A 65-year-old woman in the Indian financial capital,&nbsp;Mumbai, was duped of&nbsp;more than Rs 1.30 crore (approx $154,000)&nbsp;in an elaborate cyber fraud. The scammers pretended to be officials from various organisations and extorted money from her for over two years.

The victim, who previously resided in the city's&nbsp;Chandivali area&nbsp;and moved to Byculla in June 2024, reportedly said&nbsp;that her troubles started in April 2023 when she met a stranger on an international dating app. The man claimed to be an American civil engineer working in the Philippines and said his name was Paul Rutherford.

Rutherford made up a story of a fatal accident at his construction site and said he needed funds to prevent deportation back to the United States, reported Hindustan Times. The woman sent him Rs 70 lakh ($83,365) in Bitcoin between April and June 2023 to help him. She also borrowed some money from her relatives to pay the fraudster, who&nbsp;promised to pay her back.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/coldplay-concert-ticket-scam-bookmyshow-chief-summoned-over-alleged-fraud-763427">Coldplay concert ticket scam: BookMyShow chief summoned over alleged fraud</a>

In June last year, Rutherford claimed that he sent her&nbsp;a parcel containing $2 million after which she received a call from one Priya Sharma, who claimed to be a Delhi airport official.&nbsp;

Sharma said that the parcel addressed to her had been intercepted by the Customs department. She asked the victim to pay various charges to receive the parcel. The victim complied with the demands and transferred funds to different bank accounts between June 2023 and March 2024.

"The fraud didn't end there," said a police officer involved in the probe. The fraudsters tried to extort more money from the victim and posed as executives from Bank of America, who claimed to have received the funds and had sent her an ATM card.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/cyber-slavery-thousands-of-indians-are-trapped-and-tens-of-thousands-have-gone-missing-in-south-asia-763178">Cyber slavery: Thousands of Indians are trapped and tens of thousands have gone missing in Southeast Asia</a>

The woman also received phone calls from people who claimed to be from the International Monetary Fund (IMF)&nbsp;and the Reserve Bank of India (RBI). They demanded further payments from her amounting to Rs 17 crore ($2.02 million) into various accounts as the cost of exchanging the currency from dollars to rupees.

Even after making several payments amounting to Rs 1,29,43,661 ($154,149) in total, the woman kept receiving calls from several&nbsp;people claiming to be from various agencies or authorities. It was only then that the woman finally grew suspicious and realised that she had been scammed. The woman&nbsp;then filed an FIR at the West Region Cyber police station about the incident.

"We have initiated investigation but have yet to uncover any leads to trace the fraudsters," the police officer said.

(With inputs from agencies)

A 65-year-old woman in the Indian financial capital, Mumbai, was duped of more than Rs 1.30 crore (approx $154,000) in an elaborate cyber fraud. The scammers pretended to be officials from various organisations and extorted money from her for over two years.

A 65-year-old woman in the Indian financial capital, Mumbai, was duped of more than Rs 1.30 crore (approx $154,000) in an elaborate cyber fraud. The scammers pretended to be officials from various organisations and extorted money from her for over two years. The victim, who previously resided in the city's Chandivali area and moved to Byculla in June 2024, reportedly said that her troubles started in April 2023 when she met a stranger on an international dating app. The man claimed to be an American civil engineer working in the Philippines and said his name was Paul Rutherford. Rutherford made up a story of a fatal accident at his construction site and said he needed funds to prevent deportation back to the United States, reported Hindustan Times. The woman sent him Rs 70 lakh ($83,365) in Bitcoin between April and June 2023 to help him. She also borrowed some money from her relatives to pay the fraudster, who promised to pay her back. Also read | Coldplay concert ticket scam: BookMyShow chief summoned over alleged fraud In June last year, Rutherford claimed that he sent her a parcel containing $2 million after which she received a call from one Priya Sharma, who claimed to be a Delhi airport official. Sharma said that the parcel addressed to her had been intercepted by the Customs department. She asked the victim to pay various charges to receive the parcel. The victim complied with the demands and transferred funds to different bank accounts between June 2023 and March 2024. "The fraud didn't end there," said a police officer involved in the probe. The fraudsters tried to extort more money from the victim and posed as executives from Bank of America, who claimed to have received the funds and had sent her an ATM card. Also read | Cyber slavery: Thousands of Indians are trapped and tens of thousands have gone missing in Southeast Asia The woman also received phone calls from people who claimed to be from the International Monetary Fund (IMF) and the Reserve Bank of India (RBI). They demanded further payments from her amounting to Rs 17 crore ($2.02 million) into various accounts as the cost of exchanging the currency from dollars to rupees. Even after making several payments amounting to Rs 1,29,43,661 ($154,149) in total, the woman kept receiving calls from several people claiming to be from various agencies or authorities. It was only then that the woman finally grew suspicious and realised that she had been scammed. The woman then filed an FIR at the West Region Cyber police station about the incident. "We have initiated investigation but have yet to uncover any leads to trace the fraudsters," the police officer said. (With inputs from agencies)

India: 65-year-old Mumbai woman duped of $154,000 by cyber scammers

Early risers for the typical surge in October, Bitcoin speculators had an early wake-up call as tensions in the Middle East continued to escalate and sent a spate of caution across global markets.

The cryptocurrency shed the most in almost a month on Tuesday after Iran launched about 200 ballistic missiles at Israel in a swift but temporary ramping up of hostilities between the two foes. The token regained some losses on Wednesday, trading at about $61,825 by 11:20 a.m. in Singapore.

Bitcoin fell about 3 per cent in the first two days of October, a month that has historically averaged a 20 per cent increase over the past decade, based on Bloomberg data. It's been that kind of pattern that has made some traders view expectations of a break above March's record high of $73,798 until perhaps one of the biggest geopolitical risks to global markets brought those ambitions into check.

The selloff is only a "momentary setback," especially given the fact that the Federal Reserve has started lowering interest rates, according to Sean McNulty, director of trading at liquidity provider Arbelos Markets. Moreover, the administration following November's US presidential election is going to be far more crypto-friendly, according to him.

“The seasonal trend of October being the best month for Bitcoin is alive and well,” McNulty added.

Markets will be keeping an eye out for further escalation in the short term as they process Israeli Prime Minister Benjamin Netanyahu's veiled promise to retaliate against Iran's strikes. US equity futures seesawed Wednesday while oil prices rose on supply concerns.

Macro factors have recently been driving Bitcoin, as its price moves in line more with stocks, meaning that the Fed's monetary policy outlook is top-of-mind. A correlation coefficient of an index that tracks the top 100 digital tokens and MSCI Inc.'s global equity index stands at 0.65 as of 50 days, the highest since 2022, the data compiled by Bloomberg show. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie.

Early risers for the typical surge in October, Bitcoin speculators had an early wake-up call as tensions in the Middle East continued to escalate and sent a spate of caution across global markets.

Early risers for the typical surge in October, Bitcoin speculators had an early wake-up call as tensions in the Middle East continued to escalate and sent a spate of caution across global markets. The cryptocurrency shed the most in almost a month on Tuesday after Iran launched about 200 ballistic missiles at Israel in a swift but temporary ramping up of hostilities between the two foes. The token regained some losses on Wednesday, trading at about $61,825 by 11:20 a.m. in Singapore. Bitcoin fell about 3 per cent in the first two days of October, a month that has historically averaged a 20 per cent increase over the past decade, based on Bloomberg data. It's been that kind of pattern that has made some traders view expectations of a break above March's record high of $73,798 until perhaps one of the biggest geopolitical risks to global markets brought those ambitions into check. The selloff is only a "momentary setback," especially given the fact that the Federal Reserve has started lowering interest rates, according to Sean McNulty, director of trading at liquidity provider Arbelos Markets. Moreover, the administration following November's US presidential election is going to be far more crypto-friendly, according to him. “The seasonal trend of October being the best month for Bitcoin is alive and well,” McNulty added. Markets will be keeping an eye out for further escalation in the short term as they process Israeli Prime Minister Benjamin Netanyahu's veiled promise to retaliate against Iran's strikes. US equity futures seesawed Wednesday while oil prices rose on supply concerns. Macro factors have recently been driving Bitcoin, as its price moves in line more with stocks, meaning that the Fed's monetary policy outlook is top-of-mind. A correlation coefficient of an index that tracks the top 100 digital tokens and MSCI Inc.'s global equity index stands at 0.65 as of 50 days, the highest since 2022, the data compiled by Bloomberg show. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie.

