This article originally appeared in First Mover, CoinDeskâs daily newsletter, providing insights into the latest developments in crypto markets. To stay informed, subscribe to receive it in your inbox every day.
Latest Prices
Bitcoin (BTC) faced challenges maintaining its position above $65,000 after dropping below $64,000 during Wednesday’s American trading hours. Despite briefly surpassing $65,000, BTC trended towards the $64,500 level, marking a decline of approximately 1% compared to 24 hours earlier. The CoinDesk 20 Index also experienced a decrease of about 2.4%. The recent pause in the rally can be attributed to a sell-off in the equity market, with the Nasdaq index decreasing by 2.7% and the S&P 500 falling by 1.3%. Market strategist Joel Kruger from LMAX Group suggested that the crypto rally could slow down if the stock market correction continues, but in the long run, it might serve as a safe haven for investors seeking to move away from stocks.
Top Stories
The likelihood of President Joe Biden withdrawing from the November election reached 68% on the crypto-based prediction market platform Polymarket. Biden’s announcement of testing positive for Covid-19 raised concerns about his candidacy, especially after his performance in debates against Donald Trump, who is perceived as more favorable towards cryptocurrencies. The market also closely watches Trump’s chances of winning, with Bitcoin’s recent surge above $65,000 following an assassination attempt on Trump, which was seen as potentially boosting his re-election prospects.
Several cryptocurrencies experienced notable declines following a malicious attack on the Indian crypto exchange WazirX. The platform’s native token WRX dropped by 15% to just over 14 cents, while meme coin Shiba Inu (SHIB) slumped nearly 10%. The attacker managed to abscond with over $230 million in customer assets, including $100 million in SHIB and $52 million in ETH. Despite the stability of other tokens in dollar terms, they suffered significant losses in Indian rupee-denominated pairs. For instance, the bitcoin-rupee pair fell by 11% to 5.1 million rupees ($60,945), presenting a substantial discount compared to rival exchange CoinDCX. Additionally, the USDT-INR pair on WazirX experienced an 8% decline.
Chart of the Day
– Omkar Godbole