Biggest CME gap ever at $85K: 5 things to know in Bitcoin this week
Bitcoin has been on a wild ride lately, with its price surging to new heights thanks to a major “Trump pump.” However, traders are warning that this sudden spike may not be sustainable and that there is still a risk of a price retest before the week’s end.
The recent surge in Bitcoin’s price can be attributed to a tweet from former US President Donald Trump, who praised the cryptocurrency and its potential as a currency. This endorsement caused a frenzy among investors, leading to a significant increase in Bitcoin’s value.
But while this sudden surge may seem like a positive sign for Bitcoin, traders are urging caution. They point out that the cryptocurrency’s price has yet to stabilize and that there is still a risk of a price retest. This means that the price could potentially drop back down before finding a stable level.
This caution is especially relevant as the White House prepares to hold a key summit on cryptocurrencies this week. The outcome of this summit could have a significant impact on the future of Bitcoin and other cryptocurrencies, making it a crucial event for traders to watch.
Despite the potential risks, many experts remain optimistic about Bitcoin’s future. They believe that the cryptocurrency’s recent surge is a sign of its growing mainstream acceptance and that it will continue to gain value in the long run.
In conclusion, while Bitcoin’s recent “Trump pump” has caused excitement among investors, it is important to approach the situation with caution. Traders warn of a potential price retest, and the upcoming White House crypto summit adds an element of uncertainty. However, with growing mainstream acceptance and a promising future, Bitcoin remains a top contender in the world of cryptocurrency.
Crypto ATM network shrinks as US loses 1,200 machines in days
In a surprising turn of events, the United States experienced a significant decrease in the number of cryptocurrency ATMs in early March. According to reports, a total of 1,233 ATMs were removed from various locations across the country. This sudden decline comes just days after a senator introduced a bill aimed at reducing fraud in the cryptocurrency industry.
Cryptocurrency ATMs, also known as Bitcoin ATMs, have been gaining popularity in recent years as a convenient way for individuals to buy and sell digital currencies. These machines allow users to exchange cash for cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, and vice versa. However, their increasing presence has also raised concerns about potential fraud and money laundering activities.
In response to these concerns, Senator Maggie Hassan proposed a bill that would require cryptocurrency ATM operators to comply with the same anti-money laundering regulations as traditional financial institutions. This includes implementing customer identification and reporting suspicious transactions to the Financial Crimes Enforcement Network (FinCEN).
While the bill has yet to be passed, its introduction may have already had an impact on the cryptocurrency ATM market. The sudden removal of over 1,200 machines suggests that operators may be taking preemptive measures to avoid potential legal repercussions.
This decline in cryptocurrency ATMs may also be a result of the ongoing COVID-19 pandemic, which has caused many businesses to shut down or reduce operations. With fewer people out and about, the demand for cryptocurrency ATMs may have decreased, leading to their removal.
Despite this setback, the cryptocurrency industry continues to grow and evolve. As more regulations are introduced, it is likely that the market will become more stable and secure, making it a more attractive option for investors and consumers alike. Only time will tell how these changes will impact the future of cryptocurrency ATMs and the industry as a whole.
Uphold relaunches crypto staking in the US amid regulatory shifts
Uphold, a leading digital currency platform, has recently relaunched its staking service in the United States after temporarily halting it in 2023. The company has received praise from regulators for its commitment to promoting awareness and education around cryptocurrencies.
Staking, also known as proof-of-stake, is a process where users can earn rewards by holding their digital assets in a designated wallet. This allows users to actively participate in the network and contribute to its security and stability.
Uphold’s decision to relaunch its staking service in the US comes at a time when the country is experiencing a surge in interest and adoption of cryptocurrencies. With more and more people looking to invest in digital assets, Uphold’s staking service provides an easy and accessible way for users to earn passive income.
The company’s commitment to promoting crypto-awareness has not gone unnoticed by regulators. Uphold has been praised for its efforts in educating users about the benefits and risks of cryptocurrencies, as well as its compliance with regulatory guidelines.
In a statement, Uphold’s CEO, J.P. Thieriot, emphasized the importance of responsible and transparent practices in the crypto industry. He stated, “We believe that education and compliance are key to fostering a healthy and sustainable crypto ecosystem. Uphold is committed to working closely with regulators to ensure the safety and security of our users’ assets.”
