China has officially accused the United States of orchestrating a scheme to steal $14 billion worth of Bitcoin, allegedly one of the largest cryptocurrency thefts in history. The claim marks the latest twist in the long-running saga of the LuBian crypto mining pool. What really happened, and how is the whole story related to the ‘pig butchering scam’ and the baby-faced crypto entrepreneur Chen Zhi? Here is what you should know.<h2>The hack of LuBian</h2>LuBian was a China-based Bitcoin mining pool that reportedly operated facilities in both China and Iran. In December 2020, it was hit by a major cyberattack in which an estimated 127,426 Bitcoins were stolen. According to blockchain analysts, the cryptocurrency—worth about $3.5 billion at the time—is now valued at roughly $14 billion. The attackers allegedly drained LuBian’s “hot wallets” by exploiting vulnerabilities in its private key management system and possibly using zero-day exploits. Following the breach, LuBian’s operations quickly declined, and by early 2021, the mining pool went largely offline.Also read: <a href="https://www.wionews.com/trending/chinese-crypto-queen-in-london-she-duped-thousands-of-china-s-elderly-fled-to-the-uk-with-billions-and-got-caught-1762850563158">Chinese Crypto Queen in London: She duped thousands of China’s elderly, fled to the UK with billions – and got caught</a><h2>China’s fresh accusation of US involvement in the LuBian hack</h2>On Tuesday (Nov 11), the Chinese National Computer Virus Emergency Response Centre (CVERC) publicly accused the US government of being behind the 2020 LuBian hack. In an official report, CVERC claimed that the operation was a “state-level theft” carried out by American intelligence agencies using advanced hacking tools similar to those used in operations such as Stuxnet—the joint US-Israeli cyberattack that targeted Iran’s nuclear programme in 2010. According to CVERC, US agencies infiltrated LuBian’s systems, stole the Bitcoin, and kept the funds dormant until 2024. That year, the US Department of Justice (DOJ) seized nearly the same amount—127,271 BTC—as part of a criminal forfeiture case linked to Cambodian businessman Chen Zhi. At the time, it was described as the largest cryptocurrency forfeiture in US history.CVERC argued that the DOJ’s seizure was an attempt to legitimise the stolen funds, framing the move as “thieves recovering their own loot”.&nbsp;Also read: <a href="https://www.wionews.com/trending/remains-of-russian-crypto-millionaire-and-wife-found-buried-in-uae-desert-after-attempted-loot-1762917676726">Russian thugs dismember and bury crypto millionaire and wife after finding their crypto wallets were empty</a><h2>Who is Chen Zhi, and what is his crime?</h2>Chen Zhi is the founder of the Prince Group conglomerate. The US maintains that the 2024 Bitcoin seizure was lawful, as it was the wallet owned by Chen Zhi's group inside the LuBian mining pool. US court documents accused Chen Zhi of running a $6 billion global investment fraud through a company called EZ Blockchain, selling fake crypto mining equipment and laundering the proceeds. Chen is reportedly a fugitive and remains wanted by US authorities.<a href="https://www.wionews.com/videos/trump-praises-bitcoin-s-role-in-supporting-dollar-stability-1762493927574/embed">https://www.wionews.com/videos/trump-praises-bitcoin-s-role-in-supporting-dollar-stability-1762493927574/embed</a><h2>How the LuBian case is linked to the ‘pig butchering scams’</h2>Investigators alleged that Chen Zhi’s operations may have overlapped with the so-called “pig butchering” scams. These are online fraud schemes in which victims are encouraged to invest in fake cryptocurrency platforms before being “slaughtered”, when their funds vanish. US prosecutors alleged that parts of Chen’s network promoted fraudulent mining investments similar to those used in pig butchering scams. They allegedly funnelled proceeds through LuBian to obscure their origins. If true, this would mean the same infrastructure tied to the LuBian hack also helped launder funds from global crypto scams across Asia, Europe and North America.Also read: <a href="https://www.wionews.com/business-economy/why-are-crypto-markets-falling-1760706709071">Why are crypto markets falling? Explained</a><h2>Crypto, cyberwarfare, crime and global politics: Why the LuBian case is important</h2>The LuBian dispute highlights how cryptocurrency, geopolitics, and cyberwarfare increasingly intersect. China sees the alleged hack as part of a broader US effort to undermine its economic and technological influence, while the US portrays its actions as legitimate law enforcement against international fraud. Blockchain analysts say the wallets seized by the DOJ match those from the 2020 hack, but there is no independent evidence linking the breach to US intelligence agencies. The incident underlines how cryptocurrencies have become a new front in global power struggles.

China has accused the US of stealing $14 billion worth of Bitcoin from the LuBian mining pool. LuBian is linked to Chen Zhi, a fugitive entrepreneur accused of fraud and 'pig butchering scams'. Know more about the fascinating saga of cyberwarfare and geopolitical tensions over cryptocurrency.


China has officially accused the United States of orchestrating a scheme to steal $14 billion worth of Bitcoin, allegedly one of the largest cryptocurrency thefts in history. The claim marks the latest twist in the long-running saga of the LuBian crypto mining pool. What really happened, and how is the whole story related to the ‘pig butchering scam’ and the baby-faced crypto entrepreneur Chen Zhi? Here is what you should know. The hack of LuBian LuBian was a China-based Bitcoin mining pool that reportedly operated facilities in both China and Iran. In December 2020, it was hit by a major cyberattack in which an estimated 127,426 Bitcoins were stolen. According to blockchain analysts, the cryptocurrency—worth about $3.5 billion at the time—is now valued at roughly $14 billion. The attackers allegedly drained LuBian’s “hot wallets” by exploiting vulnerabilities in its private key management system and possibly using zero-day exploits. Following the breach, LuBian’s operations quickly declined, and by early 2021, the mining pool went largely offline. Also read: Chinese Crypto Queen in London: She duped thousands of China’s elderly, fled to the UK with billions – and got caught China’s fresh accusation of US involvement in the LuBian hack On Tuesday (Nov 11), the Chinese National Computer Virus Emergency Response Centre (CVERC) publicly accused the US government of being behind the 2020 LuBian hack. In an official report, CVERC claimed that the operation was a “state-level theft” carried out by American intelligence agencies using advanced hacking tools similar to those used in operations such as Stuxnet—the joint US-Israeli cyberattack that targeted Iran’s nuclear programme in 2010. According to CVERC, US agencies infiltrated LuBian’s systems, stole the Bitcoin, and kept the funds dormant until 2024. That year, the US Department of Justice (DOJ) seized nearly the same amount—127,271 BTC—as part of a criminal forfeiture case linked to Cambodian businessman Chen Zhi. At the time, it was described as the largest cryptocurrency forfeiture in US history. CVERC argued that the DOJ’s seizure was an attempt to legitimise the stolen funds, framing the move as “thieves recovering their own loot”. Also read: Russian thugs dismember and bury crypto millionaire and wife after finding their crypto wallets were empty Who is Chen Zhi, and what is his crime? Chen Zhi is the founder of the Prince Group conglomerate. The US maintains that the 2024 Bitcoin seizure was lawful, as it was the wallet owned by Chen Zhi's group inside the LuBian mining pool. US court documents accused Chen Zhi of running a $6 billion global investment fraud through a company called EZ Blockchain, selling fake crypto mining equipment and laundering the proceeds. Chen is reportedly a fugitive and remains wanted by US authorities. https://www.wionews.com/videos/trump-praises-bitcoin-s-role-in-supporting-dollar-stability-1762493927574/embed How the LuBian case is linked to the ‘pig butchering scams’ Investigators alleged that Chen Zhi’s operations may have overlapped with the so-called “pig butchering” scams. These are online fraud schemes in which victims are encouraged to invest in fake cryptocurrency platforms before being “slaughtered”, when their funds vanish. US prosecutors alleged that parts of Chen’s network promoted fraudulent mining investments similar to those used in pig butchering scams. They allegedly funnelled proceeds through LuBian to obscure their origins. If true, this would mean the same infrastructure tied to the LuBian hack also helped launder funds from global crypto scams across Asia, Europe and North America. Also read: Why are crypto markets falling? Explained Crypto, cyberwarfare, crime and global politics: Why the LuBian case is important The LuBian dispute highlights how cryptocurrency, geopolitics, and cyberwarfare increasingly intersect. China sees the alleged hack as part of a broader US effort to undermine its economic and technological influence, while the US portrays its actions as legitimate law enforcement against international fraud. Blockchain analysts say the wallets seized by the DOJ match those from the 2020 hack, but there is no independent evidence linking the breach to US intelligence agencies. The incident underlines how cryptocurrencies have become a new front in global power struggles.

China has accused the US of stealing $14 billion worth of Bitcoin from the LuBian mining pool. LuBian is linked to Chen Zhi, a fugitive entrepreneur accused of fraud and 'pig butchering scams'. Know more about the fascinating saga of cyberwarfare and geopolitical tensions over cryptocurrency

China accuses US of $14 billion Bitcoin theft: How is LuBian hack linked to 'pig butchering scam' and Chen Zhi?

The idea that bitcoin eases pressure on the U.S. Dollar is a subject of ongoing debate among economists and political figures, with no universal consensus. However, on Wednesday, trump once again insisted that bitcoin has assisted in easing the pressure on the dollar, among the many other advantages of the OG token.


Trump Praises Bitcoin’s Role in Supporting Dollar Stability

Consumers and businesses are increasingly using stablecoins, digital tokens pegged to the US Dollar, to make real-world purchases and payments. 


Stablecoins go mainstream amid regulation push

Cryptocurrency markets face renewed pressure as altcoins drop around 6%, while Bitcoin struggles to regain momentum following a decisive breakdown, signaling a deepening crypto selloff.


Bitcoin struggles to find momentum after decisive breakdown 

Comparison between Gold and Bitcoin as investment options, analyzing their performance, volatility, and potential returns to help investors decide which asset shines brighter in today’s market.


Explainer: Gold vs Bitcoin, which shines brighter for investors? 

The crypto markets were rocked on Friday as over $131 billion was wiped out in a massive selloff, devastating entire ecosystems of speculative tokens. From memecoins to altcoins, countless projects have been left in the dust, with investors reeling from one of the worst crashes of the year.


Crypto market loses $131b in hours, Trump's social post drives historic wipeout 

The US government has seized more than $15bn in bitcoin and charged the founder of a Cambodian business empire, the Prince Group, with allegedly masterminding a massive cryptocurrency scam, which involved forced labour camps.


What is 'pig-butchering'? Prince Group accused of money laundering

Bitcoin is back in the headlines, soaring to yet another all-time high. The latest price milestone comes as companies and institutional players ramp up their exposure to the world’s largest cryptocurrency.


Bitcoin surges past $124,000 driven by corporate & institutional interest 

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024.The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&amp;P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.<h2>Trump’s policy pivot unlocks retirement savings for crypto</h2>Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations.&nbsp;<h2>Altcoins soar alongside Bitcoin</h2>Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset.&nbsp;(With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024. The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated. Trump’s policy pivot unlocks retirement savings for crypto Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations. Altcoins soar alongside Bitcoin Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset. (With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin smashes past $124,500 amid Fed rate-cut hopes, Trump’s crypto push fuel rally

A man who has been fighting since 2013 to excavate a landfill where a hard drive with Bitcoin worth $923 million today landed after a grave error has come up with a new plan to gain access to it. James Howells has been trying to recover 8,000 Bitcoin for 12 years that were accidentally thrown away by his girlfriend. He told Decrypt that he had done everything to get into the landfill in Newport, Wales, and dig up his Bitcoin-filled hard disk. However, all his efforts have failed, but he refuses to give up. Despite not having his Bitcoin, Howells is launching a Bitcoin L2 “backed” by the lost funds. He says a court had recognised that he is the legal owner of the cryptocurrency in the landfill, and so he can float the new network called Ceiniog. Howells thinks that Ceiniog’s market capitalisation will rise to $923 million based on the Bitcoin he theoretically owns. The value means it would become the 81st-largest cryptocurrency. Howells is on paper only $77 million away from becoming a billionaire. His new plan comes after 12 years of effort to get into the landfill for a search that failed. Also Read: <a href="https://www.wionews.com/trending/bitcoin-shark-left-btc-worth-7-800-in-his-wallet-for-14-years-he-is-now-a-billionaire-1752212119370">Bitcoin shark left BTC worth $7,800 in his wallet for 14 years. He just realised he is now a billionaire</a>&nbsp;https://www.wionews.com/videos/can-bitcoin-displace-regular-currencies-for-regular-payments-1753160348770/embed<h2>How James Howells lost more than 8,000 BTC</h2>Howells took the legal route, filed public proposals and even offered to buy the landfill for $3 million. But, he says it was all like talking to a wall as no one paid any heed to his requests. Howells' bad luck started when his then-girlfriend threw the hard drive with the keys to his more than 8,000 BTC during an office cleanup. He worked out where it could have ended up and zeroed in on the landfill in Newport, Wales. He then approached the local council for a permit to dig up the landfill. He reached the court, but his case was dismissed by the judge, citing legal concerns. When nothing else worked, he proposed purchasing the landfill. However, his request by ignored. Howells told decrypt, “It seems that, anyway I try, the establishment in this country is never going to allow this to happen." He added that as the value of Bitcoin went up, he assumed things would be smoothed over. "Well, we're at [$923 million] today, and they still won't talk to me," he said.

