Bitcoin trades sideways again around $ 30k. The largest cryptocurrency by market value has resisted attempts to break below and even above the now robust trading range of $ 29k – $ 30k. Altcoins were mostly stable with only a few losses. More on that later.
In other news, Elon Musk has threatened to withdraw from his $ 44 billion hostile takeover bid on Twitter. The eccentric billionaire will pour cold water on immediate takeover problems by casting doubt on Twitter’s actual figures. This has further dampened markets, even crypto markets, as many have been looking forward to a bigger role for Bitcoin on Twitter. More on that later.
Bitcoin miners are throwing away a lot of their assets as the Bitcoin price has fallen below key levels that need to be maintained in order for them to be profitable. Many of the miners go long term and continue to accumulate their extracted crypto, but this is not the case for a significant number of others as profitability falls in anticipation of a longer bear run.
A lawsuit was recently filed in the United States alleging that the latest Labor Department guidelines issued by the federal government are unconstitutional. The Ministry of Labor banned workers from getting crypto into their 401 (k) pension schemes and this has caused a storm in the crypto sectors. One is now trying to proceed to the case in the case.
A hacker with a white hat has earned the huge $ 6 million by identifying a major flaw on the Aurora platform Immunefi. The company was happy to pay this amount, as more than $ 200 million in digital assets would have been at risk if hackers had exploited this vulnerability before the ethical hacker discovered it.
Crypto-exchange Binance has backed down on a recent report by journalist group Reuters, which accused the exchange of being involved in international money laundering. Binance issued a lengthy review of the case, in which journalists had openly attacked the stock market for being a hub for scammers, hackers and drug smugglers. Binance has recently made some significant upgrades, including AML rules, which definitely make it harder for such elements to work on the platform. The SEC has also launched an official investigation (according to Bloomberg) against the stock market, which could cause the BNB token to fall in value.
Octagon Networks, one of the best cybersecurity companies in the world, has fully embraced crypto and converted its entire balance sheet into Bitcoin. It has also started offering huge discounts to users if they choose to trade Bitcoin.
A new Japanese law regulates what to do with cryptocurrencies seized in the country. The country’s Ministry of Justice is considering a digital currency seizure that can provide clarity on the issue, as well as regulation of the larger sector.
Bitcoin price stable at $ 30k
Bitcoin remained anchored around the $ 30,000 value for most of today. The digital currency has barricaded itself within this narrow range as the bearish pressure grows, but it has so far parried successive attempts to pull it down.
The last 24 hours started with the Bitcoin price around $ 31.3k. It traded sideways for a short time before it started to fall at. 02.20. It immediately found support for $ 29.5k and has since turned slightly around $ 30k.
Bitcoin is now back to its primary support around $ 30k, as another move over failed. The cryptocurrency is trying to stabilize around current levels before a further price correction or increase can be observed in the short term. It remains to be seen how long the crypto will remain around this level.
Bitcoin’s total market value was around $ 575 billion and its share of the crypto market was 47.2%.
Altcoins remain stable
Most altcoins remained largely stable earlier today, with a few exceptions. Binance Coin (BNB, -4.5%), Solana (SOL, -5.5%), Avalanche (AVAX, -4%), Polkadot (DOT, -3%) and Polygon (MATIC, -2.9% ) lost all, while Cardano (ADA, 3.5%) was the big winner.
In other news …..
Elon Musk accuses Twitter of breach of contract and threatens to cancel the takeover bid
Tesla CEO and eccentric billionaire Elon Musk has accused Twitter of violating its acquisition deal and is now openly threatening to withdraw from the deal. However, it is not yet clear whether it is a tactic to let Twitter show its real numbers, or whether Musk actually doubts the acquisition.
His lawyers sent a legal message to Twitter:
“……., Twitter has … refused to provide the information that Mr. Musk has repeatedly requested since May 9, 2022, to facilitate his evaluation of spam and fake accounts on the company’s platform”
This has put further pressure on the market, which has caused Twitter shares to fall slightly.