Connect with us

Tech

Bitcoin’s Overnight Sell-Off Dips Below $56,000 Before Stabilizing

Published

on

Bitcoin's Overnight Sell-Off Dips Below $56,000 Before Stabilizing

Bitcoin saw a sharp drop in its value overnight, briefly falling below $56,000 as it mirrored the broader market sell-off that began on Tuesday. By Wednesday, the cryptocurrency had recovered slightly, trading at $56,481.90, down over 2% from the previous day. The dip occurred during the start of Asia-Pacific trading, with Bitcoin reaching a low of $55,673.80 before finding some stability.

This decline in Bitcoin’s value followed a challenging day for tech stocks in the U.S., with Coinbase and MicroStrategy seeing drops of 3% and 2%, respectively. The tech sector experienced its worst performance since September 2022, fueled by concerns over the U.S. economy’s health after weak manufacturing data. Japan’s Nikkei 225 and the broader Topix index also posted significant losses on Wednesday, marking their worst day since early August.

In recent months, Bitcoin’s price movements during U.S. trading hours have often been less volatile compared to stock markets on significant market days. James Davies, co-founder of Crypto Valley Exchange, noted that traders tend to respond more dynamically to macroeconomic events during Asia trading hours.

Advertisement

August proved to be a tough month for Bitcoin, and analysts warn that this sluggish performance could extend into September. The cryptocurrency may face further declines, potentially dropping to $50,000 as traders await clarity on U.S. interest rate cuts and the upcoming presidential election. Historically, September has been Bitcoin’s worst month, with an average loss of 4.8%, according to CoinGlass. The coin has only ended the month higher in three of the last 11 years.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

OpenAI CTO Mira Murati Announces Departure After 6 Years

Published

on

OpenAI CTO Mira Murati Announces Departure After 6 Years

OpenAI’s Chief Technology Officer, Mira Murati, has announced her departure from the company after six and a half years. In a memo shared on X, Murati expressed that she had made the “difficult decision” to step away from OpenAI, citing her desire for personal exploration and reflection.

“There’s never an ideal time to step away from a place one cherishes, yet this moment feels right,” Murati wrote, emphasizing her commitment to ensuring a smooth transition for the company during this critical time.

Her exit follows other high-profile departures from the company, including co-founder Ilya Sutskever and former safety leader Jan Leike in May, as well as co-founder John Schulman, who left last month to join rival company Anthropic.

Advertisement

Murati’s departure comes at a time when OpenAI is pursuing a new funding round, potentially valuing the company at over $150 billion, with significant investments anticipated from major players like Thrive Capital, Microsoft, and Nvidia. OpenAI, the company behind ChatGPT, has seen rapid growth since 2022 but has also faced internal controversies and employee turnover, sparking concerns about its ability to scale safely.

Murati became a public figure when she was appointed interim CEO last November after the abrupt ousting of CEO Sam Altman. Despite her departure, she remains focused on supporting OpenAI’s momentum in the coming months.

Advertisement
Continue Reading

Tech

CrowdStrike Exec Apologizes to US Lawmakers for July IT Outage

Published

on

CrowdStrike Exec Apologizes to US Lawmakers for July IT Outage

During a congressional hearing, CrowdStrike executive Adam Meyers issued a formal apology for the massive IT outage in July, which affected millions of computers globally. In his opening remarks, Meyers expressed deep regret, stating, “On behalf of everyone at CrowdStrike, I want to apologize. We are deeply sorry this happened and are determined to prevent it from happening again.”

Meyers assured lawmakers that the company is committed to learning from the incident and making significant improvements. This includes enhancing testing and checks on updates, as well as altering how future updates are issued to avoid similar disruptions.

Continue Reading

Tech

Caroline Ellison May Avoid Jail Time for Role in FTX Scandal

Published

on

Caroline Ellison May Avoid Jail Time for Role in FTX Scandal

Caroline Ellison, the former CEO of Alameda Research and key witness in the criminal case against FTX founder Sam Bankman-Fried, faces sentencing this Tuesday. Despite her involvement in the massive fraud that led to FTX’s collapse, Ellison may avoid significant jail time due to her cooperation with federal authorities.

Ellison admitted to defrauding investors and misappropriating billions of dollars from FTX customers, redirecting funds to Alameda’s speculative trading and debt repayment. Both Ellison and Bankman-Fried face the same serious charges, which carry a potential maximum sentence of 110 years. However, her cooperation with prosecutors has been deemed “extraordinary,” leading the federal Probation Department to recommend “time served” with three years of supervised release.

Her testimony was crucial in portraying Bankman-Fried’s role in the collapse, particularly due to their close personal relationship. This unique insight into his operations helped strengthen the government’s case. While Ellison was involved in fraudulent activities, legal experts believe her lesser control compared to Bankman-Fried will likely result in a lighter sentence, potentially no more than 18 months in prison.

Advertisement
Continue Reading

Trending