It’s been a rough day for crypto,crypto, with many of the industry’s leading assets in the red, including BitcoinBitcoin.
The market leader is down nearly 2% and trading at just over $9,100. Bitcoin even briefly dipped below $9,000 today, testing resistance levels. The same is true of EthereumEthereum and XRP, which are each down about 2% on the day.
And prices aren’t the only things that are down today.
While the crypto industry is no stranger to scams, it’s been a particularly bad day for exploits. Cybersecurity firm Group-IB reported today that a “sophisticated” Bitcoin scam involving fake celebrity endorsements has exposed the personal data of as many as 250,000 people.
Meanwhile, keyless crypto wallet ZenGo has also revealed today that it uncovered vulnerabilities to double-spending attacks in multiple Bitcoin wallets, including Ledger Live, Bread (BRD), and Edge, potentially leading to concerns of lagging safety.
By contrast, the mood today in the traditional market could not be more different.
The Dow Jones Industrial Average jumped nearly 100 points today, while the S&P and Nasdaq rose by 14 and 53 points, respectively. The boost follows therelease of a June jobs report which indicated that nearly 5 million jobs were added to the US economy last month, far exceeding expectations.
Retail investors are clamoring for Bitcoin, and if demand stays steady, this could cause a demand shock after the next two Bitcoin halvings.
Why?
The daily mined supply of Bitcoin will drop below the daily buyer demand, according to research from cryptocurrency derivatives exchange ZUBR.
ZUBR crunched numbers provided by blockchain analytics firm Chainalysis to forecast what Bitcoin’s market demand may look like over the next eight years. According to the firm, when Bitcoin’s daily supply issuan...
That brought the unemployment rate down to just a hair over 11%—slightly better than the monthly 12.4% estimate. Though, it’s worth noting that 11% unemployment is still historically very high, as market analyst Mati Greenspan joked on Twitter.
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
