Tag: Bitcoin News

The famous author predicted that BTC price would significantly skyrocket if his preferred candidate wins the U.S. presidential election. 

Robert Kiyosaki, a famous American businessman and the author of popular financial book Rich Dad Poor Dad, has predicted that bitcoin (BTC) would reach $105,500 by August 2025.   

In a recent post on X, Kiyosaki expressed confidence that the price of BTC will skyrocket next year.  The businessman has consistently advocated for bitcoin, often highlighting the significance of investing in assets independent of fiat currencies.  

He mentioned that the projected price would be accurate if the U.S. presidential candidate, Donald Trump, secures victory in the November election.  

The financial expert further attributed the price speculation to Trump’s objective of devaluing the U.S. dollar. This devaluation is accomplished when the Federal Reserve reduces interest rates, resulting in a cheaper U.S. dollar in foreign exchange markets. Consequently, imports become more costly, while exports become modest.  

Opportunities if the Dollar is Weaken  

Kiyosaki also noted that if elected, Trump would pursue oil drilling, unlike the current president’s decision to close the Keystone XL Pipeline, which has increased oil prices from $30 to $130 per barrel.  

The concept is that a devalued dollar and expanded oil drilling would generate more local employment opportunities and enable Americans to invest more in assets such as gold, silver, and Bitcoin.   

“A weaker dollar will increase exports, create jobs, open new factories and make gold, silver, Bitcoin, stocks, and real estate, rise in price,” Kiyosaki said.    

Can BTC Reach These Marks? 

With bitcoin’s unpredictable swing, Kiyosaki previously predicted that BTC would reach $350,000 next month, citing the incompetence of the U.S. leaders.  

Shortly after Kiyosaki’s prediction, Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, said that BTC could hit $150,000 if Trump wins the upcoming election. 

TON Teleport lets users transfer BTC between the Bitcoin blockchain and TON without using central intermediaries.

The TON Foundation has unveiled a new feature called “TON Teleport BTC,” which allows users to transfer Bitcoin seamlessly to the TON Blockchain. This innovative bridge aims to improve Bitcoin’s functionality by integrating it with the secure and scalable network of TON.

 TON Teleport is an essential infrastructure project within the TON ecosystem. It lets users transfer BTC between the Bitcoin blockchain and TON without using central intermediaries. Each bitcoin on the TON blockchain is fully backed by actual bitcoin and is protected through a process called teleport. This system ensures that transactions are both secure and reliable.

How TON Teleport Transfers Bitcoin

The process is automated with the help of network validators and smart contracts. This automation reduces the chances of human error, censorship, or fraud. By removing intermediaries, the system increases security and gives users more transparency and control over their cryptocurrency.

 In the TON Teleport system, users send Bitcoin to a specific Bitcoin address. After the transaction is confirmed, an equivalent amount of BTC is credited to their address on the TON blockchain. These tokens can then be used in various decentralized applications (dApps) on TON or exchanged back for Bitcoin on the Bitcoin network. Users who want to reverse the process can burn their BTC tokens on TON to get their original Bitcoin back.

 Ryan Dennis, Head of Communications for the TON Foundation, explained that TON Core Developers and RSquad Blockchain Lab have created a trustless architecture to ensure Bitcoin is securely backed. They use advanced technologies such as FROST and distributed key generation to protect user assets and avoid a single point of failure.

 TON Teleport BTC is set to enhance the DeFi sector on the TON Blockchain by enabling new financial tools and products like decentralized exchanges (DEXs), lending platforms, and advanced wallet services. According to the foundation, this integration will transform Bitcoin from a simple stored asset into a powerful tool for generating additional returns.

 Additionally, the design of TON Teleport BTC paves the way for future systems that could connect TON with other EVM-compatible networks. This demonstrates its potential for broader blockchain integration and could lead to a new era of connectivity and innovation within Web3.

Despite recent ups and downs in the crypto market, Binance CEO firmly believes bitcoin is on the brink of a significant surge.

After reviewing Bitcoin’s price action within a few months after the previous halving events, Binance’s CEO predicted a massive jump in Bitcoin’s price in the next few months. Supporting his last prediction of bitcoin rising above the $80,000 mark before the end of this year, the current CEO of Binance exchange has given further reasons why he believes in an upward trajectory for the world’s first cryptocurrency within the remaining few months.

Binance CEO Sees Bitcoin Doubling Up Soon

In a recent post on X (formerly Twitter), Binance CEO Richard Teng shared his positive outlook on bitcoin’s price. He presented a table showing Bitcoin’s price movements within six and twelve months after the past three halving events, providing a solid historical basis for his predictions.

