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Crypto Market Update: Bitcoin Declines Amidst Dogecoin Gains and Startup Funding
Stay updated with the latest trends in the crypto market as Bitcoin sees a decline, while Dogecoin experiences gains. Explore the dynamics of startup funding and its impact on cryptocurrency prices in our comprehensive market update.
Latest Prices
CoinDesk 20 Index: 1,891 −1.6%
Bitcoin (BTC): $59,574 −0.6%
Ether (ETH): $2,516 −1.5%
S&P 500: 5,591.96 −0.0%
Gold: $2,553 +1.1%
Nikkei 225: 38,647.75 +0.74%
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As the week comes to a close, crypto prices have shown a lack of significant movement, with Bitcoin experiencing a slight decline of 0.7% over the past 24 hours, settling at $59,500. The overall digital asset market, represented by the CoinDesk 20 Index, has seen a decrease of 1.5%. Bitcoin has continued its downward trend, extending a week-long slide following a recent rally. This downturn is reflected in major exchange-traded funds (ETFs) which have recorded net outflows, suggesting a drop in investor demand. As August approaches its end, Bitcoin is poised to conclude the month with an 8% decline, marking the steepest drop since April. The growth in Bitcoin demand has remained subdued and has even turned negative in recent weeks.
In contrast, Dogecoin has managed to defy the general market trend, experiencing a modest increase of nearly 0.7%. This uptick followed a recent ruling by a Manhattan judge who dismissed a lawsuit claiming that Elon Musk and Tesla had manipulated Dogecoin’s price through Musk’s influential social media presence and public comments. The judge noted that Musk’s statements—such as his intention to “become Dogecoin’s CEO,” putting a “literal Dogecoin in SpaceX and flying it to the moon,” and suggesting that “Dogecoin might become the standard for the global financial system”—were deemed to be “aspirational and puffery” rather than factual assertions, indicating that no reasonable investor would rely on them.
Additionally, crypto startup Bridge has made headlines by raising $40 million in new funding, bringing its total funding to $58 million. Founded by alumni from Square and Coinbase, Zach Abrams and Sean Yu, Bridge aims to create a global payments network based on stablecoins. In a recent interview with Fortune, Abrams stated that the goal is to “enable companies to utilize a stablecoin infrastructure without having to think about it.” Bridge is already serving clients like SpaceX and Coinbase and aspires to function as a Web3 equivalent of the payments processor Stripe, allowing seamless integration for developers into a global payment system. Earlier this year, Stripe announced its plans to incorporate crypto payments using Circle’s USDC stablecoin.
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