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Bitcoin briefly surpassed its record high of $69,000 per unit before it dipped by more than 10% on Tuesday capping a wild roller coaster ride for the worlds most popular digital coin which has officially emerged from its months-long crypto winter.

Bitcoin reached a high of $69,202 on Tuesday eclipsing the all-time record of $68,999.99 that was set in Nov. 2021 before retreating to around $62,300 as of 4 p.m. Eastern time.

Other cryptocurrencies such as ethereum, BNB, Solana and Dogecoin appeared to follow bitcoins trajectory on Tuesday.

Ethereum, which started the day at $3,698 per unit, rose 3% on Tuesday to $3,815 before it fell below $3,400 shedding more than 6%.

Despite bitcoins late-day dip, things are looking up for investors who have snapped up the digital currency in recent weeks.

Since Jan. 1, bitcoin has gained nearly 40%. In the last year, the cryptocurrency has risen by a whopping 175%.

Bitcoins rally is a far cry from the crypto winter which began in late 2021, when the digital coin flirted with $70,000 before freefalling to below $16,000 in late 2022.

Since then, bitcoin has been gradually recovering in fits and starts.

Experts told The Post that a regulatory stamp of approval by the Securities and Exchange Commission, which greenlighted 11 spot exchange traded funds, whetted investor appetites. 

Crypto analysts are also anticipating a halving of bitcoin next month.

Halving is a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners.

Supply of bitcoin is limited to 21 million, of which 19 million have already been mined.

Ted Jenkin, CEO of Atlanta-based financial planning firm oXYGen Financial, told The Post that investors, who are betting on bitcoin while anticipating interest rate cuts by the Fed, should still be cautious.

Part of the growth is always linked to the frenzy of people chasing a hot category or stock and the law of supply and demand kicks in to drive up price, Jenkin told The Post.

He compared bitcoin with AI chip maker Nvidia, whose market capitalization crossed the $2 trillion mark thanks to Wall Street enthusiasm over its growth potential.

Just remember, these are highly volatile early stage technology assets and they will have a ton of volatility, Jenkin said. 

Be careful about thinking of this as a get rich quick scheme.

With Post wires

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.

The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.

The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.

It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.

The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.

Officials said the crash was believed to have been caused by poor weather conditions.

Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.

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The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.

Smoke and debris at the crash site. Pic: Reuters
Image:
Smoke and debris at the site. Pic: Reuters

Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.

Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.

Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.

In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.

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Politics

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

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Sports

Ohtani blasts two HRs to halt 10-game drought

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Ohtani blasts two HRs to halt 10-game drought

LOS ANGELES — Shohei Ohtani hit two homers in an 11-5 win over the San Francisco Giants on Saturday night, emphatically ending the three-time MVP’s longest homer drought since joining the Los Angeles Dodgers.

Ohtani led off the bottom of the first with his 24th homer, hammering Landen Roupp‘s fourth pitch 419 feet deep into the right-field bleachers with an exit velocity of 110.3 mph.

The slugger had been in a 10-game homer drought since June 2, going 10-for-40 in that stretch with no RBIs, although he still had an eight-game hitting streak during his power outage.

Ohtani led off the sixth with his 25th homer, sending Tristan Beck‘s breaking ball outside the strike zone into the bleachers in right. He also moved one homer behind the Yankees’ Aaron Judge and Seattle’s Cal Raleigh for the overall major league lead.

Dodgers fans brought him home with a standing ovation as Ohtani produced his third multihomer game of the season and the 22nd of his career.

Ohtani reached base four times and scored three runs in his first four at-bats, drawing two walks to go with his two homers.

Ohtani hadn’t played in 10 straight games without hitting a homer since 2023 in the final 10 games of his six-year tenure with the Los Angeles Angels.

Ohtani had slowed down a bit over the past two weeks after he was named the NL Player of the Month for May with a formidable performance, racking up 15 homers and 28 RBIs.

The Associated Press contributed to this report.

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