Crypto Currency

Bitcoin set for new all-time high in 2024 as worst correction ends, experts say

Key Takeaways Bitcoin rebounded 12% to $63,585 after a 25.2% correction lasting 42 days. Experts predict a new Bitcoin all-time high in 2024, possibly before summer ends. Share this article URL Copied

Key Takeaways

  • Bitcoin rebounded 12% to $63,585 after a 25.2% correction lasting 42 days.
  • Experts predict a new Bitcoin all-time high in 2024, possibly before summer ends.

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Bitcoin (BTC) regained momentum during the weekend and started climbing from the $56,000 price zone to the current $63,585.22, after a nearly 12% increase during this period. Along the way, BTC reclaimed important price levels and left the worst part of its correction behind, according to industry experts. This opens up the path for a potential new all-time high in 2024, possibly before this summer ends.

The trader who identifies himself as Rekt Capital stated in an X post that Bitcoin finished a 25.2% correction that lasted 42 days. Additionally, Hank Wyatt, founder of DiamondSwap, shared with Crypto Briefing that repayments to Mt. Gox creditors and the end of the BTC liquidation by the German government might suggest the worst correction of the current period might be over.

“These events had exerted significant downward pressure, but with them mostly behind us, Bitcoin has the potential to trade within a higher range, assuming no new macroeconomic disruptions happen,” Wyatt added.

James Davies, Founder and CPO of CVEX, also highlighted that Bitcoin started rebounding after the German government was done selling its BTC holdings. Despite the claims that the Trump incident was the major factor behind the price growth during the weekend, Davies points out that the upward movement started before that.

“The rally started earlier and was even more pronounced during Asian trading hours. In my view, this suggests the rebound is a return to fair value, as the market was temporarily oversold due to insufficient liquidity to absorb the temporary sell pressure,” he added.

Mehdi Lebbar, co-founder and president of Exponential.fi, also believes that the market is looking bullish on Bitcoin after the German government depleted its Bitcoin stash. Furthermore, since the repayment of Mt. Gox’s creditors happened 10 days ago, Lebbar adds that the market can assume that the ones who needed to realize profits have already done so.

Stuck until the first rate cut?

Although Bitcoin has reclaimed important price levels, the market expects that the largest crypto by market cap will still trade within its previous range between $65,000 and $71,000 for the next few weeks. The first rate cut from the Fed, set to happen in September, could be able to break this range.

Hank Wyatt, from DiamondSwap, shares this market expectation, adding that it could serve as a catalyst for Bitcoin to surpass its previous all-time high.

“Lower interest rates generally reduce the appeal of fiat currencies and more traditional investments, thereby enhancing the attractiveness of Bitcoin and other cryptocurrencies. However, if the rate cut does not materialize, continued volatility and consolidation may still occur as the market adjusts its expectations and seeks new drivers for upward movement,” added Wyatt.

Although he recognizes the importance of a rate cut for the current crypto market situation, Mehdi Lebbar, from Exponential.fi, believes that BTC currently has a lot of idiosyncratic considerations that make a Fed rate cut unlikely to be the most significant event affecting its price in the next few months.

“For instance, the introduction of the ETH ETF could impact Bitcoin’s price by reviving overall interest in crypto. Additionally, the US election and the potential election of a more crypto-friendly administration could positively influence both Bitcoin and the broader crypto market. Most importantly, Bitcoin increased 6x post-halvening in the previous cycle (May 2020 – October 2021) and 20x in the cycle prior (July 2016 – December 2017),” he explained.

New all-time high possible this summer

Bitfinex analysts shared with Crypto Briefing that a new all-time high could be registered by Bitcoin before the end of summer. Yet, this would require a significant bullish catalyst, such as major institutional adoption or favorable regulatory developments in the form of a successful spot Ethereum ETF and complete pricing in the Mt. Gox supply overhang. 

“Currently, Bitcoin approaching $63,000 is a positive indicator, but breaking past $73,000 by the summer’s end would require sustained bullish momentum and positive market sentiment,” they added.

Nevertheless, even if Bitcoin fails to reach a new all-time high this summer, the analysts added that BTC could reach new highs by at least Q4 2024, aligning with post-halving cycles.

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Crypto Currency

Mega Crypto Shift? Fidelity Sells its Bitcoin Hoard without Fanfare

Key Takeaways: In the recent days, Fidelity sold about 332.42 million worth of Bitcoin. The action was undertaken when the price of BTC was experiencing a small dip, and now The post Mega Crypto Shift? Fidelity Sells its Bitcoin Hoard without Fanfare appeared first on CryptoNinjas…

Key Takeaways: In the recent days, Fidelity sold about 332.42 million worth of Bitcoin. The action was undertaken when the price of BTC was experiencing a small dip, and now
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Crypto Currency

What You Can Build on Bitcoin Hyper — A Bitcoin-Backed Alternative to Solana Crypto Coins

The crypto market offers a wide range of new crypto projects for developers and investors. However, not all coins are the same, so choosing one that stands out from the The post What You Can Build on Bitcoin Hyper — A Bitcoin-Backed Alternative to Solana Crypto Coins appeared first on CryptoNinjas…

