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US Treasury Secretary Scott Bessent told Congress that the United States will not mandate private banks to buy Bitcoin during market downturns or to bail out the cryptocurrency.
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U.S. Treasury Secretary Scott Bessent told Congress that private banks will not be mandated to buy Bitcoin during market downturns or to "rescue Bitcoin." cointelegraph
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Bloomberg: The debate over stablecoins continues to stall the passage of a bill designed to regulate the cryptocurrency market. In efforts to move forward, crypto firms have proposed compromises to banking institutions, including depositing some stablecoin reserves in local banks and enabling banks to issue their own stablecoins via partnerships. Despite these efforts, no consensus has been reached.
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The CFTC has withdrawn its proposal from the Biden administration to ban sports and political prediction markets. cointelegraph
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SBI Holdings Launches L1 Concept for Tokenized Shares in Collaboration with Startale Group
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BingX Crypto & Financial News
Yesterday, spot Bitcoin ETFs recorded net outflows of approximately $272 million, while spot Ethereum ETFs experienced net inflows of around $14 million.
Yesterday, spot Bitcoin ETFs experienced a net outflow of approximately $544.9 million, while spot Ethereum ETFs saw a net outflow of around $79.4 million.
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BingX Crypto & Financial News
The top three Ethereum holders have experienced the largest losses, according to Lookonchain.
Garrett Jean (BTC OG/1011short) has initiated ETH repurchases. He recently withdrew 80,000 ETH, valued at approximately $167.8 million, from Binance.
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BingX Crypto & Financial News
The top three Ethereum holders have experienced the largest losses, according to Lookonchain.
Garrett Jean (BTC OG/1011short) has started repurchasing ETH. He recently withdrew 80,000 ETH, valued at $167.8 million, from Binance.
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Andrey Grachev comments that the market is approaching its bottom, with approximately 15% volatility around the current Bitcoin price. While noting fluctuations are possible, he suggests this could result in increased capital inflows. Behind the scenes, mergers and acquisitions are ongoing, with several projects and companies being acquired. Some revenue-generating firms are preparing to go public, driven by the belief that cryptocurrency's long-term growth is inevitable.
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Andrey Grachev predicts the cryptocurrency market is approaching its bottom, with potential volatility of approximately 15% around current Bitcoin prices. While upward movement is not guaranteed, he suggests this environment could attract increased capital inflows. Additionally, merger and acquisition activity is reportedly active, with several projects and companies being acquired. Some revenue-generating firms are considering initial public offerings, reflecting a long-term outlook on cryptocurrency growth.
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BingX Crypto & Financial News
The Bitcoin Fear and Greed Index stands at 14, reflecting extreme fear among investors.
Bitcoin's fear and greed index drops to 14, signaling extreme fear in the market.
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BingX Crypto & Financial News
The Bitcoin Fear and Greed Index stands at 14, reflecting extreme fear among investors.
The Bitcoin fear and greed index has dropped to 14, signaling extreme fear among investors.
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The capitulation rate for Bitcoin experienced its second-largest increase in two years, according to Glassnode, signaling a substantial rise in forced selling. Such conditions typically prompt increased risk management measures and heighten market volatility as investors reassess their positions.
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