Schlagwort: crypto market news

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Bitcoin spikes to $66k amid ‘Uptober’ sentiment

  • Bitcoin price broke to above $66,000 for the first time in nearly three weeks.
  • Cypto analysts at QCP say ‘Uptober’ and the US election sentiment could help bulls higher.

Bitcoin (BTC) price rose more than 6% to break above $66,000 on Monday, October 14, 2024 as most cryptocurrencies recorded 24-hour gains.

According to data from CoinGecko, BTC price had reached highs of $66,173 across major crypto exchanges.

On Coinbase it hit $66,296. The gains came as the flagship cryptocurrency bounced from the uncertainties witnessed the previous week, with Bitcoin bulls seeing a 4% flip in weekly price performance.

Bitcoin traded around $65,959 on Coinbase at the time of writing, suggesting a potential continuation amid gains across the S&P 500. The issue of China’s stimulus package was also told in trader sentiment. In the crypto market, the overall “Uptober” mood looked to have swung in as altcoins also rose.

BTC chart. Source: TradingView

Bitcoin surges ahead of US election

A forecast for BTC by the Singapore-based trading firm QCP Capital suggests BTC is showing price trajectories that mirror previous US election cycles.

If this trend continues, Bitcoin bulls may target further gains ahead of the Nov. election.

“Although there could be many factors that could explain today’s move, it is quite an interesting time if we look at historical price action. We are in the middle of October and just three weeks away from the US elections,” QCP said in an update on Telegram.

The trend in 2016 saw Bitcoin rise from around $600 three weeks to the election to above $1,200 in early January. It again happened in 2020, when BTC rallied from $11k around mid-October to hit $42k in January 2021.

“After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading,” QCP added in the note.

Bitcoin reached an all-time high of $73k in March, with the rally coming amid halving sentiment and the launch of spot Bitcoin exchange-traded funds.

The post Bitcoin spikes to $66k amid ‘Uptober’ sentiment appeared first on CoinJournal.

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Layer 1 payments network CrossFi launches EVM-compatible mainnet

  • CrossFi launched an EVM-compatible mainnet for scalable web3 payments.
  • The network supports 10,000 TPS and bridges Ethereum assets seamlessly.
  • Governance uses MPX tokens, with fees averaging $0.02 per transaction.

Cross Finance, commonly known as CrossFi, has announced the launch of its EVM-compatible mainnet, marking a significant step in the evolution of decentralized finance (DeFi) and web3 payment solutions.

The CrossFi blockchain aims to provide a scalable, decentralized ecosystem designed to support high-volume payments and everyday transactions, bridging traditional finance with the world of crypto.

The CrossFi mainnet’s launch comes on the heels of a successful testnet, conducted in collaboration with CoinList, which attracted over one million active wallets.

The CrossFi blockchain

The network’s infrastructure is built using the Cosmos SDK and Tendermint, enabling a modular design that supports up to 10,000 transactions per second (TPS).

This scalability makes CrossFi suitable for hosting payment applications that require high throughput, similar to Visa-level processing capabilities.

As an EVM-compatible network, CrossFi allows seamless integration with Ethereum-native assets, which can be bridged to its platform and utilized within its payment ecosystem.

Its security is reinforced by PCI DSS certification, a data protection standard recognized by major payment card companies, ensuring that the platform maintains industry-leading data transmission and storage practices.

The governance of the decentralized network is powered by the Mint Power (MPX) token, which is also used to facilitate transaction fees that average $0.02 per transaction.

In addition, the Cross Finance ecosystem features a variety of financial tools, including CrossFi App, which enables services like staking, lending, crypto-fiat exchange, and P2P payments. Users can also leverage CrossFi xAPP for token swaps, cross-chain asset bridging, and liquidity mining.

Further enhancing its ecosystem, CrossFi supports synthetic asset minting, over-collateralized stablecoins, and offers decentralized platforms for trading real-world assets.

By integrating multiple functionalities across its components, Cross Finance is set to democratize access to decentralized finance and facilitate the adoption of blockchain technology in global payments.

The network’s launch partners, including Alchemy and other validators, will play a key role in optimizing performance and maintaining decentralization.

With this mainnet launch, CrossFi is positioned to become a pivotal player in the evolving web3 financial landscape, empowering businesses and users to explore new possibilities in the digital payments space.

The post Layer 1 payments network CrossFi launches EVM-compatible mainnet appeared first on CoinJournal.

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Investors eye Bitcoin Dogs as BTC retests $64k

  • Bitcoin Dogs rises as Bitcoin (BTC) breaks above $64,000 and meme coins shine.
  • The positive start to the week for BTC is exciting not just BTC bulls, but the broader market.
  • A retest of $64k for BTC has most top altcoins flipping green and meme coins including Bitcoin Dogs are eyeing fresh momentum.

Bitcoin Dogs (0DOG) has seen a decent increase in buying over the past week as investors turned to meme coins.

As Bitcoin (BTC) and top coins such as Ethereum (ETH), Solana (SOL), and XRP (XRP) target upside strengthening, the meme coin market has heat significantly.

