Crypto
Strategy urged to pause Bitcoin buys over cash strain
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CryptoQuant has called on Strategy to halt its Bitcoin purchases and rebuild cash reserves after its preferred stock STRC hit a record discount. The move follows a sharp drop in dividend coverage and recent share sales to shore up liquidity.
Bitcoin dropped below $60,000 on June 24 as exchange inflows, spot ETF outflows and leveraged long liquidations intensified selling pressure.
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Kalshi filed a lawsuit against Illinois officials on Tuesday, challenging a new state tax on sports-related prediction markets. The suit was brought in the US District Court for the Northern District of Illinois. It alleges that state officials have overstepped federal regulatory authority.
SpaceX lost more than $600 billion in market value over three trading days following its plan to issue at least $20 billion in bonds. The move funds AI expansion linked to its xAI acquisition. Bitcoin held steady with a decline of less than 1 percent.
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Meta is building an experimental prediction market app called Arena that lets users forecast events in politics, sports and other areas using points instead of cash. The project is a top priority at the company and revives an earlier effort from 2020.
Taiko, an Ethereum layer-2 network, halted block production after an attacker exploited its bridge to steal about $1.7 million. The team urged users to withdraw funds from all bridges on the network.
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XRP briefly fell below a key support level near $1.13 on heavy volume before recovering most of its losses. The token traded within its established range after the session low near $1.12. Traders continue to monitor the $1.10 to $1.30 band for a breakout.
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