{"id":563616,"date":"2024-08-12T10:34:16","date_gmt":"2024-08-12T10:34:16","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=563616"},"modified":"2024-08-12T10:33:33","modified_gmt":"2024-08-12T10:33:33","slug":"bitcoin-price-slips-below-58k-amid-justin-sun-wbtc-drama-as-top-experts-say-this-crypto-might-explode-next","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-slips-below-58k-amid-justin-sun-wbtc-drama-as-top-experts-say-this-crypto-might-explode-next","title":{"rendered":"Bitcoin Price Slips Below $58K Amid Justin Sun WBTC Drama, As Top Experts Say This Crypto Might Explode Next"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Bitcoin price dropped 4% in the last 24 hours <\/span><a href=\"https:\/\/www.geckoterminal.com\/eth\/pools\/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed\"><span style=\"font-weight: 400\">to trade at $58,348<\/span><\/a><span style=\"font-weight: 400\"> as of 03:34 a.m. EST on trading volume that surged 87% to $27 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This comes as Justin Sun&rsquo;s WBTC custody move sparks controversy in crypto after his partnership with BitGo. The partnership has prompted the community to prompt decentralization concerns.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Sun has clarified that he does not control the private keys of WBTC reserves. He emphasizes his commitment to promoting decentralization and security in the DeFi ecosystem.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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:<\/p>\n<p>There have been no changes to WBTC compared to before. The audits are conducted in real-time and can be accessed via&hellip;<\/p>\n<p>&mdash; H.E. Justin Sun &#23385;&#23431;&#26216; (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1822370692014485937?ref_src=twsrc%5Etfw\">August 10, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">As concerns prevailed, the price of Bitcoin dropped below $58K to trade at $57,963 before rebounding to its current price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One event that may change the bearish sentiment is the upcoming Donald Trump interview with Elon Musk.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Am going to do some system scaling tests tonight &amp; tomorrow in advance of the conversation with <a href=\"https:\/\/twitter.com\/realDonaldTrump?ref_src=twsrc%5Etfw\">@realDonaldTrump<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1822800951855477133?ref_src=twsrc%5Etfw\">August 12, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">In the interview, the crypto topic might come up, as Trump and Musk are pro-crypto.<\/span><\/p>\n<h2>Bitcoin Price Could Sustain The Bullish Momentum<\/h2>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/www.geckoterminal.com\/eth\/pools\/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed\"><span style=\"font-weight: 400\">GeckoTerminal<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">BTC price bulls then took control of the price, as BTC has been trading within the rising channel pattern despite dropping slightly below the channel yesterday.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The price of Bitcoin aims to continue with the bullish stance, as it now trades above the 50-day Simple Moving Average (SMA). If the bullish stance continues, BTC could eventually overcome the 200-day SMA at $62,463.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, the Relative Strength Index (RSI) is also dropping below the 50-midline level as it closes in the oversold region, currently at 40. If the buying continues, the RSI could prompt buying signals, as BTC will become undervalued.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If the bulls buy the asset, prompted by the asset becoming undervalued, the price of Bitcoin could go through a trend reversal to climb back to the rising channel, as they target the resistance zone at $66,725.<\/span><\/p>\n<figure id=\"attachment_563617\" aria-describedby=\"caption-attachment-563617\" style=\"width: 1254px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-563617 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-08-12_10-34-04.png\" alt=\"Bitcoin Price Chart Analysis Source GeckoTerminal.com\" width=\"1254\" height=\"473\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-08-12_10-34-04.png 1254w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-08-12_10-34-04-300x113.