^{We offer many online products, including online courses, daily videos, live streams, and more. To get involved, check out our main website here. Use code ‘Bitcoin’ for 20% off EVERYTHING.}

News In Brief

Bitcoin's $57k Breakdown & Cryptocurrency Market Plunge

Early Thursday morning, Bitcoin and cryptocurrency markets faced sustained selling pressure as the price of the world’s largest digital asset plummeted below $57,000. The relentless selling was fueled by concerns surrounding the repayment of funds by former crypto exchange Mt. Gox to customers affected by the 2014 hack. Additionally, ongoing selling by cryptocurrency miners exacerbated the downward trend. Bitcoin recorded a nearly 4% loss for the day, while other assets saw up to 8% or more declines.

The futures markets were particularly hard hit, with over $230 million in long positions liquidated in the past 24 hours alone. Binance, the largest cryptocurrency exchange globally, reported liquidations totalling $110 million. Analysts fear that these challenges could prolong the current selling pressure in the markets.

Bitcoin Spot ETF Inflows Surge to Three-Week High

Bitcoin Spot Exchange Traded Fund (ETF) inflows reached a three-week high on Monday as investors seized the opportunity to buy the dip. Bitcoin's price has declined since its all-time high on March 14th, offering welcome relief to the cryptocurrency market. Investors hope this renewed confidence will eventually be reflected in Bitcoin’s price.

ETFs, designed to track Bitcoin's price without requiring direct asset ownership, offer investors convenience. Fidelity’s FBTC Fund led Monday's inflows with 1,030 BTC ($64 million), followed by Bitwise's BITB Fund with $41 million. VanEck, Franklin Templeton, Invesco, and Galaxy Digital also saw smaller inflows. Surprisingly, Blackrock and Grayscale reported no net inflows.

2,047 Bitcoins worth $129.4 million were added to ETFs, with a trading volume of $1.36 billion, bringing total inflows to $14.6 billion. This performance marks five consecutive days of net positive inflows, indicating growing investor confidence in the world's largest digital asset.

Bittensor Blockchain Faces Major Attack, Security Under Scrutiny

Bittensor, an AI cryptocurrency, experienced a significant attack on its blockchain on Wednesday, resulting in millions of dollars worth of TAO tokens being drained from multiple wallets. One wallet alone lost approximately $8 million, causing TAO's price to drop by 15%.

Bittensor paused all transactions to mitigate further losses, putting the blockchain into 'safe mode.' This mode allows block production to continue but halts the processing of new transactions. Ala Shaabana confirmed this status on social media platform X.

Independent security researcher ZachXBT attributed the attack to a private key leakage, which compromised the secure strings of letters and numbers used as passwords.

Bittensor, a leading AI-based cryptocurrency project with a market cap of $1.6 billion, aims to connect machine learning code and leverage decentralized AI models.