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Inside a house of Silicon Valley hackers programming the new Bitcoin tokens

TokenTalk Staff

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  • The bitcoin halving coincided with some other major launches on the blockchain, including cutting-edge programming innovations that should attract more developers to the network.
  • For years, rival chains like ethereum and solana have competed with bitcoin on functionality because both have smart contracts natively integrated into the underlying chain.
  • Recent features added after the halving make large-scale bitcoin DeFi a reality, and programmers are capitalizing on the opportunities as bitcoin’s market value surpasses $1.3 trillion.

Magic Eden programmers gathered at an Airbnb in San Jose, California, to hack in preparation for the so-called bitcoin halving.

Amyl Husayn

In the eastern hills of San Jose, California, 17 programmers working for the popular ordinal market maker, Magic Eden, crammed into a 4-bedroom, 3,875-square-foot house rented on Airbnb. Their goal was to spend a week hacking to prepare for the so-called bitcoin halving – an event that is baked into the chain’s code and helps ward off inflation through programmatic monetary policy.

Much of the debate over the halving, which occurs roughly every four years, has been over whether new issuance of the world’s largest virtual currency would be halved. But the halving lockdown also coincided with a couple of other major launches on the blockchain, including cutting-edge programming innovations that should attract many more programmers and many more venture capital dollars into the bitcoin ecosystem.

Additionally, unlike past halving events, the largest cryptocurrency in the world hit a new all-time high above $73,000 in March as record flows entered the bitcoin ecosystem via newly launched bitcoin spot exchange-traded funds in the U.S.

“Bitcoin has never been healthier – what was previously missing was a vibrant developer ecosystem,” said Zedd Yin, co-founder and COO of Magic Eden.

Some Magic Eden programmers have taken breaks from hacking to play arcade games.

Amyl Husayn

The Magic Eden hacker pop-up house was modest but had a few bells and whistles that carried the small crew along throughout the week.

These perks included Teenage Mutant Ninja Turtles and Street Fighter-themed arcade-style machine games in the living room, plus a DIY open bar on a folding plastic table in the dining room.

Engineers also participated in the hackathon with the distinct advantage of knowing what they wanted to build. In the days leading up to the halving, Yin, 33, brought her team together under one roof in Northern California with a clear goal in mind: to code and launch the ultimate marketplace for a new wave of digital products coming to the blockchain of Bitcoin. On Monday morning, Magic Eden’s Runes platform went live, helping solidify its place as the go-to forum for dealing with these new bitcoin offerings.

I’ve liked rival chains for years ethereum AND solana they competed with Bitcoin in terms of functionality, because they both have smart contracts – that is, programmable pieces of code – natively integrated into the underlying chain. This has been one of the main reasons why developers around the world have flocked to these blockchains to build applications.

Magic Eden’s pop-up hacker house included arcade games and a ping pong table with a full bar.

Amyl Husayn

Enter Casey Rodarmor.

The popular bitcoin developer completely disrupted this dynamic last year when it introduced bitcoin’s version of non-fungible tokens known as ordinals, which developers ended up using as the basis for bitcoin-issued coins called BRC-20 tokens. The launch was uneventful at first, but it ended up being a huge success.

Late Friday night, at the exact moment the bitcoin halving was initialized, Rodarmor unveiled its latest creation, Runes, which is basically just a better, more efficient version of the BRC-20 tokens.

“People really respect Casey and think he captured lightning in a bottle,” said Nic Carter of Castle Island Ventures. “And so there are very high expectations for runes too.”

Technically speaking, runes simply enable the issuance of fungible token assets on the bitcoin base chain. They could be stablecoins, memecoins, or any variety of fungible token.

The reason this is important for developers is its efficiency compared to existing BRC-20 tokens, Bitcoin’s widely used fungible token standard that has already received a lot of popularity. Having a universally accepted token standard like this is seen as key to helping unlock the scope of decentralized finance on bitcoin. Decentralized finance, or DeFi, is a parallel banking system that eliminates intermediaries like lawyers and banks and relies on code for enforcement.