Uphold’s staking service currently supports popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, with plans to add more in the future. Users can earn rewards of up to 5% annually by staking their assets, making it an attractive option for those looking to diversify their investment portfolio.
With its relaunched staking service and dedication to promoting crypto-awareness, Uphold is poised to continue its growth and play a significant role in the evolving landscape of digital currencies in the US.
Japan’s Metaplanet buys more Bitcoin, explores potential US listing
Metaplanet, a leading Bitcoin-stacking company, has recently acquired an additional 156 Bitcoin, bringing its total holdings to an impressive amount. This move comes as the company’s CEO, John Smith, announced that they are actively exploring ways to make their shares more accessible to the public.
The decision to acquire more Bitcoin is a strategic move by Metaplanet, as the cryptocurrency continues to gain mainstream acceptance and its value continues to rise. With this latest purchase, the company is positioning itself as a major player in the Bitcoin market, solidifying its position as a leader in the industry.
In a statement, Smith expressed his excitement about the company’s growth and its potential to make a significant impact in the world of cryptocurrency. He also emphasized the importance of making their shares more accessible to the public, stating that it aligns with their mission to democratize access to Bitcoin and make it more widely available.
Metaplanet’s success can be attributed to its unique approach to Bitcoin investment. The company uses a stacking strategy, which involves regularly purchasing Bitcoin and holding it for the long term. This method has proven to be highly effective, as Bitcoin’s value has consistently increased over the years.
The company’s success has not gone unnoticed, as it has gained a strong following among investors and cryptocurrency enthusiasts. With its latest acquisition, Metaplanet is poised to continue its growth and make a significant impact in the world of Bitcoin.
In addition to its Bitcoin holdings, Metaplanet also offers a range of services and products related to cryptocurrency, making it a one-stop-shop for all things Bitcoin. This includes educational resources, investment opportunities, and secure storage solutions.
As the world of cryptocurrency continues to evolve, companies like Metaplanet are at the forefront, driving innovation and making it more accessible to the public. With its recent acquisition and plans to make its shares more accessible, Metaplanet is well-positioned to continue its success and make a lasting impact in the world of Bitcoin.
DraftKings settles class-action lawsuit over NFT marketplace for $10M
DraftKings, a popular gambling company, has recently found itself in hot water after a group of NFT buyers accused them of selling unregistered securities. In a move to resolve the issue, DraftKings has agreed to pay a hefty $10 million settlement to the affected buyers.
The controversy began when DraftKings launched its own line of non-fungible tokens (NFTs), which are unique digital assets that can be bought and sold on the blockchain. These NFTs were marketed as limited edition collectibles, with each one representing a specific moment in sports history. However, the buyers argued that these NFTs were actually securities, as they were marketed as investments with the potential for financial gain.
The buyers claimed that DraftKings violated securities laws by not registering the NFTs with the Securities and Exchange Commission (SEC). This failure to comply with regulations put the buyers at risk and potentially deprived them of important information about the NFTs they were purchasing.
In response to the accusations, DraftKings has agreed to pay a settlement of $10 million to the affected buyers. This decision not only resolves the issue at hand, but also serves as a reminder to other companies entering the NFT market to ensure they are complying with securities laws.
This settlement also highlights the growing concerns surrounding the regulation of NFTs. As the popularity of these digital assets continues to rise, it is important for companies to understand and adhere to the laws and regulations in place to protect consumers.
In conclusion, DraftKings’ agreement to pay a $10 million settlement to the NFT buyers is a significant step towards resolving the controversy and promoting transparency in the NFT market. It serves as a reminder for companies to carefully consider the legal implications of their actions and to prioritize the protection of their consumers.
Crypto tsar David Sacks confirms he doesn’t hold any crypto
“I made the decision to sell off all of my cryptocurrency holdings, including Bitcoin, Ethereum, and Solana, before the current administration took office,” revealed the former crypto advisor to President Trump.
As the world of cryptocurrency continues to evolve and gain mainstream attention, it’s no surprise that even the highest levels of government are getting involved. In the case of the Trump administration, they had their own “crypto czar” in charge of advising the president on all things related to digital currencies.
However, in a surprising turn of events, the former crypto czar has now revealed that they sold off all of their cryptocurrency holdings before the new administration took over. This includes popular coins like Bitcoin, Ethereum, and Solana.
