Day: August 5, 2024

Bitcoin may restest $48.9k support

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Bitfinex analysts opined that Bitcoin might retest support around $48,900 as a potential local bottom after crypto markets dropped under $2 trillion. Bitcoin (BTC), crypto’s bellwether asset, could reach lower levels as worldwide economic uncertainty wiped out over $570 billion in digital asset value since August began. Bitfinex analysts shared that Bitcoin could revisit support after plunging under $50,000 if bullish momentum remained unavailable.  Following the latest downswing, BTC dominance rose as high as 60%, meaning that Bitcoin made up most of the market and was the leading asset for…

Circle to Cease USDC Support on Flow Blockchain Amid Network Upgrade

Jessie A Ellis Aug 05, 2024 16:39 Circle announces the discontinuation of USDC support on the Flow blockchain due to an upcoming network upgrade, effective September 3, 2024. Circle has announced that it will discontinue support for USDC on the Flow (Cadence) blockchain effective September 3, 2024, due to an upcoming network upgrade. According to Circle, the minting of USDC on Flow will continue until August 27, 2024, at noon ET. Impact on USDC Holders Circle has urged Circle Mint customers, retail…

Mpeppe (MPEPE) Skyrockets After Shiba Inu (SHIB) Community Endorsement

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Recently, Mpeppe (MPEPE) has experienced a significant surge in value, largely due to a pivotal endorsement from the Shiba Inu (SHIB) community. This article explores the factors behind Mpeppe (MPEPE)’s dramatic rise, the role of Shiba Inu (SHIB)’s endorsement, and what this means for both cryptocurrencies. The Power of Community Endorsement Shiba Inu (SHIB)’s Influence in the Crypto Space Shiba Inu (SHIB) is known for its robust and passionate community, often likened to a movement rather than just a cryptocurrency. The Shiba Inu (SHIB) community, known for its viral marketing…

Why Is The Shiba Inu Price Crashing Today?

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With the Bitcoin price crash over the weekend, the prices of other cryptocurrencies such as Shiba Inu have followed sharply. The result of this has been a double-digit price crash for Shiba Inu, alongside other altcoins. Naturally, the rapid decline has raised questions, with industry stakeholders wondering what is driving this massive crash. Shiba Inu Price Crash Is Following Bitcoin The Shiba Inu price crash being experienced today is not a result of a single event occurring for the meme coin. Rather, it is linked to a further market-wide crash…

Crypto-Related Stocks Slide Amid Global Market Turmoil

U.S. equities have joined the global downturn, following sharp declines across Asia and Europe, with Japan’s Nikkei suffering significant losses. By 11:15 a.m. EDT on Monday, the five major U.S. stock indices had fallen between 2.5% and 4.5%. This market turmoil has extended to crypto-related stocks such as Microstrategy’s MSTR and Coinbase’s COIN. The primary […] Source CryptoX Portal

Bitcoin’s shellacking during global markets decline calls into question ‘safe haven’ theory again

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Cryptocurrencies were among the hardest assets hit this morning as bitcoin slid 15% toward its worst day since June 2022. The turmoil has investors wondering, once again: what happened to the narrative that bitcoin is a store of value, and a hedge against uncertainty? Bitcoin lost as much as 17% on Monday after the broad-market sell-off intensified over the weekend. The Dow Jones Industrial Average fell as much as 1,000 points Monday following a 611-point decline Friday, while the tech-heavy Nasdaq lost as much as 6% at one point. BTC.CM=…

‘Crypto is a damn casino for dum-dums,’ Ethereum developer says

Péter Szilágyi, a core developer at the Ethereum Foundation, recently expressed some disillusionment towards the crypto industry on his X account. Amid an ongoing Ethereum (ETH) sell-off on Monday, Szilágyi questioned the crypto sector’s focus, suggesting that participants are more interested in becoming the next Vitalik Buterin and engaging in “value extraction” rather than creating useful products and generating genuine value. I often wonder if I’m in the wrong industry. Take SpaceX for example. They send a rocket to Mars? Humanity advances. They fail to send one and blow it…

Crypto Candidate in Arizona Is Winning (So Far) Despite Sen. Elizabeth Warren’s Headwinds

But the race between Democrats Ansari and Raquel Terán, who’d been endorsed by leading crypto critic Warren, has come down to a 67-vote gap almost a week after that state’s elections, and Ansari’s lead has narrowed each time a new batch was tallied. Wider Maricopa County, which includes the 3rd district, still has an estimated 2,089 ballots to count, according to the secretary of state’s office, and the current margin of less than 0.2% in Arizona’s 3rd Congressional District is well below the half-percent threshold required for an automatic recount.…

Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?

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The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here. Analyst Says RSI Is Turning Bearish For Bitcoin Crypto analyst Alan Santana took to the TradingView website to…

Bitcoin store of value narrative ‘being decimated’, Tezos co-founder says

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Kathleen Breitman, the co-founder of the Tezos blockchain, says Bitcoin’s narrative as a store of value is “being decimated” amid the latest crypto crash. The Tezos (XTZ) co-founder shared the viewpoint in an interview with CNBC’s ‘Squawk Box’ on Aug. 5, commenting on the crypto market reaction as Bitcoin (BTC) plunged to under $50,000. According to Breitman, Bitcoin’s price plunged as investors and traders reacted to broader market jitters. Catalysts to this flip in sentiment include fears of a potential global recession, with the crash in Japan’s stocks exacerbating the…