Bitcoin falters in a weak start to its historically best month

Despite China’s 2021 ban on Cryptocurrencies, the country continues to dominate the global Bitcoin mining industry.

China’s Bitcoin Mining Dominance Persists

The cryptocurrency sector is closely monitoring the upcoming U.S. elections, with insiders largely downplaying its potential impact on market dynamics. Charles Hoskinson, co-founder of Ethereum, expressed that "No matter if the US adopts a pro-crypto stance or not, the global landscape is advancing." This sentiment is shared by several experts who believe the global momentum towards crypto is unstoppable as detailed in a CNBC report.

Arthur Hayes, former CEO of BitEX, stated, "I don’t believe it’s significant. Bitcoin has surged from nothing to its current valuation without any definitive regulations or governmental endorsement. So why is it necessary now? It’s inconsequential."

Further, in Singapore, experts remain unfazed by the US presidential election's potential effects on local crypto markets, although some perceive Donald Trump as more favorable towards cryptocurrency. Hoskinson noted, "When comparing Vice Kamala Harris and Trump, he clearly stands out as the preferred option from a cryptocurrency viewpoint."

Trump is seen as more favorable for the crypto market<o:p></o:p>

During a July conference, Trump pledged to position the US as the "crypto capital of the world" by preventing the liquidation of its Bitcoin assets. Despite such promises, Hoskinson highlighted, "Irrespective of the US stance on cryptocurrency, the global momentum is unstoppable."

SkyBridge Capital’s Scaramucci speculated that Vice President Kamala Harris might adopt a regulatory framework similar to Trump's approach if victorious, stating, "I expect we will see her clarify her economic strategies and stance on crypto regulation, and I remain hopeful."

In the current election cycle, cryptocurrency regulation is not viewed as a divisive issue. Jeremy Allaire from Circle emphasised bipartisan support for crypto, saying, "All parties are poised to act, regardless of who occupies the White House. This is essential technology for the United States to remain competitive."

As the election approaches, crypto entities have contributed over $190 million to political campaigns, with a notable share going to Republican candidates.

Despite varied opinions, the overarching view remains that US political changes will not significantly drive global crypto markets. Hayes affirmed, "It’s irrelevant. Bitcoin has evolved from nothing to its current value without needing clear regulations or government backing."

The cryptocurrency sector is closely monitoring the upcoming U.S. elections, with insiders largely downplaying its potential impact on market dynamics. Charles Hoskinson, co-founder of Ethereum, expressed that "No matter if the US adopts a pro-crypto stance or not, the global landscape is advancing.

The cryptocurrency sector is closely monitoring the upcoming U.S. elections, with insiders largely downplaying its potential impact on market dynamics. Charles Hoskinson, co-founder of Ethereum, expressed that "No matter if the US adopts a pro-crypto stance or not, the global landscape is advancing." This sentiment is shared by several experts who believe the global momentum towards crypto is unstoppable as detailed in a CNBC report. Arthur Hayes, former CEO of BitEX, stated, "I don’t believe it’s significant. Bitcoin has surged from nothing to its current valuation without any definitive regulations or governmental endorsement. So why is it necessary now? It’s inconsequential." Further, in Singapore, experts remain unfazed by the US presidential election's potential effects on local crypto markets, although some perceive Donald Trump as more favorable towards cryptocurrency. Hoskinson noted, "When comparing Vice Kamala Harris and Trump, he clearly stands out as the preferred option from a cryptocurrency viewpoint." Trump is seen as more favorable for the crypto market During a July conference, Trump pledged to position the US as the "crypto capital of the world" by preventing the liquidation of its Bitcoin assets. Despite such promises, Hoskinson highlighted, "Irrespective of the US stance on cryptocurrency, the global momentum is unstoppable." SkyBridge Capital’s Scaramucci speculated that Vice President Kamala Harris might adopt a regulatory framework similar to Trump's approach if victorious, stating, "I expect we will see her clarify her economic strategies and stance on crypto regulation, and I remain hopeful." In the current election cycle, cryptocurrency regulation is not viewed as a divisive issue. Jeremy Allaire from Circle emphasised bipartisan support for crypto, saying, "All parties are poised to act, regardless of who occupies the White House. This is essential technology for the United States to remain competitive." As the election approaches, crypto entities have contributed over $190 million to political campaigns, with a notable share going to Republican candidates. Despite varied opinions, the overarching view remains that US political changes will not significantly drive global crypto markets. Hayes affirmed, "It’s irrelevant. Bitcoin has evolved from nothing to its current value without needing clear regulations or government backing."

Impact of the upcoming US elections on cryptocurrencies, experts weigh in

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task.

However, the almost 2 trillion-dollar crypto market is rife with activity, the services on crypto custody can be as much as ten times more expensive than protecting more conventional assets, such as cash and stocks.

As a result, this new crypto offering is a promising market.

Startups, wall street banks, and other companies are seeking to develop digital assets and into these services. And custody is far from dull.

However, regulatory uncertainties around digital assets have pushed traditional financial businesses in a holding pattern.

On the other hand, crypto-native firms Bitgo and Coinbase global have been among the top service providers so far.

With players like Fireblocks projecting a 30 per cent yearly growth rate, the industry is nonetheless appealing despite being only a 300-million-dollar market at the moment.

Major global custodian banks, including Bny Mellon, state street, and Citigroup have either initiated cryptocurrency custody operations or shown interest in doing so.

Custody concerns have persisted throughout crypto's history, with many early adopters embracing the mantra "Not your keys, not your coins."

Custody firms have helped to lower the risk of theft and hacks. So far, wall street efforts have been full of fits and starts.

Bny announced its digital-asset custody infrastructure in 2022 but is yet to expand the endeavor. In 2023, Nasdaq halted its crypto custody undertakings.

Still, companies are moving ahead with trials, in addition, many plans revolve around safeguarding tokenised assets.

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task.

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task. However, the almost 2 trillion-dollar crypto market is rife with activity, the services on crypto custody can be as much as ten times more expensive than protecting more conventional assets, such as cash and stocks. As a result, this new crypto offering is a promising market. Startups, wall street banks, and other companies are seeking to develop digital assets and into these services. And custody is far from dull. However, regulatory uncertainties around digital assets have pushed traditional financial businesses in a holding pattern. On the other hand, crypto-native firms Bitgo and Coinbase global have been among the top service providers so far. With players like Fireblocks projecting a 30 per cent yearly growth rate, the industry is nonetheless appealing despite being only a 300-million-dollar market at the moment. Major global custodian banks, including Bny Mellon, state street, and Citigroup have either initiated cryptocurrency custody operations or shown interest in doing so. Custody concerns have persisted throughout crypto's history, with many early adopters embracing the mantra "Not your keys, not your coins." Custody firms have helped to lower the risk of theft and hacks. So far, wall street efforts have been full of fits and starts. Bny announced its digital-asset custody infrastructure in 2022 but is yet to expand the endeavor. In 2023, Nasdaq halted its crypto custody undertakings. Still, companies are moving ahead with trials, in addition, many plans revolve around safeguarding tokenised assets.

Crypto custody lures wall street bankers

As the cryptocurrency landscape continues to evolve, Bitcoin is poised to flourish in the long run, irrespective of the November 2024 US presidential election outcomes. This sentiment resonates with many cryptocurrency investors as interest sparked by former President Donald Trump's supportive crypto stance begins to fade as detailed in a CNBC report. 

Bitcoin's resilience amid political uncertainty

Steven Lubka, head of private clients and family offices at Swan Bitcoin, expressed, "Do I believe we will reach six figures by 2025? Almost certainly. Do I think we will achieve six figures no matter who emerges victorious? Almost certainly." According to Lubka, Bitcoin's trajectory has been closely tied to the fiscal and monetary conditions of countries like the US indicating that the election results will not substantially shift this reality.