“Fungible tokens are a significant part of every significant ecosystem like solana and ethereum, so runes represent an important step in the evolution of bitcoin,” said Yin, who previously helped lead the product for all trading products institutional at CoinBase.

Bill Barhydt, who runs Abra, a company that supports miners with a mix of services, including automatic settlements, and has access to macro data across the industry, said bitcoin simply cannot scale 100% on-chain via the own level one. The problem has to do with the fact that the bitcoin blockchain does not have the built-in smart contract capabilities needed to replicate the banking stack of a chain like ethereum or solana.

“BRC-20 tokens and ordinals, its successor runes, sidechains like stacks, and DeFi on bitcoin are all showing strong promise in user adoption, which is set to dramatically increase demand for the space of bitcoin lockdown and adoption, which I believe will create a positive feedback loop will further drive bitcoin price increases over the next few years,” Barhydt said. “It’s truly remarkable the level of new development work happening around bitcoin,” she added.

Venture capital investors agree.

“I’ve never seen the pace of deals move so aggressively in the bitcoin space in my entire career,” Carter tells CNBC.

For a week, the Magic Eden team gathered at an Airbnb in San Jose to work on code for a new digital asset marketplace that would go live at the Bitcoin halving block.

Amyl Husayn

Indeed, VC appetite for these layer two bitcoin projects has increased in recent months.

PitchBook says that the fourth quarter of 2023 was the first time in nearly two years that the value of cryptocurrency trades increased, reaching $1.9 billion, up 2.5% from the previous quarter. While still far from the 2021 high of $31 billionfunds are rebuilding interest and confidence in the space.

“There has definitely been a revival of capital interest in the bitcoin layer two space,” said Muneeb Ali, who co-founded Stacks, an open-source blockchain network that brings smart contracts to bitcoin.

Stacks is a separate chain from Bitcoin but the two are able to work together. The project also launched its update at the time of the halving block, which reduced the transaction time to five seconds, compared to the 10 to 30 minute block times tied to Bitcoin’s base chain.

“Having so much interest in venture capital just confirms that the bitcoin ecosystem is poised to grow,” said Ali, who noted that the pace of projects launching on bitcoin has also picked up momentum over the past six months, from half a dozen projects started at more than 50.

A new report released by Austin-based venture capital fund Trammell Venture Partners found that the bitcoin startup sector had a successful year in the pre-seed stage, noting a 360% year-over-year increase in transaction counts.

“The founders really want to build specifically on bitcoin,” Christopher Calicott, the fund’s managing director and founding partner, said of the study’s findings.

The report also notes that early-stage native Bitcoin startups raised just under $1 billion from 2021 to 2023.

Take Alpen Labs. The second-level project, which is bringing cutting-edge scaling technology known as zero-knowledge proof to Bitcoin, has just emerged from stealth mode with Ribbit Capital leading a $10.6 million round. Another popular layer two solution called “Build on Bitcoin” or BOB, has raised $10 million in seed funding.

Ordinals, BRC-20 and other innovations introduced in 2023 really helped build momentum ahead of the halving,” Ali said. “They made bitcoin fun for developers again and showed that users will prefer NFTs, assets and apps over bitcoin if provided the opportunity.”

In the eastern hills of San Jose, California, 17 programmers working for the popular Ordinals marketplace maker, Magic Eden, crammed into a 3,875-square-foot, 4-bedroom house rented on Airbnb.

Amyl Husayn

For years, developers have tried to insert additional functionality into the basic bitcoin chain. Barhydt told CNBC that demand for DeFi, particularly yield and lending, is a key driver of cryptocurrency adoption.

Sidechains like stacks, for example, have worked to bring the speed and competitive transaction costs of solana-style binaries into the bitcoin ecosystem, in order to decongest the main chain and allow the overall bitcoin economy to grow.

With Runes, these existing projects have a new tool they can use to grow, as it allows them to potentially connect to a native, lightweight token system on the bitcoin main chain instead of having to generate their own independent token environment.