Data from CoinGecko shows that most Solana, Tron, Ton and Base meme coins have all had a decent surge this past week. Indeed, the broader meme coins market cap has reached $59 billion with a 3% spike in 24 hours.

Meanwhile, BRETT, MOG and BOME are some of the trending coins – all have posted notable double digit gains as at writing. Amid this upside movement for meme coins has been substantial interest in Bitcoin Dogs, the first ICO on Bitcoin.

After raising over $13.4 million from early birds, the token 0DOG listed on major exchanges and currently boasts an 18% uptick since hitting its all-time lows of $0.006 on Oct. 11.

Bitcoin Dogs: Game teaser excites investors

Apart from being the first-ever ICO on the Bitcoin network, its gaming and NFTs drive the overall USP of this project.

One major catalyst could be Bitcoin Dogs’ upcoming play-to-earn game. Recently, the project announced a teaser for the game, taking a major step towards public release as the Telegram game ecosystem explodes with tap-to-earn games.

Meanwhile, 0DOG’s listing on top exchanges such as MEXC, Gate.io and Uniswap has the community excited. Particularly, it’s down to speculation that Bitcoin Dogs could be the next project that Binance adds trading support for in coming weeks.

What’s also catalysing interest in 0DOG?

Also catalysing interest in 0DOG is the token’s liquidity pool that offers substantial APY for participants. Investors eyeing the big staking rewards can enjoy an APY of around 370%.

BTC price movement also adds to the overall bullish outlook for the BRC-20 token. Bitcoin’s potential spike above $65 as October swings positive could buoy BTC and see 0DOG surge.

These combined with overall bullish sentiment across the crypto market suggests Bitcoin Dogs at current prices may be a huge opportunity.

Investors appear to be taking this chance, buying 0DOG low in the $0.006 and $0.007 range. The price level coincides with a potential bottom for the top meme coin related project on Bitcoin.

A surge in meme coins, coupled with a spike in interest in Bitcoin layer-2 network gems, means Bitcoin Dogs could be on tokens to watch as BTC price touches key levels.

The post Investors eye Bitcoin Dogs as BTC retests $64k appeared first on CoinJournal.

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UK man sues council after it denied requests to dig for lost Bitcoin hard drive in landfill

  • James Howell has been trying to get his lost hard drive back for 10 years
  • Howell mined 8,000 Bitcoin on his laptop after learning about Bitcoin in 2009
  • The council have denied Howell’s requests to dig due to “environmental concerns”

A 39-year-old man is suing Newport City Council for $646 million (£495,314,800 million) in damages after losing his hard drive at a recycling center containing 8,000 Bitcoin.

James Howell accidentally threw out his hard drive in 2013 during a household clearout. According to WalesOnline, Howell had two hard drives of the same size. One was blank, while the other contained his Bitcoin.

He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his Bitcoin was worth around $1.3 million (£1 million). However, within three months, their value had risen to around $11.7 million (£9 million).

Howell has reached an agreement, leaving him with 30% of his Bitcoin if the hard drive is found. The remaining would be split between his backers, the recovery team, and the council.

Howell states that despite meeting a representative of the council in 2013, he’s been “largely ignored.”

“I’m still allocating 10% of the value for the council even though they have been problematic throughout,” he said. “That would be £41m based on today’s rate but in the future, it could be hundreds of millions.”

Environmental concerns

A court filing states that Howell’s hard drive is located in Cell 2- Area 2 of the Docksway landfill.

If the hard drive is located, the dig would take around 18 to 36 months followed by 12 months of remediation work. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howell’s requests to dig due to “environmental concerns.”

Howell’s lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”

Lawyers for the council argue that the hard drive belongs to the council because it was dumped at the tip. However, Howell’s lawyers deny this, claiming that the hard drive was never intended to be thrown away.

Howell said he didn’t want to go to court, but “this is the final shot.”

The case is expected to be heard in December.

The post UK man sues council after it denied requests to dig for lost Bitcoin hard drive in landfill appeared first on CoinJournal.

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Mt. Gox delays repayment deadline, pushes it to October 2025

  • The defunct exchange had an original repayment deadline of October 31, 2024
  • Mt. Gox said the delay was down to creditors not completing the repayment steps and issues arising from the repayment process
  • In 2024, Mt. Gox collapsed following a security breach, resulting in the loss of 850,000 Bitcoin

Defunct crypto exchange Mt. Gox has pushed its repayment deadline to October 2025, adding another year from its original date.

According to a statement from the exchange, it will now repay creditors on October 31, 2025.

“As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time),” Mt. Gox said.

This marks the second time the platform has moved its deadline. In a 2023 statement, the platform announced that it was moving its repayment deadline from October 31, 2023, to October 31, 2024.

Launched in 2010, Mt. Gox was the biggest crypto exchange, handling around 70% of Bitcoin transactions, before a hack in 2014 caused its collapse. As a result of its security breach, the exchange lost around 850,000 Bitcoin.

In July, it began repaying creditors around $9 billion in recovered assets; however, according to data from Arkham Intelligence, Mt. Gox still holds 44,905 Bitcoin worth around $2.8 billion.

In the latest statement from the defunct exchange, the delay is down to two things: creditors haven’t completed the necessary steps for repayment and because of issues arising from the repayment process.

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