Based on the upcoming Aug. 14 CPI reading, Bitcoin lost a key trend line when it fell under $63,000, but it could still be on track to recover.
Bitcoin price dipped below a key trendline as analysts eye a potential correction below $55,000 before it can rebound.
Bitcoin’s (BTC) price fell below a key growth trajectory line based on previous Bitcoin halving cycles.
Related: More ‘extreme fear’ than FTX crash — 5 things to know in Bitcoin this week
The loan saved Argo from bankruptcy during the crypto winter of 2022.
Bitcoin miner Argo Blockchain finished repaying $35 million it borrowed from asset manager Galaxy Digital in 2022 to stave off bankruptcy amid that year’s crypto bear market, according to an Aug. 12 company filing.
The repayment marks “a significant milestone for Argo” and was accomplished “without any meaningful impact to Argo’s hashrate,” Argo CEO Thomas Chippas said in a statement. Hashrate measures the computational power of a cryptocurrency mining operation and directly relates to how much Bitcoin (BTC) a miner can earn in a given period.
In December 2022, Argo narrowly avoided bankruptcy by agreeing to a multi-part deal with Galaxy that included selling its Helios Bitcoin mining facility in Dickens County, Texas, for $65 million and refinancing its debt with a $35 million loan.
The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.”
The United States Internal Revenue Service (IRS) has updated its draft form for taxpayers to report digital asset transactions starting in 2026.
In an Aug. 8 notice, the IRS released a draft of Form 1099-DA, “Digital Asset Proceeds From Broker Transactions.” The form, if approved by the tax service, the form would allow US taxpayers to report crypto transactions from 2025 by the filing deadline in April 2026.
Compared to the draft released in April, the latest proposed 1099-DA removed a box asking taxpayers to identify the “broker type” for digital asset transactions. It eliminated asking filers for the precise time of day the transaction occurred rather than just the date. The draft also removed spaces for taxpayers to report wallet addresses and transaction IDs.
Bitcoin still faces significant resistance at $62,000, and if it breaks, it could liquidate over $845 million of leveraged shorts.
Crypto market analysts say the Bitcoin (BTC) bear trap is officially over. Based on historical chart patterns, they are eyeing the next price breakout.
A bear trap is a form of coordinated but controlled selling that creates a temporary dip in an asset’s price. It typically comprises a significant correction during a long-term uptrend.
The latest correction may have been a bear trap or a shake-out, according to pseudonymous crypto analyst Sensei, who wrote in an Aug. 8 X post:
Representatives from Coinbase, Kraken, Ripple and Circle reportedly attended a video call with US policymakers to discuss their approach to crypto regulation.
Several representatives from major cryptocurrency firms reportedly attended a video call with United States lawmakers, officials from the Biden administration and Kamala Harris’ staff.
According to an Aug. 8 report from Yahoo Finance, industry leaders discussed how the Biden administration might “reset” its approach to crypto policy as President Joe Biden ends his term in January 2025 and through Harris’ campaign. Coinbase Global chief legal officer Paul Grewal, Kraken CEO David Ripley, Ripple CEO Brad Garlinghouse, and Circle CEO Jeremy Allaire reportedly attended the virtual event, initially reported as an in-person roundtable discussion.
The crypto executives reportedly pushed the Biden administration for regulatory clarity in the digital asset space, hinting at the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler. Many in the industry have criticized the SEC under Gensler for bringing enforcement actions against crypto firms that seemingly do not have a clear path to operate legally in the US.
The scam starts with a small payment of Tether (USDT) to the user.
According to a social media post by blockchain analysis firm Bitrace, scanning the wrong QR code could drain users’ wallets.
Bitrace is warning of a new type of crypto scam “where theft is carried out through a payment QR code transfer test, essentially deceiving users into authorizing wallets.”
According to Bitrace, the scam follows a specific pattern. First, the scammer proposes that the user swap tokens over-the-counter (OTC) — through a wallet-to-wallet transfer rather than an exchange — and offers an exchange rate that beats the market.
Increasingly more industries are adopting blockchain technology to grow their brand awareness, including luxury car makers.
Animoca Brands has partnered with luxury car maker Lamborghini to explore new Web3-based brand engagement initiatives, highlighting the expanding potential applications of blockchain technology.
The partnership will look to deliver unique Web-3-based digital experiences to Lamborghini’s fans and customers.
The partnership aims to position Lamborghini at the forefront of digital-asset-based customer experiences, according to an Aug. 8 announcement by Animoca brands.
Lookonchain shared that Plus Token had begun moving nearly $2 billion in ETH but it turns out most of it had already been sold in 2021.
Independent analysts have debunked a recent social media post claiming that “hundreds of dormant wallets” linked to the multibillion-dollar crypto scam Token Plus had begun shifting nearly $2 billion in Ether.
In a now-deleted Aug. 6 post to X, blockchain analytics service Lookonchain initially claimed that wallets linked to TokenPlus had begun shifting some 789,533 ETH — worth $1.8 billion at current prices.
As it turns out, the amount may have been much lower than initially stated.
Solana’s price could rally to $200 if SOL manages to flip $148 into a support level, technical analysis suggests.
Solana’s (SOL) price hit a new all-time high against Ether (ETH) on Aug. 7, and traders are eyeing a potential breakout to $200, a level not seen since March.
SOL’s price has entered price discovery, hitting an all-time high of 0.06211 against ETH, according to data from Binance and TradingView.
The SOL/ETH trading pair has been forming higher highs on the daily chart since June 23, suggesting that more upside is possible.
Bitstamp entered a partnership to support Stripe’s crypto on-ramp solution in Europe a few months after Robinhood announced its $200 million acquisition of the exchange.
Cryptocurrency exchange Bitstamp is collaborating with the fintech platform Stripe to make cryptocurrencies like Bitcoin more accessible in Europe.
Bitstamp announced the partnership on Aug. 7, allowing consumers across the European Union to purchase crypto via Stripe’s fiat-to-crypto on-ramp.
“This provides users with a seamless checkout experience optimized for cryptocurrency conversion and allows near instant settlement of cryptocurrency transactions,” Bitstamp noted in an announcement on X.
