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Bitcoin (BTC) Price Hits $65K Despite Mt. Gox Payment Concerns; Ripple’s XRP Leads Crypto Rally

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Bitcoin (BTC) Price Hits $65K Despite Mt. Gox Payment Concerns; Ripple’s XRP Leads Crypto Rally

The cryptocurrency’s recovery from last week’s low showed no signs of stopping with Bitcoin (BTC) hitting its highest price in four weeks on Tuesday.

BTC rose above the $65,000 level for the first time since late June, shrugging off a dip below $63,000 earlier in the day, as wallets linked to the holdings of now-defunct exchange Mt. Gox moved US$2.8 billion in BTClikely preparing to distribute assets to creditors in the coming days.

The rally in cryptocurrencies was broad-based, as demonstrated by the benchmark CoinDesk 20 (CD20) index, which gained nearly 3% in the past 24 hours, with 16 of the 20 components in the green for the day.

The strongest performer among major altcoins was XRP (XRP)The native token of the XRP Ledger payment network surged 9% on Tuesday and extended its weekly gains to 35%.

The token’s rally is supported by whales, or large asset holders, increasing their holdings in a sign of conviction in higher prices, crypto data provider Santiment said. pointed.

Another catalyst was traditional derivatives trading powerhouses CME and CF Benchmarks announcing indices and reference rates for XRP. Such offerings could boost institutional adoption for XRP, Brad Garlinghouse, CEO of closely related blockchain payments company Ripple, suggested.

Mt. Gox selling pressure “overestimated”

With Germany’s BTC sale delayed, cryptocurrency investors are pondering how much of the $9 billion worth of bitcoins set to be distributed to creditors will be dumped into the market to capitalize on the asset’s appreciation after a decade of waiting.

Ki Young Ju, CEO of cryptocurrency analytics firm CryptoQuant, argued that fears about selling pressure are “overrated” and will not derail the ongoing cryptocurrency rally.

“I believe this distribution will not end the bullish trend as the coins are expected to react to market sentiment in a similar way to the current supply of bitcoin,” he explained in a statement. Post X. “Unlike the German government sale, Mt. Gox creditors are not forced to sell, so it is not purely liquidity on the sell side.”

Renowned crypto and macroeconomics analyst Alex Krüger estimated a maximum 10% drop in the price of bitcoin if creditors dump their recovered assets en masse, Ju noted.

CoinMetrics also said the market should absorb Mt. Gox creditors liquidating their assets if it happens in an orderly and distributed manner over weeks, based on the current bitcoin market depth and trading volumes.

“The distribution of ~65,000 BTC (worth approximately $1.95 billion at current prices) could potentially be absorbed by the market over a period of a few weeks without causing severe disruptions, assuming liquidations are done gradually and across multiple exchanges,” analysts at CoinMetrics wrote in a report on Tuesday.

“These findings, however, are only suggestive of the depth and maturity of the BTC market, but should assuage fears of liquidity shortages in the near term.”

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We are the editorial team of BlockChainGuardian, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on BlockChainGuardian, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

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'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex nowA daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

BlockChainGuardian Staff

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MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.

How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.

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Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

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Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

BlockChainGuardian Staff

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Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.

The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.

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