Balaji Srinivasan 'Burns' $1 Million in Bitcoin to Prove a Point

A wallet holding over 300 Bitcoin for a decade was emptied as Bitcoin's price dropped. The wallet, funded in 2013, saw a 152,300% increase in value, now worth $34.8 million. Recent movements of ancient Bitcoin suggest a market correction phase.

Bitcoin has shown minimal movement in the past week, while meme coins like Dogecoin have experienced significant fluctuations. The broader market context indicates pressure on traditional risk assets due to recent U.S. tariffs and the Federal Reserve's rate decision. Technical indicators suggest potential corrections for Bitcoin and meme coins.

Strategy's co-founder Michael Saylor revealed the company's potential to hold up to 7% of Bitcoin's total supply. With over 3% currently owned, acquiring 7% would amount to 1.47 million BTC, valued at about $169 billion. Saylor emphasized the importance of other entities also having a share in Bitcoin.

Analyst Mark Palmer raised Bitcoin giant Strategy's price target to $705, citing a projection of Bitcoin hitting $225,000 by 2026. Strategy reported $10 billion in Q2 net income, mostly from unrealized gains on its $71 billion Bitcoin holdings, causing a 4% stock drop.

Bitcoin and other cryptocurrencies experienced fluctuations as investors assessed the impact of the White House's new tariffs and the weakening U.S. labor market. Stock indices, including the S&P 500 and Nasdaq, saw declines, while the U.S. economy added 73,000 jobs in July.

Metaplanet plans to raise $3.7 billion through a stock offering to support its Bitcoin accumulation strategy, aiming to accumulate 210,000 BTC by 2027. The proposal includes introducing two new classes of perpetual preferred shares for this purpose.

The Panama Playlists allegedly leaked Spotify accounts of tech leaders, politicians, and journalists, showcasing their music preferences and playlists. Some individuals confirmed the authenticity of their leaked playlists, like Palmer Luckey and Brian Armstrong.

In 2025, crypto startups have raised a total of $13 billion, with Pump.fun leading the pack by raising $590 million in July. OSL Group secured $300 million, while Upexi announced a $200 million deal. These fundraising efforts are expected to continue growing throughout the year.

Coinbase accuses the FDIC of obstructing the disclosure of Operation Chokepoint 2.0 documents despite court orders. The crypto exchange filed a motion for additional discovery to challenge the FDIC's actions.

XRP, Solana, and Dogecoin experienced declines of 5%, 5.9%, and 7% respectively, coinciding with Bitcoin's brief dip. Analysts attribute the retracement to cautious sentiment and excess leverage in altcoins, leading to liquidations exceeding $250 million daily for the past five days.