In today’s bitcoin and cryptocurrency news, learn more about Bitcoin rises from its lowest point. Meanwhile, largest cryptocurrency down to $18,000 and higher borrowing costs pressure tokens and other risk assets. In the midst of greater market unrest, the sell-off in the largest cryptocurrency is becoming worse. On the other hand, cryptocurrency Bitcoin’s price today topped $19,000. While an investor sued South Korean crypto exchange Upbit after it delayed his luna coin transfer before its meltdown. Korean crypto exchange analyzing lawsuit specifics. Short bitcoin (BTC) funds are seeing record inflows, while long bitcoin funds are seeing withdrawals.
Bitcoin Turns Positive and Rises From Its Lowest Point Since June
Original Source: Bitcoin turns positive, rebounds from lowest level since June
Following a decrease in global stock markets and the strength of the U.S. dollar, bitcoin plummeted below $19,000 on Wednesday morning.
As digital coins sold off, the bitcoin market slipped below $1 trillion.
Bitcoin was recently trading less than 1% higher at $19,044.30, according to Coin Metrics. Ether, which has surpassed bitcoin’s advances, stuck below $1,571.20.
Global central banks are tightening monetary policy to combat inflation. The Fed has raised rates 2.25 percentage points. Markets predict rate hikes.
Fed tightening has strengthened the U.S. currency, hurting risk assets. 10-year Treasury rate also rose.
Bitcoin trades with stocks, so if they decline, so does the cryptocurrency.
The dollar’s high value makes the macro environment harder. Vijay Ayyar, VP of corporate development and international at crypto exchange Luno, said CNBC this affects all risk assets.
If the dollar drops, risk assets like bitcoin should rise.
Since its November peak, the crypto market has lost roughly $2 trillion. Bitcoin is 60% below its November peak of $68,990.90.
The sell-off was prompted by a harsh environment for risk assets and crypto-specific challenges including failing projects and bankruptcies.
Bitcoin Nears 2022 Bottom as Crypto Market Falls Below $1 Trillion
Original Source: Crypto Market Drops Below $1 Trillion, Bitcoin Nears 2022 Low
A cryptocurrency selloff has knocked the sector’s market worth below $1 trillion.
The largest digital cryptocurrency is selling at $18,750 as of 7:02 a.m. in New York, down more than 6% this week. CoinGecko reports a comparable drop in crypto market valuation in the last 24 hours. Ether lost 4.4% on Tuesday.
Real interest rates, the true cost of borrowing, are rising, putting pressure on risk assets like bitcoin. Bitcoin’s decline brings it closer to a bottom of $17,600 reached in June after crypto lenders and hedge funds collapsed.
Kevin Loo, head of investment analytics at IDEG Asset Management Ltd., stated on Bloomberg TV that the macro narrative will drive risk assets. “Bitcoin below $20,000” We’ve been here before and might go lower.”
Some analysts anticipate the planned Ethereum network update would boost interest in Ether and other digital assets.
“Bitcoin was at $3,000 in the first crypto winter, and trough to trough, we’re headed higher,” Loo remarked.
For the First Time in Two Months, Bitcoin Drops Below $19K
Original Source: Bitcoin Falls Below $19K for the First Time In 2 Months
Bitcoin has slipped below $19,000 since Independence Day.
CoinMarketCap’s largest coin was selling for $18,841 at the time of writing.
The asset last went below $19,000 on July 4. Bitcoin hit $18,900 in November 2020 before reaching over $60,000 the following year.
Bitcoin investors are selling for several reasons. As usual, the asset’s sell-off is closely associated with the U.S. stock market: stocks were down today after a turbulent trading session, partially due to expectations the Federal Reserve would continue to raise interest rates.
Keeping interest rates high to battle four decades of persistent inflation has pushed investors to sell riskier assets like equities and Bitcoin.
Bitcoin’s sell-off has intensified since Russia shut down the Nord Stream 1 pipeline last week, experts say. Bitcoin enthusiasts are unfazed.
Russia will restore gas supply if sanctions are repealed, the administration said Monday.
Bitcoin is one of the worst-performing cryptocurrencies today. Only Polkadot and Cardano are down more than 5% in 24 hours.
Ethereum, the second largest cryptocurrency by market cap, is down 1.79% to $1,568.
Today’s Price Spike for Cryptocurrencies. Ether is Up 8% While Bitcoin Increases by 3%
Original Source: Cryptocurrency prices today surge. Bitcoin gains 3%, ether rallies 8%
Bitcoin surpassed $19,000 today. The world’s largest cryptocurrency rose 3% to $19,213. According to CoinGecko, the worldwide crypto market valuation was $1.02 trillion today, up 3% in 24 hours.
Ether, the second largest cryptocurrency, gained 8% to $1,625. Ethereum is switching to proof-of-stake. Bellatrix, the latest Ethereum update, launched on September 6, 2022. After Bellarix, Paris will boot miners to complete the Merge. Next week’s improvement.
