Bitcoin (BTC) Tumbles Below $50,000 as Terraform Labs Co-Founder Do Kwon Faces Extradition to South Korea

Bitcoin experienced a black Monday, briefly trading below $50,000 before stabilizing around $53,000. But the adventure doesn't stop there for the queen of cryptos.

Bitcoin had a Black Monday, briefly dipping below the $50,000 level before recovering to trade around $53,000. But the drama doesn’t end there for the queen of cryptos.

Meanwhile, former Terraform Labs head Do Kwon is set to be extradited to South Korea following his arrest in Montenegro. The return will not be pleasant for Kwon, who is set to face charges over his role in the Terra/LUNA ecosystem.

Bitcoin Storm: Institutional Adoption Stands Firm

Last Monday, Bitcoin slipped below the $50,000 level, dealing a blow to investors who were hoping for some stability. The reason for the drop was not directly linked to the crypto market, but rather to broader fears in the stock and economic markets.

Analyst firm Bernstein attributed the correction to “fears in the stock markets” and wider economic concerns.

But despite the volatility, institutional adoption of Bitcoin is showing no signs of slowing down.

Bitcoin ETFs are continuing to see strong inflows, with contributions amounting to over $17 billion so far this year.

“We don’t see any additional downsides for crypto here,” the analysts noted, highlighting the institutional adoption trend that is set to continue.

U.S. Elections Impact on the Crypto Market

The U.S. presidential elections are set to be a key factor in the crypto market for Q3 2024. Bernstein analysts noted that Bitcoin is still a “Trump trade,” with the crypto market showing a preference for the former president, who is seen as favorable to cryptocurrencies.

Recent polling data shows a close race between Trump and Vice President Kamala Harris, with 50 and 49 percent, respectively. This political drama is adding a layer of uncertainty, which is influencing Bitcoin and cryptocurrency prices.

However, even with the uncertainty, institutional involvement in the crypto space is increasing.

Recent approvals by major financial institutions and the anticipation of more coming in Q3 and Q4 will provide new channels for asset allocation into Bitcoin.

Despite the recent turbulence, Bitcoin has maintained its الكبير in the cryptocurrency market. Investors can be optimistic, as institutional adoption continues to grow, and Bitcoin’s fundamentals remain strong.

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose.

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