At the time of the first bitcoin halving in 2012, bitcoin was trading at $12.3. It increased by 923% within six months, reaching $125.9 per BTC. After a year, it jumped to $890.3, a 7,043% increase. Following the 2016 halving, bitcoin increased by 289% within a year, from $657 to $2,608. Twelve months after the 2020 halving, bitcoin moved from $8,990 to $56,670, a 559% increase. 

As part of his post, Teng reminded the crypto community that this is just three months after the recent bitcoin halving, and the price of bitcoin has yet to move significantly within the coming months. 

He underscores the importance of a long-term perspective in investment decisions, particularly in the context of bitcoin’s recent halving. He said, “It’s important to take a long-term horizon when making investment decisions. Here’s a reminder that it’s only been three months after the recent Bitcoin halving.”

Binance CEO Teng also pointed out that the current period of ups and downs in the crypto industry, which has led investors into fear, is not new to the crypto market. The downward movement in the market is propelled by the German government’s massive bitcoin sale, Mt.Gox repayment, and U.S. government bitcoin transfers. . 

In conclusion, Teng highlighted the importance of each crypto investor researching carefully before making any financial decision. He added, “Not financial advice. Always do your own research.”

After two weeks of inactivity, Mt. Gox’s transfer of over 140,000 BTC from its wallet has raised concerns in the market. 

Defunct crypto exchange Mt.Gox transferred 140,000 BTC, worth over $8 billion, to a known wallet and two unidentified addresses on June 16 as the crypto market braces for impact.  

Blockchain analytics platform Arkham Intelligence noted that the exchange still holds 138,985 BTC, valued at $8.7 billion, in its main wallet.    

Two transactions involved the transfer of nearly 96,000 BTC, valued at over $6 billion, to two unidentified wallets, while an additional 44,527 BTC was sent to a known Mt. Gox wallet. 

Mt. Gox Transactions 

According to data, the total volume of Mt. Gox’s bitcoin transactions reached nearly 190,000 BTC, worth over $12 billion in three hours.  

The unidentified address ending in “BHDct9b” received 42,587 BTC, valued at $2.69 billion, whereas the remaining 4,641.24 BTC, worth $293.94 million, was sent to “Mt. Gox: Cold Wallet (1Jbez).”  

Furthermore, an additional 48,641 BTC, valued at $3.07 billion, was transferred to a different, unknown address, moving more funds out of the main Mt. Gox wallet.   

Mt. Gox Begins Repayment 

On July 5, Mt. Gox announced that it had started paying some rehabilitation creditors through the designated crypto exchanges. The crypto exchange moved 47,229 BTC, worth approximately $2.7 billion, to a newly created wallet address.   

The firm also stated that the remaining rehabilitation creditors would receive their funds “promptly” once all necessary conditions are met. The announcement increased selling pressure on bitcoin and the broader crypto market. 

Meanwhile, Mt. Gox ceased operations and declared bankruptcy on February 24, 2014, after it lost roughly 850,000 bitcoins. On June 22, 2018, the exchange started a “civil rehabilitation” process. Its primary objective was to help creditors recover what they lost by giving them BTC directly, not the equivalent amount of money from 2014.  

This negative shift in MVRV might signal the beginning of bearish activity, but a recovery above the moving average would likely place bulls back in control.

Bitcoin (BTC), the world’s largest cryptocurrency, experienced a significant crash to $54,500 before partially recovering. This drop has triggered caution among investors, particularly in light of key on-chain metrics such as the Bitcoin MVRV (market value to realized value).

Bitcoin MVRV Momentum shifted negative for the first time since March 2023.

Bulls are looking for the market value/realized value metric to regain its 1 year moving average and continue to higher prices.

Sustained periods above/below this level occur during bull/bear periods pic.twitter.com/Qpwv3K7ibK

— On-Chain College (@OnChainCollege) July 7, 2024

For the first time since March 2023, Bitcoin’s MVRV momentum has turned negative, according to On-Chain College. This shift might signal the beginning of bearish activity. Bitcoin bulls are keenly watching this metric, hoping it will regain a 1-year moving average, which could indicate a continuation of higher prices. Historically, sustained periods below these levels have been precursors to bear markets. A recovering MVRV above the moving average would likely place bulls back in control.