James Davies, co-founder of the Crypto Valley exchange, downplayed the fears surrounding Bitcoin's future. In his conversation with CNBC, "Some of our communities have become echo chambers, convinced that disaster will strike if one party wins over the other. The market is resilient, not solely focused on the US, and has not reacted unfavorably to significant events from either political faction." He emphasized that the focus should be on opportunities and regulations for US-based users rather than the price of a global commodity.

Price fluctuations and macroeconomic trends

The recent institutional adoption of Bitcoin, underscored by the launch of US Bitcoin exchange-traded funds, has further bolstered this optimistic outlook. Tyr Ross, president of 401 Financial, stated, "The election results will have minimal influence on Bitcoin's performance over the next 12 to 18 months." He noted that many firms are still navigating exchange-traded fund access, there are anticipated rate cuts, and retail trading at centralized custodians is currently low.

Throughout most of 2024, Bitcoin has fluctuated between $55,000 and $70,000, following a peak of over $73,000 in March. Investors widely expect this price stagnation to endure until the US electorate selects the next president. However, recent election news seems to have less impact on Bitcoin's valuation, which appears to be more influenced by broader macroeconomic trends.

Potential impact of election outcomes<o:p></o:p>

In recent weeks, there was speculation that the election could act as a significant trigger for Bitcoin, with many suggesting that a second Trump presidency would benefit the cryptocurrency sector. Analysts at Bernstein indicated that investing in Bitcoin might be the best strategy in light of a potential Trump victory, predicting the cryptocurrency could soar to a new all-time high of around $80,000. Conversely, they suggested a Harris win could see Bitcoin drop toward $40,000.

Lubka remarked, "Trump wins in November, there may be an immediate surge. If he wins, some immediate sell-off would not surprise me at all. However, over the medium term, I don't believe that will be the prevailing trend." While Vice President Harris has not publicly articulated her stance on cryptocurrency, some industry participants are concerned that she may hold unfavorable views akin to those of Senator Elizabeth Warren and US Securities and Exchange Commission Chairperson, Gary Gensler, which are perceived to hinder crypto adoption.

Despite worries stemming from the Biden administration's approach to Bitcoin, Lubka reminded investors that "Bitcoin has performed exceptionally well" during this period. He highlighted that it has been one of the top assets globally, even in an environment where it faced significant opposition. Historically, governments have tended to adopt at least a mildly hostile stance towards Bitcoin, yet it has thrived.

As the cryptocurrency landscape continues to evolve, Bitcoin is poised to flourish in the long run, irrespective of the November 2024 US presidential election outcomes.

As the cryptocurrency landscape continues to evolve, Bitcoin is poised to flourish in the long run, irrespective of the November 2024 US presidential election outcomes. This sentiment resonates with many cryptocurrency investors as interest sparked by former President Donald Trump's supportive crypto stance begins to fade as detailed in a CNBC report. Bitcoin's resilience amid political uncertainty Steven Lubka, head of private clients and family offices at Swan Bitcoin, expressed, "Do I believe we will reach six figures by 2025? Almost certainly. Do I think we will achieve six figures no matter who emerges victorious? Almost certainly." According to Lubka, Bitcoin's trajectory has been closely tied to the fiscal and monetary conditions of countries like the US indicating that the election results will not substantially shift this reality. James Davies, co-founder of the Crypto Valley exchange, downplayed the fears surrounding Bitcoin's future. In his conversation with CNBC, "Some of our communities have become echo chambers, convinced that disaster will strike if one party wins over the other. The market is resilient, not solely focused on the US, and has not reacted unfavorably to significant events from either political faction." He emphasized that the focus should be on opportunities and regulations for US-based users rather than the price of a global commodity. Price fluctuations and macroeconomic trends The recent institutional adoption of Bitcoin, underscored by the launch of US Bitcoin exchange-traded funds, has further bolstered this optimistic outlook. Tyr Ross, president of 401 Financial, stated, "The election results will have minimal influence on Bitcoin's performance over the next 12 to 18 months." He noted that many firms are still navigating exchange-traded fund access, there are anticipated rate cuts, and retail trading at centralized custodians is currently low. Throughout most of 2024, Bitcoin has fluctuated between $55,000 and $70,000, following a peak of over $73,000 in March. Investors widely expect this price stagnation to endure until the US electorate selects the next president. However, recent election news seems to have less impact on Bitcoin's valuation, which appears to be more influenced by broader macroeconomic trends. Potential impact of election outcomes In recent weeks, there was speculation that the election could act as a significant trigger for Bitcoin, with many suggesting that a second Trump presidency would benefit the cryptocurrency sector. Analysts at Bernstein indicated that investing in Bitcoin might be the best strategy in light of a potential Trump victory, predicting the cryptocurrency could soar to a new all-time high of around $80,000. Conversely, they suggested a Harris win could see Bitcoin drop toward $40,000. Lubka remarked, "Trump wins in November, there may be an immediate surge. If he wins, some immediate sell-off would not surprise me at all. However, over the medium term, I don't believe that will be the prevailing trend." While Vice President Harris has not publicly articulated her stance on cryptocurrency, some industry participants are concerned that she may hold unfavorable views akin to those of Senator Elizabeth Warren and US Securities and Exchange Commission Chairperson, Gary Gensler, which are perceived to hinder crypto adoption. Despite worries stemming from the Biden administration's approach to Bitcoin, Lubka reminded investors that "Bitcoin has performed exceptionally well" during this period. He highlighted that it has been one of the top assets globally, even in an environment where it faced significant opposition. Historically, governments have tended to adopt at least a mildly hostile stance towards Bitcoin, yet it has thrived.

Bitcoin poised to reach six figures despite US election uncertainty, investors predict

A warning by BlackRock that the market could see some volatility, along with a slower-than-expected path of interest rate cuts from the Federal Reserve puts into question how Bitcoin will do in the future.&nbsp;

Austin Arnold, co-host of Altcoin Daily, sat down with investor Brock Pierce to discuss everything from interest rates and broader economic factors to why those factors help or hurt Bitcoin's appeal.

That was followed by Pierce reiterating BlackRock's sentiments, explaining, "We're not going to be seeing cut rates, and as long as there are high yields and high interest rates in other asset classes, Bitcoin is less appealing." He also reaffirmed that Bitcoin has remained highly correlated with the general market, contrary to early speculation that it would hedge against economic turmoil.

"Interest rates lowering makes Bitcoin more attractive ... we have not broken free as a non-correlated asset yet."

Asked about the possibility of a rate hike or no cuts at all, Pierce deferred to BlackRock's chief, saying "I trust that [Larry Fink] probably knows better than I do." Investors are pricing in a roughly 70 per cent chance the Fed will cut interest rates by 25-basis points next week, according to the CME's Fed Watch tool.

Although acknowledging that Bitcoin's price might drop below $40,000, Pierce remained sceptical if the Fed has such immense influence on Bitcoin's price, suggesting the market might not be as responsive as many would expect to rate changes.

Pierce also pointed to BlackRock's involvement in the cryptocurrency space as a force for good. "I think that BlackRock is probably having as big a positive impact on the industry as a presidential candidate," he said, adding the institution's endorsement lends credibility to Bitcoin.

According to Pierce, all these mainstream financial big-name endorsements help wear off some scepticism over Bitcoin's future.

He concluded by telling his audience to be careful and aware: "I've never told anyone to make a substantial investment in bitcoin... invest in yourself, in your own knowing." He called for listeners to invest based on understanding, not third-party opinion, and look at Bitcoin from a long-term perspective.

A warning by BlackRock that the market could see some volatility, along with a slower-than-expected path of interest rate cuts from the Federal Reserve puts into question how Bitcoin will do in the future.