James Howells has been trying to gain access to a landfill in Wales where his hard disk with 8,000 Bitcoin ended up 12 years ago. All his efforts have failed, and he has now come up with a new plan to recover the amount based on the BTC he does not own.  

A man who has been fighting since 2013 to excavate a landfill where a hard drive with Bitcoin worth $923 million today landed after a grave error has come up with a new plan to gain access to it. James Howells has been trying to recover 8,000 Bitcoin for 12 years that were accidentally thrown away by his girlfriend. He told Decrypt that he had done everything to get into the landfill in Newport, Wales, and dig up his Bitcoin-filled hard disk. However, all his efforts have failed, but he refuses to give up. Despite not having his Bitcoin, Howells is launching a Bitcoin L2 “backed” by the lost funds. He says a court had recognised that he is the legal owner of the cryptocurrency in the landfill, and so he can float the new network called Ceiniog. Howells thinks that Ceiniog’s market capitalisation will rise to $923 million based on the Bitcoin he theoretically owns. The value means it would become the 81st-largest cryptocurrency. Howells is on paper only $77 million away from becoming a billionaire. His new plan comes after 12 years of effort to get into the landfill for a search that failed. Also Read: Bitcoin shark left BTC worth $7,800 in his wallet for 14 years. He just realised he is now a billionaire https://www.wionews.com/videos/can-bitcoin-displace-regular-currencies-for-regular-payments-1753160348770/embed How James Howells lost more than 8,000 BTC Howells took the legal route, filed public proposals and even offered to buy the landfill for $3 million. But, he says it was all like talking to a wall as no one paid any heed to his requests. Howells' bad luck started when his then-girlfriend threw the hard drive with the keys to his more than 8,000 BTC during an office cleanup. He worked out where it could have ended up and zeroed in on the landfill in Newport, Wales. He then approached the local council for a permit to dig up the landfill. He reached the court, but his case was dismissed by the judge, citing legal concerns. When nothing else worked, he proposed purchasing the landfill. However, his request by ignored. Howells told decrypt, “It seems that, anyway I try, the establishment in this country is never going to allow this to happen." He added that as the value of Bitcoin went up, he assumed things would be smoothed over. "Well, we're at [$923 million] today, and they still won't talk to me," he said.

James Howells has been trying to gain access to a landfill in Wales where his hard disk with 8,000 Bitcoin ended up 12 years ago. All his efforts have failed, and he has now come up with a new plan to recover the amount based on the BTC he does not own. &nbsp;

Man gives up 12-year fight to recover $923 million Bitcoin his girlfriend threw out

The global cryptocurrency market capitalisation briefly topped $4 trillion on July 18 for the first time, marking a historic milestone in the asset class’s journey from speculative fringe to a central pillar of global finance. The surge comes on the back of a legislative breakthrough in the United States, rising institutional flows, and renewed confidence in digital assets across both retail and corporate sectors. According to data from CoinGecko, the crypto market hit a peak valuation of $4.01 trillion before paring gains to $3.92 trillion, as Bitcoin, the world’s largest cryptocurrency, retreated 1.5 per cent from a record high of $123,205 earlier in the week to $117,665. Ethereum (ETH), the second-largest token, rose 6.4 per cent to $3,647, continuing a sharp rally that has seen it more than double in the past three months.<h2>Trump-backed bills reshape crypto landscape</h2>The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading. President Donald Trump signed the bill into law later on July 18.Lawmakers also passed two additional bills—the CLARITY Act, which provides a legal framework for broader crypto assets, and another bill prohibiting the creation of a US central bank digital currency (CBDC). Industry experts say the legislation represents a turning point in Washington’s stance on crypto.<h2>Altcoins, ETFs, and corporates drive momentum</h2>While Bitcoin remains the dominant force, accounting for roughly 60 per cent of market cap, the latest leg of the rally has been powered by altcoins like Ether, Uniswap, and Solana, which surged 6.4 per cent, 24 per cent and 6.5 per cent, respectively, on July 18. Analysts suggest the market is entering an “altcoin season” as investors rotate into riskier, high-growth tokens.This altcoin momentum has been further buoyed by the rise of crypto treasury companies, which mimic MicroStrategy’s model of using equity and debt to build token portfolios. MEI Pharma, for example, doubled its stock price after announcing a $100 million Litecoin treasury investment.On the institutional side, spot crypto ETFs continue to see robust demand. Bitcoin ETFs drew $5.5 billion in inflows so far this month, while Ether ETFs attracted $2.9 billion, signalling growing long-term confidence.<h2>Consolidation ahead? Traders eye $110K support</h2>Despite the bullish sentiment, analysts are beginning to watch for consolidation. QCP Capital noted that Bitcoin may retest support near $110,000, calling it “a more stable foundation” for the next leg of the rally. On Myriad, a blockchain-based prediction platform, over 90 per cent of users polled do not expect Bitcoin to close above $122,000 by week’s end.Still, the market’s upward momentum shows few signs of slowing. Forecasts from Bernstein suggest Bitcoin could hit $200,000 by year-end if ETF flows and regulatory clarity continue at this pace. As regulatory frameworks begin to take shape in the US and institutional adoption deepens, digital assets appear to be entering a new era of legitimacy.

The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading.

The global cryptocurrency market capitalisation briefly topped $4 trillion on July 18 for the first time, marking a historic milestone in the asset class’s journey from speculative fringe to a central pillar of global finance. The surge comes on the back of a legislative breakthrough in the United States, rising institutional flows, and renewed confidence in digital assets across both retail and corporate sectors. According to data from CoinGecko, the crypto market hit a peak valuation of $4.01 trillion before paring gains to $3.92 trillion, as Bitcoin, the world’s largest cryptocurrency, retreated 1.5 per cent from a record high of $123,205 earlier in the week to $117,665. Ethereum (ETH), the second-largest token, rose 6.4 per cent to $3,647, continuing a sharp rally that has seen it more than double in the past three months. Trump-backed bills reshape crypto landscape The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading. President Donald Trump signed the bill into law later on July 18. Lawmakers also passed two additional bills—the CLARITY Act, which provides a legal framework for broader crypto assets, and another bill prohibiting the creation of a US central bank digital currency (CBDC). Industry experts say the legislation represents a turning point in Washington’s stance on crypto. Altcoins, ETFs, and corporates drive momentum While Bitcoin remains the dominant force, accounting for roughly 60 per cent of market cap, the latest leg of the rally has been powered by altcoins like Ether, Uniswap, and Solana, which surged 6.4 per cent, 24 per cent and 6.5 per cent, respectively, on July 18. Analysts suggest the market is entering an “altcoin season” as investors rotate into riskier, high-growth tokens. This altcoin momentum has been further buoyed by the rise of crypto treasury companies, which mimic MicroStrategy’s model of using equity and debt to build token portfolios. MEI Pharma, for example, doubled its stock price after announcing a $100 million Litecoin treasury investment. On the institutional side, spot crypto ETFs continue to see robust demand. Bitcoin ETFs drew $5.5 billion in inflows so far this month, while Ether ETFs attracted $2.9 billion, signalling growing long-term confidence. Consolidation ahead? Traders eye $110K support Despite the bullish sentiment, analysts are beginning to watch for consolidation. QCP Capital noted that Bitcoin may retest support near $110,000, calling it “a more stable foundation” for the next leg of the rally. On Myriad, a blockchain-based prediction platform, over 90 per cent of users polled do not expect Bitcoin to close above $122,000 by week’s end. Still, the market’s upward momentum shows few signs of slowing. Forecasts from Bernstein suggest Bitcoin could hit $200,000 by year-end if ETF flows and regulatory clarity continue at this pace. As regulatory frameworks begin to take shape in the US and institutional adoption deepens, digital assets appear to be entering a new era of legitimacy.

The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading.

Crypto market surpasses $4 trillion milestone amid US regulatory breakthrough

Bitcoin saw a sharp decline on July 15, falling below the $117,000 mark after a procedural vote to advance key cryptocurrency bills was blocked in the House of Representatives. The price of Bitcoin dropped 2.8 per cent to $116,516, reversing earlier gains and marking a pullback from the day’s high of $120,481.86, according to Coin Metrics.The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation. The bills, which had been anticipated to bring much-needed regulatory clarity to the crypto industry, were viewed as a potential catalyst for the continued rise in institutional investments, particularly in Bitcoin exchange-traded funds (ETFs).Stocks linked to the cryptocurrency sector also saw declines. Riot Platforms and Mara Holdings, both major Bitcoin miners, closed down 3.3 per cent and 2.3 per cent, respectively. Similarly, Coinbase, a major cryptocurrency exchange, slid 1.5 per cent in late trading hours. These declines followed the failed procedural vote, which delayed the progress of crucial crypto-related legislation.<h2>Trump seeks to revive crypto bills after setback</h2>However, the fate of the legislation took a sudden turn later on July 15 evening when former President Donald Trump intervened. In a post on Truth Social, Trump announced that a group of 11 Republican lawmakers who had originally voted to block the bills had changed their stance following a meeting at the White House. According to Trump, the lawmakers agreed to vote in favour of advancing the crypto bills in a vote scheduled for July 16.“I am in the Oval Office with 11 of the 12 congressmen/women necessary to pass the GENIUS Act, and, after a short discussion, they have all agreed to vote tomorrow morning in favour of the rule,” Trump wrote.The bills in question include the GENIUS Act, which seeks to regulate stablecoins, and the CLARITY Act, which would clarify whether digital assets should be classified as securities or commodities. A third bill aims to block the Federal Reserve from creating a central bank digital currency.House Speaker Mike Johnson expressed hope that the legislation could still move forward after additional discussions with members. “We are continuing to work on this issue and plan to vote on it again shortly,” he said after the vote.<h2>Crypto bill blockade undermines optimism</h2>The procedural block in the House was a major setback for the crypto industry, which had viewed Crypto Week as a key opportunity for Congress to pass legislation providing much-needed clarity and legitimacy. The failure of the vote marked an unexpected challenge for the crypto bills, which had previously seemed poised for swift passage. It also highlighted a rare instance where House Republicans resisted Trump’s influence, at least temporarily.The defeat was especially significant because it took place during a week when optimism had been building in the market, spurred by expectations that Congress might soon pass crypto-related legislation. Institutional investors had been piling into Bitcoin, pushing its price to all-time highs. Many saw the legislation as a potential catalyst for further growth in the digital asset space.<h2>Bitcoin bounces back after initial losses</h2>Despite the setback in Washington, Bitcoin and other cryptocurrencies showed signs of recovery early Wednesday. Bitcoin rebounded more than 1 per cent over the past 24 hours to $118,809, according to CoinDesk data, after briefly dropping following the procedural vote.This recovery came after Trump’s statement that the legislation, which includes the GENIUS Act and other crypto regulatory measures, could be passed as soon as July 16. The quick reversal in Bitcoin’s price underscores the market’s sensitivity to developments in US cryptocurrency policy and investor confidence in future regulatory clarity.&nbsp;&nbsp;(With inputs from agencies)

The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation. 

