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Bitcoin Fluctuates Around $64,000 Amid Political Speculation and Cyberattacks
Explore the recent fluctuations of Bitcoin around $64,000, influenced by political speculation and rising cyberattacks. Stay informed on how these factors are impacting the cryptocurrency market and what it means for investors.
Market Overview
This article originally appeared in First Mover, CoinDesk’s daily newsletter, providing context to the latest movements in the crypto markets. Subscribe to receive it directly in your inbox every day.
Latest Prices
Bitcoin has been fluctuating around $64,000, following a slight retreat from $65,000 observed on Thursday. The growing speculation regarding President Joe Biden potentially withdrawing from the 2024 presidential race has somewhat dampened the enthusiasm surrounding BTC, particularly after it had momentarily regained the $66,000 mark earlier this week. The prospect of a second term for Donald Trump is perceived as a more favorable scenario for the cryptocurrency sector, which has led to increased support for BTC due to Biden’s subpar campaign performance and the recent assassination attempt on Trump. However, the possibility of Biden stepping back may have caused crypto traders to adopt a more cautious sentiment. Over the past 24 hours, Bitcoin has seen a decrease of approximately 0.9%, while the CoinDesk 20 Index (CD20), which reflects the broader crypto market, has experienced a decline of 1.9%.
Market Reactions in India
In a notable development, both Bitcoin and Shiba Inu are trading at significant discounts on the Indian crypto exchange WazirX following a cyberattack attributed to a hacker linked to North Korea. The BTC/INR pair has plummeted by 22% within the last 24 hours, contrasting with a mere 2% drop observed on other local exchanges. Meanwhile, the SHIB/INR pair suffered a 30% loss. WazirX’s native token, WRX, has also taken a hit, declining by 40% since the incident. The hacker, who successfully siphoned off $230 million from WazirX, reportedly converted most of the stolen assets into Ether. According to blockchain tracker Lookonchain, the exploiter currently holds over 59,097 ETH, valued at around $200 million at current market rates, along with an additional $15 million in various alternative tokens.
Trending Tokens Amid Outages
In an interesting twist, numerous crypto tokens inspired by the internet security firm CrowdStrike and the infamous Microsoft “Blue Screen of Death” error have emerged on both Ethereum and Solana platforms in light of a global internet outage. Millions of Windows users worldwide have been encountering the so-called BSOD error, which leads to sudden system shutdowns or restarts. This issue has disrupted operations across various sectors, including airlines, railways, and stock exchanges, and is believed to be linked to a malfunction in a CrowdStrike software update. As of now, no reports have surfaced regarding errors or outages affecting any crypto-related companies. The creation of tokens in response to trending news narratives is a niche activity among crypto market participants, often allowing creators and early adopters to profit before the tokens lose all value.
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