“Most cryptocurrencies recovered Wednesday night. Bitcoin is up 3% in 24 hours after plunging to $18,558 on July 13th. BTC may retake its $19,400 barrier level if it can maintain above its present level today. Ethereum is outperforming BTC and has overcome its initial resistance barrier at $1,537, heading towards $1,650 as enthusiasm for Merge grows. Let’s see how things go before the Merge, stated Mudrex CEO Edul Patel.
Dogecoin price today was trading over 5% higher at $0.06, while Shiba Inu fell nearly 4% to $0.000012. Other crypto prices’ today performance also improved as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices fell over the last 24 hours.
Bitcoin has followed other risk assets like the Nasdaq 100 as the Fed raises interest rates despite inflation. Several crypto businesses have filed bankruptcy or are battling to survive after meltdowns like Terra/Luna and Three Arrows Capital.
Investor Files Lawsuit Against Korean Crypto Exchange for Postponing Coin Transfer Prior to Luna Crash
Original Source: Investor Sues Korean Crypto Exchange for Delaying Coin Transfer Before Luna Crash
An investor sued South Korean crypto exchange Upbit after it delayed his luna coin transfer before its meltdown. Korean crypto exchange analyzing lawsuit specifics.
Dunamu Inc., which operates Upbit, has being sued by a crypto investor in his 50s, Korea Joongang Daily said Monday.
The investor claimed Upbit delayed processing his coin transfer off the exchange, resulting in a $112,477 loss. Upbit is a South Korean cryptocurrency exchange.
The investor tried to transfer 1,310 luna coins (LUNA) from his Upbit crypto wallet to his Binance wallet to convert them for Vietnamese dong on March 24. On that date, LUNA, now called LUNC, cost $92.79 per coin. Early in May, it plummeted.
The next day, Binance alerted the investor that his coins were returned due to a transfer error. His Upbit wallet didn’t have the coins either. Upbit told him his funds were unintentionally deposited in its own crypto wallet and their repatriation was delayed by account verification processes.
South Korea’s Financial Transaction Information Act was updated to meet FATF’s Travel Rule. The amendment requires VASPs in South Korea to validate sender and destination information for crypto transactions.
The investor’s lawyer said his client asked Upbit 27 times about his luna coins. Each time, the exchange said the coins were being returned.
Dunamu said it’s looking into the lawsuit. Upbit’s terms of service stipulate that the company is not responsible for investor losses caused by the exchange’s regulations.
According to Fund Inflows, Bitcoin Short Positions Are at a Record High
Original Source: Short Positions on Bitcoin Are at Record Going by Fund Inflows, CoinShares Reports
New data from CoinShares indicates unprecedented inflows into short bitcoin (BTC) funds and outflows from long bitcoin funds.
According to CoinShares’ latest digital asset fund flows report, short bitcoin investment funds attracted USD 18m inflows last week, the category’s greatest weekly inflow ever. Inflows boosted short bitcoin funds’ AUM to USD 158m.
Conventional bitcoin funds that gain in value when bitcoin’s price rises experienced withdrawals of USD 11m. Fourth week of outflows for bitcoin funds, according to CoinShares.
ETH-backed funds witnessed the second-largest withdrawals at USD 2.1m. Solana (SOL) and avalanche (AVAX) each received $0.5m.
Both long and short crypto investment funds received inflows of USD 9.2m for the week, with short bitcoin funds accounting for the majority.
Two weeks ago, the sector suffered USD 27m in outflows. Short BTC funds experienced inflows, while long BTC and ETH funds witnessed outflows.
Commenting on the big flows into short bitcoin contracts in the latest report, CoinShares said it followed a “much more hawkish view” stated by US Federal Reserve (Fed) chairman Jerome Powell during the Fed’s recent meeting in Jackson Hole. The newspaper said investors were “surprised” by the hawkish tone.
Summary of today’s Bitcoin and Cryptocurrency news
To put it simply, Bitcoin has traded in correlation to stocks and so if they fall, in general, so does the cryptocurrency.
Meanwhile, in the wake of a cryptocurrency selloff that once more drove the sector’s total market value below $1 trillion, bitcoin is on the verge of testing this year’s lows. MVIS CryptoCompare Digital Assets 100 is down 60% this year. Bitcoin hit a pandemic-era high of $69,000 in November.
Furthermore, keeping interest rates high to battle four decades of persistent inflation has pushed investors to sell riskier assets like equities and Bitcoin.
In addition, Bitcoin is up 3% in 24 hours after plunging to $18,558 on July 13th. BTC may retake its $19,400 barrier level if it can maintain above its present level today.
On the other hand, the investor’s lawyer said his client asked Upbit 27 times about his luna coins. Each time, the exchange said the coins were being returned. Upbit’s terms of service stipulate that the company is not responsible for investor losses caused by the exchange’s regulations.
Finally, the industry experienced outflows of USD 27 million two weeks ago, therefore last week’s aggregate inflows represent an increase. Back then, although long BTC and ETH funds experienced outflows, short BTC funds also received inflows.