Bitcoin saw a sharp decline on July 15, falling below the $117,000 mark after a procedural vote to advance key cryptocurrency bills was blocked in the House of Representatives. The price of Bitcoin dropped 2.8 per cent to $116,516, reversing earlier gains and marking a pullback from the day’s high of $120,481.86, according to Coin Metrics. The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation. The bills, which had been anticipated to bring much-needed regulatory clarity to the crypto industry, were viewed as a potential catalyst for the continued rise in institutional investments, particularly in Bitcoin exchange-traded funds (ETFs). Stocks linked to the cryptocurrency sector also saw declines. Riot Platforms and Mara Holdings, both major Bitcoin miners, closed down 3.3 per cent and 2.3 per cent, respectively. Similarly, Coinbase, a major cryptocurrency exchange, slid 1.5 per cent in late trading hours. These declines followed the failed procedural vote, which delayed the progress of crucial crypto-related legislation. Trump seeks to revive crypto bills after setback However, the fate of the legislation took a sudden turn later on July 15 evening when former President Donald Trump intervened. In a post on Truth Social, Trump announced that a group of 11 Republican lawmakers who had originally voted to block the bills had changed their stance following a meeting at the White House. According to Trump, the lawmakers agreed to vote in favour of advancing the crypto bills in a vote scheduled for July 16. “I am in the Oval Office with 11 of the 12 congressmen/women necessary to pass the GENIUS Act, and, after a short discussion, they have all agreed to vote tomorrow morning in favour of the rule,” Trump wrote. The bills in question include the GENIUS Act, which seeks to regulate stablecoins, and the CLARITY Act, which would clarify whether digital assets should be classified as securities or commodities. A third bill aims to block the Federal Reserve from creating a central bank digital currency. House Speaker Mike Johnson expressed hope that the legislation could still move forward after additional discussions with members. “We are continuing to work on this issue and plan to vote on it again shortly,” he said after the vote. Crypto bill blockade undermines optimism The procedural block in the House was a major setback for the crypto industry, which had viewed Crypto Week as a key opportunity for Congress to pass legislation providing much-needed clarity and legitimacy. The failure of the vote marked an unexpected challenge for the crypto bills, which had previously seemed poised for swift passage. It also highlighted a rare instance where House Republicans resisted Trump’s influence, at least temporarily. The defeat was especially significant because it took place during a week when optimism had been building in the market, spurred by expectations that Congress might soon pass crypto-related legislation. Institutional investors had been piling into Bitcoin, pushing its price to all-time highs. Many saw the legislation as a potential catalyst for further growth in the digital asset space. Bitcoin bounces back after initial losses Despite the setback in Washington, Bitcoin and other cryptocurrencies showed signs of recovery early Wednesday. Bitcoin rebounded more than 1 per cent over the past 24 hours to $118,809, according to CoinDesk data, after briefly dropping following the procedural vote. This recovery came after Trump’s statement that the legislation, which includes the GENIUS Act and other crypto regulatory measures, could be passed as soon as July 16. The quick reversal in Bitcoin’s price underscores the market’s sensitivity to developments in US cryptocurrency policy and investor confidence in future regulatory clarity. (With inputs from agencies)

The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation.&nbsp;

Crypto bill setback in House of Representatives delays legislation, sends Bitcoin price tumbling

Bitcoin (BTC) surged to a record-breaking high of $123,153.22 on July 14, continuing its meteoric rise and propelling the broader cryptocurrency market into new territory. The world’s largest digital asset has now surpassed $120,000 for the first time, marking a significant milestone in a year that has already seen impressive gains for Bitcoin. As the cryptocurrency set a new record, other digital tokens followed suit, with Ether reaching a five-month high of $3,048.2, further fuelling excitement across the crypto sector.&nbsp;This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion, according to CoinMarketCap. Crypto stocks and exchange-traded funds (ETFs) have also seen impressive gains, with Coinbase’s shares up 1.8 per cent and crypto ETFs drawing strong investor interest. Investors are increasingly looking to digital assets as a hedge against inflation and currency devaluation, with Bitcoin remaining a top choice for institutional buyers and retail investors alike.<h2>What is fuelling the Bitcoin rally?</h2>Several key factors have contributed to Bitcoin’s recent surge. One of the most significant drivers is institutional buying, with companies like Strategy leading the charge. Strategy announced last week that it had acquired an additional 4,225 Bitcoin, bringing its total holdings to an eye-popping 601,550 Bitcoin. Such large institutional purchases contribute to a bullish sentiment in the market, driving prices higher as demand for Bitcoin continues to outpace supply.Another important catalyst for Bitcoin’s rally is the optimism surrounding the “Crypto Week” in the US. The week of July 14 has been dubbed Crypto Week by US Republicans, during which the US House of Representatives is set to debate and vote on three crucial pieces of cryptocurrency legislation. These bills, if passed, could provide much-needed regulatory clarity for the industry, reducing uncertainty that has often held back crypto companies and institutional investors from fully committing to the space.The most significant of these bills is the GENIUS Act, which aims to provide a regulatory framework for stablecoins and other digital assets, offering clear guidelines on their classification. The Clarity Act seeks to limit the ability of federal agencies to regulate cryptocurrencies through court rulings, ensuring that Congress, not the courts, defines how digital assets are governed. Finally, the Anti-CBDC Surveillance State Act is a bill designed to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), arguing that such a move would enable the government to monitor citizens’ financial activities and infringe upon personal privacy.With these bills likely to provide a clearer path for crypto businesses to operate and attract institutional investment, investors are optimistic that the legislation will continue to support the current rally in Bitcoin and other cryptocurrencies.<h2>Crypto Week and what’s at stake for the industry</h2>The events of this week, dubbed Crypto Week, could prove pivotal in shaping the future of cryptocurrency in the US. The three proposed bills are expected to address several critical issues, including how digital assets are classified, the regulatory framework for stablecoins, and the potential dangers posed by central bank digital currencies.The passage of the GENIUS Act, which would clarify how digital assets like crypto tokens are classified, could be a game-changer for the industry. By providing clearer guidelines for startups and businesses, it would eliminate much of the legal uncertainty that has previously surrounded crypto projects, making it easier for companies to issue their own digital tokens and raise capital.In addition to the regulatory clarity provided by the GENIUS Act and Clarity Act, the Anti-CBDC Surveillance State Act would ensure that cryptocurrencies remain outside of the scope of government surveillance. With privacy concerns on the rise, especially around the potential for central bank digital currencies to track individuals’ financial transactions, this bill is seen as a vital safeguard for protecting users’ privacy in the crypto space.However, not all lawmakers are on board with the proposed legislation. Democrats, particularly those aligned with the Biden administration, have raised concerns that the bills would be too favourable to the crypto industry, potentially undermining securities laws and allowing for more volatility in the market. Critics argue that the bills could enable public officials, including Trump, to profit from crypto tokens and weaken financial oversight in the industry.<h2>Bitcoin’s impressive gains since Trump’s re-election</h2>Since US President Donald Trump was re-elected in November 2024, Bitcoin has experienced a remarkable 75 per cent surge, climbing from about $69,539 on Election Day to its current record level. The rise of Bitcoin coincides with Trump’s push for a more crypto-friendly regulatory environment. Under his administration, the cryptocurrency market has seen a wave of support, with Trump himself positioning himself as the “crypto president.” His administration has made efforts to ease regulations, provide clarity for digital asset companies, and promote the widespread adoption of crypto assets.Bitcoin’s resilience has been particularly notable in the face of geopolitical uncertainty. The cryptocurrency has managed to maintain its upward trajectory, even in times of heightened economic instability, including the global fallout from Trump’s unpredictable tariff policies. Bitcoin’s ability to rebound quickly from market disruptions and its ongoing correlation with riskier assets like tech stocks have made it an attractive investment during periods of volatility. As central banks around the world take increasingly accommodative fiscal measures, such as low interest rates and massive government spending, Bitcoin has become a safe haven for investors looking to hedge against potential inflationary pressures.One of the major factors behind Bitcoin’s recent rise is the declining value of the US dollar. As the dollar weakens against other currencies, Bitcoin has become a more appealing store of value, particularly for international investors looking for a hedge against the dollar’s decreasing purchasing power. The ongoing inflation concerns, coupled with the dollar's decline, have created an environment where Bitcoin is seen as a reliable alternative asset.As Bitcoin continues to break records, its rise highlights a broader trend in the financial landscape: the increasing acceptance and integration of digital assets into traditional financial markets. With Bitcoin now valued higher than companies like Amazon and closing in on Apple, it is becoming clear that the digital currency is no longer a fringe asset but a mainstream financial instrument in its own right.

This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion.

Bitcoin (BTC) surged to a record-breaking high of $123,153.22 on July 14, continuing its meteoric rise and propelling the broader cryptocurrency market into new territory. The world’s largest digital asset has now surpassed $120,000 for the first time, marking a significant milestone in a year that has already seen impressive gains for Bitcoin. As the cryptocurrency set a new record, other digital tokens followed suit, with Ether reaching a five-month high of $3,048.2, further fuelling excitement across the crypto sector. This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion, according to CoinMarketCap. Crypto stocks and exchange-traded funds (ETFs) have also seen impressive gains, with Coinbase’s shares up 1.8 per cent and crypto ETFs drawing strong investor interest. Investors are increasingly looking to digital assets as a hedge against inflation and currency devaluation, with Bitcoin remaining a top choice for institutional buyers and retail investors alike. What is fuelling the Bitcoin rally? Several key factors have contributed to Bitcoin’s recent surge. One of the most significant drivers is institutional buying, with companies like Strategy leading the charge. Strategy announced last week that it had acquired an additional 4,225 Bitcoin, bringing its total holdings to an eye-popping 601,550 Bitcoin. Such large institutional purchases contribute to a bullish sentiment in the market, driving prices higher as demand for Bitcoin continues to outpace supply. Another important catalyst for Bitcoin’s rally is the optimism surrounding the “Crypto Week” in the US. The week of July 14 has been dubbed Crypto Week by US Republicans, during which the US House of Representatives is set to debate and vote on three crucial pieces of cryptocurrency legislation. These bills, if passed, could provide much-needed regulatory clarity for the industry, reducing uncertainty that has often held back crypto companies and institutional investors from fully committing to the space. The most significant of these bills is the GENIUS Act, which aims to provide a regulatory framework for stablecoins and other digital assets, offering clear guidelines on their classification. The Clarity Act seeks to limit the ability of federal agencies to regulate cryptocurrencies through court rulings, ensuring that Congress, not the courts, defines how digital assets are governed. Finally, the Anti-CBDC Surveillance State Act is a bill designed to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), arguing that such a move would enable the government to monitor citizens’ financial activities and infringe upon personal privacy. With these bills likely to provide a clearer path for crypto businesses to operate and attract institutional investment, investors are optimistic that the legislation will continue to support the current rally in Bitcoin and other cryptocurrencies. Crypto Week and what’s at stake for the industry The events of this week, dubbed Crypto Week, could prove pivotal in shaping the future of cryptocurrency in the US. The three proposed bills are expected to address several critical issues, including how digital assets are classified, the regulatory framework for stablecoins, and the potential dangers posed by central bank digital currencies. The passage of the GENIUS Act, which would clarify how digital assets like crypto tokens are classified, could be a game-changer for the industry. By providing clearer guidelines for startups and businesses, it would eliminate much of the legal uncertainty that has previously surrounded crypto projects, making it easier for companies to issue their own digital tokens and raise capital. In addition to the regulatory clarity provided by the GENIUS Act and Clarity Act, the Anti-CBDC Surveillance State Act would ensure that cryptocurrencies remain outside of the scope of government surveillance. With privacy concerns on the rise, especially around the potential for central bank digital currencies to track individuals’ financial transactions, this bill is seen as a vital safeguard for protecting users’ privacy in the crypto space. However, not all lawmakers are on board with the proposed legislation. Democrats, particularly those aligned with the Biden administration, have raised concerns that the bills would be too favourable to the crypto industry, potentially undermining securities laws and allowing for more volatility in the market. Critics argue that the bills could enable public officials, including Trump, to profit from crypto tokens and weaken financial oversight in the industry. Bitcoin’s impressive gains since Trump’s re-election Since US President Donald Trump was re-elected in November 2024, Bitcoin has experienced a remarkable 75 per cent surge, climbing from about $69,539 on Election Day to its current record level. The rise of Bitcoin coincides with Trump’s push for a more crypto-friendly regulatory environment. Under his administration, the cryptocurrency market has seen a wave of support, with Trump himself positioning himself as the “crypto president.” His administration has made efforts to ease regulations, provide clarity for digital asset companies, and promote the widespread adoption of crypto assets. Bitcoin’s resilience has been particularly notable in the face of geopolitical uncertainty. The cryptocurrency has managed to maintain its upward trajectory, even in times of heightened economic instability, including the global fallout from Trump’s unpredictable tariff policies. Bitcoin’s ability to rebound quickly from market disruptions and its ongoing correlation with riskier assets like tech stocks have made it an attractive investment during periods of volatility. As central banks around the world take increasingly accommodative fiscal measures, such as low interest rates and massive government spending, Bitcoin has become a safe haven for investors looking to hedge against potential inflationary pressures. One of the major factors behind Bitcoin’s recent rise is the declining value of the US dollar. As the dollar weakens against other currencies, Bitcoin has become a more appealing store of value, particularly for international investors looking for a hedge against the dollar’s decreasing purchasing power. The ongoing inflation concerns, coupled with the dollar's decline, have created an environment where Bitcoin is seen as a reliable alternative asset. As Bitcoin continues to break records, its rise highlights a broader trend in the financial landscape: the increasing acceptance and integration of digital assets into traditional financial markets. With Bitcoin now valued higher than companies like Amazon and closing in on Apple, it is becoming clear that the digital currency is no longer a fringe asset but a mainstream financial instrument in its own right.

