Bitcoin Shows Signs of Awakening Amid Presidential Debate and Crypto Scams
Summary:
The dormant phase of Bitcoin's price action may be coming to an end, suggests data from Santiment. As the U.S. ready itself for the first presidential debate between Joe Biden and Donald Trump, the crypto industry is on tenterhooks. In other news, a Bitcoin wallet linked to a miner has sprung back to life after 14 years. The bearish market conditions have led to a decrease in optimistic comments about Bitcoin across social media which, Santiment suggests, could be a sign the market has hit bottom. Considering Biden's changing stance on crypto and Trump's emerging pro-Bitcoin status, the 2024 election result could be influenced by the crypto community. Furthermore, Seven Network's YouTube news channel was recently hijacked by crypto scammers leveraging deep-fake technology.
Could Bitcoin's recent subdued price movements signal an awakening from its bearish period? Recent indicators from analytics firm Santiment hint at this possibility. As the first presidential debate between Joe Biden and Donald Trump embarks, crypto experts across the U.S. are closely scrutinizing their stances. Meanwhile, after 14 years of inactivity, a Bitcoin miner's wallet has sprung back to life.
A decline in optimistic online chatter about Bitcoin, resulting from the recent downturn in the market, could point towards a market floor in sight. Santiment's data reveals a noticeable drop in upbeat Bitcoin remarks across various social media platforms, including X, Reddit, Telegram, 4Chan and BitcoinTalk, over the last few weeks. Since April's Bitcoin halving, Bitcoin's price has remained relatively stagnant.
According to Santiment, traders were most hopeful at the start of April, ahead of the Bitcoin halving. However, this hopeful sentiment has waned over the last three months due to Bitcoin's failure to achieve new record highs. On the other hand, bearish calls have also decreased, although not as dramatically as their bullish counterparts. Santiment concludes that the drop in Bitcoin optimism could signal a market bottom.
As the 2024 election approaches, the crypto community turns its attention to the first debate between President Joe Biden and former President Donald Trump, taking place June 27. Although no official nominations have been made yet, polls strongly estimate a Biden-Trump rematch. Biden's historically anti-crypto stance seems to be changing, while Trump, despite his previous hostility towards digital assets, is being seen as the pro-Bitcoin candidate.
While the first debate may not tackle cryptocurrency, it's becoming a pressing issue worth addressing, according to Moe Vela, former adviser to Vice President Biden. Cryptocurrency holds significant weight in the economic and financial sectors, and impacts millennial, Gen Z, and young professional voters, who could influence the election results.
A Bitcoin wallet dating back to the Satoshi era in 2010 has come out of its 14-year dormancy after transferring 50 Bitcoin to the Binance crypto exchange. Lookonchain, an onchain analytics firm, reports the wallet is connected to a BTC miner, who mined 50 BTC in July 2010, when the block reward was 50 BTC. Today, the block reward sits at 3.125 BTC. When the miner earned the reward, the BTC was valued at just $0.05.
In other news, the YouTube news channel of premier Australian broadcaster Seven Network fell victim to a crypto scam, where deep fake videos showed Elon Musk promising a fraudulent crypto scheme. The channel's branding was replaced with Tesla's, and viewers were promised a "double-your-money" scam involving sending crypto to a specific address. It is unclear how many of the 150,000 viewers were real or bots to boost viewership numbers. Seven Network is working with YouTube to rectify the situation.
Published At
6/28/2024 3:00:03 PM
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