A warning by BlackRock that the market could see some volatility, along with a slower-than-expected path of interest rate cuts from the Federal Reserve puts into question how Bitcoin will do in the future. Austin Arnold, co-host of Altcoin Daily, sat down with investor Brock Pierce to discuss everything from interest rates and broader economic factors to why those factors help or hurt Bitcoin's appeal. That was followed by Pierce reiterating BlackRock's sentiments, explaining, "We're not going to be seeing cut rates, and as long as there are high yields and high interest rates in other asset classes, Bitcoin is less appealing." He also reaffirmed that Bitcoin has remained highly correlated with the general market, contrary to early speculation that it would hedge against economic turmoil. "Interest rates lowering makes Bitcoin more attractive ... we have not broken free as a non-correlated asset yet." Asked about the possibility of a rate hike or no cuts at all, Pierce deferred to BlackRock's chief, saying "I trust that [Larry Fink] probably knows better than I do." Investors are pricing in a roughly 70 per cent chance the Fed will cut interest rates by 25-basis points next week, according to the CME's Fed Watch tool. Although acknowledging that Bitcoin's price might drop below $40,000, Pierce remained sceptical if the Fed has such immense influence on Bitcoin's price, suggesting the market might not be as responsive as many would expect to rate changes. Pierce also pointed to BlackRock's involvement in the cryptocurrency space as a force for good. "I think that BlackRock is probably having as big a positive impact on the industry as a presidential candidate," he said, adding the institution's endorsement lends credibility to Bitcoin. According to Pierce, all these mainstream financial big-name endorsements help wear off some scepticism over Bitcoin's future. He concluded by telling his audience to be careful and aware: "I've never told anyone to make a substantial investment in bitcoin... invest in yourself, in your own knowing." He called for listeners to invest based on understanding, not third-party opinion, and look at Bitcoin from a long-term perspective.

BlackRock's volatility warning casts doubt over Bitcoin’s future appeal

Bitcoin and other cryptocurrencies plunged after earlier gains were erased, as digital assets got caught in a wild trading session across markets after a disappointing US jobs report.

Bitcoin jumped as much as 1.6 per cent following the August employment report Friday morning in New York, only to turn decidedly lower about an hour later. The original crypto asset fell 4.5 per cent at about $53,555, its lowest price since Aug. 5, as of 2:54 p.m. in New York. Ether, the second-biggest cryptocurrency, tumbled almost 6 per cent.

US payrolls rose by 142,000 in August, less than the 165,000 average forecast in a Bloomberg survey, and the prior two months' figures were revised lower by 86,000. Swaps traders have increased the chances that the US central bank will cut rates by a half percentage point, or 50 basis points, when policymakers meet later this month to announce what is broadly expected to be the first rate cut in over four years. But traders later revised whether the report was bad enough to inspire that big of a cut.

A looser monetary policy is good news for speculative assets like crypto.

“Today it’s more of a risk-asset selloff,” said Cosmo Jiang, portfolio manager at Pantera Capital. “I think expectations for a 50 basis-point cut in September got too high, and my view is it is super unlikely to happen. Mixed employment data this morning, or in other words not obviously bad, lowers the probability of a 50 basis-point cut. And risk assets — equities, crypto — are all down on that.”

Stocks also fell, with the S&amp;P 500 opening higher before sliding 1.8 per cent in roughly the last hour of trading. Bitcoin and other major tokens have been tightly tracking global equities in recent weeks. The 30-day correlation coefficient for a gauge of the largest 100 digital assets and MSCI's index of world shares is near 0.60, one of the highest levels over the past two years, data compiled by Bloomberg show. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie.

“Bitcoin has been responding to macro events in a highly correlated manner to equities,” said Benjamin Celermajer, co-chief investment officer at Magnet Capital.

Record inflows into US spot-Bitcoin exchange-traded funds ignited the record-breaking rally in the largest digital asset earlier in the year. But that rally then fizzled, and the ETFs have lost money in recent days amid outflows.

Bitcoin and other cryptocurrencies plunged after earlier gains were erased, as digital assets got caught in a wild trading session across markets after a disappointing US jobs report.

Bitcoin and other cryptocurrencies plunged after earlier gains were erased, as digital assets got caught in a wild trading session across markets after a disappointing US jobs report. Bitcoin jumped as much as 1.6 per cent following the August employment report Friday morning in New York, only to turn decidedly lower about an hour later. The original crypto asset fell 4.5 per cent at about $53,555, its lowest price since Aug. 5, as of 2:54 p.m. in New York. Ether, the second-biggest cryptocurrency, tumbled almost 6 per cent. US payrolls rose by 142,000 in August, less than the 165,000 average forecast in a Bloomberg survey, and the prior two months' figures were revised lower by 86,000. Swaps traders have increased the chances that the US central bank will cut rates by a half percentage point, or 50 basis points, when policymakers meet later this month to announce what is broadly expected to be the first rate cut in over four years. But traders later revised whether the report was bad enough to inspire that big of a cut. A looser monetary policy is good news for speculative assets like crypto. “Today it’s more of a risk-asset selloff,” said Cosmo Jiang, portfolio manager at Pantera Capital. “I think expectations for a 50 basis-point cut in September got too high, and my view is it is super unlikely to happen. Mixed employment data this morning, or in other words not obviously bad, lowers the probability of a 50 basis-point cut. And risk assets — equities, crypto — are all down on that.” Stocks also fell, with the S&P 500 opening higher before sliding 1.8 per cent in roughly the last hour of trading. Bitcoin and other major tokens have been tightly tracking global equities in recent weeks. The 30-day correlation coefficient for a gauge of the largest 100 digital assets and MSCI's index of world shares is near 0.60, one of the highest levels over the past two years, data compiled by Bloomberg show. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie. “Bitcoin has been responding to macro events in a highly correlated manner to equities,” said Benjamin Celermajer, co-chief investment officer at Magnet Capital. Record inflows into US spot-Bitcoin exchange-traded funds ignited the record-breaking rally in the largest digital asset earlier in the year. But that rally then fizzled, and the ETFs have lost money in recent days amid outflows.

Bitcoin falls to 1-month low as jobs data sparks market volatility

The past week has seen the movement of upwards of over $1 billion in Bitcoin off centralised exchanges. It has been a mass withdrawal, which the crypto community interpreted as a bullish signal.

According to a report from crypto.news, major exchanges have seen outflows of around 16,500 BTC during the last week, which was valued at approximately $1 billion. What that number means is not only a great quantity of Bitcoin but also a trend toward self custody or cold storage, where investors would rather hold their assets outside the reach of centralised entities.

“You really have to pay attention to where that Bitcoin is flowing to develop a better analysis of what’s happening,” Brian Dixon, CEO of Off the Chain Capital told Aaron Arnold, co-host of Altcoin Daily on TheStreet Crypto. “If it’s going into self-custody, I would view that as a bullish indicator.”

For most investors, self-custody suggests long-term holding of the asset. Others could be positioning for a price spike, maybe influenced by recent events like Bitcoin's halving, which in the past has preceded surges in price because of the decreased rate of new Bitcoin entering the market. “It’s (self-custody) actually going to shrink supply. That could create a narrative around scarcity,” stated Brian.

Bitcoin, over the course of the week, fell from about $64,100 to a low of $57,886 within the last week but has recovered a bit since, trading in a range of around $58,000 to $59,000 on Tuesday.

The past week has seen the movement of upwards of over $1 billion in Bitcoin off centralised exchanges. It has been a mass withdrawal, which the crypto community interpreted as a bullish signal.

The past week has seen the movement of upwards of over $1 billion in Bitcoin off centralised exchanges. It has been a mass withdrawal, which the crypto community interpreted as a bullish signal. According to a report from crypto.news, major exchanges have seen outflows of around 16,500 BTC during the last week, which was valued at approximately $1 billion. What that number means is not only a great quantity of Bitcoin but also a trend toward self custody or cold storage, where investors would rather hold their assets outside the reach of centralised entities. “You really have to pay attention to where that Bitcoin is flowing to develop a better analysis of what’s happening,” Brian Dixon, CEO of Off the Chain Capital told Aaron Arnold, co-host of Altcoin Daily on TheStreet Crypto. “If it’s going into self-custody, I would view that as a bullish indicator.” For most investors, self-custody suggests long-term holding of the asset. Others could be positioning for a price spike, maybe influenced by recent events like Bitcoin's halving, which in the past has preceded surges in price because of the decreased rate of new Bitcoin entering the market. “It’s (self-custody) actually going to shrink supply. That could create a narrative around scarcity,” stated Brian. Bitcoin, over the course of the week, fell from about $64,100 to a low of $57,886 within the last week but has recovered a bit since, trading in a range of around $58,000 to $59,000 on Tuesday.

