Bitcoin dips below $30k triggering Altcoin avalanche

In a recent wave of market activity, Bitcoin (BTC) experienced a slump, dipping below the $30,000 mark, which subsequently unleashed a cascade of declines among smaller digital currencies. According to CoinDesk Indices data, Bitcoin touched the depths at $29,874, registering a 1.8 percent fall within the last 24 hours. The currency did manage to recover some ground and hovered just over $30,000. This downtrend in Bitcoin provoked an abrupt wave of selling in the altcoin domain. Altcoins, often known as alternative cryptocurrencies to Bitcoin, faced a sharp decline ranging from 5-10 percent compared to the previous day. Particularly noteworthy is the 10 percent plummet in the value of Optimism network’s OP token. Among the leading 20 cryptocurrencies, Cardano's ADA, Polygon's MATIC, and Avalanche's AVAX were the most adversely impacted, shedding 6 percent, 7.7 percent, and 8 percent of their value respectively. Ether (ETH), which holds the position of the second-largest cryptocurrency by market capitalisation, managed to weather the storm somewhat more resiliently compared to its altcoin counterparts, though it still fell short of Bitcoin's performance by decreasing 3.2 percent. Check more

Tether-Georgia Partnership: A major leap in building a global blockchain ecosystem

Stablecoin issuer Tether has signed a MoU with the Government of Georgia aimed at establishing the country as a nexus for blockchain and peer-to-peer technologies, and spur innovation and economic expansion. Paolo Ardoino, Tether’s CTO, conveyed the company’s intention to work closely with the Georgian government to establish a thriving peer-to-peer technological ecosystem. He emphasised that this partnership signifies a momentous achievement for Tether, and reflects its dedication to being an infrastructure ally for cities and countries across the globe. “This collaboration not only marks a significant milestone for Tether but also reinforces its position as a pioneering infrastructure partner for cities and nations globally,” said Ardoino. Read details here

Emerging AI powerhouse Anthropic's stake sale stopped by FTX

Crypto exchange FTX which declared bankruptcy in November has suddenly stopped the sale of its highly coveted asset, a share in the artificial intelligence start-up Anthropic. The decision was communicated to bidders by Perella Weinberg Partners, an investment banking advisory to FTX, sources said. Before the sale was halted, several prospective buyers had spent months evaluating confidential data concerning FTX's stake in Anthropic. As per a report by Semafor earlier in June, FTX was anticipated to garner a sum in the “nine figures” from the stake sale. Take a look

Seizes $1.7 million from Hezbollah and Iranian Quds Force

Israel's Defence Minister, Yoav Gallant, announced that the nation's defence establishment successfully thwarted a sophisticated digital currency network linked to Hezbollah and the Iranian Quds Force. This network was involved in the transfer of funds amounting to millions of shekels, which were earmarked for utilisation by terrorist groups. Speaking at the National Bureau for Counter Terror Financing’s third crypto conference, Minister Gallant provided insights into the clandestine operation. According to his statement, defence authorities managed to halt the transfer of substantial financial resources intended for terrorist activities through this digital currency network. Minister Gallant emphasised the evolving nature of security threats and the increasing sophistication brought on by technological advancements. Read more here

Analysing Bitcoin miners' massive transfers to exchanges

Bitcoin miners have transferred a staggering sum exceeding $1 billion in Bitcoin to cryptocurrency exchanges in the last fortnight, though not necessarily for selling, as per analytics company CryptoQuant. Bitcoin miners, who deploy significant computational resources to decipher complex algorithms and generate blocks on the Bitcoin blockchain, are rewarded 6.25 BTC for every block mined. They often sell these rewards to sustain or enlarge their operations. On Tuesday, CryptoQuant tweeted that over 33,860 BTC had been transferred to exchanges offering derivative products. Interestingly, most of this sum was later retrieved back into the miners' own wallets. Additionally, miners decreased their reserve holdings by around 8,000 BTC, of which only a fraction was directed towards conventional trading exchanges, according to the analytics firm. Read more here

Gobbles up Bitcoin like there's no tomorrow

MicroStrategy, the business software giant, has recently added 12,333 Bitcoin to its holdings, investing around $347 million. The acquisition was disclosed in a filing with the Securities and Exchange Commission on Wednesday. This brings MicroStrategy's total Bitcoin holdings to 52,333 coins, which have been amassed for a staggering $4.52 billion at an average price of $29,668 per coin, as shared by the company’s co-founder and chairman, Michael Saylor, on Twitter. As of Wednesday morning, Bitcoin was experiencing a slight dip in its trading value, standing at approximately $30,200, marking a 2 percent decrease. Notably, this is not the company’s first foray into the cryptocurrency market. In April, MicroStrategy acquired 1,054 Bitcoins by investing about $29.3 million in cash, translating to an average cost of $28,016 per coin. Read more here

Digital Euro to reinvent the currency landscape

The European Commission has unveiled an ambitious vision that aims to lay the groundwork for the creation of a digital form of the euro. The initiative seeks to modernise the currency, ensuring that citizens and businesses throughout the Eurozone can continue to have access to both physical and digital euros. The twin proposals released by the Commission encompass legislative measures to secure the role of cash as legal tender and establish the legal framework for a potential digital euro, which the European Central Bank (ECB) might issue in the future as a complement to physical currency. Highlighting the enduring significance of the euro, the Commission regards it as a symbol of Europe’s unity and strength. Read more here

FTX Exchange Rises from the Ashes

FTX is actively seeking to re-establish its principal international exchange platform. This initiative comes in the wake of the company's turmoil due to allegations regarding the loss of nearly $9 billion of client funds before it crumbled last year. John J Ray III, the newly appointed CEO since November when FTX entered bankruptcy, announced, “Has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” Sources privy to the matter have revealed that FTX is in preliminary discussions with potential investors about supporting the revival of FTX.com. Various frameworks, including forming a joint venture, are being considered. As part of the rejuvenation, FTX is expected to undergo a rebranding. Read more here