Kategorie: Bitcoin News

• Poodlana’s presale surges to $3.5M, with price set to rise further.
• Bitcoin hits $69,000, boosted by Trump’s pro-crypto remarks.
• BOOK OF MEME rises 20%, with strong technical patterns and market interest.

As August approaches, the cryptocurrency market continues to evolve with exciting developments and noteworthy trends. Three cryptocurrencies stand out for their potential to capture significant attention and drive market momentum: Poodlana (POODL), Bitcoin (BTC), and BOOK OF MEME (BOME).

Each of these assets is making waves in its own way, whether through innovative presales, significant price rallies, or emerging market trends.

Here’s why Poodlana, Bitcoin, and BOOK OF MEME (BOME) are the ones to watch as we move deeper into August.

1. Poodlana: a new Solana meme coin making waves in presale

Poodlana (POODL) is quickly gaining traction in the crypto space, particularly within the meme coin sector. Launched on July 17, 2024, Poodlana’s presale has already hit an impressive $3.5 million in under two weeks.

This surge in interest highlights the growing excitement around this new entrant in the market.

The inspiration behind Poodlana is equally compelling. The cryptocurrency draws from the allure of the poodle, one of Asia’s top dog breeds, blending fashion-forward appeal with the meme coin trend.

This combination is resonating with both investors and enthusiasts, contributing to its rapid rise.

With just 17 days left in the presale, the token is set to list on its first decentralized exchange (DEX) on August 16.

The presale price is designed to rise after every 72 hours. The price at press time was $0.0335 and was expected to rise to $0.0375 in the next presale stage.

It is projected to list on crypto exchanges $0.06, offering early buyers a chance to capitalize on a potentially lucrative opportunity.

Poodlana’s tokenomics are also noteworthy. With a total supply of 1 billion tokens, 50% is available during the presale, and 100% will be unlocked after the ICO sale.

The token’s immediate listing on a DEX post-presale is designed to eliminate uncertainties and could drive significant price movement as the project transitions from presale to public trading.

2. Bitcoin: seeing increased activity after the Bitcoin 2024 Conference

Bitcoin (BTC) remains a cornerstone of the cryptocurrency market, and its recent performance underscores its continued relevance and influence.

In the past 24 hours, Bitcoin price has surged by over 3%, breaking past the $69,000 level. This price increase reflects a broader bullish trend in the market, which is further fueled by recent events.

Former President Donald Trump’s pro-crypto speech at the Bitcoin Conference has been a significant driver of Bitcoin’s recent gains.

Trump pledged to prevent federal Bitcoin sales if re-elected and to make the US a global leader in cryptocurrency. His remarks have resonated with the crypto community, contributing to Bitcoin’s recovery and pushing it closer to the $70,000 mark after trading as low as $63,000 in the past week.

The rally has also positively impacted other Bitcoin-related tokens. For instance, Bitcoin Cash (BCH) and Bitcoin SV (BSV) saw substantial gains of over 14% on Monday. BSV, in particular, has experienced a dramatic 16% jump over the last day, indicating a strong recovery despite being down about 45% year-to-date.

With Bitcoin’s influence permeating the market and its price nearing $70,000, it remains a key asset to watch in August.

3. BOOK OF MEME (BOME): another Solana-based meme coin that’s rising

BOOK OF MEME (BOME) is rapidly emerging as a standout within the Solana ecosystem. Recent developments highlight a significant bullish trend for this meme coin. BOME surged 20% to $0.0105, driven by a combination of technical patterns and broader market movements.

The token’s impressive rally is reinforced by a golden cross pattern, where the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, signaling strong bullish momentum.

Additionally, BOME has shown resilience by rebounding from early July’s drop. After retesting the $0.0065 support level, the token managed to break through key resistance at $0.0095, climbing to $0.01065.

The Relative Strength Index (RSI) also broke bearish divergence, further supporting the positive outlook.

Despite this, traders should remain cautious, as the RSI’s entry into the overbought region and potential volatility from the upcoming Federal Open Market Committee (FOMC) meeting could influence price movements.

