Bitcoin
Bitcoin rises again, new stablecoins on the block

Key Takeaways
- Bitcoin is up about 10% in the past week and is approaching the all-time high of more than $73,500 that it reached less than a month ago.
- Do Kwon and Terraform Labs were found to have defrauded investors in connection with the collapse of failed algorithmic stablecoin Terra USD.
- VanEck and Ripple are involved in two new stablecoins hitting the crypto market.
- Analysts continue to monitor spot bitcoin ETF inflows as outflows from GBTC may slow now that Genesis has converted its holdings into real bitcoin.
- The US government may be selling $2 billion worth of bitcoins related to a hack of the now-defunct darknet marketplace Silk Road.
Bitcoin (Bitcoin) shook off last week’s jitters and traded briefly above $72,000 on Monday – an indication that the rally is far from stalling ahead of its fourth halving later this month.
Stablecoins have been in focus over the past week, with VanEck and Ripple Labs getting involved in new offerings. Additionally, a jury in New York found Terraform Labs and its founder, Do Kwon, liable on civil fraud charges.
Bitcoin Rising Again, Closing Gap at $73,000 High
What a wild ride it has been for bitcoin investors. After surpassing an all-time high of more than $73,000, the cryptocurrency fell to trade near $60,000 last month.
Bitcoin is currently trading at levels seen early last week, but had to find its way back after falling sharply to trade below $65,000 before gaining ground and ending last week in the green.
Although bitcoin in cash exchange traded funds (ETFs) saw strong outflows of $85.7 million on the first day of the month – largely due to more than $300 million in outflows from the Grayscale Bitcoin Trust (GBTC) – flows increased and reversed to end the week at $484.5 million in net inflows, according to Farside Investors.
The recent rise in the price of bitcoin emerges as the next reduce by half The event is expected to take place in less than two weeks. Notably, several recent reports indicated any potential effect of the halving on the price of bitcoin could be overshadowed by the supply and demand dynamics of spot bitcoin ETFs.
Additionally, Tether (USA), which is the issuer of the world’s largest and most popular stablecoin, added 8,888 bitcoins (currently worth about $640 million) to its reserves during the first quarter of the year. The company’s bitcoin address is now the seventh largest on the network in terms of holdings with more than $5 billion worth of bitcoins, according to The Block.
VanEck and Ripple involved in new stablecoin offerings
Talking about stable coinsthere might be some new deals on the block soon.
Fintech company Agora has raised $12 million ahead of launching its Agora digital Dollar (AUSD) stablecoin offering, which will have guaranteed reserves managed by VanEck. Although VanEck already operates a bitcoin ETF – VanEck Bitcoin Trust (HODL) – this new offer expands your bet on cryptocurrencies. For Agora, the product takes advantage of VanEck’s investment experience, as well as family ties. Agora founder Nick van Eck is the son of VanEck CEO Jan van Eck.
Ripple Labs, the company behind the XRP token (XRPUSD), also announced its venture into the stablecoin market with a digital currency backed by US dollars with the aim of increasing synergy between cryptocurrencies and conventional financial systems. This initiative aims to inject more liquidity and promote greater adoption of the XRP Ledger, especially when it comes to decentralized finance (DeFi) applications. Ripple’s stablecoin offering will be backed by assets such as US dollar reserves and short-term Treasury bonds, and will also be made available on Ethereum at launch.
Do Kwon and Terraform Labs Found Responsible for Fraud
A New York jury took about two hours to decide that Terraform Labs and its founder, Do Kwon, were responsible for defrauding investors in a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
The SEC alleged that the company and Kwon provided misleading assurances about the reliability of their algorithmic stablecoin UST, which was fundamental to the Earth dramatic $40 billion ecosystem collapse in May 2022.
O SEC Litigation pointed out that Terraform Labs and Kwon painted an overly optimistic picture of UST’s stability mechanism and Terra blockchain’s functionalities to investors, especially its price stability that was artificially propped up by an unnamed US-based trading company in at least one occasion.
This is the second major outcome of cryptocurrency fraud litigation in recent weeks. Former FTX CEO Sam Bankman-Fried, who was also a darling of the previous crypto market bubble, was condemned to 25 years in prison for criminal charges related to fraud on March 28.
What to expect from the markets this week
Precedent suggests a rise in bitcoin prices after the halving, but that’s no guarantee of performance this time around. However, one thing is certain. Investors need to buckle up and prepare for short-term volatility, even though there may be opportunities for gains over time.
Investors use implied volatility to gauge market sentiment around prices in the future. For bitcoin options contracts with different expiration dates, this measure spiked last weekend, reversing course from the start of the previous week, according to Kaiko research.
The implied volatility for “maturities in the next two weeks increased the most, from 59% to 71% in the period of just two days. This suggests that expectations for near-term volatility are increasing,” Kaiko analysts wrote in a note on Monday. , blaming uncertainty in demand for bitcoin ETFs.
Crypto market analysts will be closely watching spot bitcoin ETF inflows this week as outflows from GBTC are expected to slow due to selling related to the end of Genesis’ bankruptcy process, according to Bloomberg analyst James Seyffart . March was by far the strongest month on record so far in terms of spot bitcoin ETF inflows, and the first week of April did not indicate that inflows would stop anytime soon, according to another Bloomberg ETF analyst, Eric Balchunas.
Another potential effect on the market this week will be the more than $2 billion in bitcoin related to a hack of the now-defunct darknet marketplace Silk Road that was sent to Coinbase (COIN) by the US government. It’s unclear what’s happening with these funds, but it’s possible they could put downward pressure on prices if the coins are sold.
Price action will also likely be lively around the upcoming halving; however, it is unclear whether this could end up being a “sell the latest news” Situation immediately after the event.
Bitcoin
RIOT, MARA and CLSK shares at risk

