Nigel Farage has announced that he will accept donations via Bitcoin and other cryptocurrencies.
He made his appearance at the Bitcoin Conference in Las Vegas, where he was introduced as a “British presidential candidate.” Farage stated:
He mentioned that the reforms are set to introduce crypto assets and digital finance legislation, aiming to reduce the tax on cryptocurrency transactions from 24% to 10%, thereby transforming the UK into a “crypto powerhouse.” He further noted that the cryptocurrency framework established by his party includes the “Bank of England’s Bitcoin Digital Reserve.”
Farage asserted that the new bill would prohibit banks from criticizing customers who engage in cryptocurrency trading.
On Thursday, the reform website underwent updates to facilitate cryptocurrency donations, with a disclaimer specifying that all contributions must comply with Election Commission regulations, and anonymous donations are prohibited.
During the conference, Farage referred to the acceptance of political donations in digital currencies as “innovative” and later commended the United States for being a “pioneer” in its approach to digital assets.
“My message to the British public, especially the youth, is to help guide our nation into the 21st century,” he said. “We must acknowledge that cryptocurrency and digital assets are here to stay.”
In his address, Farage criticized the inaction of previous Conservative governments concerning the current Labour government and the cryptocurrency landscape. He remarked: “Rishi Sunak delivered one speech about cryptocurrency when he was briefly Prime Minister. What has changed regarding London’s status as a global financial hub? Just one speech and nothing more.”
A spokesman for Reform UK confirmed that the party will accept cryptocurrency donations, with further details anticipated to be disclosed on Friday.
Reform UK is categorized under corporate governance as a private entity led by individuals, rather than functioning as a member-driven association like other political parties. The organization overseeing Reform UK is identified as Reform 2025, a nonprofit with just two members and two directors.
On Tuesday, Donald Trump’s media organization announced that institutional investors are set to acquire $2.5 billion in stock, with plans to build Bitcoin reserves from the generated revenue.
Around 50 institutional investors are expected to put $1.5 billion into a private placement for Trump Media and Technology Group, the firm behind Truth Social, along with a $1 billion conversion of senior notes into common stock, as per the company’s statement.
Trump Media aims to utilize its revenues to establish a “Bitcoin Treasury Department.” This initiative will mirror the president’s actions and develop a “strategic Bitcoin Reserve” for the U.S. government.
Devin Nunes, former Congressman and current CEO and Chairman of Trump Media, stated in a press release: “We view Bitcoin as the pinnacle of financial freedom. Currently, Trump Media holds cryptocurrency as a significant portion of their assets. Nunes added that purchasing a substantial amount of Bitcoin will enhance subscription payments and promote a true social “utility token,” which is a form of cryptocurrency used for app purchases on a designated blockchain.
During his initial term, Trump, who once described cryptocurrency as “not money,” critiquing its value as “based on thin air,” has since shifted his perspective on technology. He was the first major candidate to accept donations in cryptocurrency during his campaign. Since assuming office, he has introduced his own cryptocurrency.
Just last week, Trump compensated 220 individuals involved in another cryptocurrency venture, Trump’s Memecoin, leading to allegations that he has blurred the lines between his responsibilities as president and personal interests during a lavish dinner at a luxury golf club in Northern Virginia.
At an event hosted at his Mar-A-Lago club in Florida during the May 2024 presidential election, Trump received confirmation that supporters from the cryptocurrency sector would significantly fund his re-election. He plans to address major Bitcoin events throughout the campaign, with Vice President JD Vance scheduled to speak at a gathering this week.
Two of President Trump’s sons made an announcement on Monday that they were investing in a new Bitcoin mining venture, further expanding the family’s business interests in the crypto industry.
Eric Trump and Donald Trump Jr. revealed their partnership with Bitcoin mining company HUT 8 to establish a new company called American Bitcoin. Bitcoin mining is a lucrative sector within the crypto industry, involving large companies that operate energy-intensive machines to process Bitcoin transactions.
“From the beginning, we have expressed our belief in Bitcoin both personally and through our businesses,” stated Donald Trump Jr. “But merely purchasing Bitcoin is only part of the equation; mining it with favorable economics opens up even greater opportunities.”
HUT 8 will oversee 80% of the new venture, with the remaining 20% held by a business entity named American Data Centers Inc., which includes investments from the two Trump sons. The announcement on Monday by HUT 8 named Eric Trump as the co-founder of the mining venture, where he will serve as the chief strategy officer.