This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion.

Bitcoin surges to record highs again, but why?

Bitcoin has surged to historic new heights, smashing through the $120,000 level for the first time ever, as traders across the world bet big on looming policy changes out of Washington. According to Reuters, Bitcoin touched a record of $122,571 on Monday before trading slightly below that peak. The move capped weeks of mounting optimism among investors who see the US finally moving to deliver clear regulatory rules for digital assets.&nbsp;Market watchers say the breakout isn’t just technical hype, but the result of a confluence of bullish drivers, from President Donald Trump’s vocal embrace of crypto to heavy institutional buying and growing demand from Asia.<h2>Betting on US clarity: Crypto Week begins</h2>Much of the enthusiasm centres on what’s happening this week in Washington. The US House of Representatives has declared it “Crypto Week”—a high-profile push to debate and potentially pass legislation that could define the future of the industry. According to Reuters, the legislative calendar includes several bills that crypto advocates have been lobbying for over years. Among the most anticipated is the so-called Genius Act, which would finally establish federal rules for stablecoins, a key requirement for integrating crypto with the traditional financial system.&nbsp;Other proposals on the table include the Clarity Act, aiming to set clearer guardrails for how tokens are classified, and the Anti-CBDC Surveillance State Act, which seeks to limit government overreach via central bank digital currencies. Bloomberg reports that crypto industry leaders see the week as a make-or-break moment: either US lawmakers deliver the regulatory certainty the sector craves, or risk seeing innovation move offshore.<h2>Trump’s role in the rally</h2>Bitcoin’s rally has also been powered by President Trump’s unexpected embrace of the sector. Having once called crypto a threat, Trump now brands himself the “crypto president” and has been urging Congress to deliver the legal framework the industry wants.&nbsp;Reuters quotes IG market analyst Tony Sycamore as saying Trump’s pro-crypto pivot is one of the “tailwinds” pushing Bitcoin higher, alongside strong institutional demand and positive momentum across global markets. “It’s been a very strong move over the past week,” Sycamore noted. “It’s hard to see where it stops now.”&nbsp;Meanwhile, Bloomberg highlights that Bitcoin’s resurgence coincides with a broader “risk-on” mood, with stocks also hitting record highs. This environment has helped Bitcoin reassert itself as not just a speculative punt but a potential hedge against broader economic uncertainty.<h2>Not just Bitcoin: crypto market booms</h2>The bullish sentiment isn’t limited to Bitcoin. Reuters reports that Ether, the world’s second-largest cryptocurrency, has climbed to over $3,050, its highest in more than five months. Other tokens like XRP and Solana also saw gains of around 3 per cent each. The entire crypto sector’s market value has swollen to roughly $3.81 trillion, according to CoinMarketCap data.&nbsp;In Asia, demand is also booming. Bloomberg reports that spot Bitcoin ETFs in Hong Kong, launched by China AMC and Bosera, hit record highs on Monday. Meanwhile, Ether ETFs in the city jumped more than 2 per cent, highlighting the global reach of this rally.<h2>A shift in perception</h2>What’s striking to many analysts is how Bitcoin’s image is evolving. Once dismissed as purely speculative, it is increasingly seen as a legitimate store of value, even by some institutional and sovereign players. As OKX’s Singapore CEO Gracie Lin told Reuters, “We’re seeing increasing participation from Asia-based family offices and wealth managers.” She added that this reflects a “structural shift” in how Bitcoin is perceived globally.&nbsp;Bloomberg also quotes George Mandres of XBTO Trading describing the move as a sign of Bitcoin’s maturation into a “macro hedge and a structurally scarce store of value,” boosted by significant flows into spot Bitcoin and Ethereum ETFs.<h2>Is this sustainable?</h2>Not everyone is convinced this rally is built to last. Bloomberg notes that some analysts see it as an “isolated event,” driven more by short-term positioning than deep fundamental changes. Yet even sceptics acknowledge that the combination of Trump’s backing, US policy momentum, and rising demand from Asia could sustain prices at elevated levels, at least for now.&nbsp;For Bitcoin, breaking $120,000 is undeniably a landmark. But as Crypto Week unfolds in Washington, the real test will be whether lawmakers can finally deliver the clear, investor-friendly framework that the industry says it needs to keep growing. &nbsp;

Trump crypto pivot and rising demand from Asia fuel Bitcoin record-breaking rally, with spot ETFs hitting highs in Hong Kong. Bitcoin breakout lifts entire crypto market to $3.81T, with Ether, Solana, and XRP gaining amid bullish sentiment and record ETF inflows.

Bitcoin has surged to historic new heights, smashing through the $120,000 level for the first time ever, as traders across the world bet big on looming policy changes out of Washington. According to Reuters, Bitcoin touched a record of $122,571 on Monday before trading slightly below that peak. The move capped weeks of mounting optimism among investors who see the US finally moving to deliver clear regulatory rules for digital assets. Market watchers say the breakout isn’t just technical hype, but the result of a confluence of bullish drivers, from President Donald Trump’s vocal embrace of crypto to heavy institutional buying and growing demand from Asia. Betting on US clarity: Crypto Week begins Much of the enthusiasm centres on what’s happening this week in Washington. The US House of Representatives has declared it “Crypto Week”—a high-profile push to debate and potentially pass legislation that could define the future of the industry. According to Reuters, the legislative calendar includes several bills that crypto advocates have been lobbying for over years. Among the most anticipated is the so-called Genius Act, which would finally establish federal rules for stablecoins, a key requirement for integrating crypto with the traditional financial system. Other proposals on the table include the Clarity Act, aiming to set clearer guardrails for how tokens are classified, and the Anti-CBDC Surveillance State Act, which seeks to limit government overreach via central bank digital currencies. Bloomberg reports that crypto industry leaders see the week as a make-or-break moment: either US lawmakers deliver the regulatory certainty the sector craves, or risk seeing innovation move offshore. Trump’s role in the rally Bitcoin’s rally has also been powered by President Trump’s unexpected embrace of the sector. Having once called crypto a threat, Trump now brands himself the “crypto president” and has been urging Congress to deliver the legal framework the industry wants. Reuters quotes IG market analyst Tony Sycamore as saying Trump’s pro-crypto pivot is one of the “tailwinds” pushing Bitcoin higher, alongside strong institutional demand and positive momentum across global markets. “It’s been a very strong move over the past week,” Sycamore noted. “It’s hard to see where it stops now.” Meanwhile, Bloomberg highlights that Bitcoin’s resurgence coincides with a broader “risk-on” mood, with stocks also hitting record highs. This environment has helped Bitcoin reassert itself as not just a speculative punt but a potential hedge against broader economic uncertainty. Not just Bitcoin: crypto market booms The bullish sentiment isn’t limited to Bitcoin. Reuters reports that Ether, the world’s second-largest cryptocurrency, has climbed to over $3,050, its highest in more than five months. Other tokens like XRP and Solana also saw gains of around 3 per cent each. The entire crypto sector’s market value has swollen to roughly $3.81 trillion, according to CoinMarketCap data. In Asia, demand is also booming. Bloomberg reports that spot Bitcoin ETFs in Hong Kong, launched by China AMC and Bosera, hit record highs on Monday. Meanwhile, Ether ETFs in the city jumped more than 2 per cent, highlighting the global reach of this rally. A shift in perception What’s striking to many analysts is how Bitcoin’s image is evolving. Once dismissed as purely speculative, it is increasingly seen as a legitimate store of value, even by some institutional and sovereign players. As OKX’s Singapore CEO Gracie Lin told Reuters, “We’re seeing increasing participation from Asia-based family offices and wealth managers.” She added that this reflects a “structural shift” in how Bitcoin is perceived globally. Bloomberg also quotes George Mandres of XBTO Trading describing the move as a sign of Bitcoin’s maturation into a “macro hedge and a structurally scarce store of value,” boosted by significant flows into spot Bitcoin and Ethereum ETFs. Is this sustainable? Not everyone is convinced this rally is built to last. Bloomberg notes that some analysts see it as an “isolated event,” driven more by short-term positioning than deep fundamental changes. Yet even sceptics acknowledge that the combination of Trump’s backing, US policy momentum, and rising demand from Asia could sustain prices at elevated levels, at least for now. For Bitcoin, breaking $120,000 is undeniably a landmark. But as Crypto Week unfolds in Washington, the real test will be whether lawmakers can finally deliver the clear, investor-friendly framework that the industry says it needs to keep growing.

Bitcoin hits a record high of $122,571 as investors rally behind US regulatory clarity, Trump’s crypto pivot, and booming global demand.

Bitcoin breaks $120,000 barrier as US launches ‘Crypto Week’

Crypto investors are gearing up for a pivotal week in Washington, with the US Congress poised to debate and potentially pass new rules for the digital asset sector, a policy shift that has already helped propel bitcoin to record highs. Bitcoin climbed 3.3 per cent on Friday to trade at $117,333.32, extending its gains for the year to 26 per cent. The rally was broad-based across the crypto market, boosting tokens such as ether, XRP, and solana, and driving strong inflows into crypto-linked exchange-traded funds.&nbsp;&nbsp;The total market value of cryptocurrencies has now swelled to around $3.67 trillion, according to CoinMarketCap data. As per Reuters, traders see this surge as a bet on what some are calling “crypto week” in Washington, an ambitious effort by lawmakers to give the industry long-sought regulatory clarity.<h2>A long-awaited policy framework</h2>Starting Monday, the US House of Representatives will debate a series of crypto-related bills, most notably the Genius Act and the Clarity Act. The most significant is the Genius Act, which would create the first comprehensive federal rules for stablecoins, cryptocurrencies designed to maintain a constant value, typically pegged 1:1 to the US dollar.&nbsp;Stablecoins are widely used by traders to move funds between tokens, and their use has soared in recent years. Supporters argue that clear rules will help legitimise stablecoins, making them more acceptable for banks, retailers, and consumers to use for payments.&nbsp;Under the proposed law, stablecoin issuers would have to back their tokens with liquid assets such as US dollars or short-term Treasury bills. They would also be required to publicly disclose the composition of their reserves every month. The Genius Act has already secured bipartisan support in the Senate, with several Democrats joining Republicans. It is expected to pass the House next week before going to US President Donald Trump, who has pledged to sign it into law.<h2>Expanding regulatory oversight</h2>The House is also set to consider the Clarity Act, which seeks to develop a broader regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission’s (CFTC) oversight of the sector. The bill aims to settle a longstanding dispute over whether crypto tokens should be classified as securities (which would fall under the Securities and Exchange Commission’s remit) or commodities (regulated by the CFTC).&nbsp;Crypto companies have long argued most tokens should be treated as commodities, a stance that would make it easier for exchanges and platforms to list them. This debate intensified during the Biden administration, with industry players criticising what they saw as aggressive SEC enforcement. If passed in the House, the Clarity Act would head to the Senate, where it still requires approval before reaching Trump’s desk.<h2>Trump’s pro-crypto stance</h2>President Trump has embraced the crypto industry as part of his 2025 campaign messaging, calling himself the “crypto president” and promising to overhaul regulation to favour the sector.&nbsp;Trump himself has ties to several crypto ventures, including World Liberty Financial, a platform run by his sons Eric and Don Jr. This connection has drawn scrutiny from political opponents and ethics experts who warn of potential conflicts of interest. The White House has dismissed these concerns, stating that Trump’s assets are held in a trust managed by his children.<h2>Bullish momentum and sceptics’ warnings</h2>Industry players are watching “crypto week” with high hopes. Even if final passage of the bills stalls, analysts say the mere optics of bipartisan legislative engagement could support prices further. “Investors are racing to take positions ahead of the extra publicity this event could attract,” said Dan Coatsworth, investment analyst at AJ Bell, as quoted by Reuters.&nbsp;Bitcoin’s sharp rally has triggered buying interest across smaller tokens too. Ether was up over 5 per cent, while XRP jumped nearly 10 per cent on Friday. Yet not everyone is convinced the optimism is justified. Some analysts warn that the sector’s rapid integration with traditional finance could create new risks, and that the hype may be running ahead of real-world utility.&nbsp;“The regulatory backdrop has supported prices, and attention has turned to bitcoin’s role in portfolios, with some likening the crypto-asset to ‘digital gold.’ This moniker is likely premature,” said Dirk Willer, global head of macro strategy at Citi. Critics in Congress, such as Democratic Senator Elizabeth Warren, have also raised red flags, arguing the Republican-led effort risks handing the crypto lobby its entire wish list at the expense of consumer protection.<h2>What’s next?</h2>If the bills pass the House next week as expected, the Genius Act would move to President Trump’s desk for final approval, almost certainly becoming law given his support. The Clarity Act would still need to clear the Senate, where negotiations could prove more difficult. For now, crypto markets are cheering what they see as a historic moment: a chance to finally secure the clear, favourable regulatory framework the industry has demanded for years.&nbsp;As Washington prepares for a crucial vote, investors are watching closely to see if “crypto week” delivers on its promise and if the sector’s newly minted gains can hold.&nbsp;

Bitcoin hits record highs ahead of US House votes on the Genius and Clarity Acts, signaling long-awaited regulatory clarity as Trump backs crypto-friendly reforms and markets brace for a pivotal policy shift.

