Bitcoin is currently trading at $60,272, signaling a potential shift in momentum after a recent dip. The $60,225 level has emerged as a crucial support point, with traders closely watching to see if Bitcoin can maintain this level and potentially push toward higher resistance targets in the coming sessions.
Violence Erupts in South Korea as Haru Invest CEO is Stabbed During Fraud Trial
In a shocking incident, the CEO of South Korean cryptocurrency firm Haru Invest was stabbed during a fraud trial on August 28. The attacker, a man in his 50s who reportedly lost money to the company, targeted CEO Lee, who is accused of misappropriating $826 million from 16,000 users. The attack took place just before the trial commenced, highlighting the growing tensions within the crypto industry.
Haru Invest had previously sparked outrage in June when it suddenly halted withdrawals, leaving customers in a state of panic. Although Lee was hospitalized with non-life-threatening injuries, the incident underscores the intense emotions surrounding the trial. Authorities have arrested the attacker and are investigating the motive behind the assault.
Stacks Network Launches Nakamoto Upgrade to Speed Up Bitcoin Transactions
The Stacks Network, a layer-2 solution built on Bitcoin, has initiated its Nakamoto upgrade, designed to enhance transaction speeds and enable smart contracts on the Bitcoin network. Named after Bitcoin’s mysterious creator, Satoshi Nakamoto, the upgrade decouples Stacks’ block production from Bitcoin’s schedule, marking a significant step forward for the network.
The upgrade, which will roll out to network operators over the next two weeks, will culminate in a hard fork. A key feature of this update is the proof-of-transfer (PoX) consensus algorithm, which allows users to mine Stacks blocks and earn rewards by burning Bitcoin. This move is part of Stacks’ broader strategy to increase Bitcoin’s utility, including the introduction of sBTC, a bridge asset between Bitcoin and Stacks.
The announcement comes amid a slight dip in Bitcoin’s price, influenced by current market sentiment.
Texas Raises Alarm Over Rising Energy Demands from Bitcoin Mining and AI
Texas officials are expressing concern over the increasing energy demands from Bitcoin mining and AI data centers. The state’s grid operator, ERCOT, warned that electricity demand could potentially double due to the growth of crypto mining and AI hubs, coupled with ongoing population growth and prolonged heat waves.
ERCOT estimates that an additional 65,000 megawatts of power will be needed, with approximately half of this demand coming from AI and cryptocurrency activities. State officials, including Lieutenant Governor Dan Patrick, have voiced concerns that these industries may contribute little in terms of job creation but consume vast amounts of electricity, potentially leading to rolling blackouts.
In light of these concerns, Texas is considering steps to manage the energy impact of these high-demand industries. The news has contributed to a slight 0.5% decline in Bitcoin’s price, reflecting growing concerns over the sustainability of crypto mining in energy-intensive regions.
Bitcoin Eyes Critical Support at $60,225: Will Bulls Maintain Momentum?
Bitcoin is currently hovering around $60,272, showing signs of recovery after a recent dip. A critical upward trendline has provided strong support near the $60,225 level, which is seen as a key pivot point for Bitcoin’s next potential move.
If Bitcoin manages to hold above this level, it could trigger further upward momentum, with targets set at $62,154 and potentially $64,426. However, failure to maintain this support could lead to a retest of the $57,998 level. The Relative Strength Index (RSI) has recovered from oversold conditions and now sits at 50.77, indicating balanced momentum with a slight bullish bias.
Traders are advised to watch for a breakout above $60,225 as a signal for continued bullish action, which could reignite optimism and push Bitcoin toward higher targets.
Crypto All-Stars Nears $1M Presale as Bitcoin Adoption Accelerates
As Bitcoin’s adoption continues to grow, the newly launched platform Crypto All-Stars is gaining significant traction. With just over two days left in its presale, the platform has raised $845,830 out of a $1,082,698 target. The presale is set to end soon, with the current rate at 1 $STARS = $0.0014135.
Crypto All-Stars is leveraging Bitcoin’s influence to create innovative staking opportunities by integrating it with popular meme coins. Although Bitcoin itself is not a meme coin, its substantial market impact is driving interest in projects like Crypto All-Stars, which offers unique staking options for both Bitcoin and meme coin holders.
Since its launch, the platform has attracted considerable attention, raising $730,000 in just a week. With strategic token allocation aimed at long-term growth, Crypto All-Stars presents an appealing opportunity for investors. For those looking to maximize their investment, Crypto All-Stars offers a compelling alternative to other platforms.
Investors can visit the Crypto All-Stars website to purchase $STARS with ETH, USDT, BNB, or even by card. To stay updated on their development plans, follow them on social media platforms like X (Twitter) and Telegram.
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