This mining project marks the third major crypto venture launched by the Trump family in the past year. During the presidential campaign, Donald Trump and his sons introduced World Liberty Financial, a cryptocurrency company offering various digital currencies, including the recently announced “stubcoin.”
Subsequently, just before Trump’s inauguration, he and Melania Trump launched Memocoin, a cryptocurrency inspired by online jokes and mascots.
These business endeavors have raised concerns among government ethics experts due to potential conflicts of interest. Since taking office, Trump has relaxed regulations in the crypto industry and proposed the establishment of government reserves for Bitcoin and other digital currencies.
Four years ago, Trump was critical of Bitcoin and dismissed it as a “scam.” Now, he frequently touts plans to make the United States the “crypto capital of the world.”
Bitcoin mining has drawn significant criticism within the crypto industry. While Bitcoin initially attracted amateur investors, the process now requires substantial computing power, leading to the operation of large data centers by companies like Hut 8 to facilitate Bitcoin transactions.
The Trump family’s mining venture traces back to February when investment firm Dominali Holdings announced the creation of American Data Centers Inc. At that time, Eric Trump, a member of Dominari’s advisory board, stated that the venture aimed to develop computing infrastructure for the artificial intelligence industry.
However, the immediate focus has shifted to Bitcoin mining. The Trump family’s venture will concentrate on operating Bitcoin mining machines and amassing a significant cryptocurrency reserve, as disclosed in the announcement. In a recent post on the X platform, Eric Trump mentioned plans to present a “vision and strategy” for American Bitcoin in a live stream.
I
In the summer of 2020, amidst the disruption caused by the coronavirus pandemic on economies worldwide, an overlooked American software company made a bold decision to diversify. MicroStrategy, located near a shopping mall and subway station in Tysons Corner, Virginia, felt that its traditional “software-as-a-service” business was not daring enough.
Instead, the company announced its plans to broaden its horizons by investing up to $250 million in alternative assets, including stocks, bonds, commodities like gold, digital assets such as Bitcoin, and other types of assets.
Fast forward less than five years later, and the sideline in Bitcoin has propelled MicroStrategy to new heights. The company’s stock price has skyrocketed by 20 times, pushing its market capitalization to nearly $75 billion, with its stock entering the Nasdaq 100 index of leading technology companies.
Co-founder and chairman Michael Saylor took a risk to embrace digital currencies after Donald Trump’s election victory, despite concerns about potential threats from volatile crypto prices. MicroStrategy has now become a preferred choice among UK investors as the token’s value has surged.
Saylor’s strategic vision transformed the company into the world’s first “Bitcoin treasury company.” MicroStrategy’s relentless pursuit involves a cycle where issuing bonds to purchase Bitcoin drives up MSTR stock prices, leading to more bond offerings to acquire additional Bitcoin.
Interestingly, Saylor likened Bitcoin to Manhattan real estate in 1650 and emphasized the company’s commitment to quarterly Bitcoin acquisitions.
Critics argue that Manhattan real estate provides stable rental income and potential property value appreciation. However, Saylor focuses on BTC yield, a key metric tracked by MicroStrategy to monitor the ratio of Bitcoin holdings to the company’s stock.
While some may feel they missed the boat with Bitcoin reaching $100,000 in December, Saylor confidently stated that he would buy $1 billion worth of Bitcoin daily even at that price.
Portfolio manager Michael Lebowitz criticized MicroStrategy for essentially “ripping off investors,” citing increased optimism about Bitcoin and heightened stock price volatility.
MicroStrategy’s financial results showed a decline in total revenue and a significant increase in net losses in the third quarter of 2024. Despite this, the company became the top stock choice for UK investors through Interactive Investor.
By the end of December, MicroStrategy had invested $27.9 billion to acquire a total of 446,400 Bitcoins. This represented around 2% of the total Bitcoin supply and was valued at approximately $42 billion at that time.
This strategic approach significantly boosted MicroStrategy’s stock price by almost 400% in 2024, with Bitcoin’s value doubling within that year.
MicroStrategy’s inclusion in the Nasdaq 100 index was expected to accelerate the flywheel effect, as index-tracking ETFs would automatically purchase the company’s stock. This move was likened to Bitcoin entering the Nasdaq by industry analysts.