The growing interest in BOME is also evident from a 74% increase in futures open interest. This indicates heightened market interest but also suggests potential for increased volatility and subsequent corrections.

The presence of an inverse head and shoulders pattern on the daily chart suggests a possible 41% surge to $0.013, making BOME a key cryptocurrency to monitor closely in August.

Conclusion

While Poodlana (POODL), BOOK OF MEME (BOME), and Bitcoin each present compelling bullish indicators for August, Poodlana stands out as the most promising choice.

With its presale currently underway, Poodlana offers a clear price increment path leading up to its August 16 DEX listing, providing a more predictable investment opportunity.

In contrast, Bitcoin and BOOK OF MEME face market volatility that could lead to significant price swings. For those seeking a more structured and potentially lucrative investment, Poodlana’s presale phase offers a unique and advantageous position.

Nevertheless, it is always important to do your due diligence before making any crypto investment due to the volatile nature of the crypto market.

The post Cryptocurrencies to watch in August: Poodlana, Bitcoin, BOOK OF MEME (BOME) appeared first on CoinJournal.

• Cantor Fitzgerald is looking to launch a Bitcoin financing business with an initial capital of $2 billion.
• The financing services giant’s CEO announced the plans at Bitcoin 2024.
• Cantor Fitzgerald will partner with top Bitcoin custody pltforms to offer leverage to investors that hold BTC.

Cantor Fitzgerald, a New York-based global financial services company, will invest an initial $2 billion in a new Bitcoin financing business, the firm’s CEO Howard Lutnick announced at Bitcoin 2024.

The company confirmed the plans via a press release.

Cantor Fitzgerald eyes BTC financing business

According to the Cantor Fitzgerald CEO and per details in the news release, the new business venture will offer leverage to investors holding Bitcoin. The firm will invest more into the financing platform after the initial $2 billion splash.

“We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets,” Lutnick said in a statement.

In his comments at Bitcoin 2024, Cantor Fitzgerald exec said his firm was bringing the flagship digital asset to the global financial markets. The company is ready to work with leading custodians in the market, he added.

Lutnick also revealed that Cantor Fitzgerald owns Bitcoin and that he personally also holds the benchmark crypto asset.

JUST IN: $13.2 billion Cantor Fitzgerald CEO says they own “a shit load of #Bitcoin” pic.twitter.com/Ei9mmNUwlF

— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024

“My view is Bitcoin, like gold, should be free to trade everywhere in the world and as the largest wholesaler in the world we are going to do everything in our power to make it so,” he said at Bitcoin 2024.

Cantor Fitzgerald launched in 1945 and has grown into one of the world’s leading financial services providers.

The company offers access to services such as investment banking, equity research, capital markets, asset management and prime brokerage among others.

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• Bitstamp plans to distribute Mt. Gox Bitcoin and Bitcoin Cash as from Thursday, July 25.
• The exchange will have a separate distribution plan for customers in the UK.

Bitstamp announced on Wednesday that the crypto exchange had received Bitcoin (BTC) from Mt. Gox and that it would begin distribution to creditors on Thursday.

The exchange also has Bitcoin Cash from the Mt. Gox trustee, with this coming a decade since the Bitcoin exchange collapsed following a major hacking incident. After a ten-year wait, customers of the defunct crypto exchange can now have their digital assets back.

Bitstamp receives Mt. Gox BTC

Bitstamp said in an announcement that it would begin the distribution process on July 25, 2024. However, it also urged customers to be patient as the process of verification continues.

“We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized,” the exchange notified users via X.

Bitstamp has also told its users in the UK that distribution for this group will be undertaken through a separate plan.

“Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible,” its post on X reads.

Bitcoin price holds above $66k

Mt. Gox repayments began this month and continues to provide notable downward pressure for BTC price. A significant number of users however have not sold amid the distribution. For instance, CryptoQuant analysts pointed to the increase in BTC outflows from Kraken as the exchange distributed Mt. Gox bitcoin to its customers.

According to analysts, this scenario could bolster Bitcoin’s potential price rebound.