Bitcoin exchange reserves drop to their lowest level since 2018

Marathon Digital Holdings is expanding the horizons of cryptocurrency investments, exploring altcoins alongside its well-established bitcoin mining operations.

In a recent discussion, Roundtable anchor, Rob Nelson, was joined by Sam Price, host of CryptoLifer, and Salman Khan, CFO at Marathon Digital Holdings. The conversation quickly shifted to the company’s intriguing move into Kaspa, a lesser-known altcoin, sparking interest among investors.

Rob Nelson began the discussion by highlighting Sam Price's enthusiasm about Marathon's diversified strategy. Sam, eager to dive into the details, commended the company for its strategic presence at the Bitcoin Conference and queried Salman Khan about the venture into Kaspa.

Salman responded by underscoring Marathon's dedication to innovation. He explained that while the company's core focus remains on bitcoin mining, their decision to allocate a small fraction of energy to Kaspa mining is driven by the high margins and potential for added value to shareholders.

"The fact is that we have attracted some really serious talent in the last couple of years and we've got some very smart people in the company and one of the things that we have been able to incubate within the company is out of the box ideas," he said. In total, the company has mined more than $15 million worth of Kaspa since September of 2023.

By leveraging existing resources, they aim to maximise returns without straying too far from their primary focus on bitcoin. This move, while unconventional, highlights Marathon's readiness to explore new opportunities in the constantly evolving crypto landscape.

Rob Nelson and Sam Price both expressed interest in how this strategy aligns with Marathon's long-term objectives. Salman reassured them that while Kaspa offers an exciting new avenue, bitcoin remains central to their operations. The ability to generate high-margin returns from Kaspa provides a unique opportunity to enhance their bitcoin holdings, ensuring that the company stays ahead in the competitive world of digital assets.

Marathon Digital Holdings is expanding the horizons of cryptocurrency investments, exploring altcoins alongside its well-established bitcoin mining operations. In a recent discussion, Roundtable anchor, Rob Nelson, was joined by Sam Price, host of CryptoLifer, and Salman Khan, CFO at Marathon Digital Holdings.

Marathon Digital Holdings is expanding the horizons of cryptocurrency investments, exploring altcoins alongside its well-established bitcoin mining operations. In a recent discussion, Roundtable anchor, Rob Nelson, was joined by Sam Price, host of CryptoLifer, and Salman Khan, CFO at Marathon Digital Holdings. The conversation quickly shifted to the company’s intriguing move into Kaspa, a lesser-known altcoin, sparking interest among investors. Rob Nelson began the discussion by highlighting Sam Price's enthusiasm about Marathon's diversified strategy. Sam, eager to dive into the details, commended the company for its strategic presence at the Bitcoin Conference and queried Salman Khan about the venture into Kaspa. Salman responded by underscoring Marathon's dedication to innovation. He explained that while the company's core focus remains on bitcoin mining, their decision to allocate a small fraction of energy to Kaspa mining is driven by the high margins and potential for added value to shareholders. "The fact is that we have attracted some really serious talent in the last couple of years and we've got some very smart people in the company and one of the things that we have been able to incubate within the company is out of the box ideas," he said. In total, the company has mined more than $15 million worth of Kaspa since September of 2023. By leveraging existing resources, they aim to maximise returns without straying too far from their primary focus on bitcoin. This move, while unconventional, highlights Marathon's readiness to explore new opportunities in the constantly evolving crypto landscape. Rob Nelson and Sam Price both expressed interest in how this strategy aligns with Marathon's long-term objectives. Salman reassured them that while Kaspa offers an exciting new avenue, bitcoin remains central to their operations. The ability to generate high-margin returns from Kaspa provides a unique opportunity to enhance their bitcoin holdings, ensuring that the company stays ahead in the competitive world of digital assets.

Why Marathon Digital is expanding its mining operations beyond Bitcoin

After the deep sell-off in cryptos, the thesis that bitcoin is an alternative to gold falls flat. If anything, Monday's crash shows cryptos acted like risk assets rather than safe-haven bets. Can bitcoin become a 'safe' bet for investors? Take a look at this report for more.

Bitcoin as 'digital gold' thesis falls flat

We look at Bitcoin's surge to the highest since mid-June after former President Donald Trump expanded his pro-crypto agenda. Expectations of Federal Reserve's rate cuts also triggered cryptos higher.

Trump's Crypto agenda boosts Bitcoin bets

Former President Donald Trump and Republican presidential nominee—is touting a new campaign promise: an American strategic bitcoin reserve should he be elected again. Trump vowed that the country would never sell any of the bitcoin it holds today. This move shook political and cryptocurrency markets alike.

"If I am elected, it will be the policy of my administration, the United States of America, to keep 100 per cent of all the bitcoin the US government currently holds or acquires into the future," he said. "This will serve in effect as the core of the strategic national Bitcoin stockpile."

Of note is the fact that the US government already holds more than $14 billion worth of bitcoin, largely seized by the Department of Justice. According to Fundstrat's Head of Digital Asset Strategy, Sean Farrell, compliance with Trump's commitment to not sell would be positive for price stability in Bitcoin. Despite what followed, the promise of Trump really did make bitcoin rather volatile, but with no dramatic changes.

The promise of Trump on bitcoin followed an even bolder commitment made by presidential candidate Robert F. Kennedy Jr. In an exclusive interview with TheStreet Crypto, RFK Jr. said he would order the US government to begin increasing its bitcoin reserves until they were equivalent in size to the nation's gold holdings.

“I’m gonna do a basket of hard currencies, platinum and gold and other hard currencies, and begin issuing at least a class of Treasury bills that are anchored to hard currency,” he said. "I would like to have the federal government begin to buy Bitcoin and over my term in office, [and] ultimately have an equivalent amount of Bitcoin that we have gold."

Security at the Bitcoin Conference in Nashville was tight, where Trump made his announcement. Brandon Green, Chief of Staff for the conference organisers, indicated that Secret Service efforts were up "tremendously" as thousands of attendees lined up outside the conference.

It was also one of the largest fundraisers for Trump, with reports stating that he held private meetings with crypto members for over $800,000 a person—a big financial stakes-type event.

Meanwhile, presumptive Democratic presidential nominee, Kamala Harris, reportedly declined an invitation to the Bitcoin Conference, marking what's already a big difference in cryptocurrency policy between the potential presidential hopefuls.

Trump's strategic stockpile pledge for Bitcoin underlines the growing influence of cryptocurrency in political discourse and may have long-term implications for US financial policy and bitcoin's market dynamics. Further developments and debates are bound to come from the forthcoming elections regarding the role that digital assets could play in national strategy.

Former President Donald Trump and Republican presidential nominee—is touting a new campaign promise: an American strategic bitcoin reserve should he be elected again.