On-Chain College has noted that opinions are mixed regarding this current period of weakness. While some consider it a fantastic buying opportunity, others consider it a warning of further decline. Analysts are divided, with some predicting consolidation or a further drop below current levels, while others are hopeful for a quick rebound. Despite the current market conditions, On-Chain College believes a prolonged year-long downtrend, indicating a bear market, is unlikely at this stage.

Cause for Alarm?

A significant worry for Bitcoin investors is the potential sell-off from Mt. Gox creditors, who recently received their BTC after approximately ten years. The defunct crypto exchange is set to distribute nearly 140,000 bitcoins over the next few months. The recent movements of Mt. Gox wallets have already caused jitters in the crypto market, contributing to the overall unease.

 Adding to investor concerns are reports of the German government selling confiscated BTC. The government has continued its selling spree, moving an additional 1,000 bitcoins earlier today. This action has further dampened market sentiment. Investors are advised to stay vigilant and informed during these uncertain times.

Mt.Gox has transferred over 47,220 bitcoins worth more than $2.7 billion to an unidentified wallet address.

Mt.Gox, the victim of the greatest crypto hack in history, has taken steps to repay its customer losses since 2014. The collapsed crypto exchange has processed its first major transaction since May. On Friday morning, Mt.Gox moved 47,229 bitcoins to a newly created wallet address. 

Mt.Gox Transfers $2.7 Billion 

Arkham Intelligence revealed that the defunct Japanese exchange Mt.Gox transferred 47,229 BTC, worth about $2.71 billion at the current market price, through a cold wallet around 12:30 a.m. on Friday. A few hours before the significant transfer, the exchange processed some test transactions worth about $27 from the cold wallet.

Following the $2.7 million transfer, the new wallet was active. It first moved 44,526 bitcoins worth $2.55 billion to an unknown wallet address and then transferred 2,701 BTC worth $154.8 million to an internal wallet, sending out the 47.2k bitcoins it received.

A few hours later, Mt. Gox’s address moved 1,545 bitcoins worth $84.87 million to a cold wallet belonging to Bitbank exchange. Bitbank is working alongside the collapsed exchange, Mt.Gox, to repay lost customer funds from the infamous 2014 hack. 

The big transaction comes amidst Mt. Gox’s plan to begin repaying creditors from this month. The exchange plans to pay approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH).

Through a June 24 statement, Mt. Gox trustee Nobuaki Kobayashi informed creditors that the company had made the necessary arrangements to begin issuing payments in July. 

He said, “Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges.” He added, “The repayments will be made from the beginning of July 2024.”     

Bitcoin Price Reaction to Mt.Gox Transaction

The crypto market has been on the downside amidst expectations for the Mt.Gox move. Following the big transaction on Friday, bitcoin dumped to as low as $53,500 per BTC. 

Bitcoin Analysts have predicted an even further price fall to $50,000 in no distant time after considering many factors, including strong selling pressure from the German government, more sales from Mt.Gox, and a load of tokens worth about $755 million to be unlocked this month.

In the past 24 hours, approximately $222 million worth of long Bitcoin positions were liquidated, coinciding with BTC reaching its lowest price since February. 

Bitcoin, the world’s largest crypto asset by market capitalization, has dropped to its lowest level since February despite hitting a record high earlier this year.   

The leading crypto dropped by up to  8.1%, hitting its lowest level since February. At the time of publication, it was trading around $54,300. The recent development has spiked sell pressure on traders and investors. 

Possible Reasons for Price Decline 

Some factors impact this significant decline, citing Mt. Gox’s $8 billion repayment plan scheduled this month and the German government selling off BTC.   

According to PeckShieldAlert, the German government has continued selling its seized Bitcoin, with the latest sale amounting to up to $175 million in BTC on July 4.   

On June 25, the German government sold 900 bitcoin (BTC), valued at $54.75 million, and transferred 400 BTC, worth around $24.33 million, to popular crypto exchanges Coinbase and Kraken.     

Crypto Liquidity 

According to CoinGlass, crypto liquidations have soared to $664.5 million over the past 24 hours, reaching the highest level in two months.   

Over the past 24 hours, crypto liquidations totaled $664.5 million, including $584 million in long positions and nearly $82 million in short positions, with long BTC positions accounting for $222 million.  

Positive sentiment toward crypto has reached its lowest level since January 2023. On July 5, the Crypto Fear and Greed Index scored 29 out of 100, indicating that the market is experiencing “Fear.”  

According to data from CryptoQuant, daily miner revenue has plummeted by 75% to $26.5 million since the April halving. Transaction fees earned by miners have decreased to 3.7% of total income, down from 75% earlier that month.  