However, investors who bought in November might have witnessed a drop in value, as MicroStrategy’s stock price surged by 58% in November but declined over 20% in December.
In October, MicroStrategy unveiled plans to issue $21 billion in stock and bonds over the next three years to fund further Bitcoin acquisitions.
Shortly before Christmas, the company sought approval from shareholders to issue billions of additional shares, significantly increasing the number of Class A common stock.
MicroStrategy has become an attractive option for investors seeking exposure to Bitcoin without directly owning the cryptocurrency. Shares can be held through various accounts like Roth IRAs or ISAs.
Industry experts view MicroStrategy as a “Bitcoin agency,” catering to risk-tolerant investors seeking exposure to the cryptocurrency. The significant surge in Bitcoin prices, especially during specific periods, has further fueled interest in the company.
An essential component of MicroStrategy’s strategy involves issuing convertible debt with minimal or no interest payments. These instruments provide investors exposure to Bitcoin by converting into stock if the company’s value surges.
In December, MicroStrategy sold $3 billion in convertible notes without interest, convertible into stock at a premium above the stock price on the sale date.
Lebowitz cautioned that convertible note holders would profit only if the company’s stock price exceeds the conversion price upon maturity, potentially missing out on interest payments elsewhere.
MicroStrategy’s heavy reliance on Bitcoin holdings has led to the company being dubbed a leveraged Bitcoin holder, carrying significant risks in case of a market downturn.
Before embracing Bitcoin, Saylor faced a significant financial setback in 2000, losing billions of personal wealth in a day. MicroStrategy had to revise its earnings, leading to a steep decline in its stock price.
MicroStrategy is not alone in aspiring to benefit from the Bitcoin boom. Other players like Riot Platforms and Tesla have joined the trend, while Microsoft shareholders recently voted against adding Bitcoin to the company’s balance sheet.
Analysts have raised concerns about MicroStrategy’s vulnerability to Bitcoin price fluctuations, emphasizing the importance of Bitcoin’s sustained growth for the company’s success.
While Bitcoin enthusiasts believe in its resilience, the future of MicroStrategy’s strategy remains uncertain, particularly in the face of market volatility.
A computer scientist from Australia who falsely claimed to be the creator of Bitcoin has been given a one-year suspended prison sentence after the High Court in London found him guilty of contempt for continuing to sue people.
The judge, Mellor, revealed that Craig Wright, 54, was actually Satoshi Nakamoto, the individual behind Bitcoin. It was discovered that he had been deceitful about his claims.
Wright had asserted ownership of intellectual property related to Bitcoin, but the High Court determined that he had lied about his involvement and produced fake documents on a large scale. His claim was subsequently revoked.
Despite being instructed to stop legal action against Bitcoin developers, Wright proceeded to file a lawsuit against cryptocurrency developers concerning intellectual property matters. This resulted in lawsuits totaling over £900 billion.
During the court proceedings, it was stated that Wright had made repeated claims of being Nakamoto, causing distress to individuals associated with the Crypto Open Patent Alliance (Copa).
Wright was found guilty on five counts of contempt of court and sentenced to a 12-month suspended prison term, along with a requirement to pay £145,000 in costs within two weeks.
His recent legal actions were described as a desperate attempt to gain publicity, with claims of judicial bias and mistreatment being made. The judge ultimately confirmed Wright’s contempt without a doubt.
During the court session, Wright, appearing via video link from an undisclosed location in Asia, expressed intent to appeal the decision. He had refused to attend in person unless compensated for costs and lost profits.
In a previous High Court ruling, Mellor stated that Wright was not as clever as he portrayed himself to be and had lied extensively regarding his identity as Satoshi Nakamoto.
Bitcoin has surpassed $100,000 for the first time, reaching a new high amid a euphoric surge triggered by President Donald Trump’s election win.
The largest and most valuable cryptocurrency in the world, known for its market volatility, has been on the rise in recent weeks due to expectations of a new era of deregulation and supportive policies under the incoming administration.
On Wednesday, it hit a record high of $103,619, marking a 45% increase since Election Day. Other cryptocurrencies are also experiencing similar gains.
“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are about to enter the financial mainstream,” said Mike Novogratz, founder and CEO of Galaxy Digital, a US cryptocurrency company.
“This momentum is driven by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path,” he added.
President Trump has nominated crypto lobbyist Paul Atkins to lead the Securities and Exchange Commission (SEC), signaling a more favorable stance towards cryptocurrencies.