Former President Donald Trump and Republican presidential nominee—is touting a new campaign promise: an American strategic bitcoin reserve should he be elected again. Trump vowed that the country would never sell any of the bitcoin it holds today. This move shook political and cryptocurrency markets alike. "If I am elected, it will be the policy of my administration, the United States of America, to keep 100 per cent of all the bitcoin the US government currently holds or acquires into the future," he said. "This will serve in effect as the core of the strategic national Bitcoin stockpile." Of note is the fact that the US government already holds more than $14 billion worth of bitcoin, largely seized by the Department of Justice. According to Fundstrat's Head of Digital Asset Strategy, Sean Farrell, compliance with Trump's commitment to not sell would be positive for price stability in Bitcoin. Despite what followed, the promise of Trump really did make bitcoin rather volatile, but with no dramatic changes. The promise of Trump on bitcoin followed an even bolder commitment made by presidential candidate Robert F. Kennedy Jr. In an exclusive interview with TheStreet Crypto, RFK Jr. said he would order the US government to begin increasing its bitcoin reserves until they were equivalent in size to the nation's gold holdings. “I’m gonna do a basket of hard currencies, platinum and gold and other hard currencies, and begin issuing at least a class of Treasury bills that are anchored to hard currency,” he said. "I would like to have the federal government begin to buy Bitcoin and over my term in office, [and] ultimately have an equivalent amount of Bitcoin that we have gold." Security at the Bitcoin Conference in Nashville was tight, where Trump made his announcement. Brandon Green, Chief of Staff for the conference organisers, indicated that Secret Service efforts were up "tremendously" as thousands of attendees lined up outside the conference. It was also one of the largest fundraisers for Trump, with reports stating that he held private meetings with crypto members for over $800,000 a person—a big financial stakes-type event. Meanwhile, presumptive Democratic presidential nominee, Kamala Harris, reportedly declined an invitation to the Bitcoin Conference, marking what's already a big difference in cryptocurrency policy between the potential presidential hopefuls. Trump's strategic stockpile pledge for Bitcoin underlines the growing influence of cryptocurrency in political discourse and may have long-term implications for US financial policy and bitcoin's market dynamics. Further developments and debates are bound to come from the forthcoming elections regarding the role that digital assets could play in national strategy.

Trump unveils strategic bitcoin stockpile pledge as campaign promise

The Bitcoin Conference in Nashville saw high-calibre speakers, with Former President Donald Trump and presidential candidate Robert F. Kennedy Jr. This event has given a major push to bitcoin, underlining its ever-growing impact on discourse and acceptance in the mainstream. Moderated by Rob Nelson, the Roundtable anchor, joined by Noah Newton, CEO of Moby Media, and Sasha Mitchell, head of operations at BeL2.

Nelson started off by highlighting the importance of the event. “The Bitcoin Conference this week in Nashville will feature major political figures, including former President Trump and presidential candidate RFK Jr.,” he said, pointing out that their involvement shows how far bitcoin has come. The US government's sizable stash of more than 200,000 bitcoin, worth about $13 billion, is another indication of where cryptocurrency stands in national finance.

Newton shared his view on the future of bitcoin in national reserves. “I think most countries will soon allocate a percentage of their reserves to bitcoin,” he predicted. Newton highlighted bitcoin’s rapid growth, noting, “Look at where bitcoin was in 2017 compared to now. The cat’s out of the bag.” Optimistic about the involvement of influential figures like Trump and RFK Jr., their participation at the conference indicates to him a bullish sign for bitcoin's future.

Nelson also theorised on larger implications of political and business leaders making a move toward bitcoin. Elon Musk's recent activity on X, featuring a cryptic comment from Bitcoin CEO David Bailey, indicates increasing engagement from tech leaders. Nelson observed, “We’re seeing more and more tech, business, and political leaders getting into the bitcoin space publicly.”

Sasha Mitchell went on to explain the greater purview of blockchain technology: "We're looking at two core categories: Finance and digital rights management." He pointed out that the blockchain can efficiently manage digital rights and create trust in a trustless environment. Two current movements, he brought out, were governments and enterprises moving into the bitcoin space, involving the new opportunities the technology presents for new types of smart economies.

The conference of Bitcoin in Nashville not only showed the growing clout of cryptocurrency but also gave a cue from the future when digital assets will play a big role in national and global finance. The engagement of influential figures and growing interest from both the public and private sectors hint toward a promising trajectory for Bitcoin and blockchain.

The Bitcoin Conference in Nashville saw high-calibre speakers, with Former President Donald Trump and presidential candidate Robert F. Kennedy Jr. This event has given a major push to bitcoin, underlining its ever-growing impact on discourse and acceptance in the mainstream.

The Bitcoin Conference in Nashville saw high-calibre speakers, with Former President Donald Trump and presidential candidate Robert F. Kennedy Jr. This event has given a major push to bitcoin, underlining its ever-growing impact on discourse and acceptance in the mainstream. Moderated by Rob Nelson, the Roundtable anchor, joined by Noah Newton, CEO of Moby Media, and Sasha Mitchell, head of operations at BeL2. Nelson started off by highlighting the importance of the event. “The Bitcoin Conference this week in Nashville will feature major political figures, including former President Trump and presidential candidate RFK Jr.,” he said, pointing out that their involvement shows how far bitcoin has come. The US government's sizable stash of more than 200,000 bitcoin, worth about $13 billion, is another indication of where cryptocurrency stands in national finance. Newton shared his view on the future of bitcoin in national reserves. “I think most countries will soon allocate a percentage of their reserves to bitcoin,” he predicted. Newton highlighted bitcoin’s rapid growth, noting, “Look at where bitcoin was in 2017 compared to now. The cat’s out of the bag.” Optimistic about the involvement of influential figures like Trump and RFK Jr., their participation at the conference indicates to him a bullish sign for bitcoin's future. Nelson also theorised on larger implications of political and business leaders making a move toward bitcoin. Elon Musk's recent activity on X, featuring a cryptic comment from Bitcoin CEO David Bailey, indicates increasing engagement from tech leaders. Nelson observed, “We’re seeing more and more tech, business, and political leaders getting into the bitcoin space publicly.” Sasha Mitchell went on to explain the greater purview of blockchain technology: "We're looking at two core categories: Finance and digital rights management." He pointed out that the blockchain can efficiently manage digital rights and create trust in a trustless environment. Two current movements, he brought out, were governments and enterprises moving into the bitcoin space, involving the new opportunities the technology presents for new types of smart economies. The conference of Bitcoin in Nashville not only showed the growing clout of cryptocurrency but also gave a cue from the future when digital assets will play a big role in national and global finance. The engagement of influential figures and growing interest from both the public and private sectors hint toward a promising trajectory for Bitcoin and blockchain.

Bitcoin Conference in Nashville spotlights cryptocurrency’s ascendancy with high-profile speakers

Bitcoin rallied Monday to its highest in two weeks amid heightened prospects for the US presidential candidate Donald Trump's victory following an attempt on his life. The prospects of Trump's win soared after he was shot in the ear during a campaign rally in the state of Pennsylvania on Saturday. Reports indicated that he was recovering well from the attack, according to his campaign team. Trump has portrayed himself as a pro-cryptocurrency candidate.

Bitcoin jumped 8.6 per cent to $62,508 in a session high earlier at $62,698. This leap brought Bitcoin's year-to-date gains to 47 per cent. Ether also gained 6.8 per cent to $3,322.

Trump is battling Democratic President Joe Biden for the presidency in November's US election and has been antagonistic toward Democratic efforts to rein in the cryptocurrency industry. &nbsp;At a fundraiser in San Francisco in June, Trump promoted himself as a champion of cryptocurrency, although he has given no details on what his crypto policy would look like.

"He's certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it's certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout," said Tony Sycamore, a market analyst at IG.

Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organisers of the conference said last week.

Bitcoin had a blistering start to the year, underpinned by the launch of exchange-traded funds in the United States that drove it to its record of $73,803.25 about mid-March. Since then, the struggle persisted, hitting four-month lows at the beginning of July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.

"We had four weeks of declines on the back of the Mt. Gox news...but the rebound, it looks to me like it's got further to go and I wouldn't be surprised seeing it head back up towards, at least towards $65,000 by the end of this week," said IG's Sycamore.

The assassination plot of Trump brought new volatility to the cryptocurrency market, underlining once more the intricate relationships between politics and digital assets.&nbsp;

Bitcoin rallied Monday to its highest in two weeks amid heightened prospects for the US presidential candidate Donald Trump's victory following an attempt on his life.