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-08-12_10-34-04-1024x386.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/08\/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-08-12_10-34-04-768x290.png 768w\" sizes=\"(max-width: 1254px) 100vw, 1254px\"><figcaption id=\"caption-attachment-563617\" class=\"wp-caption-text\">Bitcoin Price Chart Analysis Source GeckoTerminal.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">However, in an inverse scenario, the BTC price could plunge back to the $55,000 support, if the BTC bears continue selling the asset.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, as the Bitcoin price aims for a continued surge over the channel, other investors are also buying the new Solana GameFi project,<\/span> <a href=\"https:\/\/insidebitcoins.com\/visit\/mega-dice-presale\" rel=\"nofollow\"><span style=\"font-weight: 400\">Mega Dice (DICE)<\/span><\/a><span style=\"font-weight: 400\">, as it continues to draw attention.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our community's creativity shines in this stunning video featuring <a href=\"https:\/\/twitter.com\/search?q=%24DICE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DICE<\/a> &#129321;<a href=\"https:\/\/twitter.com\/search?q=%24DICE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DICE<\/a> &ndash; #1 GameFi project on <a href=\"https:\/\/twitter.com\/hashtag\/SOLANA?src=hash&amp;ref_src=twsrc%5Etfw\">#SOLANA<\/a>! &#128640;<\/p>\n<p>There's something for everyone at Mega Dice Casino! &#128526;<\/p>\n<p>Join now &#128071;<a href=\"https:\/\/t.co\/pzizhtZ2pS\">https:\/\/t.co\/pzizhtZ2pS<\/a> <a href=\"https:\/\/t.co\/URjfXHFvae\">pic.twitter.com\/URjfXHFvae<\/a><\/p>\n<p>&mdash; Mega Dice Casino (@megadice) <a href=\"https:\/\/twitter.com\/megadice\/status\/1817862644566511685?ref_src=twsrc%5Etfw\">July 29, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>GameFi Sensation Mega Dice Zooms Past $1.68 Million In Blockbuster Presale<\/h2>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Did someone say LIVE CASINO? <\/p>\n<p>Come to our Sunday&rsquo;s Mega Dice Live Casino Tournament &#127922;<\/p>\n<p>Stand a chance to win a share of the massive 2,000 USDT Prize Pool.<\/p>\n<p>Join here &#128071;<a href=\"https:\/\/t.co\/15SuIhYgAO\">https:\/\/t.co\/15SuIhYgAO<\/a> <a href=\"https:\/\/t.co\/PRY23p89AQ\">pic.twitter.com\/PRY23p89AQ<\/a><\/p>\n<p>&mdash; Mega Dice Casino (@megadice) <a href=\"https:\/\/twitter.com\/megadice\/status\/1822604228197507256?ref_src=twsrc%5Etfw\">August 11, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the project operates as a leading platform on Solana, DICE seamlessly merges GambleFi and GameFi and looks to ascend to the throne currently held by Rollbit.<\/span><\/p>\n<p><span style=\"font-weight: 400\">99Bitcoins, a popular crypto channel on YouTube with over 706,000 subscribers, says that $DICE could potentially soar 100X after its launch.<\/span><\/p>\n<p><iframe title=\"IS MEGADICE THE NEXT 100X CRYPTO PRESALE GEM?! GAMING + CRYPTO\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/bxVYKtZ-vdw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400\">Token holders also stand to share in the casino&rsquo;s profits daily through its unique <a href=\"https:\/\/insidebitcoins.com\/visit\/mega-dice-presale\" rel=\"nofollow\">staking system<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To join the presale,<\/span> <a href=\"https:\/\/insidebitcoins.com\/visit\/mega-dice-presale\" rel=\"nofollow\"><span style=\"font-weight: 400\">you can buy $DICE on the official website here<\/span><\/a><span style=\"font-weight: 400\"> for $0.105266 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.<\/span><\/p>\n<h2>Related News<\/h2>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-meme-coins-invest-top-picks-exponential-gains-calsona-iorle\"><span style=\"font-weight: 400\">Best Meme Coins to Invest in: Top Picks for Exponential Gains! &#128640;<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve\"><span style=\"font-weight: 400\">Best Crypto to Watch in 2024: Top 5 Cryptocurrencies with High Potential<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-bitcoin\/credit-card\/\"><span style=\"font-weight: 400\">How to Buy Bitcoin with Credit Card<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Mega Dice - 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