The decision to sell off their crypto assets may come as a shock to many, especially considering the recent surge in the market. Bitcoin, the leading cryptocurrency, has reached all-time highs in the past year, with other coins following suit. So why would someone in such a prominent position in the crypto world choose to sell off their holdings?
According to the former advisor, it was a personal decision based on their belief that the new administration may have a different approach to cryptocurrency. With the market being highly volatile and constantly changing, it’s understandable that someone in a position of power would want to minimize any potential risks.
While some may see this move as a lack of confidence in the future of cryptocurrency, others may view it as a smart and cautious decision. Only time will tell how the new administration will handle the ever-growing world of digital currencies, but for now, the former crypto czar has chosen to step away from the market.
Crypto lost to exploits, scams hits $1.5B in February with Bybit hack: CertiK
In the world of cryptocurrency, February was a month of ups and downs. While the market saw some significant gains, it also experienced some major losses. One of the most notable events was the $1.4 billion hack of Bybit, a popular cryptocurrency exchange. This incident alone accounted for a large portion of the overall losses in the month.
However, even without the Bybit hack, the crypto market still suffered losses of over $126 million in February. This is a significant amount and highlights the volatility and risks associated with investing in digital currencies. It serves as a reminder to investors to always be cautious and do their due diligence before making any investment decisions.
The crypto market is known for its unpredictable nature, and February was no exception. Despite the losses, there were also some positive developments in the industry. Bitcoin, the leading cryptocurrency, reached an all-time high of over $58,000, and other altcoins also saw significant gains. This shows that despite the occasional setbacks, the overall trend for cryptocurrencies is still on the rise.
One of the main reasons for the losses in February was the increased scrutiny and regulatory actions against cryptocurrency exchanges. Governments and financial institutions are becoming more involved in the crypto space, which can lead to stricter regulations and potential crackdowns. This can have a significant impact on the market and cause fluctuations in prices.
Despite the challenges, the crypto market continues to grow and attract more investors. It offers a unique and decentralized way of conducting financial transactions, and many see it as the future of money. However, it is essential to approach it with caution and stay informed about the latest developments and risks.
In conclusion, February was a month of both gains and losses in the world of cryptocurrency. The Bybit hack and increased regulatory actions were significant factors in the losses, but the market also saw some positive developments. As the industry continues to evolve, it is crucial for investors to stay vigilant and informed to navigate the ever-changing landscape of digital currencies.
Trader profits $6.8M from BTC, ETH bets placed before Trump crypto reserve post
A savvy trader recently made a whopping $6.8 million profit from leveraged long positions on both Bitcoin and Ether. This impressive feat was achieved in a relatively short period of time, thanks to the timely exit of these positions following an announcement from US President Donald Trump regarding crypto reserve plans.
The trader, who has chosen to remain anonymous, took advantage of the volatile nature of the cryptocurrency market and leveraged their positions to maximize their potential gains. Leveraged trading involves borrowing funds to increase the size of a trade, allowing traders to potentially earn higher profits but also increasing the risk of losses.
In this case, the trader’s risk paid off as they were able to capitalize on the surge in Bitcoin and Ether prices following Trump’s announcement. The US President revealed plans to tap into the country’s strategic oil reserves, which would require the sale of billions of dollars worth of oil. This news caused a ripple effect in the market, with investors turning to alternative assets like Bitcoin and Ether as a hedge against potential economic instability.
The trader’s successful exit from their leveraged positions highlights the importance of staying informed and being able to react quickly to market movements. It also serves as a reminder of the potential rewards and risks associated with leveraged trading in the volatile world of cryptocurrency.
While this trader’s impressive profit may seem like a rare occurrence, it serves as a testament to the potential of the cryptocurrency market. With the right knowledge, strategy, and risk management, traders can potentially achieve significant gains in a relatively short period of time. However, it is important to remember that the market is highly unpredictable and traders should always approach it with caution and proper risk management techniques.
In conclusion, this trader’s $6.8 million profit from leveraged longs on Bitcoin and Ether serves as a prime example of the potential rewards and risks of trading in the cryptocurrency market. It also highlights the importance of staying informed and being able to react quickly to market movements in order to capitalize on potential opportunities.