Bitcoin rallied Monday to its highest in two weeks amid heightened prospects for the US presidential candidate Donald Trump's victory following an attempt on his life. The prospects of Trump's win soared after he was shot in the ear during a campaign rally in the state of Pennsylvania on Saturday. Reports indicated that he was recovering well from the attack, according to his campaign team. Trump has portrayed himself as a pro-cryptocurrency candidate. Bitcoin jumped 8.6 per cent to $62,508 in a session high earlier at $62,698. This leap brought Bitcoin's year-to-date gains to 47 per cent. Ether also gained 6.8 per cent to $3,322. Trump is battling Democratic President Joe Biden for the presidency in November's US election and has been antagonistic toward Democratic efforts to rein in the cryptocurrency industry. At a fundraiser in San Francisco in June, Trump promoted himself as a champion of cryptocurrency, although he has given no details on what his crypto policy would look like. "He's certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it's certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout," said Tony Sycamore, a market analyst at IG. Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organisers of the conference said last week. Bitcoin had a blistering start to the year, underpinned by the launch of exchange-traded funds in the United States that drove it to its record of $73,803.25 about mid-March. Since then, the struggle persisted, hitting four-month lows at the beginning of July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox. "We had four weeks of declines on the back of the Mt. Gox news...but the rebound, it looks to me like it's got further to go and I wouldn't be surprised seeing it head back up towards, at least towards $65,000 by the end of this week," said IG's Sycamore. The assassination plot of Trump brought new volatility to the cryptocurrency market, underlining once more the intricate relationships between politics and digital assets.

Trump's assassination attempt catalyses Bitcoin's price jump

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs).

Market conditions and AI stocks boost AUM

Just recently, the stock market has hit a record high, fueled by optimism about a soft landing for the US economy, and the interest in artificial intelligence-linked shares—the S&amp;P 500 index that bounced around 4 per cent in the latest reported quarter—further helps BlackRock's AUM rise above $9.43 trillion a year earlier and $10.5 trillion in the first quarter.

Growth opportunities in acquisitions and strategy

BlackRock announced that it will be making two major acquisitions in the last half of the year, strengthening its footing in areas of infrastructure investment and private markets.

"We see unbelievable growth opportunities for our clients and shareholders for 2024 and beyond," said Larry Fink during a conference call; he is the chairman and CEO of BlackRock.

He highlighted the potential for investments in the energy transition and AI data centres.

In the latest development, BlackRock signed an agreement with private markets data power Preqin for the purchase of almost $3.2 billion. &nbsp;

The acquisition has taken place on the heels of a $12.5 billion deal through the takeover of Global Infrastructure Partners that has placed the company in a leading position for projects under global infrastructure investment.

The deals would be finalised in closing in the current year.

Changing gear to high-margin products

Kyle Sanders, senior equity research analyst at Edward Jones, said the move was all about shifting to more lucrative product lines.

"There's been more movement on the institutional side because they want to move into higher-margin, higher-fee products, and alternatives would be at the top of the list," he said. He added the recent private markets expansion was "ridiculously high fees compared to an iShares ETF."

Record ETF inflows and revenue growth

BlackRock's total net inflows for the quarter amounted to $81.57 billion, slightly topping last year's $80.16 billion, which was enormous for ETFs, pulling in $83 billion in the best start to a year on record.

Investment Advisory and Administration fees generally form in percentage terms of the AUM and clocked at $3.72 billion went up by 8.6 per cent.

Revenue from technology services rose 10 per cent and reached $395 million, driven by the persistent demand for the firm's investment risk management platform Aladdin.

The average rising revenue for the firm was 8 per cent and reached $4.81 billion. Profit net climbed further in the same track and rose to $1.50 billion, or $9.99 per share, from $1.37 billion, or $9.06 per share from the previous year.

Stock performance

While the earnings report looks sound, BlackRock shares have still been retreating little by little.

Since the start of the year, the stock has risen by 2 per cent, while the S&amp;P 500 has advanced by 17.7 per cent.

(With inputs from Reuters)

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs).

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs). Market conditions and AI stocks boost AUM Just recently, the stock market has hit a record high, fueled by optimism about a soft landing for the US economy, and the interest in artificial intelligence-linked shares—the S&P 500 index that bounced around 4 per cent in the latest reported quarter—further helps BlackRock's AUM rise above $9.43 trillion a year earlier and $10.5 trillion in the first quarter. Growth opportunities in acquisitions and strategy BlackRock announced that it will be making two major acquisitions in the last half of the year, strengthening its footing in areas of infrastructure investment and private markets. "We see unbelievable growth opportunities for our clients and shareholders for 2024 and beyond," said Larry Fink during a conference call; he is the chairman and CEO of BlackRock. He highlighted the potential for investments in the energy transition and AI data centres. In the latest development, BlackRock signed an agreement with private markets data power Preqin for the purchase of almost $3.2 billion. The acquisition has taken place on the heels of a $12.5 billion deal through the takeover of Global Infrastructure Partners that has placed the company in a leading position for projects under global infrastructure investment. The deals would be finalised in closing in the current year. Changing gear to high-margin products Kyle Sanders, senior equity research analyst at Edward Jones, said the move was all about shifting to more lucrative product lines. "There's been more movement on the institutional side because they want to move into higher-margin, higher-fee products, and alternatives would be at the top of the list," he said. He added the recent private markets expansion was "ridiculously high fees compared to an iShares ETF." Record ETF inflows and revenue growth BlackRock's total net inflows for the quarter amounted to $81.57 billion, slightly topping last year's $80.16 billion, which was enormous for ETFs, pulling in $83 billion in the best start to a year on record. Investment Advisory and Administration fees generally form in percentage terms of the AUM and clocked at $3.72 billion went up by 8.6 per cent. Revenue from technology services rose 10 per cent and reached $395 million, driven by the persistent demand for the firm's investment risk management platform Aladdin. The average rising revenue for the firm was 8 per cent and reached $4.81 billion. Profit net climbed further in the same track and rose to $1.50 billion, or $9.99 per share, from $1.37 billion, or $9.06 per share from the previous year. Stock performance While the earnings report looks sound, BlackRock shares have still been retreating little by little. Since the start of the year, the stock has risen by 2 per cent, while the S&P 500 has advanced by 17.7 per cent. (With inputs from Reuters)

BlackRock's AUM hits record $10.65 trillion amid market rally and ETF inflows

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets. According to new data from blockchain analytics firm Arkham Intelligence, the wallets currently have zero digital assets.

Within the past month, the wallet transfer by the German government had caused fear among most cryptocurrency community members, as it was believed that with large sell-offs, the price of Bitcoin would nosedive. Contrary to those assumptions, it rose 3 per cent. One BTC was above $58,000, up 1 per cent in the last 24 hours.

The government of Germany held nearly $3.4 billion worth of bitcoins in its wallets early this June. Well, these seized assets have been aggressively liquidated by the Federal Criminal Police Office of Germany, better known by its acronym in German as the Bundeskriminalamt, or BKA. Earlier this month, it offloaded $2.8 billion in bitcoin—equivalent to 50,000 bitcoins.

In particular, the government transferred funds to major crypto exchanges in the United States and Europe, including Coinbase, Bitstamp, and Kraken.

Some of the market observers have been obsessively following the transfers between the wallets and were quick to observe that some of the amounts were transferred back to the government's wallet addresses, signalling that BKA was essentially testing the liquidity before finally offloading assets.

On Thursday, the crypto market "Fear and Greed" index plunged to as low as "extreme fear" over government transfers. These nerves, though, were also quickly dashed immediately after the selling was over.&nbsp;

“One of the best metrics for identifying optimal entry points in a bull market is when short-term bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” noted a CryptoQuant analyst. “In contrast, previous market peaks have been signalled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.”

The successful selloff of the government in Berlin of such volumes of bitcoin reinforces the fact that the cryptocurrency market is indeed robust and thus justifies the importance of strategic asset management. Continued increase in price, despite early scepticism of the investors, has been attributed to how market trust has never plummeted.

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets.

