U.S. Moves $600M of Silk Road Bitcoin to Coinbase Prime, but Not Necessarily to Sell
Bitcoin’s price remained flat around $59,000, while its swift decline from $61,000 earlier today happened before the transaction.
Markets
The Anatomy of a Meltdown (and Just BTFD)
GSR’s Brian Rudick discusses the recent market meltdown, how towering bull tenets and fading risks could propel Bitcoin to $1m, and why the recent dip is a gift, all combining to make cryptocurrency’s risk-reward its most compelling in years.
Bitcoin Price May Turn Lower as Crypto Exchanges See $1B USDT Withdrawal: IntoTheBlock
The previous two occasions when exchanges saw similar USDT outflows earlier this year occurred near local tops in bitcoin’s price, IntoTheBlock analysts noted.
Hut 8 Upgraded to Buy, Risk Reward Is to the Upside: H.C. Wainwright
The broker upgraded the bitcoin miner’s shares to buy from sell and raised its price target on the stock to $13.50 from $7.50.
U.S. CPI Rose 0.2% in July, Matching Expectations
The U.S. CPI for July was released on Wednesday (Maria Lin Kim/Unsplash)
Bitcoin Miner Capitulation and Record High Hashrate Point to Possible Price Bottom: CryptoQuant
Such expansion comes despite a recent drop in bitcoin (BTC) prices, indicating positive sentiment among miners after a bout of selling in the past few months.
Bitcoin Crosses $61K as Traders Remain Cautious Ahead of U.S. CPI, Further Unwinding of Yen Carry Trade
BTC beats the CoinDesk 20 during the Asia trading hours, while traders remain bullish on TON because of its GameFi integration.
Trump Election Win May be Bullish For Cryptocurrency Markets, Bernstein Says
Market sentiment suggests that a Trump election victory is bullish for crypto and a Harris win would be bearish, the report said.
Crypto Wallet Holding $2B Mt. Gox Bitcoin Sends Test Transaction as Distribution Continues: Arkham
Some users in the Mt. Gox creditors channel on Reddit reported receiving funds on their BitGo accounts.
Bitcoin’s Prospects Strengthen as Key Stablecoin Metric Slides to Lowest Level in 18 Months
The dwindling metric points to declining selling pressure in the bitcoin market.