Latest News from the Crypto World

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Latest Prices

Bitcoin (BTC) struggled to maintain its position above $65,000, dipping below $64,000 during the American trading hours on Wednesday. The price hovered around $64,500, reflecting a 1% decrease compared to 24 hours earlier. The CoinDesk 20 Index also experienced a 2.4% decline. This pause in the rally came following a sell-off in the equity markets, with the Nasdaq dropping 2.7% and the S&P 500 falling 1.3%. Analysts, such as Joel Kruger from LMAX Group, suggest that the crypto market rally could slow down if the stock market correction deepens. However, in the long run, it may serve as a safe haven for investors seeking refuge from the stock market fluctuations.

The likelihood of President Joe Biden withdrawing from the November election has surged to 68% on the crypto-based prediction platform Polymarket. Biden’s announcement of being diagnosed with Covid-19 raised concerns about his candidacy, especially considering his previous statements about re-evaluating his participation due to health reasons. The president’s performance during the campaign, notably in debates against Donald Trump, has been under scrutiny. Trump, seen as more favorable towards crypto, is closely watched by the cryptocurrency market. Notably, Bitcoin’s recent climb above $65,000 followed an incident where Trump was targeted in an assassination attempt, boosting his perceived chances of winning the election.

Several cryptocurrencies faced significant losses following a cyber attack on the Indian crypto exchange WazirX. The exchange’s native token WRX dropped by 15% to slightly above 14 cents, while meme coin Shiba Inu (SHIB) plummeted nearly 10%. The hacker managed to abscond with over $230 million in customer funds, including $100 million in SHIB and $52 million in ETH. Although other tokens remained relatively stable in dollar value, they experienced substantial losses in Indian rupee pairs. For instance, the bitcoin-rupee pair on WazirX declined by 11% to 5.1 million rupees ($60,945), indicating a significant price gap compared to other exchanges. Additionally, the USDT-INR pair on WazirX witnessed an 8% decrease.

Chart of the Day

– Omkar Godbole