“Runes presents an efficient system for creating and managing fungible tokens directly on bitcoin in a way that reduces blockchain footprint and improves scalability compared to other token standards,” said Hong Fang, president of cryptocurrency exchange OKX. “This has important implications for second-layer solutions and sidechains that are working to scale Bitcoin,” added Fang, who previously spent nearly a decade working at Goldman Sachs.

Stacks’ Ali dubbed the post-halving environment “Bitcoin’s second season.”

“Season two is all about the builders’ return to bitcoin. Users are finally separating bitcoin as an asset from bitcoin, like binary,” he said.

As for Yin and his team, another important aspect of the rune hackathon was the need for a little more due diligence on Airbnb properties.

The team had an outdoor gas fireplace that didn’t work so there was a constant gas leak smell throughout the week, the rental apartment’s WiFi was down the entire first day, and a handful of people sick with Covid.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Top 5 Crypto Pre-Sales for August 2024

TokenTalk Staff

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Top 5 Crypto Pre-Sales for August 2024

Have you heard about cryptocurrencies in 2011? Was Bitcoin so popular back then? Well, yes, some forward-thinking people saw its potential early and invested in BTC back then. Investors were skeptical about this new financial element; however, many took the risk and invested what they could risk in the cryptocurrency market.

Going through the list of top presales, we have identified and studied five of the main candidates that can change the game on the trading charts. These new opportunities promise the best returns and a great chance to buy tokens at affordable prices. While 5thScape is at the top of our recommendation, projects like DarkLume and Artemis Coin are pioneers in their respective categories.

Top 5 Crypto Pre-Sales to Add to Your Watchlist in 2024

Below we present the top five cryptocurrency pre-sales that you should consider adding to your investment watchlist.

  1. 5th Landscape (5SCAPE) – King of digital VR gaming with AR/VR elements
  2. Dark light (DLUME) – Virtual Metaverse for Social Exploration
  3. SpacePay (SPY) – Versatile Financial Payment Gateway for Seamless Transactions
  4. EarthMeta (EMT) – Replicating our planet on a virtual platform
  5. Artemis Coin (ARTMS) – NFT Marketplace for Digital Real Estate Investment

In-Depth Review: The Best Crypto Pre-Sales of 2024

Now, let’s take a closer look at these pre-sale events and how they can help investors make significant profits this year.

5th Landscape (5SCAPE)

The 5thScape project combines emerging technology using the fundamentals of virtual and augmented reality on the Ethereum platform using its native currency as 5SCAPE. Users of the token experience increased security and interactive gameplay in the digital space.

Here are the potential reasons why investors are admiring the 5thScape ecosystem:

Immersive Gameplay: With over five game titles, the platform is ready to amaze the audience with games ranging from archery, sports, battle and high-speed racing.

Innovative VR Content: 5thScape’s progress in the crypto-gaming space will contribute to the development of educational resources and other VR content on the website.

Motion Control Gadgets: This project is working hard to introduce VR devices such as headsets and gaming chairs with precise controls and high-resolution soundscapes to achieve the best immersive feeling while exploring the ecosystem.

Practical utility: 5SCAPE tokens stimulate participation in various activities and convert the ecosystem into economic value for investors.

Staking Opportunities: Acquiring 5SCAPE tokens after listing on exchanges can generate higher earnings

Free Giveaways and Prizes: The distribution of free coins and VR subscriptions attract investors.

Visit 5thScape for more details>>

Dark Light (DLUME)

We just saw how 5thScape captures investors with its AR/VR digital landscape. DarkLume works on similar VR principles but has a completely new VR metaverse. Its presale is about to hit the $1 million mark and simultaneously increase fund inflows.

What are the specifics that allow DarkLume to lead the metaverse industry?

Native currency: The project has DLUME as a digital currency that can be used for in-game purchases or upgrades. These utility tokens also give their holders the right to vote on the development and expansion of the project.

Benefits of staking: Investors who want to hold and earn from this currency expect to multiply their funds after the stock market listing.

Exploratory Metaverse: Once you enter this world, there is no turning back. There are so many opportunities to find recreational activities and relieve stress. Walking through lush landscapes and stargazing at night can be a memorable experience. If you are a party animal, DarkLume’s virtual discos and clubs will win you over.