“Congratulations Bitcoiners!!! $100,000!!! You’re welcome!!! Together we will make America great again!” President Trump tweeted on his social media platform, Truth Social.
Reaching a six-digit price is a significant milestone for Bitcoin, which was created in 2008 and remains shrouded in mystery surrounding its creator Satoshi Nakamoto.
Supporters see Bitcoin and the broader crypto space as the future of finance, although its volatile valuation and slow adoption for everyday transactions raise concerns.
“Bitcoin surpassing $100,000 signifies changing trends in finance, technology, and geopolitics,” said crypto analyst Justin Danesan based in Hong Kong.
“People who were once considered fantasy now exist in reality,” he added.
Trump, who once called Bitcoin a “scam,” has shifted his stance to a more supportive position, touting it as a symbol of free trade and innovation.
Atkins, the former SEC commissioner and crypto advocate, is seen as bringing a fresh perspective to digital asset regulation in the US.
“Atkins’ familiarity with the digital asset ecosystem can lead to new opportunities for US cryptocurrency innovation,” said Kristin Smith, CEO of the Blockchain Association.
Cryptocurrency stocks are on the rise alongside Bitcoin prices, with companies like MicroStrategy heavily investing in Bitcoin.
Trump has also announced his own virtual currency venture, World Liberty Financial, showing growing support for cryptocurrencies.
Bitcoin prices surged above $82,000 for the first time as traders speculated on Donald Trump’s potential support for the cryptocurrency upon his return to the White House.
Bitcoin hit a record high of $82,413 before dipping by approximately 2.8% to around $82,000 on Monday. The price has more than doubled from about $37,000 a year ago.
While Trump had previously criticized Bitcoin, he appeared to shift his stance during the US presidential campaign, engaging with the crypto community and attending industry events. This shift raised hopes of relaxed regulations for individual investors looking to enter the cryptocurrency market, although specific policies have not been announced by President Trump.
Following Trump’s anticipated victory, Trump trading has impacted global markets with a strengthening of the dollar as investors await significant government spending in the US.
In China, investors brace for increased tariffs as Hong Kong’s Hang Seng Index dropped 1.5% on Monday in response to what some view as an insufficient reaction to China’s recent stimulus measures.
Despite China’s debt exchange programs worth approximately 10 trillion yuan (£1.1 trillion), Deutsche Bank economists note a lack of direct fiscal stimulus or housing enhancements, leading to market disappointment.
The values of alternative cryptocurrencies like Ethereum and Dogecoin have also risen in the wake of the election. Dogecoin, previously supported by Elon Musk, saw a significant increase in value, fueling further interest in digital assets.
Trump’s open support for his family’s cryptocurrency venture and potential deregulation of digital assets could raise concerns over conflicts of interest. Nevertheless, there is growing interest in cryptocurrencies as an alternative to traditional banking systems.
Efforts to deregulate digital assets may expose Trump to criticism over potential conflicts of interest, particularly concerning his family’s cryptocurrency venture. His son, Donald Trump Jr., has advocated for cryptocurrencies as a conservative-friendly alternative to traditional banking systems.
In anticipation of potential policy changes, publicly traded crypto companies like Coinbase and MicroStrategy have seen significant increases in their stock prices.
Market analysts suggest that Bitcoin price fluctuations are closely linked to the prevailing market sentiment, including investors’ reactions to political developments like the election results and potential policy changes under a new administration.
As Bitcoin’s price surge continues, interest in cryptocurrencies is on the rise. Online searches for “Bitcoin” have reached their highest levels in months, indicating growing curiosity and market activity in the digital asset space.
Bitcoin has reached record highs amidst speculation on Donald Trump’s victory in the US presidential election, with many viewing him as a candidate supportive of cryptocurrencies.
The digital currency hit $75,005.08 on Wednesday morning, surpassing its previous peak of $73,797.98 achieved in March.
“Bitcoin’s price seems to be closely tied to President Trump’s standing in the polls and betting markets,” commented AJ Bell analyst Russ Mould ahead of the U.S. presidential election.
Investors believe that a Republican win could lead to increased demand for digital currencies,” he added.
Although Trump previously criticized cryptocurrencies as scams during his tenure, he has since shifted his position and even introduced his own platform for the currency.
Nigel Green from DeVere also stated before the election that “President Trump’s victory could propel the world’s first and largest cryptocurrency to new heights.”