The operators of the energy-intensive computers that power the Bitcoin blockchain are still feeling the financial impact of April’s halving, which reduced the number of new tokens they receive for their efforts. These Bitcoin miners have started selling some of their token inventory.   

Meanwhile, at the time of writing, the digital asset has slightly recovered to $55,039, with an all-time high of $58,674 recorded on March 14, 2024.

This increase in liquidations highlights the growing volatility and risks currently affecting the cryptocurrency market.

Crypto market liquidations reached their highest level in a week on Wednesday, driven by Bitcoin’s drop below $60,000. According to CoinGlass data, over 108,293 traders faced liquidations totaling $295.82 million. This surge in liquidations underscores the heightened volatility and risks currently present in the cryptocurrency market.

Despite the significant liquidations, on-chain data from IntoTheBlock shows that 76% of Bitcoin addresses remain profitable. Conversely, 16% of addresses are holding their coins at a loss, and only 8% bought Bitcoin at prices close to its current trading level. This indicates that the majority of Bitcoin holders are still in a favorable position despite recent market fluctuations.

Factors Contributing to Market Volatility

Recent volatility in the cryptocurrency market has been driven by multiple factors, including U.S. monetary policy concerns, geopolitical tensions, and the upcoming U.S. presidential election in November. Notably, a significant behavioral change among long-term Bitcoin holders has emerged. In May 2024, these investors sold approximately $10 billion worth of Bitcoin, equating to around 160,000 BTC. This large-scale sell-off is a marked departure from the typical behavior of long-term holders, who usually avoid such substantial liquidations.

Bitcoin’s price experienced a notable decline, falling from about $62,200 to an intraday low of $59,425 before recovering slightly to just above $60,200. Bitcoin is trading at $58,487, marking a 4.7% decline over the past 24 hours.

Ethereum also saw a significant drop, decreasing by 5.5% from $3,384 to $3,198. It is down 5% over the past week, erasing most gains made in anticipation of the spot ETF launch. Solana fell roughly 11% to $134, marking the steepest decline among the top 10 cryptocurrencies. This drop came after increased interest sparked by VanEck, a New York-based investment management firm, filing for the first Solana spot ETF late last month.

Overall, major cryptocurrencies have experienced declines over the past month. Ethereum is down over 15% in the last 30 days, despite growing interest in Ethereum spot ETFs. Some analysts predict these new financial products could start trading by mid-July, potentially boosting ETH prices. Bitcoin has also fallen 14.8% during the same period, reflecting broader market challenges.

Crypto market researchers and analysts caution about further losses as Bitcoin struggles to maintain crucial support levels in its recent decline. 

Bitcoin, the world’s largest cryptocurrency by market cap, has been experiencing roller-coaster price swings. Bitcoin analysts have predicted that the digital asset’s price might plummet to $50,000.  

Bitcoin prices dipped below the $60,000 support level, reaching a nine-week low of approximately $57,000 during trading on July 4. According to Markus Thielen, founder and CEO of 10x Research, this could hasten a potential decline to $50,000 or even lower.   

Possible Drop to $50,000 Level 

Thielen emphasized that the $60,000 level is crucial for miners and Bitcoin Spot ETF buyers. It generally represents the lower boundary of a three-month trading range.   

Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, highlighted the political aspect. He noted that the possibility of a stronger Democratic candidate replacing Biden, who might not be pro-crypto, is a factor.  

“A bigger reason in the short term for the Bitcoin weakness is the overhang from Mt. Gox, and government selling,” he said.  

In addition, crypto investor Andrew Kang forecasted a more significant decline, stating that his initial estimates in the low $50,000s “were too conservative, and we anticipate a more severe reset to the $40Ks.  

Interestingly, he also predicted several months of fluctuating and downward trends during recovery before an upward movement becomes possible. 

According to a note to investors on July 4, FxPro senior market analyst Alex Kuptsikevich noted that the BTC price had touched the lower boundary of the descending channel and fallen below the 200-day moving average. He aligned with bearish forecasts, predicting a further decline. 

Bitcoin Crashes Below $57,000

BTC prices dropped to a nine-week low on Thursday, July 4, with the asset losing 5.2% in the last 24 hours and 12.6% over the past two weeks. The following support level is anticipated at $51,500, toward which it is swinging.  

As of the time of publication, the world’s largest crypto is trading slightly below $57,000, with a market cap of $1 trillion.

Meanwhile, the broader crypto market is impacted following the fall. Altcoins like Solana (SOL), Toncoin (TON), Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), and Chainlink (LINK) are experiencing declines.