Bitcoin recently bounced back from a heavy
sell-off to reach a market value of $53,000. This situation reminds many of the downturn during the Covid crash. Former President
Donald Trump has triggered further debate with his proposal to pay off $35 trillion of US debt using cryptocurrency, sparking warnings about a 'vicious spiral'. There are encouragements from Cantor Fitzgerald to invest in bitcoin mining stocks while some market experts are predicting
record highs for Bitcoin following the recent downturn. This move has also been compared with the collapse of FTX. Meanwhile,
Semler Scientific, inspired by MicroStrategy, has invested a further $6 million in Bitcoin. High-profile trader Jurrien Timmer questions Bitcoin's long-term potential, whereas Bitcoin and Ethereum-focused ETFs in the US have accumulated volumes of $6 billion despite the market turbulence.
Core Scientific, a Bitcoin miner, has secured a deal to distribute 112 megawatts to CoreWeave. A new Bitcoin research institute has been started by philosophers. There are warnings of a 'Death Cross' for Bitcoin and claims of potential scams. After falling below the
$50,000 mark for the first time since February, Bitcoin managed to reclaim the $57K price level. Amid a bearish market, there are opportunities for Bitcoin remittance in West Africa. There are mixed feelings and forecasts regarding buying Bitcoin following the recent crash. What appears unanimous is the need for strategic handling of Bitcoin reserves for the future. Companies like Metaplanet are raising $70 million to invest further in Bitcoin amidst the market selloff, while Core Scientific shares spiked following a $2B contract. However, the future still holds a lot of uncertainty amidst a tumultuous market.
Bitcoin News Analytics from Wed, 24 Jul 2024 07:00:00 GMT to Tue, 06 Aug 2024 20:14:52 GMT -
Rating -2
- Innovation 5
- Information 7
- Rumor 4