Visit DarkLume for more details>>

Payment for space (SPY)

Traditional financial setups face many challenges in daily transactions and are also expensive. To solve these concerns, Maxwell Bunting founded SpacePay by combining cryptocurrency payments and blockchain technology. The London-based startup makes online shopping and payments more seamless by integrating its network with existing card terminals, allowing users to make payments in any digital currency. Merchants can choose to receive payments in conventional currency without having to pay exorbitantly.

SpacePay has designed a user-friendly and convenient interface that supports over 325 crypto wallets. SPY, the native token of this platform, serves to enable all transactions within its ecosystem. Tokens can also be used to generate passive income through staking and additional community rewards.

EarthMeta (EMT)

EarthMeta is a virtual metaverse created to replicate our planet, Earth. It is listed as one of the best crypto pre-sales of 2024, with a focus on creating new NFT platforms and virtual assets in premium cities. The startup encourages users to own and govern virtual landscapes.

Cities are then further broken down into smaller assets such as landmarks, buildings, monuments, parks, schools, and more. NFTs can now be bought and sold in the project’s marketplace. Governors are eligible to earn 1% fees per transaction within their city. EMT token holders can also generate more at once with custom API integrations and participation in DAO activities.

Artemis (ARTMS)

Today we have covered a number of financial projects that you can consider along with 5thScape, the most promising VR coins of the decade. Artemis (ARTMS) is a financial platform that allows investors to transact and trade using its digital asset, ARTMS. Users can also lend, borrow, stake, save, and generate rewards from yield farming.

The project is about to enter Phase 4 of development which will see the launch of the Artemis Crypto System. This system is customized to facilitate a large number of secure and transparent crypto transactions. Cryptocurrency enthusiasts and professional entities can buy and sell products such as smartphones, bicycles and internet services using crypto payments. Early investors have great advantages until the project is available at a discounted price in the pre-sale.

Read this before investing in the next cryptocurrency market

Experienced investors know the factors to consider before investing in this dynamic market. Here are some points that beginners should remember before securing a position in the cryptocurrency universe.

  • It is essential to verify the project details and the founders.
  • Read and understand the whitepaper for all the technical information about the ICO, the roadmap and the mission of the project.
  • The project roadmap will provide greater clarity on milestones and results achieved.
  • Review the fundamentals of the new technologies involved in the development of the platform.
  • Before investing in any cryptocurrency, carefully evaluate the benefits and risks to avoid losses and build a profitable portfolio.

Conclusion

5thScape ICO Offers Tokens at Deeply Discounted Prices. Once the presale is over, the token price will skyrocket 434% from the first round and promise 600x returns to early investors. Who wouldn’t want to be part of an innovative and growing VR ecosystem? Check your details, review all the documents and start investing in 5thScape now.

Time flies, and so does the $100,000 prize.

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Best Upcoming Cryptocurrencies for Long-Term Profits: Turn $100 Into $1000 With These Picks

TokenTalk Staff

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Crypto

Have you ever wondered how much return Bitcoin has given to investors who bought this gold cryptocurrency a decade ago? In 2014, Bitcoin reached its significant milestone of $1,000 in the first month. Currently, it is trading at around $64k, which is an astonishing 6300% increase in the span of 10 years. No stock, no ETF could ever give you such monumental returns. This simply proves that the cryptocurrency market turns your dreams of investment returns into reality.

While the established giants are not giving so much returns now, the ball is in the court of upcoming cryptocurrencies that are based on the development of projects to provide up to 1000x returns in the near future. In this article, we will explore 5 upcoming cryptocurrencies for long-term earnings that can turn your $100 into $1000 – the only key is strategic investing with a lot of patience!

Best Upcoming Cryptocurrencies For Long Term Profits

Below we list the top 5 cryptocurrencies for long-term gains, which are set to give you returns of up to 1000 times in the coming times.

  1. 5th Landscape (5LANDSCAPE)
  2. Dark light (DISGUST)
  3. BlockDAG (BDAG)
  4. eTukTuk (TUK)
  5. WienerAI (WAI)

Take a deeper look at the background of these 5 upcoming cryptocurrencies for long-term gains and see why they could be viable options for your cryptocurrency portfolio.