The flagship cryptocurrency currently hovers above $66k, with bulls showing strength since recovering from the recent dump to under $64k.

The post Bitstamp to distribute Mt. Gox BTC from July 25 appeared first on CoinJournal.

• Bitcoin price still hovers above $66k despite Mt. Gox repayments.
• Analysts say on-chain data shows most BTC holders receiving the repayments are choosing to hodl.
• BTC price may benefit from this, with a potential to rebound to recent highs.

Bitcoin traded to above $66,500 on Wednesday morning as the market looked to bounce following fresh downside pressure.

The dip to lows of $65,444 on crypto exchange Coinbase happened as traders reacted to news that the US government had sent BTC to exchanges.

Bitcoin holds above $66k

Movement from the Mt. Gox wallets amid repayments also spooked some to introduce selling pressure. The return of outflows for spot Bitcoin exchange-traded funds on Tuesday supported this outlook, with over $78 million in outflows breaking a 12-day streak.

So while prices have dipped since trading to highs of $68,495 earlier in the week, analysts are bullish on the flagship cryptocurrency’s recovery in the short term.

Price holding above $66k points to this and analysts at CryptoQuant says positive sentiment could increase given Mt. Gox BTC recipients are largely choosing to hodl rather than sell. Bitcoin outflows from Kraken have continued to rise and analysts see it as a likely positive signal.

“Significant increase in BTC withdrawals from Kraken after affected Mt.Gox users start receiving their $BTC. This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets,” CryptoQuant posted on X.

Nonetheless, Bitcoin price is currently at a level that 1-3 month BTC holders may look to sell. CryptoQuant analyst Yonsei said a breakdown from the $66.5k area could see BTC seek support around $63.6k.

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• Swan Bitcoin delays IPO plans due to shutdown of its mining operations.
• CEO cites reduced revenue from mining as reason for halting IPO efforts.
• Mining sector faces challenges, with firms like Bitfarms and Northern Data adapting.

Swan Bitcoin, a financial services firm specializing in Bitcoin investments, has announced a significant strategic shift. Cory Klippsten, the company’s CEO, revealed that Swan Bitcoin will be scrapping its initial public offering (IPO) plans and shutting down its mining operations.

The announcement, made on July 22 via X (formerly known as Twitter), comes as the company grapples with the financial fallout from recent developments in the cryptocurrency mining sector.

Halting IPO plans pegged on cessation of Bitcoin mining activities

According to Klippsten, the cessation of Swan Bitcoin’s mining activities is a pivotal factor behind the decision to delay the IPO indefinitely. He stated, “Without revenue from our mining arm, we expect to halt our plans for a public offering.”

This move reflects broader challenges within the cryptocurrency mining industry, which has been adversely affected by recent Bitcoin halving events.

In January 2024, Swan Bitcoin launched its mining venture with ambitious plans to become a publicly traded entity in the U.S. within a year. At that time, the company reported generating $125 million in revenue and had expanded its workforce significantly.

However, the halving of Bitcoin’s block reward from 6.25 BTC to 3.125 BTC in April has diminished mining earnings for many firms, including Swan Bitcoin.

The halving event, which occurs approximately every four years, effectively reduces the rewards miners receive for validating transactions on the Bitcoin network. This reduction has led to a decline in profitability for several major mining companies.

Bitfarms, a Canadian mining firm, is among those affected, facing increased pressure following a hostile takeover bid from Riot Platforms.

Swan Bitcoin scaling back on spending with staff reductions

In response to the financial strain, Swan Bitcoin is scaling back its accelerated spending plans and implementing staff reductions.

Klippsten noted that this shift would impact various functions within the company, indicating a significant restructuring effort.

Despite these challenges, the broader cryptocurrency mining sector is witnessing varied responses. German mining firm Northern Data has announced plans to pursue an IPO in the US within the first half of 2025, while Genesis Digital Assets is also considering a public offering.

Swan Bitcoin’s strategic retreat underscores the volatile nature of the cryptocurrency market and the challenges companies face in navigating financial pressures and regulatory landscapes.

As the company recalibrates its business model, the future of its IPO plans remains uncertain.

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