Trump in the lead on Polymarket, Bitcoin sinks
Bitcoin (BTC) saw a decline on Wednesday, dropping over 2.6% to $59,000, continuing a sideways price trend. The fall came after a brief gain on Tuesday, with major cryptocurrencies like Solana (SOL), Binance Coin (BNB), and XRP also dropping by around 2%, while Ethereum (ETH) lost more than 3.5%. Traders indicated that Bitcoin needs to surpass the $61,000 mark and hold above it to shift market sentiment. According to analysts like Alex Kuptsikevich from FxPro, breaking this resistance could potentially push BTC toward its 200-day moving average of $62,700, which could boost overall market sentiment and increase buying activity.
Despite Bitcoin’s struggles, Solana’s SOL and Ethereum are still performing well on Polymarket, with bettors predicting SOL will stay above $140, and Ethereum holding above $2,500. Meanwhile, meme coins like PEPE and BRETT gained traction after being listed on South Korean exchange Upbit, and a new token called DOGS was added to Binance’s Launchpool.
Tron (TRX) and Cardano (ADA) were among the few major tokens showing gains. TRX surged over 10% following increased activity on its network due to a new memecoin generator launched by Tron’s founder, Justin Sun. Cardano also rose by 3%. Additionally, over $1 billion worth of tether (USDT) tokens were issued on the Tron network, which is expected to circulate within its ecosystem.
In politics, Donald Trump leads Kamala Harris 52–47 on Polymarket’s election winner contract, but swing state polls suggest a close race. However, analysts believe Bitcoin’s price remains more influenced by factors such as U.S. monetary policy and supply concerns rather than political events.
Source: Coindesk
Malaysian authorities have destroyed 985 bitcoin mining machines
Malaysian authorities have destroyed 985 bitcoin mining machines, valued at approximately 1.98 million Malaysian ringgits ($452,500), as part of a broader crackdown on electricity theft related to crypto mining. The machines were seized in operations conducted from 2022 until April 2023. The Perak Tengah district police, following court orders, crushed the machines using a steamroller.
This action follows an ongoing effort by Malaysian authorities to address power theft linked to bitcoin mining activities. Just last week, police in the Sepang district arrested seven individuals for allegedly engaging in bitcoin mining involving electricity theft.
The Malaysian government has expressed serious concern over the issue, with Akmal Nasrullah Mohd Nasir, the deputy energy transition and water transformation minister, revealing that crypto miners in Malaysia had stolen at least RM3.4 billion ($777 million) worth of electricity between 2018 and 2023.
Bitcoin mining has increasingly shifted to countries like Malaysia, Indonesia, Laos, and Thailand, particularly after China banned all crypto mining activities in 2021. Southeast Asian nations have become attractive to miners due to their lower electricity costs, skilled workforce, and infrastructure conducive to mining operations.
The destruction of the mining rigs in Malaysia underscores the government’s efforts to curtail illegal power usage and manage the risks associated with crypto mining. Authorities are taking decisive steps to prevent the exploitation of the country’s energy resources by miners, many of whom have turned to electricity theft as a cost-saving measure. As the crackdown continues, similar enforcement actions are expected, highlighting the growing global challenge of balancing cryptocurrency mining with legal and environmental considerations.
Source: The Block
CZ and Binance face new lawsuit
Binance and its former CEO Changpeng “CZ” Zhao are facing a class-action lawsuit filed by three crypto investors, accusing the exchange of failing to prevent money laundering. The lawsuit, filed on August 16, 2023, in the United States District Court for the Western District of Washington, claims that stolen crypto assets were transferred to Binance by the thieves to obscure the ownership trail and prevent authorities from tracking the assets on the blockchain.
The plaintiffs argue that one of the key characteristics of blockchain technology is that transactions are permanently recorded and traceable. Without platforms like Binance, stolen crypto could potentially be tracked by authorities. However, the plaintiffs claim that Binance played a vital role in the money laundering process, which they allege violates the Racketeer Influenced and Corrupt Organizations (RICO) Act.
Legal expert Bill Hughes expressed skepticism regarding the strength of the plaintiffs’ case but acknowledged the significant implications this lawsuit could have for the broader crypto industry. If the lawsuit moves forward, it could put the accuracy of blockchain analytics and the recovery of on-chain assets on trial. Hughes pointed out that Binance might find itself in a difficult position, needing to make arguments that could have industry-wide effects.
This lawsuit follows CZ’s guilty plea in November 2023 for violating U.S. money laundering laws, leading to his resignation as Binance CEO and a $4.3 billion fine. CZ is currently serving a four-month prison sentence, set to end in September 2024. Additionally, the U.S. Securities and Exchange Commission filed a lawsuit against Binance in June 2023 for misleading the agency about its practices.
Source: Cointelegraph