1. 5° Landscape (5SCAPE)

5thScape is changing the face of entertainment by merging augmented and virtual reality with blockchain technology, offering a VR content ecosystem unlike any other destination on the internet. Its native token, 5SCAPE, is the cornerstone of this innovative ecosystem. With a limited supply of 5.21 billion tokens, 5SCAPE offers early investors a unique opportunity to participate in the growth of a potentially transformative platform.

Combining the immersive experiences of VR technology with a cryptocurrency that has a real-world use case, 5thScape presents a compelling investment proposition. The project’s focus on providing unparalleled user experiences, coupled with its potential to generate substantial returns, makes 5SCAPE an ideal new cryptocurrency to have in your portfolio for long-term gains.

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Click here to invest in 5thScape today >>

2. DarkLume (DLUME)

DarkLume is a meticulously crafted metaverse where users can experience a lavish digital lifestyle. At its core is the DLUME token, the currency that powers this virtual economy. By owning DLUME, users gain access to exclusive experiences, from owning virtual properties to attending high-society events and hosting virtual celebrations with their friends.

The metaverse is divided into virtual countries, each with its own citizenship requirements. To become a citizen, users must possess a specific amount of DLUME. Maintaining citizenship involves paying taxes in DLUME and creating a sense of community and responsibility among users.

Unlike other metaverse platforms that are limited to digital interactions only, DarkLume offers a wide range of activities, from leisure and entertainment to social interactions and exciting experiences. The platform’s focus on luxury ensures that every aspect of the metaverse is designed to exceed expectations. As DarkLume continues to grow, its DLUME token is expected to be in high demand. The metaverse concept is supported by renowned names such as Mark Zuckerberg and Satya Nadella. As it is the future of immersive socialization, the DLUME token is expected to appreciate in value over time.

Dark Light 2

Explore DarkLume’s website to learn more

3. BlockDAG (BDAG)

BlockDAG is an innovative blockchain platform that uses a Directed Acyclic Graph (DAG) structure together with blockchain technology to offer fast transaction speeds, lower fees, and better scalability.

Unlike traditional blockchains that process transactions sequentially, BlockDAG processes them in parallel, which allows it to handle a much higher transaction volume. This approach makes BlockDAG an ideal platform for applications that require high throughput and low latency, such as DeFi, gaming, and IoT. Its presale has been a great success so far, and BlockDAG’s adaptability may be an optimistic sign for early investors in the BDAG token.

4. eTukTuk (TUK)

eTukTuk is a new leading crypto project that combines sustainable transportation with blockchain technology. Its main goal is to electrify the famous “tuk-tuk” industry, reducing carbon emissions that cause environmental damage while creating a thriving ecosystem. Its TUK token powers the entire platform.

One of the most notable features of eTukTuk is its Play-to-Earn (P2E) gameplay. Players can earn TUK tokens by completing challenges and missions in the game. This gamified approach not only makes the platform engaging but also incentivizes user participation in building the eTukTuk ecosystem. The primary utility of the TUK token is as a mode of payment for tuk-tuk drivers who use EV charging stations for their vehicles installed across Sri Lanka. The project will soon expand to other countries.

Overall, the value proposition of the TUK crypto token is strengthened by its utility within the platform. It can be used to purchase electric tuk-tuks, charge them at the network’s charging stations, and access various platform services. As eTukTuk adoption grows, demand for TUK tokens is expected to increase, potentially resulting in significant appreciation in the token’s value.

5. WienerAI (WAI)

WienerAI is a new blockchain-based platform that uses next-generation artificial intelligence (AI) technology to transform the cryptocurrency trading space. Its flagship product is an AI trading bot (with a sausage-themed mascot) designed to analyze market trends, identify potential opportunities, and execute trades with zero errors. With the power of AI, WienerAI provides users with a market edge in the complex and dynamic world of investing.

The platform’s native WAI token is a digital asset that underpins the entire ecosystem. Token holders can enjoy various benefits, including discounted trading fees, priority access to new features, and even a share of the platform’s profits. As WienerAI gains traction and its AI trading bot proves successful, the continued flow of demand for the WAI token will fuel its price.

