Bitcoin price drops below $58,000 amid Justin Sun drama on WBTC as experts say cryptocurrency could explode

bitcoin price fell 4% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $58,348 at 3:34 a.m. EST on trading volume that increased 87% to $27 billion.

This comes as Justin Sun’s WBTC custodian move sparks controversy in the crypto space following his partnership with BitGo. The partnership has led the community to raise concerns about decentralization.

However, Sun has clarified that he does not control the private keys to WBTC reserves. He has also highlighted his commitment to promoting decentralization and security in the DeFi ecosystem.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”13.389534883721″>

Recently, I have heard that the community has some concerns regarding my involvement in several projects, including WBTC. I would like to clarify the following points:

There have been no changes to WBTC compared to before. Audits are conducted in real time and can be accessed via…

— HE Justin Sun Sun Yuchen (@justinsuntron) twitter.com/justinsuntron/status/1822370692014485937?ref_src=twsrc%5Etfw”>August 10, 2024

As concerns prevailed, bitcoin price fell below $58,000 to trade at $57,963 before recovering to its current price.

One event that could change the bearish sentiment is Donald Trump's upcoming interview with Elon Musk.

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I'm going to run some system scaling tests tonight and tomorrow before the conversation with twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw”>@realDonaldTrump

— Elon Musk (@elonmusk) twitter.com/elonmusk/status/1822800951855477133?ref_src=twsrc%5Etfw”>August 12, 2024

In the interview, the topic of cryptocurrencies could come up, as both Trump and Musk are pro-cryptocurrencies.

bitcoin Price Could Maintain Bullish Momentum

bitcoin price crashed in early August, falling from the $65,800 resistance to find support around $50,000, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal.

The bulls then took control of the bitcoin price as btc has been trading within an ascending channel despite dipping slightly below the channel yesterday.

bitcoin price is looking to continue its upward move as it is now trading above the 50-day simple moving average (SMA). If the bulls continue to push bitcoin price higher, the leading cryptocurrency could eventually break above the 200-day simple moving average (SMA) at $62,463.

Additionally, the Relative Strength Index (RSI) is also dipping below the mid-50 level as it falls towards the oversold region, currently at 40. The current RSI levels could be seen as a buy signal, given the fact that low RSI values ​​suggest that btc is undervalued.

According to bitcoin price analysis on the 4-hour chart, btc is currently in a slight decline but is showing strong signs of a bullish trend reversal.

If bulls buy the asset, driven by the cryptocurrency being identified as undervalued, bitcoin price could undergo a trend reversal to return to the ascending channel, as buyers target the resistance zone at $66,725.

However, in a reverse scenario, bitcoin price could again drop to the $55,000 support if btc bears continue to sell the asset.

As bitcoin price points to continued rise, investors are also buying into the new Solana GameFi project, Mega Dice ($DICE).

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– Mega Dice Casino (@megadice) twitter.com/megadice/status/1817862644566511685?ref_src=twsrc%5Etfw”>July 29, 2024

GameFi sensation Mega Dice tops $1.68 million in pre-orders

Mega Dice is a cryptocurrency initiative from GameFi operating on the Solana network that has recently raised over $1.68 million, approaching the $2 million mark. This project aims to merge gaming and cryptocurrencies, and is aimed at gamers on its platform and holders of its $DICE token.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.457564575646″>

Did someone say LIVE CASINO?

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– Mega Dice Casino (@megadice) twitter.com/megadice/status/1822604228197507256?ref_src=twsrc%5Etfw”>August 11, 2024

The project stands out as a leading brand in the cryptocurrency casino space, with over 10,000 active players per month and over $50 million in monthly bets. 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 perfectly merges GambleFi and GameFi and looks to take the throne currently occupied by Rollbit.

99Bitcoins, a popular cryptocurrency YouTube channel with over 706,000 subscribers, says $DICE could potentially skyrocket 100x after its launch.

Token holders can also share in the casino's winnings on a daily basis through their unique staking system.

To join the pre-sale, 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 your referred investors.

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