The crypto market offers a wide range of new crypto projects for developers and investors. However, not all coins are the same, so choosing one that stands out from the
The post What You Can Build on Bitcoin Hyper — A Bitcoin-Backed Alternative to Solana Crypto Coins appeared first on CryptoNinjas…
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Crypto Currency

Where’s Satoshi? Statue of Bitcoin creator gets stolen, smashed, and lake-dumped in Lugano

Key Takeaways A statue of Satoshi Nakamoto was stolen in Lugano, Switzerland, prompting a reward offer. The statue was later found broken in a nearby lake. Share this article A life-sized statue of Bitcoin’s mysterious creator, Satoshi Nakamoto, disappeared from Parco Ciani Park in Lugano, as reported by X user Gritto this morning. Hey @paoloardoino

Key Takeaways

  • A statue of Satoshi Nakamoto was stolen in Lugano, Switzerland, prompting a reward offer.
  • The statue was later found broken in a nearby lake.

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A life-sized statue of Bitcoin’s mysterious creator, Satoshi Nakamoto, disappeared from Parco Ciani Park in Lugano, as reported by X user Gritto this morning.

Gritto, who visited the park and captured photos, said the statue was still in place on the night of August 1st. At the time, the area was bustling with activity due to Swiss National Day festivities, and nearby cafés filled with celebrants.

He theorized that a group of partygoers, intoxicated and passing through after the celebrations, might have decided to “have fun” with the statue on their way home. The statue’s disappearance was believed to have occurred sometime that night.

Gritto’s photos show a portion of the statue still attached to the base and the metal nameplate engraved with “Satoshi Nakamoto,” along with the artist’s name, Valentina Picozzi.

“There are cameras everywhere in the city so i assume, they just threw it inside the lake beside, before going home,” Gritto suggested. “No way, they could have carried it unnoticed in the city. So my opinion: it is in the lake, just beside its previous location.”

Statue of Bitcoin creator discovered broken in a nearby lake

After the theft surfaced, Picozzi’s Satoshigallery announced a 0.1 BTC reward for leads on the statue’s recovery. The team also confirmed it would proceed with plans to install identical statues in 21 locations worldwide.

A number of users on X claimed the statue was recovered from a nearby lake, damaged and incomplete.

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Crypto Currency

Hacker still holds $14 billion in stolen Bitcoin from massive 2020 LuBian attack: Arkham

Key Takeaways A hacker stole 127,426 Bitcoin from Chinese mining pool LuBian in December 2020, now valued at over $14.5 billion. Lubian abruptly stopped operations without an explanation two months after the hack. Share this article A massive theft of 127,426 Bitcoin (BTC) from the secretive Chinese mining pool LuBian in 2020, which was uncovered

Key Takeaways

  • A hacker stole 127,426 Bitcoin from Chinese mining pool LuBian in December 2020, now valued at over $14.5 billion.
  • Lubian abruptly stopped operations without an explanation two months after the hack.

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A massive theft of 127,426 Bitcoin (BTC) from the secretive Chinese mining pool LuBian in 2020, which was uncovered today, has sparked concerns in the crypto community as the hacker still holds the entire stash more than four years after the incident.

The stolen BTC stash, worth $3.5 billion at the time, is now valued at over $14 billion, according to a new report from Arkham Intelligence.

It is not only the biggest crypto heist in history but also one of the longest-concealed cases. LuBian, which controlled nearly 6% of Bitcoin’s network hash rate in May 2020, has never publicly disclosed the breach.

Inside the largest crypto heist

As traced by Arkham, the hack occurred on December 28, 2020, with more than 90% of LuBian’s BTC holdings being drained. Arkham suggests that LuBian used an insecure algorithm to generate private keys, which made them vulnerable to brute-force attacks.

The day after the attack, a LuBian-linked address lost an additional $6 million in Bitcoin and USDT on the Bitcoin Omni layer.

On December 31, LuBian moved its remaining 11,886 Bitcoin, currently worth about $1.3 billion, to recovery wallets.

After the hack, the firm broadcast messages across 1,516 Bitcoin transactions requesting the return of stolen funds, spending 1.4 Bitcoin in the process.

The hacker’s stash of 127,426 BTC remains untouched since a wallet consolidation in July 2024, while LuBian’s holdings sit at 11,886 BTC. The unknown exploiter has climbed to 13th place among the top BTC holders, outranking the infamous Mt. Gox hacker.

LuBian stopped mining in early 2021

The hack may explain why LuBian quietly disappeared from the Bitcoin network in early 2021. Given the firm’s secretive operations, it’s perhaps no surprise that the former top-tier miner chose to vanish rather than disclose a breach of this scale.

According to data from mempool.space, Lubian’s last known mining activity occurred on March 1, 2021, when it mined Bitcoin block 672,636.

At the time, industry observers speculated the halt was linked to China’s and Iran’s clampdown on crypto mining. Those regions were believed to be Lubian’s active areas.

China announced a crackdown on Bitcoin mining and trading in May 2021, followed by several provinces ordering shutdowns of mining operations through June.

By September 2021, Chinese authorities issued a nationwide notice declaring crypto mining an “obsolete” industry, effectively enacting a total ban on both mining and trading.

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