Green added, “If re-elected, there would likely be a focus on deregulation, tax breaks, and economic policies favoring investments like Bitcoin.”
President Trump has vowed to make the United States the “Bitcoin and cryptocurrency capital of the world” and appoint Elon Musk to oversee a comprehensive audit of government spending.
Trump’s corporate tax cuts during his previous term boosted market liquidity and encouraged investment in high-growth assets such as cryptocurrencies.
In September, Trump announced the launch of a digital currency platform named World Liberty Financial with his son and other entrepreneurs, although initial sales were sluggish.
World Liberty Financial provides a lending and borrowing service for cryptocurrencies, akin to platforms like Aave.
Since their inception, cryptocurrencies have made headlines for extreme volatility and the collapse of major industry players, notably the FTX exchange platform.
Leading up to the election, Trump made a purchase at a New York restaurant, touting it as a “historic transaction” and possibly becoming the first former president to use Bitcoin for a transaction.
“Who wants a hamburger?” Trump exclaimed to his followers in September, shortly after the platform’s launch.
Read more of the Guardian’s 2024 US election coverage
After Donald Trump’s statement this past weekend that he would stop targeting the cryptocurrency industry if re-elected, Bitcoin surged to its highest price in over six weeks.
On Monday, the price of the cryptocurrency increased by more than 3%, reaching a peak of around $69,745, marking its highest value since June 12 when it surpassed $69,800.
Trump made supportive remarks at the Bitcoin 2024 convention in Nashville, Tennessee, declaring his intention to make the United States a global leader in cryptocurrency and adopt a more pro-Bitcoin stance compared to his opponent, Sen. Kamala Harris.
The former president assured the Bitcoin community that if he takes office, the current anti-cryptocurrency initiatives by Joe Biden and Kamala Harris would come to an end. He emphasized the importance of embracing cryptocurrency technology to prevent other countries like China from dominating.
Trump also vowed to remove the chairman of the Securities and Exchange Commission (SEC) on his first day as president, specifically targeting Gary Gensler, who has been critical of cryptocurrencies despite past endorsements.
At the Bitcoin Conference, Trump proposed the creation of a Presidential Cryptocurrency Advisory Council and the establishment of a national Bitcoin reserve using confiscated cryptocurrency held by the U.S. government.
Echoing his support for Bitcoin, Trump advised against selling the cryptocurrency, promising to retain all Bitcoin owned or acquired by the U.S. government if elected.
According to the Financial Times, Harris’ advisors have been reaching out to major crypto companies to mend relations between the Democratic Party and the cryptocurrency industry, including Coinbase, Circle, and Ripple Labs.
Satoshi Nakamoto, the anonymous creator of Bitcoin, still wields influence over the cryptocurrency almost 14 years after vanishing.
This week, a protocol crafted by Nakamoto (an individual or group that went silent in December 2010) will trigger the “Bitcoin halving,” which has historically been tied to price increases. The upcoming halving is set to occur this Saturday.
Here’s a breakdown of what the Bitcoin halving entails and its potential ramifications.
What is Bitcoin halving?
It revolves around how Bitcoins are recorded and generated. Cryptocurrency transactions are recorded on a public ledger called the blockchain. These transactions are grouped into blocks by “miners,” solved, and linked. Miners use specialized hardware to solve cryptographic puzzles and, crucially, receive rewards in newly minted Bitcoins.
Nakamoto’s goal was to cap the total number of Bitcoins at 21 million, so the protocol adjusts to limit the influx of new coins into the market. This is accomplished by halving miners’ rewards every 210,000 blocks, approximately every four years.
The imminent halving is slated to take place early Saturday in the US and UK, reducing the reward for adding a new block to the blockchain from 6.25 Bitcoins to 3.125 Bitcoins. Bitcoin, currently with over 19 million coins in circulation, will continue halving until an estimated 21 million by 2140.
What impact will it have on the price of Bitcoin?
A halving leads to a decrease in the supply of new Bitcoin, potentially raising its price. It’s an economic principle that a decrease in supply with stable demand should drive up the price of an asset.
Data from 10x Research shows that the average prices following the past three halvings (2020, 2016, 2012) increased by 16% in the subsequent 60 days. The 2016 halving initially saw a 6% dip but then rebounded strongly in 2017.