Crypto investors are gearing up for a pivotal week in Washington, with the US Congress poised to debate and potentially pass new rules for the digital asset sector, a policy shift that has already helped propel bitcoin to record highs. Bitcoin climbed 3.3 per cent on Friday to trade at $117,333.32, extending its gains for the year to 26 per cent. The rally was broad-based across the crypto market, boosting tokens such as ether, XRP, and solana, and driving strong inflows into crypto-linked exchange-traded funds. The total market value of cryptocurrencies has now swelled to around $3.67 trillion, according to CoinMarketCap data. As per Reuters, traders see this surge as a bet on what some are calling “crypto week” in Washington, an ambitious effort by lawmakers to give the industry long-sought regulatory clarity. A long-awaited policy framework Starting Monday, the US House of Representatives will debate a series of crypto-related bills, most notably the Genius Act and the Clarity Act. The most significant is the Genius Act, which would create the first comprehensive federal rules for stablecoins, cryptocurrencies designed to maintain a constant value, typically pegged 1:1 to the US dollar. Stablecoins are widely used by traders to move funds between tokens, and their use has soared in recent years. Supporters argue that clear rules will help legitimise stablecoins, making them more acceptable for banks, retailers, and consumers to use for payments. Under the proposed law, stablecoin issuers would have to back their tokens with liquid assets such as US dollars or short-term Treasury bills. They would also be required to publicly disclose the composition of their reserves every month. The Genius Act has already secured bipartisan support in the Senate, with several Democrats joining Republicans. It is expected to pass the House next week before going to US President Donald Trump, who has pledged to sign it into law. Expanding regulatory oversight The House is also set to consider the Clarity Act, which seeks to develop a broader regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission’s (CFTC) oversight of the sector. The bill aims to settle a longstanding dispute over whether crypto tokens should be classified as securities (which would fall under the Securities and Exchange Commission’s remit) or commodities (regulated by the CFTC). Crypto companies have long argued most tokens should be treated as commodities, a stance that would make it easier for exchanges and platforms to list them. This debate intensified during the Biden administration, with industry players criticising what they saw as aggressive SEC enforcement. If passed in the House, the Clarity Act would head to the Senate, where it still requires approval before reaching Trump’s desk. Trump’s pro-crypto stance President Trump has embraced the crypto industry as part of his 2025 campaign messaging, calling himself the “crypto president” and promising to overhaul regulation to favour the sector. Trump himself has ties to several crypto ventures, including World Liberty Financial, a platform run by his sons Eric and Don Jr. This connection has drawn scrutiny from political opponents and ethics experts who warn of potential conflicts of interest. The White House has dismissed these concerns, stating that Trump’s assets are held in a trust managed by his children. Bullish momentum and sceptics’ warnings Industry players are watching “crypto week” with high hopes. Even if final passage of the bills stalls, analysts say the mere optics of bipartisan legislative engagement could support prices further. “Investors are racing to take positions ahead of the extra publicity this event could attract,” said Dan Coatsworth, investment analyst at AJ Bell, as quoted by Reuters. Bitcoin’s sharp rally has triggered buying interest across smaller tokens too. Ether was up over 5 per cent, while XRP jumped nearly 10 per cent on Friday. Yet not everyone is convinced the optimism is justified. Some analysts warn that the sector’s rapid integration with traditional finance could create new risks, and that the hype may be running ahead of real-world utility. “The regulatory backdrop has supported prices, and attention has turned to bitcoin’s role in portfolios, with some likening the crypto-asset to ‘digital gold.’ This moniker is likely premature,” said Dirk Willer, global head of macro strategy at Citi. Critics in Congress, such as Democratic Senator Elizabeth Warren, have also raised red flags, arguing the Republican-led effort risks handing the crypto lobby its entire wish list at the expense of consumer protection. What’s next? If the bills pass the House next week as expected, the Genius Act would move to President Trump’s desk for final approval, almost certainly becoming law given his support. The Clarity Act would still need to clear the Senate, where negotiations could prove more difficult. For now, crypto markets are cheering what they see as a historic moment: a chance to finally secure the clear, favourable regulatory framework the industry has demanded for years. As Washington prepares for a crucial vote, investors are watching closely to see if “crypto week” delivers on its promise and if the sector’s newly minted gains can hold.

Crypto markets rally as US Congress prepares for ‘crypto week,’ with key bills poised to reshape regulation and boost investor confidence.

Bitcoin hits record as US Congress prepares for major crypto policy push

There are billionaires, tech wizards and then there's Satoshi Nakamoto- the most mysterious rich person in history. The creator of Bitcoin isn’t just popular for building the world’s most rebellious currency, he or she or they is also sitting on one of the largest fortunes in the world.<h2>But who is Satoshi Nakamoto?</h2>As per reports he is:&nbsp;- Elusive creator of Bitcoin&nbsp;- Is sitting on one of the biggest fortunes in history&nbsp;- Owns over 1.1 million Bitcoin&nbsp;- Valued at over $120 billion&nbsp;- Hasn't made a move in over 15 years&nbsp;- Many assume that he is dead&nbsp;- Remains iconic due to his dormant account&nbsp;- Ranks in the top 10 richest billionaires list&nbsp;- But value may not be his biggest goal!&nbsp;How big? Over one million Bitcoins. In today’s value ($116,788) that's over $120 billion. But what’s so surprising? The wallet holding those bitcoins hasn’t moved in 15 years. Not once!&nbsp;Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead. While some believe he’s a silent watcher waiting to make the next big move.&nbsp;&nbsp;If that wallet were to make a move, it has the potential to cause panic, or even a digital apocalypse.&nbsp;&nbsp;Unlike modern billionaires who own sports teams, buy rockets or buy social media platforms, Satoshi has chosen to stay silent and totally invisible, adding more mystery to the myth and the legend.&nbsp;&nbsp;No yachts, no keynote speeches, just an untouched stash of value that's more than the wealth of most nations. This untouched stash is no longer an asset- It's a statement. It's a reminder that Bitcoin is anti-establishment.&nbsp;&nbsp;While crypto markets rise and fall, and makes millionaires overnight, its richest stakeholder continues to remain frozen in time.&nbsp;&nbsp;One of the richest billionaires of our time is truly iconic—but will we ever get to know who he is or will he remain a ghost forever?&nbsp;

Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead.

There are billionaires, tech wizards and then there's Satoshi Nakamoto- the most mysterious rich person in history. The creator of Bitcoin isn’t just popular for building the world’s most rebellious currency, he or she or they is also sitting on one of the largest fortunes in the world. But who is Satoshi Nakamoto? As per reports he is: - Elusive creator of Bitcoin - Is sitting on one of the biggest fortunes in history - Owns over 1.1 million Bitcoin - Valued at over $120 billion - Hasn't made a move in over 15 years - Many assume that he is dead - Remains iconic due to his dormant account - Ranks in the top 10 richest billionaires list - But value may not be his biggest goal! How big? Over one million Bitcoins. In today’s value ($116,788) that's over $120 billion. But what’s so surprising? The wallet holding those bitcoins hasn’t moved in 15 years. Not once! Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead. While some believe he’s a silent watcher waiting to make the next big move. If that wallet were to make a move, it has the potential to cause panic, or even a digital apocalypse. Unlike modern billionaires who own sports teams, buy rockets or buy social media platforms, Satoshi has chosen to stay silent and totally invisible, adding more mystery to the myth and the legend. No yachts, no keynote speeches, just an untouched stash of value that's more than the wealth of most nations. This untouched stash is no longer an asset- It's a statement. It's a reminder that Bitcoin is anti-establishment. While crypto markets rise and fall, and makes millionaires overnight, its richest stakeholder continues to remain frozen in time. One of the richest billionaires of our time is truly iconic—but will we ever get to know who he is or will he remain a ghost forever?

Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead.

The richest mystery in history: Satoshi Nakamoto. What is his net worth today?

A person who once bought 10,000 Bitcoins left it in his wallet for 14 years. At that time, the investment was worth around $7,800. Today, it is worth $1.1 billion. Who this lucky person is is not known, and there is no way to learn about their identity. But the news has shocked everyone in the crypto world. The Bitcoin whale is believed to have been close to Bitcoin creator Satoshi Nakamoto. If not him, then with people who were close to Nakamoto. Bitcoin whale is a term used for people who own more than 10,000 BTC. In this case, the person bought exactly 10,000 BTC 14 years ago, and this has triggered a strange theory.&nbsp;<h2>Bitcoin price soaring, at a record-high</h2>Bitcoin has been rising in the charts over the past few months. It soared in 2024 and touched an all-time high of $116,046.44 on 10 July. BTC was worth $62,000 in July 2024. Its value continues to skyrocket, and is way, way higher than what it was at the time of launch. Most people who bought Bitcoin at the time paid meagre amounts for it. Those who retained them are millionaires and billionaires today. However, the unlucky ones who did not hold on to them have lost big. But not this Bitcoin shark who is now a billionaire after spending only thousands of dollars. Also Read: <a href="https://www.wionews.com/business-economy/bitcoin-hits-fresh-all-time-high-surges-above-116-000-mark-1752203124667">Bitcoin hits fresh all-time high, surges above 116,000 mark</a>&nbsp;<h2>Theory for why BTC was sold after 14 years</h2>Reports suggest that this person was likely involved in the earliest operations of Bitcoin. This is because the transaction was sent to a ‘legacy’ Bitcoin address, or one of the very first ones made. Most of the long-term crypto holders have never sold their BTC, which looks like a well-thought-out plan that all of them follow. This is supported by the fact that over 70 per cent of these wallets have been dormant for a decade or more. So if none of them want to sell their BTC and are planning on keeping them forever, why did this particular person move it all of a sudden? Some people have proposed the theory that he was likely hacked. Again, there is no way to know for sure what exactly happened.&nbsp;

Bitcoin just made a person rich. He held on to it for 14 years, and suddenly decided to move it. It is now worth over a billion dollars. Why would he do this? Some people think his BTC wallet could have been hacked.

A person who once bought 10,000 Bitcoins left it in his wallet for 14 years. At that time, the investment was worth around $7,800. Today, it is worth $1.1 billion. Who this lucky person is is not known, and there is no way to learn about their identity. But the news has shocked everyone in the crypto world. The Bitcoin whale is believed to have been close to Bitcoin creator Satoshi Nakamoto. If not him, then with people who were close to Nakamoto. Bitcoin whale is a term used for people who own more than 10,000 BTC. In this case, the person bought exactly 10,000 BTC 14 years ago, and this has triggered a strange theory. Bitcoin price soaring, at a record-high Bitcoin has been rising in the charts over the past few months. It soared in 2024 and touched an all-time high of $116,046.44 on 10 July. BTC was worth $62,000 in July 2024. Its value continues to skyrocket, and is way, way higher than what it was at the time of launch. Most people who bought Bitcoin at the time paid meagre amounts for it. Those who retained them are millionaires and billionaires today. However, the unlucky ones who did not hold on to them have lost big. But not this Bitcoin shark who is now a billionaire after spending only thousands of dollars. Also Read: Bitcoin hits fresh all-time high, surges above 116,000 mark Theory for why BTC was sold after 14 years Reports suggest that this person was likely involved in the earliest operations of Bitcoin. This is because the transaction was sent to a ‘legacy’ Bitcoin address, or one of the very first ones made. Most of the long-term crypto holders have never sold their BTC, which looks like a well-thought-out plan that all of them follow. This is supported by the fact that over 70 per cent of these wallets have been dormant for a decade or more. So if none of them want to sell their BTC and are planning on keeping them forever, why did this particular person move it all of a sudden? Some people have proposed the theory that he was likely hacked. Again, there is no way to know for sure what exactly happened.