Bitcoin (BTC) Mining stocks like Riot Platforms (RIOT), Marathon Digital (MARA) and CleanSpark (CLSK) retreated in pre-market trading as BTC retreated.
RIOT, MARA and CLSK all fell more than 2%, while other crypto-related stocks such as MicroStrategy (MSTR) and Coinbase (COIN) fell 1.5%.
Bitcoin sell-off continues
Crypto-linked stocks retreated as Bitcoin resumed its downtrend on Wednesday. After rising to $63,750 on Monday, BTC is hovering at $60,0000 and it is unclear whether it will recover.
More importantly, Bitcoin is dangerously close to the crucial support at $58,273, which is the 200-day Exponential Moving Average (EMA). The next support level for Bitcoin is $56,426, representing its lowest level in May.
Bitcoin Price Chart
If Bitcoin drops below this price, it will be a sign that the bears have prevailed, which could take it to the $50,000 level, if not below.
This decline happened after a whale deposited nearly 2,000 Bitcoins to Binance in two separate transactions. While this isn’t always the case, deposits to exchanges often happen when holders are exiting their positions.
The whales’ action coincided with a period in which the German government continues to sell off its Bitcoin holdings. It transferred $52 million worth of coins to exchanges on Tuesday.
As a result, data from CoinGlass shows that the volume of Bitcoin balances on exchanges has started to increase. The volume rose to 2.49 million on Tuesday, from last month’s low of 2.47 million.
Bitcoin balances on exchanges
Bitcoin Mining Companies at Risk
If the Bitcoin sell-off continues, it will put Bitcoin mining companies like Marathon, CleanSpark, and Riot Platforms at risk. These companies have tended to have a close correlation with Bitcoin in the past.
This drop is happening a few months after the halving event, reducing the amount of Bitcoins that miners receive.
To compensate for this drop, most of these companies have added their mining equipment. CleanSpark has reached a hash rate of 20 EH/swhich helped her mine 445 coins in June after mining 417 coins the previous month. She did this after purchasing 5 mining sites in Georgia.
Digital Marathon mined 590 coins in June, down 40% from the same month in 2023 and flat from May.
Riot Platforms, on the other hand, focused on acquiring Bitfarms, a company that mined 189 coins in June.
Bitcoin
Michael Saylor Issues Statement on Bitcoin Amid Crypto Market Sell-Off by U.Today

U.Today – Amid an ongoing sell-off in the cryptocurrency market, Michael Saylor, a prominent advocate and president of MicroStrategy, made a statement on X (Twitter) that reverberated across the crypto space: “Just Bitcoin.”
This two-word tweet comes as the cryptocurrency market faces significant sell-offs as the price of Bitcoin plummets.
Bitcoin, the largest cryptocurrency by market value, began its decline in Tuesday’s trading session, hitting $63,223 at one point before falling further.
Losses deepened on Wednesday as investors considered remarks from Fed Chair Jerome Powell, with Bitcoin hitting intraday lows of $59,509. At the time of writing, BTC is down 2.85% over the past 24 hours to $60,274.
According to data from CoinGlass, the sell-off has resulted in a significant amount of cryptocurrencies being liquidated in the past 24 hours, totaling over $166 million. However, this has not deterred Saylor’s confidence in Bitcoin, as he reiterates his longing for the crypto asset in his tweet.
Cryptocurrency market crashes
Cryptocurrencies fell on Tuesday after Fed Chairman Jerome Powell said the central bank needs to see more progress on inflation before cutting interest rates, which are now at 5.25%-5.50%. Powell revealed at a monetary symposium in Sintra, Portugal, that the United States is moving closer to a disinflationary path.
“We want to be more confident that inflation is moving sustainably downward toward 2% before we begin the process of tapering or easing policy,” Powell said.
Market losses deepened after Wednesday’s economic releases that indicated the labor market is cooling. Recent data showed weaker-than-expected private payroll growth in June, but weekly jobless claims were higher than economists had forecast. The latest figures come ahead of the highly anticipated June nonfarm payrolls report on Friday.
As the cryptocurrency market goes through a period of uncertainty, the coming days and weeks will be crucial in determining the direction of BTC’s price.
Bitcoin
Bitcoin and Ethereum in GTA 6? Still rumors — for now