Experts suggest that halvings usually lead to rising prices due to reduced supply, with a peak typically occurring around 500 days post-halving. However, markets have already factored in the halving, and significant price hikes aren’t expected immediately after.
Are there any negative effects?
Bitcoin mining companies, which bear energy and equipment costs to validate transactions, may face financial strain as rewards shrink.
Andrew O’Neill, managing director of digital assets research at S&P Global, notes that halving the block rewards can impact miners’ profitability significantly, leading to potential closures of unprofitable businesses.
For Bitcoin mining to be economically sustainable, broader adoption across the global economy is required to boost miners’ earnings from transaction fees. However, concerns are rising about the environmental unsustainability of energy-intensive Bitcoin mining.
Critics fear that amateur investors may be drawn into price spikes and hype surrounding the halving, adding another layer of negative impact.
Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ).
Bitcoin (BTC) ended the week at around $68,400, down just 0.8% from the previous week’s closing price of around $69,000. Throughout the week, BTC showed significant volatility, with a price range of 13.4%. The week started off strong with BTC surging to $72,000 on Monday. It then peaked above $73,000 on both Wednesday and Thursday, before reaching an all-time high of nearly $73,800 on Thursday.
Also on Thursday, BTC plummeted to $68,000 before rebounding to close around $71,400. Selling pressure continued on Friday and Saturday, with BTC falling to $64,700 before closing near $65,300 on Saturday. However, positive momentum returned on Sunday, nearly reversing weekly losses and closing at around $68,400.
Despite the volatility and price changes, the past week demonstrated continued strong momentum for the BTC Spot ETF, with net inflows recorded on every trading day. Net inflows for the week exceeded $2.5 billion, with net inflows exceeding $1 billion on Tuesday alone. Cumulative net inflows since its inception are currently approximately $12.2 billion.
BTC spot ETF trading volume is also on the rise, with total trading volume reaching $141.7 billion since inception, including around $28 billion in trades last week. This took his daily trading volume past his $5.5 billion mark last week, and his average daily trading volume has increased since its inception, now sitting at around $3.15 billion.
These numbers confirm that investment momentum from traditional finance to the digital asset space continues. Despite BTC price stabilization last week, demand is primarily coming from ETFs, while native digital asset investors are more active on the short side.
This trend is noticeable in the decline in BTC held by long-term holders, which refers to BTC that has not moved for at least 155 days. At the beginning of 2024, this supply was approximately 16.3 million BTC, but has gradually decreased and currently stands at approximately 15.1 million BTC. While this shift reflects traditional investors driving purchasing activity through ETFs, native digital asset investors who accumulated during the downtrend in 2022 and 2023 are now seeing higher profit-taking rates. The supply of long-term holders is decreasing.
Such behavior is characteristic of early bull phases, when long-term holders distribute assets to new investors. Analyzing past cycles, if the current market is trending up, this pattern is likely to continue until supply from long-term holders matches demand from new investors, which typically occurs at the peak of the cycle. coincides with the beginning of the downtrend phase.
Notably, BTC’s halving is approximately 1 month later, whereas previous cycles’ peaks have historically been 6 to 12 months later. If past patterns repeat, the peak of the current cycle could occur in late 2024 or early 2025.
Bitcoin mining is linked to rising electricity prices
Thomas Wren/Alamy Stock Photo
The US government has proposed taxing crypto miners to reduce the industry's heavy environmental impact, but experts say the measure could simply shift the problem elsewhere. It warns that there is.
Cryptocurrencies such as Bitcoin are kept secure through a process called mining, which involves intensive calculations and large amounts of power consumption. According to the latest data from the University of Cambridge, Bitcoin is 0.69% of all electricity used worldwide.
In America, the government Estimate Up to 2.3 percent of the nation's electricity use in 2023 will come from just 137 mining operations, and electricity rates in Texas are increasing by 5 percent. Directly linked to increased demand Caused by miners.President Joe Biden's 2025 budget proposal Cryptocurrency mining “has the potential to harm the environment, increase energy prices for those who share power grids with digital asset miners, as well as have environmental justice implications.”
The budget therefore proposes a 30% tax on miners' total energy costs, which would apply to both electricity from the grid and electricity generated by miners themselves. It will be phased in, with 10 percent starting in 2025, 20 percent in 2026, and finally 30 percent in 2027. A similar tax was proposed by Biden last year but did not pass. Although passed by the House and Senate and signed into law, this second attempt now faces hurdles.