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets. According to new data from blockchain analytics firm Arkham Intelligence, the wallets currently have zero digital assets. Within the past month, the wallet transfer by the German government had caused fear among most cryptocurrency community members, as it was believed that with large sell-offs, the price of Bitcoin would nosedive. Contrary to those assumptions, it rose 3 per cent. One BTC was above $58,000, up 1 per cent in the last 24 hours. The government of Germany held nearly $3.4 billion worth of bitcoins in its wallets early this June. Well, these seized assets have been aggressively liquidated by the Federal Criminal Police Office of Germany, better known by its acronym in German as the Bundeskriminalamt, or BKA. Earlier this month, it offloaded $2.8 billion in bitcoin—equivalent to 50,000 bitcoins. In particular, the government transferred funds to major crypto exchanges in the United States and Europe, including Coinbase, Bitstamp, and Kraken. Some of the market observers have been obsessively following the transfers between the wallets and were quick to observe that some of the amounts were transferred back to the government's wallet addresses, signalling that BKA was essentially testing the liquidity before finally offloading assets. On Thursday, the crypto market "Fear and Greed" index plunged to as low as "extreme fear" over government transfers. These nerves, though, were also quickly dashed immediately after the selling was over. “One of the best metrics for identifying optimal entry points in a bull market is when short-term bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” noted a CryptoQuant analyst. “In contrast, previous market peaks have been signalled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.” The successful selloff of the government in Berlin of such volumes of bitcoin reinforces the fact that the cryptocurrency market is indeed robust and thus justifies the importance of strategic asset management. Continued increase in price, despite early scepticism of the investors, has been attributed to how market trust has never plummeted.

Germany’s Bitcoin fire sell-off ignites Crypto resilience defying market fears

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply.

Prices for Bitcoin fell by 5 per cent to as low as $55,366, the lowest since the end of February, and recorded a 10 per cent loss for the week. Ether also slid by 8 per cent to $2,891, marking its lowest level in a month and a half.

Bitcoin was on a strong run in the first quarter after reaching an all-time high of $73,803.25 in mid-March when the first US exchange-traded fund was launched. From that all-time high, it has lost more than 21 per cent of its value.

Market players are now concerned that &nbsp;Biden could be replaced with a more anti-crypto advocate as far as the Democratic Party's presidential nominee; after a dismal performance in the first debate compared to Trump.

To pile on the problems, market observers pointed out reports that Mt. Gox, the former leading cryptocurrency exchange until it went defunct in 2014, is currently repaying its creditors. This is fuelling the likelihood of Bitcoin possibly coming under more downward pressure in the case that such creditors should decide to divest such coins.

This has been a factor in the fall of Bitcoin because investors are nervous about political risk, coupled with the possibility of too much supply in the market.

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply.

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply. Prices for Bitcoin fell by 5 per cent to as low as $55,366, the lowest since the end of February, and recorded a 10 per cent loss for the week. Ether also slid by 8 per cent to $2,891, marking its lowest level in a month and a half. Bitcoin was on a strong run in the first quarter after reaching an all-time high of $73,803.25 in mid-March when the first US exchange-traded fund was launched. From that all-time high, it has lost more than 21 per cent of its value. Market players are now concerned that Biden could be replaced with a more anti-crypto advocate as far as the Democratic Party's presidential nominee; after a dismal performance in the first debate compared to Trump. To pile on the problems, market observers pointed out reports that Mt. Gox, the former leading cryptocurrency exchange until it went defunct in 2014, is currently repaying its creditors. This is fuelling the likelihood of Bitcoin possibly coming under more downward pressure in the case that such creditors should decide to divest such coins. This has been a factor in the fall of Bitcoin because investors are nervous about political risk, coupled with the possibility of too much supply in the market.

Bitcoin's plunge: political uncertainty and supply fears shake the market

Collapsed bitcoin exchange Mt. Gox is set to release approximately 9 billion dollars worth of bitcoin to thousands of users. That comes nearly a decade after the platform was brought down by a series of hacks that led to the loss of up to 950,000 bitcoins.

Mt. Gox to release $9 bn in bitcoin soon

Julian Assange: hero for open and transparent government, or a villain who risked US National security?

What did Julian Assange do?

Bitcoin has a big role to play in the financial journey of WikiLeaks and its controversial founder, Julian Assange. From being blacklisted by major payment processors to amassing $244 million in bitcoin donations, WikiLeaks has leveraged the power of cryptocurrency to fund its mission.

Gravitas | How Bitcoin donations fund WikiLeaks defence

We turn our attention to the rising bets in favour of spot-crypto funds globally. An exchange-traded fund investing in bitcoin made its debut on Australia's primary stock market this week, joining a slew of comparable launches in the US and Hong Kong this year.

Bitcoin funds making waves globally

The VanEck Bitcoin Exchange-Traded Fund (ETF) made its historic debut on Thursday (June 20) on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest.<o:p></o:p>

<h2 class="MsoNormal">Fund launch and structure<o:p></o:p></h2>

On the Australian Securities Exchange (ASX), the VanEck Bitcoin ETF made its debut with assets of about A$990,000 ($660,429). This exchange-traded fund (ETF) will invest in the U.S.-listed VanEck Bitcoin Trust, which debuted earlier this year, as opposed to conventional ETFs that hold tangible assets. Through this method, Australian investors can obtain Bitcoin indirectly without really possessing the cryptocurrency.<o:p></o:p>

<h2 class="MsoNormal">Global context and market response<o:p></o:p></h2>

Ever since US regulators approved several comparable products in January, which resulted in large capital inflows, interest in bitcoin exchange-traded funds (ETFs) has increased globally. With the launch of its own ETF in April, Hong Kong followed following, albeit with less enthusiasm from the market than the US trend.<o:p></o:p>

<h2 class="MsoNormal">Bitcoin market performance and investor sentiment<o:p></o:p></h2>

Coin values have nearly tripled since 2023, but after peaking in March, they have stabilised recently. The debut coincides with this optimistic trend. Investor interest in gaining exposure to digital assets through regulated investment vehicles has increased because of the market's performance.<o:p></o:p>

<h2 class="MsoNormal">Competitive Landscape and Outlook<o:p></o:p></h2>

Although VanEck's debut on the ASX is historic, some bitcoin ETFs are currently available on a rival exchange run by CBOE Global Markets' local affiliate. But the VanEck Bitcoin ETF is the first to launch on the main ASX market, making its ticker board debut among well-known Australian companies like BHP and Commonwealth Bank.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

The VanEck Bitcoin Exchange-Traded Fund (ETF) made its historic debut on Thursday (June 20) on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest.

The VanEck Bitcoin Exchange-Traded Fund (ETF) made its historic debut on Thursday (June 20) on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest. Fund launch and structure On the Australian Securities Exchange (ASX), the VanEck Bitcoin ETF made its debut with assets of about A$990,000 ($660,429). This exchange-traded fund (ETF) will invest in the U.S.-listed VanEck Bitcoin Trust, which debuted earlier this year, as opposed to conventional ETFs that hold tangible assets. Through this method, Australian investors can obtain Bitcoin indirectly without really possessing the cryptocurrency. Global context and market response Ever since US regulators approved several comparable products in January, which resulted in large capital inflows, interest in bitcoin exchange-traded funds (ETFs) has increased globally. With the launch of its own ETF in April, Hong Kong followed following, albeit with less enthusiasm from the market than the US trend. Bitcoin market performance and investor sentiment Coin values have nearly tripled since 2023, but after peaking in March, they have stabilised recently. The debut coincides with this optimistic trend. Investor interest in gaining exposure to digital assets through regulated investment vehicles has increased because of the market's performance. Competitive Landscape and Outlook Although VanEck's debut on the ASX is historic, some bitcoin ETFs are currently available on a rival exchange run by CBOE Global Markets' local affiliate. But the VanEck Bitcoin ETF is the first to launch on the main ASX market, making its ticker board debut among well-known Australian companies like BHP and Commonwealth Bank. (With inputs from Agencies)

VanEck launches first bitcoin ETF on Australian Stock Exchange amid crypto resurgence

Ether, the world's second-largest cryptocurrency, is experiencing its biggest two-day surge in nearly two years, fueled by optimism over potential approval of spot exchange-traded funds by the sec. Meanwhile, bitcoin is also on the rise, nearing its march peak, as investors react to the latest regulatory developments.

Ether climbs over 8%, nearing $3,780 amid ETF optimism

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