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Fred Cole

An editor at FOMOdrive

  • Aug 02, 2023
  • 2 min read

Bitcoin fell below $29,000 again - what's going on?

The market was fearful as Bitcoin dropped below $29,000.

Miners are not rushing to offload their BTC.

It is predicted that Bitcoin could reach a value of $140,000 by the year 2025.

The value of Memcoin BALD skyrocketed by 400 times in a single day.

Russia is currently experiencing a surge in mining activity.

On Tuesday, Bitcoin dropped to a new low of $28,600 since June 21, due to worries about the Curve Finance hack and a potential decrease in liquidity of the AAVE platform. However, by the end of the day, renewed interest in the cryptocurrency drove it back up above $29,000.

More than $50 million in various tokens were stolen from liquidity pools of the decentralized exchange Curve Finance by hackers exploiting a vulnerability in the Vyper compiler.

Justin Sun, the founder of TRON, surprisingly withdrew around $52 million worth of stablecoins from the AAVE decentralized finance protocol, which had an effect on borrowing rates. At the same time, Sun declared a partnership between Tron and Curve.

Rune Christensen, co-founder of MakerDAO, is of the opinion that the Curve Finance exploit will be the last crash before the crypto market experiences a new surge in growth.

CryptoQuant has noted that mining pools have given a positive signal for bitcoin by reducing the sale of cryptocurrency and resuming its accumulation.

TechDev, a well-known Twitter analyst, predicted that if the current economic cycle ends with a large expansion of the money supply, Bitcoin could reach $140,000 by 2025.

The Internal Revenue Service (IRS) has declared that income from staking is taxable. This new clarification states that funds obtained through staking should be considered as income and should therefore be taxed by the US.

If Ron DeSantis is elected as the US president, he has pledged to put an end to the "battle" that the Joe Biden administration is fighting against bitcoin and other cryptocurrencies.

In the second quarter of 2023, Tether, the issuer of USDT - the largest stablecoin by capitalization - reported having an excess of $850 million in reserves.

Recently launched on the Base network, memcoin BALD rose 400 times in a day before plummeting by 90%. This has led experts to link BALD to either Sam Bankman-Freed, the founder of the now-collapsed FTX, or one of his associates.

According to Coindesk, the imposition of sanctions on Russia sparked a mining boom in the country, making it the largest recipient of mining equipment in the world.

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