The move, which comes as Bitcoin has soared to an all-time high of more than £56,000 in recent weeks, has drawn heavy criticism from the crypto industry.Dennis Porter of Satoshi Action Fund tweeted It claimed this was a “backdoor ban” on mining and promised: “We will vigorously oppose this attempt at targeted discrimination without hesitation!”
new scientist Several large Bitcoin mining companies have been approached for comment on the proposed tax. Block Mining, Frontier Mining, and HIVE Digital Technologies did not respond, while TeraWulf declined to comment.
But taxing the industry could have unintended consequences. alex de vries At VU Amsterdam in the Netherlands. China's ban on bitcoin mining in 2021 has prompted companies to move operations to countries such as Kazakhstan, where more than 90% of the country's electricity supply comes from fossil fuels such as coal.
“Perhaps it doesn’t actually solve anything, because mining operations are highly mobile and can be based anywhere, moving from country to country in search of better regulatory environments or cheaper power.” They won’t, says De Vries. “Climate change is a global problem, and moving emissions from one country to another, or worsening power supplies, is actually making the global problem worse.”
“Ideally, we would like to address this issue at a global level,” says de Vries. “You want to reduce the emissions of these miners.” De Vries has long advocated for Bitcoin to follow the lead of the cryptocurrency Ethereum, which has changed the way it operates. changed, abolished mining, and reduced power consumption by 99.99%. But most Bitcoin developers weren’t interested in the change, he said.
Bitcoin has reached a new all-time high price exceeding $70,000 following the announcement from the UK financial regulator permitting trading in crypto-backed securities.
On Monday morning, the cryptocurrency was trading at $71,588, surpassing its previous peak of nearly $69,000 achieved last week in November 2021.
This recent price surge comes after the UK financial regulator stated that it has no objections to investment exchanges listing crypto-backed public market segments, such as cETNs – a financial product that can be traded similarly to stocks.
However, the Financial Conduct Authority clarified that the sale of cETNs to retail investors or the general public is not permitted.
In a statement, the FCA cautioned that crypto assets are highly risky and essentially unregulated, warning investors to be prepared for potential loss of all funds.
Bitcoin has gained support this year following the approval of exchange-traded funds (ETFs) by U.S. financial regulators. ETFs are a collection of assets that mirror cryptocurrency prices and are tradable like stocks on exchanges.
Despite approval, Securities and Exchange Commission Chairman Gary Gensler expressed doubts about Bitcoin, viewing it as a speculative and volatile asset often used for illicit activities like ransomware and terrorist financing.
The upcoming “halving” of Bitcoin, which reduces the creation of new Bitcoins, is anticipated to bolster the currency by diminishing supply and consequently driving up prices.
Neil Wilson, a principal analyst at brokerage firm Finalt, viewed the FCA’s decision as a positive development for the crypto market. He remarked on the potential risks of parabolic market movements leading to significant declines, but expressed uncertainties regarding Bitcoin’s future.
Wilson also raised concerns about the availability of surplus funds for Bitcoin investments.
Bitcoin Dogs, the first ICO in the history of the Bitcoin blockchain, has announced the end date of its presale as March 15th, with seven days remaining.
The project raised over $8.1 million within 23 days, with investors purchasing 0DOG tokens.
With the community built to 150,000 in just three weeks and over 10,000 buyers to date, the team hopes to continue this momentum and growth.
Built on Bitcoin
Powered by 0DOG tokens, Bitcoin Dogs is both a GameFi experience centered around raising and training virtual dogs and a 10,000-strong NFT collection minted in BRC-20. The incredible reception from the cryptocurrency community is due not only to his innovative approach to modern Bitcoin development, but also to his fun retro graphics, focus on the community, and the way players interact with his PvP contests. This is brought about by the chance to get his 0DOG.
The game will begin beta testing in Q2, with 10,000 Ordinals NFTs being launched simultaneously, giving token holders early access to the collection. Full details of the project concept and roadmap can be found at white paperthe team is taking questions on our social channels.
Shaping the history of BRC-20
810 million tokens are available in the pre-sale. This is 90% of the total supply of 900 million, which is equivalent to the total number of dogs on the planet (“One token for every nose and foot on the planet.”).