Final Thoughts: Best Cryptocurrencies for Long-Term Profits

Each cryptocurrency project explored in this article brings a unique and innovative perspective to the blockchain industry. From the immersive worlds of 5thScape and DarkLume to the efficiency gains of BlockDAG and the sustainability focus of eTukTuk, not to mention WienerAI’s AI-powered trading bot with a new approach to investing, these projects are pushing the boundaries of what’s possible with blockchain technology.

While all of these projects are promising, 5thScape and DarkLume stand out as particularly interesting investment opportunities. The combination of 5thScape’s robust VR ecosystem tokenomics and unique AR/VR offeringstogether with the fantasy world of the DarkLume metaversehas the potential to appeal to a wide range of investors who may be entertainment lovers, not just cryptocurrency enthusiasts. Given their current presale stages, acquiring 5SCAPE and DLUME tokens at these early-bird prices could prove to be a strategic move for those seeking substantial returns.

This is a sponsored article. The opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on the information presented in this article.

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Avalanche Predicts ‘Most Bullish Unlock’ in Broader Market $1 Billion in Token Release

TokenTalk Staff

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Avalanche anticipates ‘most bullish unlock’ amid broader market $1 billion in token release

Token Unlocks data shows that several crypto projects:AvalancheWormhole, Aptos, SandboxArbitrum, Optimism and others are set to unlock around $1 billion worth of tokens in August.

Approximately $260 million will be allocated in the first three days of the month.

Crypto projects often schedule token unlocks to control the asset supply and prevent market oversaturation. This gradual release helps avoid significant sell-offs by early investors or team members who hold large amounts of crypto assets.

Wormhole and Avalanche to Release Over $400 Million in Tokens

The biggest news this month will be Wormhole and Avalanche.

On August 3rd, Hole in the walla cross-chain messaging protocol, will release 600 million tokens worth $151.67 million, or 33.33% of its circulating supply.

Avalanche will follow on August 20, unlocking 9.54 million AVAX tokens worth approximately $251 million, or 2.42% of its circulating supply.

The Token Unlocks dashboard shows that 4.5 million AVAX, worth $118.53 million, will go to the Avalanche team, 2.25 million AVAX, worth $59.27 million, will go to strategic partners, and the remainder will go to the Foundation and as an airdrop.

Farid Rached, former head of ecosystem growth at Avalanche, underlined that this planned unlock would be the most bullish in its history because “it is the last big step for the team and public/private investors.”

Other important unlocks

Sui, a layer 1 network, will unlock 64 million tokens worth $50 million, or 2.56% of its circulating supply, on August 1.

Similarly, decentralized exchange dYdX will issue 8.33 million tokens worth nearly $11 million, or 3.65% of its circulating supply. These tokens will be distributed to investors, founders, staff, and future employees.

Aptos will unlock 11.31 million APT tokens worth $74.64 million on August 12. These will be allocated to the Aptos community, top contributors, the foundation, and investors, with top contributors receiving the largest share: 3.96 million APT worth $26 million.

On August 14, Sandbox will release 205.6 million SAND tokens worth $66.75 million. This issuance will be split between the team, advisors, and a corporate reserve.

Finally, Ethereum’s layer 2 networks Referee AND Optimism will collectively unlock over $110 million worth of tokens by August 16 and 31, respectively.

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Big Tech Beats Bitcoin (BTC) as Trump’s Trade Cancellation Weakens Token

TokenTalk Staff

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Big Tech Beats Bitcoin (BTC) as Trump's Trade Cancellation Weakens Token

Bitcoin has failed to join the cross-asset rally fueled by dovish comments from the Federal Reserve, as the tight US election race casts doubt on Donald Trump’s ability to implement his pro-cryptocurrency agenda.

The digital asset slipped 2.4% on Wednesday, tracking a Fed-fueled surge in an index of the Magnificent Seven large-cap tech stocks by one of the widest margins in 2024. The token fell further on Thursday, changing hands at $63,750 by 6:10 a.m. in London.

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