Dear PointPay Family,
The week brought plenty of updates and changes in the crypto world. Don't miss the key highlights! We've gathered the top 5 crypto news stories just for you.
Bitcoin Miner Strikes Gold with Budget Device
A solo miner defied the odds by mining a Bitcoin block using a $299 Bitax Ultra device, earning 3.15 BTC — worth approximately $250,000. According to CKPool administrator Kon Kolivas, the chances of achieving this with such low power are one in a million, typically requiring over 3,500 years of effort. The device, powered by an Antminer S19XP ASIC chip, is one of six installations owned by the miner. Bitax Ultra, alongside its more powerful counterparts Gamma and Supra, is available in the U.S. for $169 to $299.
Bitcoin Surges to $81K Despite Market Uncertainty
Bitcoin rebounded to $81,000 following a recent dip, driven by renewed buying interest despite broader economic concerns. Fears of a U.S. recession and potential tariff escalations under Donald Trump had previously pressured crypto markets. Bitcoin has fallen nearly 14% this year, mirroring volatility in global stock markets. Meanwhile, Strategy’s recent $21 billion fundraising plan, intended to boost its Bitcoin holdings, offered little market support.
Ethereum Whales Face Liquidation Risks as Price Drops
Ethereum's recent fall below $2,000 has triggered concerns over potential liquidations, with some large investors shifting funds to secure their DeFi positions. Although rumors that the Ethereum Foundation faced liquidation have been debunked, liquidity accumulating above $2,000 suggests a possible relief rally. Ethereum briefly dipped to $1,700, increasing pressure on whale investors.
Ripple Gains Key License to Expand in UAE
Ripple has secured a crucial license from Dubai’s financial regulator, allowing the company to offer regulated cryptocurrency payment services in the Dubai International Financial Centre. Ripple CEO Brad Garlinghouse highlighted the UAE’s supportive crypto environment, marking this as a significant step for the company's expansion. Ripple, which established its Dubai headquarters in 2020, now holds over 60 regulatory approvals worldwide.
Ripple-SEC Lawsuit Nears Conclusion Amid Negotiations
The prolonged legal dispute between the SEC and Ripple Labs may soon conclude as both sides negotiate terms following an August court ruling. While the SEC has recently dropped multiple lawsuits against other crypto firms, discussions with Ripple continue over its $125 million fine and sales restrictions on XRP. Ripple argues for reconsideration, citing the SEC’s evolving stance on enforcement. The absence of clear precedent has extended the negotiation process.
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