Bitcoin's Bearish Trends May End; Politics & Crypto Cross Paths; Old Wallet Resurrects; Australian News YouTube Hijacked
Summary:
This article discusses the possibility of Bitcoin's price movement, with data from Santiment suggesting an end to its bearish trend. It also covers the interest the US crypto industry has in the first presidential debate between Joe Biden and Donald Trump. Furthermore, the article reports on a 14-year old dormant Bitcoin wallet becoming active and transferring 50 BTC to Binance. The story also mentions how major Australian news broadcaster Seven Network's YouTube was hijacked by crypto scam artists who used deep-fake technology to impersonate Elon Musk endorsing a fraudulent crypto scheme.
Could Bitcoin's price be on the brink of stirring from its bearish snooze? Recent statistics from Santiment seem to hint at this possibility. The crypto sector in the US is keenly watching the first presidential debate between Joe Biden and Donald Trump. Additionally, a Bitcoin wallet that belonged to a Bitcoin miner and stayed idle for 14 years has revived.
Bitcoin's recent bearish turbulence has cooled down the enthusiasm and optimistic chatter that had been revolving around its price, which might point towards a probable market bottom.
Reports from Santiment, the cryptography analytics company, reveal that optimistic remarks about Bitcoin (BTC) across social networks, including X, Reddit, Telegram, 4Chan, and BitcoinTalk, have seen a sharp decline over the last few weeks.
The price of BTC has maintained a steady course after the Bitcoin halving in April. Santiment's data suggests that the sentiments of traders were most enthusiastic in early April, right before the Bitcoin halving.
However, the last three months have seen a slow but steady decrease in optimism, as traders' faith in the market wanes owing to Bitcoin's failure to achieve new record highs. Conversely, pessimistic predictions have also decreased over the same duration, but not as dramatically as the optimistic predictions. This decline in excitement surrounding Bitcoin is a possible indicator of the market bottom, claims Santiment.
The attention of crypto enthusiasts is focused on the US Presidential debate. The first debate between President Joe Biden and former President Donald Trump is slated to take place on 27th June, well ahead of the 2024 elections. While neither nominee has formally agreed to represent their party, the majority of polls suggest the 2024 presidential elections will likely be a mirror of the Biden-Trump ballot.
Both nominees have shown keen interest in crypto, with Trump appearing more supportive of Bitcoin, despite his evident hostility towards digital assets during his term. On the other hand, Biden has taken numerous actions against crypto while in office, but there seems to be a shift in attitude among Democrats.
Moe Vela, an ex-advisor to former Vice-President Biden, spoke to Cointelegraph saying, “Crypto is not only a significant economic and financial issue, but it also represents a large segment of millennial, Gen Z, and young professional voters. The outcome of this election could hinge on the crypto community.”
Scheduled to run for a 90-minute duration with two commercial breaks, the Biden-Trump debate that awaits us is expected to be a head-turner.
On another note, a Bitcoin (BTC) wallet that can trace its origin back to the Satoshi era, circa 2010, recently woke up after a 14-year slumber and moved 50 Bitcoin to the Binance cryptocurrency exchange.
Onchain analytics firm Lookonchain has discerned that the Bitcoin Wallet is tied to a BTC miner who received 50 BTC as mining rewards in July 2010. These are among the earliest Bitcoin rewards when miners received 50 BTC for each block. Currently, the block reward stands at a mere 3.125 BTC.
In July 2010, the BTC miner received the 50 BTC block reward when BTC's trading price was approximately $0.05 and it was barely over a year old. At that time, the total worth of the BTC holdings was a paltry $25.
The transaction history of the Bitcoin wallet suggests one thing - that the miner was successful in mining a single block - a feat that is incredibly rare today when Bitcoin network hashrates are reaching new peaks.
Major Australian news broadcaster's YouTube succumbs to scams by crypto racketeers. The YouTube news channel of Seven Network, a sizeable Australian broadcaster, was commandeered by crypto tricksters on Thursday - making it broadcast deepfake videos of Elon Musk endorsing a sham crypto scheme.
Seven Network’s YouTube channel was made to appear as if it belonged to automaker Tesla, showcasing deepfake AI-generated videos of its CEO declaring a crypto giveaway.
The sham scheme promised to double investors' money, pledging to send back double the crypto amount received at a certain address.
Around 150,000 individuals were tuned in to watch the fake Musk's three live streams on the Seven Network channel concurrently. The number of those viewers that were bots in an effort to inflate viewership remains unknown.
Access to Seven Network's YouTube channel was disrupted, but the channel still displayed verification stickers authenticating it as a news organization.
A spokesperson from Seven revealed to The Sydney Morning Herald that they were aware of the abnormal displays on some of their YouTube channels. They assured that a probe was underway and they were coordinating with YouTube to rectify the situation at the earliest.
Reported by Felix Ng, Sam Bourgi, and Geraint Price.
Published At
6/28/2024 2:58:04 PM
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