Rumors that the long-awaited Grand Theft Auto 6 will use cryptocurrency that has been circulating for more than a year now—and they’re spinning again.
On Wednesday, a pseudonymous Crypto Twitter influencer named Gordon — apparently named after Gordon Gekko from the iconic 1987 film “Wall Street” —shared to his nearly 500,000 followers that “GTA 6 will allow cryptocurrency payments” and that “so far only Bitcoin, EthereumIt is USDT [are] confirmed.”
But in reality, no cryptocurrency has been confirmed for Grand Theft Auto 6, despite ongoing chatter about the rumors. Rockstar Games and parent company Take-Two have made no such announcements this week on the subject, nor have they made any prior announcements, and official trailers and announcements have made no mention of cryptocurrency being included.
However, the tweet — which also included a fake trailer for the game — quickly went viral, with over 500,000 views as of this writing in a matter of hours. When Twitter users asked Gordon for his sources, he would jokingly respond that his “uncle works there” or say that previous reports on the matter were “old” at this point.
But really, nothing has changed since then. DecipherGG’s reported in previous rumors in May 2023, not even since the first official trailer — which initially leaked with “BUY BTC” stamped on itApparently by the leaker in question—premiered last December.
DecipherGG reached out to Rockstar Games for comment but did not receive an immediate response.
Could Grand Theft Auto 6 implement a crypto element when it releases in 2025? It’s certainly possible, and if so, it would be a transformative moment for cryptocurrency adoption by the traditional gaming industry.
Take-Two Interactive has explored the space before, acquiring casual gaming giant Zynga in early 2022, when Take-Two founder and CEO Strauss Zelnick suggested there were “Web3 opportunities” that they could explore better as a team. Zynga has launched its first blockchain game on Ethereum, called Sugartownbut Take-Two has yet to get involved with other brands.
Rockstar Games, on the other hand, prohibited the use of cryptocurrency or NFTs on player-run Grand Theft Auto 5 servers in late 2022, following a rise in the use of NFTs to represent unique player-owned assets on modded game servers.
And given Grand Theft Auto’s satirical tone, the game may be more likely to criticize cryptocurrency and poke fun at caricatures of crypto fans and NFTs, for example, rather than trying to launch its own on-chain currency. But that’s all speculation at this point, as there are relatively few official details about GTA 6.
For now, at least, don’t believe the hype. While Rockstar Games hasn’t officially closed the door on cryptocurrency usage in Grand Theft Auto 6, it hasn’t confirmed anything about it either. However, it’s sure to remain a hot topic in the long run leading up to release, which is currently scheduled for fall 2025.
Edited by Ryan Ozawa.
Bitcoin
Crypto President Trump’s ‘Lesser’ Regulation Will Bless Coinbase’s Bitcoin Leverage, Expert Says – Coinbase Glb (NASDAQ:COIN)

Chris SenyekChief Investment Strategist at Wolfe Researchrecently expressed his opinion on the potential impact of a Donald Trump win the 2024 elections in the cryptocurrency market.
What happened: Senyek suggested that a Trump presidency could ease cryptocurrency regulations, benefiting companies like Coinbase Global Inc. COIN due to its importance Bitcoin BTC/USD Leverage.
“Trump would be less harsh on crypto regulation, and Coinbase would be a big beneficiary of that given its influence on bitcoin,” Senyek said during CNBC’s “Last Call” on Tuesday.
See too: Enhance Your Retirement Portfolio: The Benefits of Adding Cryptocurrency
Why does this matter?:Senyek’s comments come in the context of the former president Donald Trump‘s reported plans to participate at the Bitcoin 2024 convention, which could reinforce his image as a “Crypto President”.
Trump’s potential participation in the Bitcoin 2024 convention, a major event on the cryptocurrency calendar, could have significant implications for the industry.
Pratik KalaHead of Research in DigitalX Limitedhe has predicted a Trump victory in the upcoming elections, but warns that immediate cryptocurrency-friendly regulations may not be a priority.
A recent report by 10x Search explore the recent rise in Bitcoin price and its potential connection to Trump’s strong position in the 2024 election race. The report, titled “Is the Bitcoin Trump Pump Sustainable?”, highlights a 4% spike in Bitcoin’s price following the news that the president Joe Biden will remain in the race despite a poor performance in the presidential debate.
Price Action: At the time of writing, Bitcoin was trading 2.10% lower at $60,860.66, according to Benzinga Pro.
Read next:
Image created using photos from Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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