Category: CryptoX News

Bitcoin price stabilizes near $83K as investors eye S&P 500 recovery

Bitcoin’s (BTC) recent volatility highlights how markets tend to overreact, especially in situations that can escalate, such as trade wars. The 6.5% drop in the S&P 500 since its all-time high on Feb. 19 might seem minor in absolute terms, but the potential earnings impact is more significant. However, derivatives markets suggest Bitcoin’s dip below $83,000 should be short-lived. Traders tend to sell off assets when they sense a recession coming. Presently, investors are moving into cash and short-term government bonds. This shift explains why the US 2-year Treasury yield…

Schiff Demands Investigation Into Trump’s Crypto Reserve ‘Announcement,’ Citing Insider Trading Concerns

Bitcoin critic Peter Schiff is calling for a Congressional investigation into U.S. President Donald Trump’s two Truth Social posts, which he claims were part of a “pump and dump scheme.” Pump and Dump Scheme Economist Peter Schiff has called for a Congressional investigation into U.S. President Donald Trump’s two Truth Social posts, which he claims […] Source CryptoX Portal

Bitcoin Drops Below $83,000 While Treasury Yields Plunged, Offering Hope for Crypto

As if the bursting of a speculative bubble in memecoins wasn’t enough to send crypto markets tumbling over the past weeks, a general risk off sentiment in traditional finance is adding to the pressure. Perhaps in a bit of a speculative bubble themselves, the major U.S. stock market averages have been in quick retreat of late, triggered by a series of tariff threats from President Trump. Threats no more, 25% levies against goods from Mexico and Canada went into effect today, among additional taxes on Chinese goods. Falling another 2.6%…

Coinbase Launches Inquiry Into Costs of SEC’s War on Crypto

Coinbase CLO Paul Grewal revealed that the company has submitted a FOIA request to gain a complete understanding of the costs and the individuals involved in the SEC’s actions against crypto, focusing on its Crypto Assets and Cyber Unit. Coinbase Submits FOIA Request to Estimate Costs of War Against Crypto Coinbase, one of the largest […] Source CryptoX Portal

Economist Torches UK’s Digital Pound: ‘Ill-Fated Venture’ Doomed to Fail

Economist Neil Record has criticized the UK’s digital pound initiative, calling it an “ill-fated venture” due to a lack of customer demand. Cash Use Decline British businessman and economist Neil Record has described the United Kingdom’s digital pound initiative as an “ill-fated venture” due to a lack of customer demand. Record argues that the digital […] Source CryptoX Portal

Funstrat’s Tom Lee Predicts Markets Are Forming a Bottom This Week

Tom Lee, Head of Research at Fundstrat, recently spoke with CNBC, suggesting that the broader market may be nearing a bottom, potentially as soon as this week. Lee’s outlook comes amid economic uncertainty as President Trump navigates his first 100 days in office. Several factors are contributing to market volatility, including the Department of Government Expenditure (DOGE) program, which imposes austerity measures that reduce public spending, and the tariff policies creating further uncertainty for businesses and investors. Bitcoin (BTC) has experienced yet another reversal in price, filling in Friday’s CME…

BTC Drop to $84K Fills CME Gap a Day After Record Breaking Price Variance

A closely-watched gap in bitcoin’s (BTC) CME futures has been fully filled a day after a record jump in opening and closing prices, possibly setting the stage for the next climb. BTC soared to $92,000 on Monday, fueled by renewed institutional fervor after U.S. President Donald Trump announced plans for a strategic crypto reserve late Sunday, including the biggest token and ether (ETH), XRP, Solana’s SOL and Cardano’s ADA. However, the rally left a significant gap in the CME Bitcoin futures chart between Friday’s close at $84,500 and Monday’s open…

Unwanted Windfall? THORChain Sees Record $4.6B Volume After Bybit’s $1.4B Hack

THORChain, a decentralized protocol enabling users to swap cryptocurrencies across various blockchains, has seen what can be described as an unwanted windfall after the Bybit hack. The protocol processed $4.66 billion in swaps in the week ended March 2, the highest tally on record, according to data source DefiLlama. The tally exceeded the $1 billion mark on Sunday alone. The surge in activity follows the hack of the crypto exchange Bybit on Feb. 22, which saw the North Korean malicious entity walk away with $1.4 billion in ether. Per observers,…

ETH Tests $2K, Lowest Since November 2023

Ether (ETH) is testing levels not seen since November 2023, as the market continues to be hit by volatility resulting from U.S. President Donald Trump’s trade war threat. ETH is down 15% in the last 24 hours, according to CryptoX Indices data, dragging down the CryptoX 20, a measure of the largest digital assets, which is down 16%. (CryptoX Indices) Ether’s decline over the past three months has been driven by bearish investor sentiment, reflected in its underperformance relative to BTC and weak institutional demand, alongside macro headwinds like trade…

Hut 8 Reports $331M Net Income in 2024 While Expanding AI Infrastructure

Bitcoin mining firm Hut 8 took $331 million in net income in 2024, according to the company’s latest financial report. The firm benefited significantly from the rise in bitcoin’s price over the year. Hut 8 finished the year with a reserve of 10,171 bitcoin (BTC), worth approximately $905 million at the time of writing. The vast majority of this reserve has been pledged as collateral to purchase more ASIC mining machines. The miner saw a sharp reduction in energy costs, with fourth-quarter costs per megawatt-hour dropping by 30% from the…