Bitcoin could reach $3 million, according to asset manager Vaneck, with a model showing its potential as a reserve asset held by global central banks. Bitcoin as Central Bank Asset? The $3M Target Driving Big Conversations Matthew Sigel, head of digital assets research at asset management firm Vaneck, analyzed bitcoin’s recent rise in an interview […]

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In a world where nearly half the population will participate in national elections in 2024, the stakes for securing democratic processes have never been higher. Disinformation campaigns—especially those funded through crypto—have become a potent tool for states like Russia, China, and North Korea to destabilize democratic institutions, influence public sentiment and erode trust in governance. Chainalysis’ Malign Interference and Cryptocurrency report sheds light on the pivotal role of crypto tracing in identifying and countering these threats.

In spite of their pseudonymity, the transparency of the blockchain provides investigators a powerful tool to investigate how malign actors abuse cryptocurrency. Each transaction leaves a permanent, traceable record, allowing analysts to connect the financial dots across complex networks of accounts. This traceability was crucial in identifying the funding behind Russian disinformation efforts in recent U.S. elections. The funds used to purchase web domains and social media accounts were traced back to Kremlin-affiliated actors, highlighting crypto’s role in the infrastructure of disinformation.

Sanctions are among the most effective countermeasures against malign actors using crypto for disinformation. For example, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto addresses associated with Russian disinformation entities. These sanctions disrupt financing and make it difficult for actors to raise, transfer, and off-ramp their funds. However, these actors adapt quickly, finding new means of funneling funds and evading detection.

Looking ahead, as AI amplifies the reach and sophistication of disinformation, crypto tracing must continue to evolve. The ongoing development of blockchain analytics tools promises to meet the challenge of tracing disinformation funding in a world where deepfakes, bots, and AI-generated profiles are becoming the norm. The findings from the Malign Interference and Crypto report underscore the importance of collaboration across the public sector, private companies, and international organizations to safeguard democracies from crypto-fueled disinformation threats.

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The cryptocurrency market showed mixed trends on Monday as investors prepared for key events—the US presidential election and an anticipated Federal Reserve rate cut, both of which could significantly impact crypto markets.

Major tokens like Bitcoin, Ethereum, Dogecoin, Tron, and Toncoin saw gains, while others such as BNB, Cardano, Shiba Inu, Chainlink, Polkadot, Litecoin, Uniswap, and NEAR Protocol experienced losses of up to 3%.

At 12:02 pm IST, Bitcoin (BTC) traded 0.84% higher at $69,014, while Ethereum rose by 0.9% to $2,472. Despite these individual gains, the global cryptocurrency market cap declined by 1.68% over the past 24 hours to roughly $2.25 trillion.

“Bitcoin is facing resistance at $69,000 after last week’s gains. We expect high volatility this week, driven by the US presidential election and the Fed’s policy meeting,” said Vikram Subburaj, CEO of Giottus Crypto Platform. “A rally above $72,000 could be likely if Trump secures a victory, while support remains strong at $66,000 if a drop occurs.”Edul Patel, CEO of Mudrex, said, “With just one day remaining before the U.S. presidential election, the crypto market is closely watching for the outcome. Bitcoin, currently trading at $69,000, has declined by over 4% over the weekend as investors adopt a cautious approach. Although technical charts suggest momentum is building, investors’ reaction to the election outcome is expected to be the key driver of BTC’s price action. Bitcoin faces resistance at $70,900, with support at the $67,400 level.”

The volume of all stablecoins is now $65.12 billion, which is 93.44% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, increased to $1.363 trillion. Bitcoin’s dominance is currently 60.63%, according to CoinMarketCap. BTC volume in the last 24 hours surged 42.64% to $33.44 billion.

Tech view by ZebPay Trade Desk

Earlier this week, Bitcoin’s pullback near its all-time high may have prompted short-term traders to lock in profits. Despite the price retreating to around $68,000, analysts remain optimistic, expecting Bitcoin to find solid support within the $65,000 to $68,000 range. The upcoming U.S. elections are the next significant catalyst for the crypto markets. A break above $70,000 in the near term could lift investor sentiment, driving renewed buying interest in select altcoins as well.

BTC after making the all-time high of $73,777 was trading in the ‘Descending Channel’ pattern. The asset gave a breakout above the channel and rallied up to $73,620. However, the bulls failed to cross the previous all-time and the prices witnessed some profit booking. BTC has struggled to give a weekly closing above the $70k mark in the past and this time also it failed to do that. Once it gives a weekly close above $70,000 and sustains above the previous all-time high then we may expect it to rally further.

Key Levels for BTC:

Support 1: $66,500
Support 2: $62,000

Resistance 1: $70,000
Resistance 2: $73,777

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)