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The Bitcoin price dropped 4% in the last 24 hours to trade at $58,348 as of 03:34 a.m. EST on trading volume that surged 87% to $27 billion.
This comes as Justin Sun’s WBTC custody move sparks controversy in the crypto space after his partnership with BitGo. The partnership has prompted the community to raise decentralization concerns.
However, Sun has clarified that he does not control the private keys of WBTC reserves. He also emphasized his commitment to promoting decentralization and security in the DeFi ecosystem.
Recently, I've heard that the community has some concerns about my involvement in various projects, including WBTC. I would like to clarify the following points:
There have been no changes to WBTC compared to before. The audits are conducted in real-time and can be accessed via…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 10, 2024
As concerns prevailed, the price of Bitcoin dropped below $58K to trade at $57,963 before rebounding to its current price.
One event that may change the bearish sentiment is the upcoming Donald Trump interview with Elon Musk.
Am going to do some system scaling tests tonight & tomorrow in advance of the conversation with @realDonaldTrump
— Elon Musk (@elonmusk) August 12, 2024
In the interview, the crypto topic might come up, as Trump and Musk are both pro-crypto.
Bitcoin Price Could Sustain The Bullish Momentum
The Bitcoin price took a tumble at the beginning of August, dropping from the $65,800 resistance to find support around $50,000, according to data from GeckoTerminal.
Bulls then took control of the Bitcoin price, as BTC has been trading within a rising channel despite dropping slightly below the channel yesterday.
The price of Bitcoin aims to continue its bullish movement, as it now trades above the 50-day Simple Moving Average (SMA). If bulls continue to drive the Bitcoin price, the leading crypto could eventually overcome the 200-day SMA at $62,463.
Moreover, the Relative Strength Index (RSI) is also dropping below the 50-midline level as it drops into the oversold region, currently at 40. The RSI’s current levels could be seen as a buy signal, given the fact that the low RSI values suggest BTC is undervalued.
According to the Bitcoin price analysis on the 4-hour chart, BTC is currently on a slight drop but showing strong signs of a bullish trend reversal.
If the bulls buy the asset, prompted by the crypto being identified as undervalued, the price of Bitcoin could go through a trend reversal to climb back to the rising channel, as buyers target the resistance zone at $66,725.
However, in an inverse scenario, the Bitcoin price could plunge back to the $55,000 support if the BTC bears continue selling the asset.
As the Bitcoin price aims for a continued surge, investors are also buying the new Solana GameFi project, Mega Dice ($DICE).
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— Mega Dice Casino (@megadice) July 29, 2024
GameFi Sensation Mega Dice Zooms Past $1.68 Million In Blockbuster Presale
Mega Dice is a GameFi cryptocurrency initiative operating on the Solana network that has recently garnered attention by raising over $1.68 million, approaching the $2 million mark. This project aims to merge gaming and cryptocurrency, targeting gamblers on its platform and holders of its $DICE token.
Did someone say LIVE CASINO?
Come to our Sunday’s Mega Dice Live Casino Tournament 🎲
Stand a chance to win a share of the massive 2,000 USDT Prize Pool.
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— Mega Dice Casino (@megadice) August 11, 2024
The project stands out as a top brand in the crypto casino domain, boasting over 10,000 active players monthly and exceeding $50 million in monthly wagering. Players also enjoy over 4,000 casino games and 50 sports and eSports betting options.
As the project operates as a leading platform on Solana, $DICE seamlessly merges GambleFi and GameFi and looks to take the throne currently held by Rollbit.
99Bitcoins, a popular crypto channel on YouTube with over 706,000 subscribers, says that $DICE could potentially soar 100X after its launch.
Token holders also stand to share in the casino’s profits daily through its unique staking system.
To join the presale, you can buy $DICE on the official website here for $0.105266 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
Purchase $DICE on its official website here.
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