Bitcoin just made a person rich. He held on to it for 14 years, and suddenly decided to move it. It is now worth over a billion dollars. Why would he do this? Some people think his BTC wallet could have been hacked.

Bitcoin shark left BTC worth $7,800 in his wallet for 14 years. He just realised he is now a billionaire

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.&nbsp;The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset.Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry.<h2>Trump’s family businesses eye crypto investments</h2>Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media &amp; Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets.Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin.Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains.<h2>Institutional involvement boosts Bitcoin’s legitimacy</h2>The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset.The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market.Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.

The surge in Bitcoin has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum. The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset. Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry. Trump’s family businesses eye crypto investments Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media & Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets. Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin. Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains. Institutional involvement boosts Bitcoin’s legitimacy The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset. The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market. Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.

The surge in Bitcoin has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

Bitcoin hits fresh all-time high, surges above 116,000 mark

<blockquote>Bitcoin reached a new all-time high on July 9, soaring past the $112,000 mark for the first time in history, as institutional demand and a risk-on sentiment in global markets fuelled its rally. The cryptocurrency touched an intraday high of $112,052.24, surpassing its previous peak of $111,989 set in May. As of late July 9, Bitcoin was trading at approximately $111,259, marking a 0.4 per cent increase from the previous day and an impressive 18 per cent year-to-date gain. This surge in price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.&nbsp;</blockquote>Bitcoin’s rise aligns with the bullish sentiment seen in risk assets, with both Bitcoin and stocks benefiting from the same market forces. As Bitcoin continues to gain traction among corporate treasuries and institutional investors, some experts speculate that the cryptocurrency could push toward $120,000 or higher in the coming weeks.<h2>Bitcoin’s resilient growth and institutional adoption</h2>Bitcoin’s climb is also indicative of a shift in investor perception. As Anthony Pompliano, founder of Professional Capital Management, recently highlighted, Bitcoin is “the only asset” that becomes less risky as it grows in size. In a letter to investors, Pompliano noted that the asset class’s increasing market cap, now measured in trillions, has made it more accessible to a wider range of institutional capital allocators.This growing acceptance by traditional financial players has been bolstered by the Trump administration’s crypto-friendly policies, opening new doors for capital inflows. Furthermore, major firms like Trump Media &amp; Technology Group are now looking to launch crypto-focused exchange-traded funds (ETFs), which will invest in assets like Bitcoin, Ether, Solana, and Ripple. This movement further reflects a broadening of institutional interest in digital assets.In addition to Bitcoin, other cryptocurrencies also saw gains. Ether hit a one-month high of $2,794.95, rising 5.4 per cent on the day, while stocks tied to crypto-related businesses like Coinbase and MicroStrategy also surged. MicroStrategy, co-founded by Bitcoin advocate Michael Saylor, rose 4.7 per cent, reflecting the increasing link between digital assets and tech-driven market growth.<h2>Bitcoin’s momentum faces short-term liquidity risks</h2>Despite the optimistic outlook for Bitcoin, market experts are cautious about potential volatility in the short term. In the hours around Bitcoin’s latest record-breaking rally, nearly $340 million in liquidations of Bitcoin short positions were reported, highlighting the potential for quick reversals. However, many remain hopeful that Bitcoin’s long-term narrative as “digital gold” and its ongoing adoption as a reserve asset will continue to support its price trajectory through the second half of 2025. With expectations that more companies will adopt Bitcoin and Congress inches closer to potential crypto legislation, Bitcoin’s bullish momentum seems set to continue.

This surge in Bitcoin's price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.

Bitcoin reached a new all-time high on July 9, soaring past the $112,000 mark for the first time in history, as institutional demand and a risk-on sentiment in global markets fuelled its rally. The cryptocurrency touched an intraday high of $112,052.24, surpassing its previous peak of $111,989 set in May. As of late July 9, Bitcoin was trading at approximately $111,259, marking a 0.4 per cent increase from the previous day and an impressive 18 per cent year-to-date gain. This surge in price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap. Bitcoin’s rise aligns with the bullish sentiment seen in risk assets, with both Bitcoin and stocks benefiting from the same market forces. As Bitcoin continues to gain traction among corporate treasuries and institutional investors, some experts speculate that the cryptocurrency could push toward $120,000 or higher in the coming weeks. Bitcoin’s resilient growth and institutional adoption Bitcoin’s climb is also indicative of a shift in investor perception. As Anthony Pompliano, founder of Professional Capital Management, recently highlighted, Bitcoin is “the only asset” that becomes less risky as it grows in size. In a letter to investors, Pompliano noted that the asset class’s increasing market cap, now measured in trillions, has made it more accessible to a wider range of institutional capital allocators. This growing acceptance by traditional financial players has been bolstered by the Trump administration’s crypto-friendly policies, opening new doors for capital inflows. Furthermore, major firms like Trump Media & Technology Group are now looking to launch crypto-focused exchange-traded funds (ETFs), which will invest in assets like Bitcoin, Ether, Solana, and Ripple. This movement further reflects a broadening of institutional interest in digital assets. In addition to Bitcoin, other cryptocurrencies also saw gains. Ether hit a one-month high of $2,794.95, rising 5.4 per cent on the day, while stocks tied to crypto-related businesses like Coinbase and MicroStrategy also surged. MicroStrategy, co-founded by Bitcoin advocate Michael Saylor, rose 4.7 per cent, reflecting the increasing link between digital assets and tech-driven market growth. Bitcoin’s momentum faces short-term liquidity risks Despite the optimistic outlook for Bitcoin, market experts are cautious about potential volatility in the short term. In the hours around Bitcoin’s latest record-breaking rally, nearly $340 million in liquidations of Bitcoin short positions were reported, highlighting the potential for quick reversals. However, many remain hopeful that Bitcoin’s long-term narrative as “digital gold” and its ongoing adoption as a reserve asset will continue to support its price trajectory through the second half of 2025. With expectations that more companies will adopt Bitcoin and Congress inches closer to potential crypto legislation, Bitcoin’s bullish momentum seems set to continue.

This surge in Bitcoin's price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.

Bitcoin surges to new all-time high above $112,000 amid growing institutional demand

Chinese-linked firm GD Culture Group (GDC) has announced to raise $300 million in purchasing TRUMP tokens and Bitcoin, ahead of much-anticipated US President Donald Trump's crypto dinner.&nbsp;
According to a May 11 filing with the US Securities and Exchange Commission, GD Culture Group, a Nasdaq-listed holding company with Chinese ties, will be investing in the <a href="https://www.wionews.com/tags/trump">$TRUMP</a>.&nbsp;
The company had just eight employees and no recorded revenue last year. It also claims to operate an e-commerce platform via TikTok, however it has appeared to be shifting its strategy.&nbsp;
Also read: <a href="https://www.wionews.com/world/crypto-trump-and-truth-social-how-greatest-salesman-trump-doubled-his-net-worth-in-last-one-year-8932391">Crypto, $TRUMP and Truth Social: How 'greatest salesman' Trump doubled his net worth in last one year</a>
However, this raised alarms over potential conflicts of interest and regulatory gaps. Meanwhile, the ongoing US and China trade conflict also comes along in this.&nbsp;
This comes just weeks after Trump was slammed for hosting a gala dinner for the top 200 TRUMP holders and offering a meeting with the president for the top 25 holders.&nbsp;
It also helped in raising the value of $TRUMP meme coin by over 40 per cent from the announcement through May 12, which partially reversed an 88% decline in the past weeks.&nbsp;
Notably, the top holders of the $TRUMP meme coin spent from $53,500 to $16.4 million to get a chance to be invited for a dinner with Trump, according to Inca Digital's analysis.&nbsp;
WATCH |&nbsp; <a href="https://www.wionews.com/videos/trump-launches-trump-coin-ahead-of-inauguration">Trump Launches '$trump' Coin Ahead Of Inauguration</a>
As of the contest's end on May 12, the biggest holder of the digital currency was an account named Sun VIP. However, it is impossible to get the identity of any of the account owners due to the anonymity of digital wallets.&nbsp;
"A ton of these users sent funds to international exchanges," Austin Ryan, director of marketing for Inca Digital, a firm that analyzes crypto data for risk issues like liquidity and front-running, said. "The thought is that if they are interacting with those exchanges, they are not in the US."
Trump will be hosting the dinner on May 22 at the Trump National Golf Club in Washington, DC, as per the $TRUMP meme coin website. The top 25 holders will "will enjoy a Private VIP Reception with President TRUMP" as well as a "Special VIP TOUR," it read.&nbsp;
WATCH | <a href="https://www.wionews.com/videos/donald-trumps-trump-meme-coin-takes-crypto-world-by-storm">Donald Trump's $TRUMP Meme Coin Takes Crypto World By Storm</a>
&nbsp;

Notably, the top holders of the $TRUMP meme coin spent from $53,500 to $16.4 million to get a chance to be invited for a dinner with Trump. World

Chinese-linked firm GD Culture Group (GDC) has announced to raise $300 million in purchasing TRUMP tokens and Bitcoin, ahead of much-anticipated US President Donald Trump's crypto dinner. According to a May 11 filing with the US Securities and Exchange Commission, GD Culture Group, a Nasdaq-listed holding company with Chinese ties, will be investing in the $TRUMP. The company had just eight employees and no recorded revenue last year. It also claims to operate an e-commerce platform via TikTok, however it has appeared to be shifting its strategy. Also read: Crypto, $TRUMP and Truth Social: How 'greatest salesman' Trump doubled his net worth in last one year However, this raised alarms over potential conflicts of interest and regulatory gaps. Meanwhile, the ongoing US and China trade conflict also comes along in this. This comes just weeks after Trump was slammed for hosting a gala dinner for the top 200 TRUMP holders and offering a meeting with the president for the top 25 holders. It also helped in raising the value of $TRUMP meme coin by over 40 per cent from the announcement through May 12, which partially reversed an 88% decline in the past weeks. Notably, the top holders of the $TRUMP meme coin spent from $53,500 to $16.4 million to get a chance to be invited for a dinner with Trump, according to Inca Digital's analysis. WATCH | Trump Launches '$trump' Coin Ahead Of Inauguration As of the contest's end on May 12, the biggest holder of the digital currency was an account named Sun VIP. However, it is impossible to get the identity of any of the account owners due to the anonymity of digital wallets. "A ton of these users sent funds to international exchanges," Austin Ryan, director of marketing for Inca Digital, a firm that analyzes crypto data for risk issues like liquidity and front-running, said. "The thought is that if they are interacting with those exchanges, they are not in the US." Trump will be hosting the dinner on May 22 at the Trump National Golf Club in Washington, DC, as per the $TRUMP meme coin website. The top 25 holders will "will enjoy a Private VIP Reception with President TRUMP" as well as a "Special VIP TOUR," it read. WATCH | Donald Trump's $TRUMP Meme Coin Takes Crypto World By Storm

All this to get dinner with Trump and VIP tour? Chinese-linked firm raises $300 mn to buy $TRUMP meme coin

Highlighting the lack of regulations for transactions in cryptocurrencies like Bitcoin in the country, the Supreme Court has said that Bitcoin trading in India now is like a refined way of doing Hawala business. The top court lamented that the Centre has till now not come up with a clear regime on regulating virtual currency.
A bench of Justices Surya Kant and N. Kotiswar Singh made the remarks on Monday while hearing the bail application of one Shailesh Babulal Bhatt, who was arrested by the police for alleged illegal Bitcoin trade.
The bench said that while dealing with a case related to Bitcoin trade two years back, it had asked the Centre to apprise the court about the policy regime on the trade of virtual currency, but till now it has not received any response.
Senior advocate Mukul Rohatgi, appearing for the accused, submitted that trading in Bitcoin is not illegal in India after the apex court quashed a circular of the Reserve Bank of India, and therefore his client was wrongly arrested. Justice Surya Kant told Rohatgi that though he personally does not understand much about Bitcoin, the court has been telling the Centre that if there is a regulatory regime, there will not be any problem.
Also Read | <a href="https://www.wionews.com/india-news/23268-in-bank-accounts-maruti-baleno-and-more-assets-of-supreme-court-judges-made-public-in-big-transparency-move-9039588">$23,266 in bank accounts, Maruti Baleno and more: Assets of Supreme Court judges made public in big transparency move</a> &ldquo;All I understand is that there are some genuine Bitcoin and some are fake Bitcoin,&rdquo; Justice Surya Jant said, and told Rohatgi, &ldquo;You see, trading in Bitcoin in India is like dealing with a refined way of Hawala business. There are no regulations at present.&rdquo;&nbsp; Rohatgi replied that he too does not understand much about the trade but highlighted that Bitcoin has enormous value, and one can walk into a showroom in a foreign country with just one bitcoin and buy a car. &ldquo;I checked on Sunday, the value of one Bitcoin was ₹82 lakh,&rdquo; Rohatgi said.
Additional Solicitor General Aishwarya Bhati, appearing for the Gujarat government and the Enforcement Directorate, said they would like to file a detailed counter to the bail application as it was not about the bitcoin trade alone. The top court gave 10 days to the state and the ED to file their responses and listed it for hearing on May 19.
Also Read |&nbsp;<a href="https://www.wionews.com/pakistan/pahalgam-terror-attack-what-pakistan-asked-for-at-unsc-meeting-and-did-not-get-9039055" target="_blank" rel="noopener">'Was LeT involved or not?&rsquo;: Pakistan faces tough questions at UNSC meeting over Pahalgam attack, council rejects &lsquo;false flag&rsquo; narrative</a> Bhatt has claimed that he was arrested by the police on August 14 last year, and since then he has been in custody. He has challenged the February 25 order of the Gujarat High Court denying him bail in the case. In January last year, the Centre informed the top court that it was yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences. On February 25, 2022, the top court asked the Centre to make its stand clear on whether cryptocurrency trade involving bitcoin or any other such currencies is legal in India or not. The top court was dealing with a case related to the quashing of multiple FIRs registered against an individual for allegedly duping investors across India by inducing them to trade in Bitcoin and assuring them of high returns.

