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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/30/2024

Today's Top Crypto Highlights

Want to know what happened in the crypto world today? Here's the latest news on trends and events affecting Bitcoin prices, blockchain, DeFi, NFTs, Web3, and crypto regulation. Brazil's Supreme Court Suspends X On August 30, Brazilian Supreme Court Justice Alexandre de Moraes ordered the suspension of social media platform X after owner Elon Musk refused to appoint a legal representative in the country. According to an Associated Press report, Moraes

Today's Top Crypto Highlights

Want to know what happened in the crypto world today? Here's the latest news on trends and events affecting Bitcoin prices, blockchain, DeFi, NFTs, Web3, and crypto regulation.

Brazil's Supreme Court Suspends X

On August 30, Brazilian Supreme Court Justice Alexandre de Moraes ordered the suspension of social media platform X after owner Elon Musk refused to appoint a legal representative in the country.

According to an Associated Press report, Moraes moved to suspend the platform after X's Global Government Affairs team said they would "not comply with [de Moraes'] orders to censor political opponents."

Musk publicly slammed Moraes, calling him a "devil" and a "dictator" over allegations of "illegal political censorship." Moraes stated he is investigating the platform for allegedly allowing the spread of misinformation tied to former President Jair Bolsonaro.

Shortly after the suspension order was announced, Brazilian users still reported being able to access the platform.

Mt. Gox and the U.S. Government Could Unleash $14B in Bitcoin Selling Pressure

Bitcoin's sluggish upward momentum could persist into September as Mt. Gox and the U.S. government may generate nearly $15 billion in additional selling pressure.

More than $14.8 billion worth of Bitcoin could soon flood the market, adding further downward pressure.

The U.S. government currently holds over 203,000 BTC valued at $12.1 billion, while defunct crypto exchange Mt. Gox is set to distribute an additional 46,000 BTC worth more than $2.7 billion.

Mt. Gox is expected to distribute the $2.7 billion worth of Bitcoin on Kraken before the end of 2024, though these repayments are unlikely to cause significant market disruption, according to an August 29 report from crypto analytics provider Kaiko:

"Kraken has handled BTC ETF flows with only a minor increase in price slippage when U.S. markets close. Its liquidity profile suggests any additional selling pressure from Mt. Gox repayments is unlikely to cause structural issues that could affect the broader market."

Mt. Gox creditors have been waiting over a decade to reclaim more than $9.4 billion in Bitcoin — assets that have surged over 8,500% in value — meaning many investors may look to sell.

Musk and Tesla Win Dogecoin Market Manipulation Lawsuit

Musk and his electric vehicle company Tesla have prevailed in a lawsuit accusing them of manipulating the price of Dogecoin, causing damages of up to $258 billion.

The case was dismissed in an August 29 ruling by Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York.

Judge Hellerstein found that the plaintiffs had made numerous "material misrepresentations" about Musk's Dogecoin-related tweets, including claims that Musk said he would become the official CEO of Dogecoin and that he could put a "literal" Dogecoin on a SpaceX vehicle and send it to the moon.

"These statements are aspirational and hyperbolic, not factual and susceptible of being proven false [...] and no reasonable investor could rely on them."

A disgruntled group of Dogecoin investors sued Musk and Tesla in June 2022, seeking the staggering sum of $258 billion in damages.