Summary:
Bitcoin fell 2.4% in the last 24 hours, trading around $57,000.
The CoinDesk 20 Index (CD20) also fell 2.3%.
Bitcoin's inability to sustain a rally despite positive macroeconomic news suggests further price weakness may be ahead.
Iris Energy faced criticism from Bernstein analysts for its focus on bitcoin mining, with its Childress, Texas site deemed unsuitable for AI.
Partior, a blockchain payment joint venture of banking giants JPMorgan, DBS, and Standard Chartered, secured $60 million in Series B funding.
XRP's bitcoin-denominated price (XRP/BTC) has risen for the third consecutive day and is currently at its highest point in two months.
Bitcoin Retreats from $60K: Is the Bull Run Over?
Bitcoin traded around $57,000 on July 12th, 2024, following a pullback from the $60,000 resistance level. This represents a decline of 2.4% in the last 24 hours. The CoinDesk 20 Index (CD20) also fell 2.3%.
Bitcoin's inability to sustain a rally despite positive macroeconomic news, like the US reporting its first drop in consumer prices in four years, suggests further price weakness may be ahead.
Iris Energy Faces Criticism for Bitcoin Mining Focus
Iris Energy, a bitcoin mining company, has been criticized by Bernstein analysts for its focus on bitcoin mining, despite analysts deeming its Childress, Texas site unsuitable for AI.
Despite this, Iris Energy has maintained its commitment to bitcoin mining. The company's stock price fell almost 14% on Thursday following a short-selling report by Culper Research highlighting the site's shortcomings for AI and high-performance computing (HPC) purposes.
Partior Raises $60 Million in Series B Funding
Partior, a blockchain payment joint venture of banking giants JPMorgan, DBS, and Standard Chartered, has secured $60 million in Series B funding. The investment was led by Peak XV Partners, with contributions from Valor Capital Group and Jump Trading Group.
Partior aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. This move signifies the growing adoption of blockchain technology in the banking sector, with JPMorgan's Onyx network already settling hundreds of billions of dollars in transactions since its launch a few years ago.
XRP Price Rises
XRP's bitcoin-denominated price (XRP/BTC) has risen for the third consecutive day and is currently at its highest point in two months. This surge follows the announcement of CME and CF Benchmarks launching indexes and reference rates for XRP and Internet Computer (ICP).
Brad Garlinghouse, CEO of Ripple Labs Inc., believes these benchmark reference rates will encourage institutional adoption of XRP.
Source: CoinDesk
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