India News: Senior advocate Mukul Rohatgi replied that he too does not understand much about the trade but highlighted that Bitcoin has enormous value, and one can walk into a showroom in a foreign country with just one bitcoin and buy a car.

Highlighting the lack of regulations for transactions in cryptocurrencies like Bitcoin in the country, the Supreme Court has said that Bitcoin trading in India now is like a refined way of doing Hawala business. The top court lamented that the Centre has till now not come up with a clear regime on regulating virtual currency. A bench of Justices Surya Kant and N. Kotiswar Singh made the remarks on Monday while hearing the bail application of one Shailesh Babulal Bhatt, who was arrested by the police for alleged illegal Bitcoin trade. The bench said that while dealing with a case related to Bitcoin trade two years back, it had asked the Centre to apprise the court about the policy regime on the trade of virtual currency, but till now it has not received any response. Senior advocate Mukul Rohatgi, appearing for the accused, submitted that trading in Bitcoin is not illegal in India after the apex court quashed a circular of the Reserve Bank of India, and therefore his client was wrongly arrested. Justice Surya Kant told Rohatgi that though he personally does not understand much about Bitcoin, the court has been telling the Centre that if there is a regulatory regime, there will not be any problem. Also Read | $23,266 in bank accounts, Maruti Baleno and more: Assets of Supreme Court judges made public in big transparency move “All I understand is that there are some genuine Bitcoin and some are fake Bitcoin,” Justice Surya Jant said, and told Rohatgi, “You see, trading in Bitcoin in India is like dealing with a refined way of Hawala business. There are no regulations at present.” Rohatgi replied that he too does not understand much about the trade but highlighted that Bitcoin has enormous value, and one can walk into a showroom in a foreign country with just one bitcoin and buy a car. “I checked on Sunday, the value of one Bitcoin was ₹82 lakh,” Rohatgi said. Additional Solicitor General Aishwarya Bhati, appearing for the Gujarat government and the Enforcement Directorate, said they would like to file a detailed counter to the bail application as it was not about the bitcoin trade alone. The top court gave 10 days to the state and the ED to file their responses and listed it for hearing on May 19. Also Read | 'Was LeT involved or not?’: Pakistan faces tough questions at UNSC meeting over Pahalgam attack, council rejects ‘false flag’ narrative Bhatt has claimed that he was arrested by the police on August 14 last year, and since then he has been in custody. He has challenged the February 25 order of the Gujarat High Court denying him bail in the case. In January last year, the Centre informed the top court that it was yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences. On February 25, 2022, the top court asked the Centre to make its stand clear on whether cryptocurrency trade involving bitcoin or any other such currencies is legal in India or not. The top court was dealing with a case related to the quashing of multiple FIRs registered against an individual for allegedly duping investors across India by inducing them to trade in Bitcoin and assuring them of high returns.

Bitcoin trading in India is a refined way of doing Hawala business: Supreme Court

Bitcoin surged past gold and tech stocks in April, sparking debate over its role as a refuge from market turmoil. After historic swings in April, an age-old market maxim looms over the bounce in us stocks: sell in may and go away. One of the best-known market trends, the "Sell in may" effect, is backed by decades of historical performance

Bitcoin surges past gold and tech stocks In April

Bitcoin is back above 90,000 dollars for the first time since early march, prompting fresh talk of crypto decoupling from equities, with the og token tracking gold more closely in recent days amid trump's tariff turmoil.

Bitcoin Trades Above $90,000 For First Time Since Early March

As the US Decides whether tariffs are a good or bad thing, both the stock market and the crypto market have taken a battering.

While there are glimpses of hope for a recovery, massive liquidations as a result of extreme leverage weigh heavily on the sector.

Bitcoin hits first bull market support levels

The Trump administration is signaling a major shift in US Crypto policy. Recently, Donald Trump hosted top cryptocurrency leaders at the white house, marking a significant moment for an industry that spent over 245 million dollars in the 2024 election cycle.

Trump pushes for US as ‘Crypto Capital’

Memecoins aren't just jokes anymore &mdash; they are billion-dollar scandals. Nearly every celebrity-backed memecoin follows the same trend: skyrocketing prices and then a significant collapse, leaving investors burned. Still, the staff of the US Securities and Exchange Commission (SEC) said memecoins are not 'securities.'<o:p></o:p>
The SEC's clarity comes after the rapid rise of such cryptos following Trump's election win last year and their recent crash. As the 3.3 trillion-dollar crypto market inches toward mainstream acceptance, the memecoin frenzy has threatened the sector's credibility. The SEC staff's directive says invest in memecoins at your own risk. The guidance shows there won't be any regulatory oversight in memecoins. The regulator's division of corporation finance staff noted that meme coins "typically have limited or no use or functionality" and are "more akin to collectibles."<o:p></o:p>
<h2 class="MsoNormal">US SEC lets memecoins slide<o:p></o:p></h2>
The SEC staff noted, "It is the division's view that transactions in the types of memecoins...do not involve the offer and sale of securities under the federal securities laws." The statement added, "Persons who participate in the offer and sale of memecoins do not need to register their transactions with the commission. ... Accordingly, neither meme coin purchasers nor holders are protected by the federal securities laws."<o:p></o:p>
While the SEC's stance lines up with the new administration's pro-crypto stance, the digital industry is being threatened by the rise and crash of memecoins. The latest memecoin scandal has rocked Argentina and the crypto world. Libra, a memecoin promoted by Argentine President Javier Milei, soared to 4.5 billion dollars in market value within an hour of its launch. But the hype was short-lived. Within hours, the token crashed by 80 per cent, leaving investors reeling. This is not an isolated event. Memecoins &mdash; once a quirky blend of internet culture and finance &mdash; have become high-risk speculative assets. While some early investors profit, the majority of investors suffer heavy losses. Industry experts argue that these speculative tokens overshadow serious blockchain projects.<o:p></o:p>
The launch of the trump memecoin &mdash; followed by a similar move from Melania Trump &mdash; has triggered scrutiny. Crypto lobbyists fear these schemes could derail long-awaited regulatory clarity for digital assets, just as bitcoin and Ethereum ETFs are gaining mainstream traction on Wall Street. The SEC's guidance will accentuate the problems further as pump-and-dump schemes attract more retail investors. Only the insiders cash out, leaving many investors with massive losses.<o:p></o:p>
(With input from the agencies)<o:p></o:p>

Business & Economy: As the 3.3 trillion-dollar crypto market inches toward mainstream acceptance, the memecoin frenzy has threatened the sector's credibility. The SEC staff's directive says invest in memecoins at your own risk.

Memecoins aren't just jokes anymore — they are billion-dollar scandals. Nearly every celebrity-backed memecoin follows the same trend: skyrocketing prices and then a significant collapse, leaving investors burned. Still, the staff of the US Securities and Exchange Commission (SEC) said memecoins are not 'securities.' The SEC's clarity comes after the rapid rise of such cryptos following Trump's election win last year and their recent crash. As the 3.3 trillion-dollar crypto market inches toward mainstream acceptance, the memecoin frenzy has threatened the sector's credibility. The SEC staff's directive says invest in memecoins at your own risk. The guidance shows there won't be any regulatory oversight in memecoins. The regulator's division of corporation finance staff noted that meme coins "typically have limited or no use or functionality" and are "more akin to collectibles." US SEC lets memecoins slide The SEC staff noted, "It is the division's view that transactions in the types of memecoins...do not involve the offer and sale of securities under the federal securities laws." The statement added, "Persons who participate in the offer and sale of memecoins do not need to register their transactions with the commission. ... Accordingly, neither meme coin purchasers nor holders are protected by the federal securities laws." While the SEC's stance lines up with the new administration's pro-crypto stance, the digital industry is being threatened by the rise and crash of memecoins. The latest memecoin scandal has rocked Argentina and the crypto world. Libra, a memecoin promoted by Argentine President Javier Milei, soared to 4.5 billion dollars in market value within an hour of its launch. But the hype was short-lived. Within hours, the token crashed by 80 per cent, leaving investors reeling. This is not an isolated event. Memecoins — once a quirky blend of internet culture and finance — have become high-risk speculative assets. While some early investors profit, the majority of investors suffer heavy losses. Industry experts argue that these speculative tokens overshadow serious blockchain projects. The launch of the trump memecoin — followed by a similar move from Melania Trump — has triggered scrutiny. Crypto lobbyists fear these schemes could derail long-awaited regulatory clarity for digital assets, just as bitcoin and Ethereum ETFs are gaining mainstream traction on Wall Street. The SEC's guidance will accentuate the problems further as pump-and-dump schemes attract more retail investors. Only the insiders cash out, leaving many investors with massive losses. (With input from the agencies)

Invest in memecoins at your own risk, says US SEC

Global markets are starting to feel the jitters of US President Donald Trump's tariff rhetoric. The cautious sentiment comes after trump said taxes on Mexican on Canadian imports will "go ahead". While the import tariffs were delayed by a month, the US President's threat comes ahead of Monday&rsquo;s deadline and weighed on markets.<o:p></o:p>
US treasuries rose on flight-to-safety bets, while global stocks from Asia to Europe to wall street took a hit. Apart from tariffs, Trump is demanding US allies impose stricter restrictions on China&rsquo;s semiconductor industry. He is also seeking to reduce Beijing&rsquo;s investment in various American industries. <o:p></o:p>
<h2 class="MsoNormal">US economy is starting to look iffy<o:p></o:p></h2>
The growing rift between the United States and its allies over the situation in Ukraine is also contributing to the pessimism. At the same time, things are looking uncertain for the US economy.<o:p></o:p>
According to Michael Hartnett, a strategist at bank of America, "suspicion" is growing over the path of the S&amp;P 500 due to the risks. Compared to last week's all-time high, the benchmark is down about 2.6 per cent. A drop of another 6 per cent, though, might prompt steps from the administration to counter the slide.<o:p></o:p>
The magnificent seven stocks that contributed most to the S&amp;P 500's rise in the past two years are off to a shaky start this year. After reaching a peak in December, the Bloomberg magnificent 7 index &mdash; which includes Apple, Nvidia, Microsoft, Alphabet, Amazon.com, Meta platforms, and Tesla &mdash; has declined nearly nine percent. The mega tech firms are indicating a trend towards correction territory.<o:p></o:p>
The possibility of stricter chip limitations on China is causing semiconductor stock prices to tumble. Intel and Nvidia are down around 1.5 per cent, while ASML and ASMI are down 2 per cent or more in Europe. Japan's Tokyo electron has shown about 5 per cent losses.<o:p></o:p>
Joining the broader risk asset slide, bitcoin's price fell below 90,000 dollars for the first time in over a month. Crypto-exposed stocks have also been falling in line with the OG token's fall to its lowest level since mid-November. Bitcoin is down over 19,000 dollars from its peak of above 109,000 dollars on the day of trump's inauguration last month. MicroStrategy and Coinbase have lost over 5 per cent.<o:p></o:p>
(With the inputs from the agencies)<o:p></o:p>

Business & Economy: While the import tariffs were delayed by a month, the US President's threat comes ahead of Monday’s deadline and weighed on markets.

