Bitcoin Surges Above $60,000 Amid Market Fluctuations

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• CoinDesk 20 Index: 1,930 −0.2%
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• Ether (ETC): $2,558 +1.2%
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Bitcoin experienced a resurgence, climbing above $60,000 during the late European morning session, recovering from a sharp decline earlier in the week. The leading cryptocurrency was trading around $60,350, marking a nearly 6% drop from its starting level of $64,000 on Monday. However, this downward trajectory appears to have stabilized, potentially paving the way for a short-term rally. In a broader context, the digital asset market has seen a slight decline of approximately 0.45% within the past 24 hours, according to data from CoinDesk Indices.

Meanwhile, Ether rebounded by about 1.35%, reaching around $2,550, following the registration of $5.9 million in inflows into spot ether ETFs on Wednesday. This marked the end of a nine-day losing streak for the cryptocurrency.

In a different development, the TON blockchain faced a second outage within a 24-hour period late on Wednesday, primarily due to activity associated with the DOGS token. This latest outage lasted just over four hours and came on the heels of a six-hour disruption on Tuesday, both incidents linked to the minting of DOGS. Following the network’s crash, TON’s native token saw its price drop below $5.20, although it later recovered to around $5.60 during European trading hours, reflecting an increase of over 1.75% in the last 24 hours. However, the token is still trading at levels lower than before the arrest of Telegram’s CEO, Pavel Durov.

It is worth noting that while Telegram and TON operate as legally distinct entities, their operations are closely interwoven, with one relying heavily on the other.

In a related story, Durov’s release on bail on Wednesday resulted in a significant financial hit for Polymarket bettors, totaling $270,000 in lost winnings. Durov, who was formally indicted in France, was released after posting a €5 million ($5.6 million) bond, agreeing to report to local police twice a week and remain within the country. This swift release starkly contrasted with bettors’ prevailing sentiment, which had leaned toward the likelihood of an extended detention. At one point, the probability of Durov being released in August was estimated to be in the mid-30s, while the odds of a release before October were pegged between 75% and 90%. Ultimately, bettors who wagered “No” on both an August release and a release before October found themselves on the losing end, missing out on $270,000 as they had anticipated a longer hold.

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