Bitcoin dropped back toward its lowest levels in several weeks after a rebound fizzled at $116,000, while an infamous whale stayed short BTC. Key points: Bitcoin gives up on its bull-market rebound as sellers stay firmly in control. The infamous Bitcoin whale, who shorted BTC last week, continues to add to its BTC price downside bet. Read more
Ether price could retest the $3,800 level, but traders said Ethereum's native token was preparing for a breakout to new highs, with $10,000 in sight. Key takeaways: Ether price dropped 8% to $3,940 on Tuesday, triggering $115 million in long ETH liquidations. A bull flag on the weekly chart suggests a $10,000 target, but bulls must hold $3,800 first. Read more
After BNB Chain’s X hack, meme token “4” surged from $3K to $2M following CZ’s mention. We break down the timeline and key risks. CZ’s mention turned meme token “4” into a trade; one early buyer saw $3,000 grow to $2 million. The trigger was the hack of BNB Chain’s X account, which spawned “4.” The surge came from flow hitting thin liquidity, not fundamentals. Read more
Bitcoin’s energy-based economic model is set to benefit from the fiat “debasement” needed to fund the global arms race for developing the most advanced AI models. Billionaire entrepreneur and Tesla CEO Elon Musk touted Bitcoin’s ability to protect investors from fiat money printing, which may increase due to what analysts call a forthcoming government-funded race to develop artificial intelligence. Musk has praised Bitcoin’s (BTC) energy-based proof-of-work model for its inflation-proof mechanism, which is immune to governmental fiat currency printing as it is “impossible to fake energy.” “That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy,” Musk wrote in a Tuesday X post. Read more
The crypto framework law in the Senate is now on pause as lawmakers debate possible new amendments. Senate Democrats submitted a counterproposal to the crypto framework bill last week. Industry advocates are concerned that this will stall progress on the legal clarity for the blockchain industry. The proposal, which has not yet been released publicly, would reportedly impose a number of rules for decentralized finance (DeFi) protocols. Among these is a supposed “restricted list” for DeFi protocols deemed too risky. Industry commenters are concerned that the measures are made in bad faith. Digital Chamber vice president of policy and government affairs Zunera Mazhar said that the law gives “sweeping authority, narrowly defines decentralization, and treats front ends like financial intermediaries.” Read more