Global markets are starting to feel the jitters of US President Donald Trump's tariff rhetoric. The cautious sentiment comes after trump said taxes on Mexican on Canadian imports will "go ahead". While the import tariffs were delayed by a month, the US President's threat comes ahead of Monday’s deadline and weighed on markets. US treasuries rose on flight-to-safety bets, while global stocks from Asia to Europe to wall street took a hit. Apart from tariffs, Trump is demanding US allies impose stricter restrictions on China’s semiconductor industry. He is also seeking to reduce Beijing’s investment in various American industries. US economy is starting to look iffy The growing rift between the United States and its allies over the situation in Ukraine is also contributing to the pessimism. At the same time, things are looking uncertain for the US economy. According to Michael Hartnett, a strategist at bank of America, "suspicion" is growing over the path of the S&P 500 due to the risks. Compared to last week's all-time high, the benchmark is down about 2.6 per cent. A drop of another 6 per cent, though, might prompt steps from the administration to counter the slide. The magnificent seven stocks that contributed most to the S&P 500's rise in the past two years are off to a shaky start this year. After reaching a peak in December, the Bloomberg magnificent 7 index — which includes Apple, Nvidia, Microsoft, Alphabet, Amazon.com, Meta platforms, and Tesla — has declined nearly nine percent. The mega tech firms are indicating a trend towards correction territory. The possibility of stricter chip limitations on China is causing semiconductor stock prices to tumble. Intel and Nvidia are down around 1.5 per cent, while ASML and ASMI are down 2 per cent or more in Europe. Japan's Tokyo electron has shown about 5 per cent losses. Joining the broader risk asset slide, bitcoin's price fell below 90,000 dollars for the first time in over a month. Crypto-exposed stocks have also been falling in line with the OG token's fall to its lowest level since mid-November. Bitcoin is down over 19,000 dollars from its peak of above 109,000 dollars on the day of trump's inauguration last month. MicroStrategy and Coinbase have lost over 5 per cent. (With the inputs from the agencies)

Markets wrap: Trump policies starting to hurt

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at 60 locations across India as part of its probe into the USD 757.26 million GainBitcoin cryptocurrency scam, officials said.&nbsp;
The searches were spread across multiple cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused individuals, a CBI spokesperson said in a statement.
The raided premises are linked to key accused, their associates, and entities suspected of laundering ill-gotten gains from the scam.&nbsp;
As the CBI raided, they recovered some crypto wallets, incriminating digital evidence, digital devices, and evidence from email/clouds.&nbsp;
Also read: <a href="https://www.wionews.com/world/bitcoin-hits-new-record-high-above-109000-awaiting-trump-8636981" rel="dofollow">Bitcoin hits record high of $109,000 ahead of Trump's inauguration ceremony</a>
<h2>What is GainBitcoin?</h2>
Launched in 2015 by Amit Bhardwaj and a network of agents, GainBitcoin was a Ponzi scheme and was operated through multiple websites under the facade of a company named Variabletech Pte. Ltd.
The scheme lured investors by promising them lucrative monthly returns of 10 per cent in Bitcoin for 18 months.&nbsp;
It further encouraged investors to buy Bitcoin from different exchanges and invest them in GainBitcoin through cloud mining contracts.&nbsp;
The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid-structured Ponzi schemes, where payouts are dependent on bringing in new investors.
Also read: <a href="https://www.wionews.com/world/luxury-brands-to-consider-accepting-crypto-payments-as-bitcoin-soars-785112" rel="dofollow">Luxury brands to consider accepting crypto payments as bitcoin soars</a>
<h2>What was the scam?</h2>
In the beginning, investors received payouts in Bitcoin, however, the scheme later began to collapse, with fresh investments drying up by 2017.&nbsp;
GainBitcoin then unilaterally switched payouts to an in-house cryptocurrency called MCAP, which held significantly less value than Bitcoin, further misleading investors.&nbsp;
Also read: <a href="https://www.wionews.com/world/wales-man-fights-to-recover-ps569-million-worth-of-bitcoin-thrown-away-by-ex-girlfriend-779724" rel="dofollow">Wales man fights to recover $ 710 million worth of bitcoin thrown in garbage dump by ex-girlfriend</a>
Following this, investors began to register FIRs all across India, alleging large-scale fraud and money laundering. Cases were registered in Jammu &amp; Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra.&nbsp;
Later, the Supreme Court transferred them to the CBI for a unified investigation.&nbsp;
(With inputs from agencies)

India news: Searches were spread across cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused.

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at 60 locations across India as part of its probe into the USD 757.26 million GainBitcoin cryptocurrency scam, officials said. The searches were spread across multiple cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused individuals, a CBI spokesperson said in a statement. The raided premises are linked to key accused, their associates, and entities suspected of laundering ill-gotten gains from the scam. As the CBI raided, they recovered some crypto wallets, incriminating digital evidence, digital devices, and evidence from email/clouds. Also read: Bitcoin hits record high of $109,000 ahead of Trump's inauguration ceremony What is GainBitcoin? Launched in 2015 by Amit Bhardwaj and a network of agents, GainBitcoin was a Ponzi scheme and was operated through multiple websites under the facade of a company named Variabletech Pte. Ltd. The scheme lured investors by promising them lucrative monthly returns of 10 per cent in Bitcoin for 18 months. It further encouraged investors to buy Bitcoin from different exchanges and invest them in GainBitcoin through cloud mining contracts. The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid-structured Ponzi schemes, where payouts are dependent on bringing in new investors. Also read: Luxury brands to consider accepting crypto payments as bitcoin soars What was the scam? In the beginning, investors received payouts in Bitcoin, however, the scheme later began to collapse, with fresh investments drying up by 2017. GainBitcoin then unilaterally switched payouts to an in-house cryptocurrency called MCAP, which held significantly less value than Bitcoin, further misleading investors. Also read: Wales man fights to recover $ 710 million worth of bitcoin thrown in garbage dump by ex-girlfriend Following this, investors began to register FIRs all across India, alleging large-scale fraud and money laundering. Cases were registered in Jammu & Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra. Later, the Supreme Court transferred them to the CBI for a unified investigation. (With inputs from agencies)

What is GainBitcoin case? CBI conducts searches at over 60 locations in $757.26mn cryptocurrency scam

Bitcoin mining in the US is not just a digital revolution—it's driving economic growth, creating jobs, and reshaping local communities. This report dives into the numbers and implications of this rapidly evolving sector.

Report: US bitcoin mining industry generates over 31,000 jobs

Everyone is aware of Bitcoin's popularity and how many large long-term investors are adding the OG token to their portfolios. Now, families are investing in cryptos as a college savings strategy to enhance their children's financial prospects despite the associated risks and volatility.

Parents ditch stocks and embrace Bitcoin for college savings

Just before Donald Trump's win in November last year, electric vehicle maker Tesla's stock was headed for its third consecutive year of losses in its fifteen years as a public business.&nbsp;However, following Trump's win, the company's stock surge helped the firm rank among the top performers for 2024 in the S&amp;P 500 index.
Elon Musk's 'Trump trade' extends beyond the turnaround in his companies' stock fortunes to his firm's crypto holdings. The ground reality for Tesla remains the same as before Trump's election victory.
There is still complete paralysis inside the EV maker as demand for its automobiles remains shaky, and the future becomes bleak. So, what set off the change in fortunes?&nbsp;Elon Musk's robust campaign support for Donald Trump and his subsequent unofficial participation in the president-elect's administration has triggered a turnaround.
<h2>Tesla's turnaround</h2>
Investors see that move as a political masterstroke on Musk's part. Shares of Tesla were down over two per cent leading up to the US presidential election.&nbsp;The stock, though, reversed to surge by over 70 per cent after the election results, bringing their 2024 total gains to nearly 70 per cent.
Despite no change to the company's core competencies, the EV maker's market valuation increased by 572 billion dollars in the last two months of 2024, reaching about 1.4 trillion dollars.&nbsp;However, what's caught everyone's attention is Tesla's bitcoin holdings, which boosted its last quarterly profits.
Tesla booked a 600 million dollar boost from Bitcoin after an accounting change. That is according to chief financial officer Vaibhav Taneja during Tesla's earnings call last week.
The accounting technique of mark-to-market resulted in a boost from bitcoin holdings. Trump's crypto embrace spurred bitcoin surge in the December quarter to new record highs repeatedly.
During the previous surge in crypto prices in 2021, tesla disclosed an overall investment of 1.5 billion dollars in bitcoin. Tesla showed digital assets of 1.08 billion dollars on its financial sheet in the latest quarterly report.&nbsp;Following Trump's promise of regulatory backing, the cryptocurrency sector is seeing a resurgence.
After more than doubling in the last year, bitcoin's value peaked on Trump's inauguration day at over 109,000 dollars. Although, the OG token has since fallen in value to below 100,000 dollars.
Despite the boost, the adjusted profits per share for Tesla's December quarter came in at 73 cents, which was lower than the 75 cents expectations on the street.&nbsp;The intention to launch robotaxi operations and the projection of a sales rebound this year gave investors hope. The stock price of the Elon Musk-led business has risen this year again.
Meanwhile, Trump's stance of being anti-electric vehicles is well known. However, investors seem to be placing their bets on Musk's ongoing cosy relationship with the administration to pave the way for Tesla's goal of developing a completely autonomous vehicle.
Wall Street analysts have raised the stock's price estimates significantly. The bets are that regulatory restrictions will be eased significantly, benefitting Tesla's self-driving technology ambitions.
(With the inputs from the agencies)

Business & Economy: Elon Musk's 'Trump trade' extends beyond the turnaround in his companies' stock fortunes to his firm's crypto holdings. 

Just before Donald Trump's win in November last year, electric vehicle maker Tesla's stock was headed for its third consecutive year of losses in its fifteen years as a public business. However, following Trump's win, the company's stock surge helped the firm rank among the top performers for 2024 in the S&P 500 index. Elon Musk's 'Trump trade' extends beyond the turnaround in his companies' stock fortunes to his firm's crypto holdings. The ground reality for Tesla remains the same as before Trump's election victory. There is still complete paralysis inside the EV maker as demand for its automobiles remains shaky, and the future becomes bleak. So, what set off the change in fortunes? Elon Musk's robust campaign support for Donald Trump and his subsequent unofficial participation in the president-elect's administration has triggered a turnaround. Tesla's turnaround Investors see that move as a political masterstroke on Musk's part. Shares of Tesla were down over two per cent leading up to the US presidential election. The stock, though, reversed to surge by over 70 per cent after the election results, bringing their 2024 total gains to nearly 70 per cent. Despite no change to the company's core competencies, the EV maker's market valuation increased by 572 billion dollars in the last two months of 2024, reaching about 1.4 trillion dollars. However, what's caught everyone's attention is Tesla's bitcoin holdings, which boosted its last quarterly profits. Tesla booked a 600 million dollar boost from Bitcoin after an accounting change. That is according to chief financial officer Vaibhav Taneja during Tesla's earnings call last week. The accounting technique of mark-to-market resulted in a boost from bitcoin holdings. Trump's crypto embrace spurred bitcoin surge in the December quarter to new record highs repeatedly. During the previous surge in crypto prices in 2021, tesla disclosed an overall investment of 1.5 billion dollars in bitcoin. Tesla showed digital assets of 1.08 billion dollars on its financial sheet in the latest quarterly report. Following Trump's promise of regulatory backing, the cryptocurrency sector is seeing a resurgence. After more than doubling in the last year, bitcoin's value peaked on Trump's inauguration day at over 109,000 dollars. Although, the OG token has since fallen in value to below 100,000 dollars. Despite the boost, the adjusted profits per share for Tesla's December quarter came in at 73 cents, which was lower than the 75 cents expectations on the street. The intention to launch robotaxi operations and the projection of a sales rebound this year gave investors hope. The stock price of the Elon Musk-led business has risen this year again. Meanwhile, Trump's stance of being anti-electric vehicles is well known. However, investors seem to be placing their bets on Musk's ongoing cosy relationship with the administration to pave the way for Tesla's goal of developing a completely autonomous vehicle. Wall Street analysts have raised the stock's price estimates significantly. The bets are that regulatory restrictions will be eased significantly, benefitting Tesla's self-driving technology ambitions. (With the inputs from the agencies)

Tesla reports mark-to-market benefit from Bitcoin holdings

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