that Bitcoin and other cryptocurrencies are risk assets and are highly susceptible to market volatility. He noted that Bitcoin is currently testing crucial support levels and must hold the $53,000 mark to prevent further declines.

However, at press time Bitcoin was trading at $51,657, well below this support level, despite making a comeback from around $49k.

FBI issues warning

The cryptocurrency market’s volatility has also heightened security concerns. The FBI has issued a warning about scammers exploiting the market crash to steal users’ funds.

The FBI advised users to be cautious of unsolicited messages or calls indicating account problems and urged them to verify any issues through official channels. The agency’s warning comes amid a significant increase in crypto-related fraud and hacking incidents.

In the first half of 2024, hackers stole nearly $1.4 billion worth of crypto, more than double the amount stolen in the same period in 2023.

This increase is attributed to the rising value of various tokens, including Bitcoin, Ethereum, and Solana. Ari Redbord, global head of policy at TRM Labs, noted that while the security of the cryptocurrency ecosystem has not fundamentally changed, the higher value of tokens has made them more attractive targets for criminals.

As Bitcoin and other cryptocurrencies navigate these turbulent times, investors and users should remain vigilant about market conditions and potential security threats.

The post Bitcoin tumbles, tests $49,000, amid major crypto selloff appeared first on CoinJournal.

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Bitcoin network difficulty reaches record high amid price volatility

  • Bitcoin’s network difficulty hits a record high of 90.67 trillion as of August 2, 2024.
  • Bitcoin’s hash rate reached a record 677 EH/s on July 27th, boosting network security.
  • Bitcoin’s RSI at 44 suggests potentially oversold conditions; the price may test $58,000

Bitcoin has set a new record for network difficulty, reaching 90.67 trillion on August 2, 2024 according to data on CoinWarz.

This milestone represents a significant rebound following three months of declining difficulty, signalling renewed confidence among miners in the cryptocurrency’s network.

The increased difficulty implies that mining new Bitcoin blocks now requires more computational power, potentially driving up operational costs and influencing Bitcoin’s future supply and pricing dynamics.

Bitcoin’s hashrate also hit an all-time high

On July 27th, Bitcoin’s hashrate surged to a record 677 EH/s, reflecting a robust and secure network infrastructure. This peak suggests intensified competition among miners and strengthens the network’s resilience against potential security threats.

A high hashrate not only indicates increased mining activity but also has the potential to positively impact Bitcoin’s price by boosting investor confidence.

BTC price under increased bear pressure

Currently, Bitcoin is trading at $63,103.42, showing a 0.17% increase over the past 24 hours. The cryptocurrency has been fluctuating between $62,248 and $65,593, suggesting a mild recovery trajectory despite recent volatility.

If this trend continues, Bitcoin may avoid the $62,000 resistance level, potentially paving the way for new highs.

However, the Relative Strength Index (RSI) for Bitcoin is at 44.64, indicating that the cryptocurrency is approaching oversold conditions.

Bitcoin price

A declining RSI points to diminishing bullish momentum, and if bearish forces intensify, Bitcoin might test its next support level at $58,000. Further declines could follow if market pressure persists.

Overall, Bitcoin’s rising network difficulty and hashrate highlight a strengthened and competitive mining environment. These factors are essential for evaluating the network’s health and security as Bitcoin navigates through ongoing price volatility.

The post Bitcoin network difficulty reaches record high amid price volatility appeared first on CoinJournal.

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Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

  • Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring.
  • Genesis will return $3B to creditors, covering 77% of customer claims.
  • Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan.

Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses.

This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan.

Genesis Trading settlement plan has been approved

The turmoil for Genesis began in November 2022 with the collapse of the FTX crypto exchange, which severely impacted the firm’s derivatives business.

Genesis halted withdrawals and filed for Chapter 11 bankruptcy protection in January 2023 due to substantial losses linked to the FTX debacle and the failure of Three Arrows Capital.

At that time, the company owed over $3.5 billion to its top creditors.

Amidst this challenging backdrop, Genesis has recently reached a court-approved settlement plan, aimed at returning $3 billion to its customers. This plan will cover approximately 77% of the total value of customer claims.

In the immediate aftermath of Genesis’s bankruptcy filing, claims were trading at only 35% of their value on claim trading platforms. However, current trading prices for claims are significantly higher, with claims over $10 million trading between 97-110% of their value and smaller claims trading between 74-94%.

Digital Currency Group (DCG) to miss out on this settlement

Digital Currency Group (DCG), the parent company of Genesis, will not benefit from this settlement. The court has ruled that there is insufficient value in Genesis’s estate to provide DCG any recovery as an equity holder.

This decision was influenced by DCG’s failed attempt to cap customer claims at January 2023 cryptocurrency values, which would have allowed for full repayment to customers and potentially a recovery for DCG.

Additionally, DCG had assumed $1.1 billion of Genesis’s debt from the Three Arrows Capital collapse, but this obligation did not cover the losses.

The post Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC appeared first on CoinJournal.

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Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading

  • Futu Securities launches Bitcoin and Ethereum trading in Hong Kong with zero fees.
  • New users can receive incentives like Bitcoin or shares of Alibaba and Nvidia.
  • Futu seeks a crypto exchange license for PantherTrade amid Hong Kong’s crypto hurdles.

Futu Securities International, Hong Kong’s largest online broker, has introduced retail cryptocurrency trading in the city, marking a significant advancement in its financial services.

The brokerage firm, known for its extensive reach and innovative offerings, now allows residents to trade Bitcoin and Ethereum on its platform. This initiative comes after a partnership with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong.

Bonuses and waived crypto trading fees

The launch comes with enticing bonuses. New account holders who deposit HK$10,000 (approximately $1,280) for 60 days can receive either HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba.

Those who deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose stock has surged by about 130% this year.

Additionally, Futu has waived commission fees for crypto trading starting August 1st, enhancing the appeal of their new service.

Futu looking for a crypto exchange license in Hong Kong

Futu is also pursuing a cryptocurrency exchange license for its new platform, PantherTrade, which currently operates under a ‘deemed to be licensed’ status.

PantherTrade is among 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Commission (SFC).

Hong Kong crypto industry challenges

Despite these advancements, Hong Kong’s aspiration to become a global crypto hub faces hurdles. The city has experienced the exit of major global trading platforms and low trading volumes for crypto ETFs.

Increased fraudulent activities, such as a recent scam involving counterfeit currency, have further complicated the situation.

In response, Hong Kong authorities are enhancing their regulatory measures and law enforcement capabilities to address these issues and boost investor confidence.

As Futu Securities deepens its presence in the cryptocurrency market, the success of its initiative will depend on balancing innovation with stringent oversight to ensure a secure trading environment.

The post Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading appeared first on CoinJournal.