Complementing this attractive proposition is a unique purchasing methodology, all explained at Bitcoin Dogs. How to purchase video. Bitcoin Dogs navigates the logistics of this, his first-ever ICO on the BTC blockchain, with grace. Pre-sale purchases can be made via Ethereum and a range of ERC-20 stablecoins.
These will then be converted into BRC-20 0DOG tokens once the pre-sale is complete. Investors must provide a Bitcoin address at the time of purchase.
Ordinals and the BRC-20 token revolution are technologies made possible by implementing data into Bitcoin's smallest unit, the Satoshi.
These additions to the original blockchain bring new functionality and utility to Bitcoin while maintaining the security and permanence that are hallmarks of the chain. BRC-20 token We have enjoyed large-scale rallies in recent months. ordinal number NFTs are expected to lead the market until 2024.
The project has also been mentioned in major publications such as CoinTelegraph, Bitcoin.com, DeCrypt, CoinMarketCap, and many others, and has achieved viral success on social media and major influencers. @MrX_Crypto, @BscSuperAltcoinand @BscGemX1000expressed support.
0DOG is currently available for purchase for $0.0343, and the pre-sale ends on March 15th, with a final price of $0.0404.
Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, games, and a new type of token come together to deliver the first ICO on the original Bitcoin blockchain. Bitcoin's true permissionless immutability has been leveraged to create the 0DOG token, and a play-to-earn (P2E) gaming experience and NFT collection has been developed exclusively for his 0DOG holders.
For more information and to buy Bitcoin Dog (0DOG), visit: Website.
Environmentally friendly virtual currency project green bitcoin More than $1 million was raised during the limited-time presale phase.
With an innovative gamified staking model and energy-efficient foundation, Green Bitcoin offers token holders a way to stake their tokens and generate revenue.
Gamified staking model offers a unique way to earn money
Green Bitcoin’s gamified staking model has a unique twist that allows token holders to attempt to predict Bitcoin’s daily price movements, and if successful, they receive a reward based on their accuracy and staking size. You can earn different rewards.
This system resets daily, ensuring continuous engagement.
Unlike common staking protocols with fixed yields, Green Bitcoin’s model offers dynamic yields.
As outlined in green bitcoin white paper the project has allocated over 27% of its total token supply to staking rewards, ensuring a huge amount of incentives for accurate BTC price prediction.
This pool of funds will be distributed over two years.
Green Bitcoin raises over $1 million as crypto market rapidly grows
Based on the revival of the cryptocurrency market, green bitcoin presale has crossed the $1 million mark and is offering discounted tokens to potential investors.
Unlike typical pre-sale setups, the team at Green Bitcoin encourages long-term holding by allowing users to immediately stake their purchased tokens.
Coinsult, a reputable blockchain security company, audited Token smart contract.
According to the company, there is growing interest in the project on Green Bitcoin’s social channels. of the project telegram groups I have seen growth over the past week. green bitcoin twitter account The number of followers has increased to 3,400.
Green Bitcoin is also featured in YouTube videos named: crypto boy praised its “Predict-to-Earn” model.
About Green Bitcoin
Green Bitcoin is a new crypto project on the Ethereum chain that offers a greener and more sustainable alternative to Bitcoin, as well as innovative “earn predictions” including staking rewards and weekly challenges for holders provide the element.
The Green Bitcoin Project was launched in late 2023 with a pre-sale hard cap goal of $7 million and has raised over $1 million to date. Smart contracts are audited by Coinsult.
Green Bitcoin is the source of this content. This press release is for informational purposes only. This information does not constitute investment advice or investment recommendations.
Bitcoin’s mysterious founder Satoshi Nakamoto dismissed early concerns about the cryptocurrency’s potential to consume large amounts of electricity and contribute to carbon emissions, according to newly released emails.
The true identity of Bitcoin’s creator was never revealed, but after Bitcoin’s creation in January 2009, Nakamoto (a pseudonym) remained active in online forums and emails until late 2010, after which he was removed from the project and stopped communicating with him. .
Bitcoin is a digital currency that operates freely from central control. Rather than an authority like a bank or government tracking who owns what, Bitcoin relies on encryption.
So-called miners collect information about transactions and record them on a ledger called a blockchain. These miners perform a huge number of calculations with the aim of completing cryptographic problems, 0.69% of the world's electricity in the process. The first miner to solve this problem adds a collection (block) of transaction data to the blockchain.
You will also be rewarded with a certain amount of newly created Bitcoins. Bitcoin is built into the source code that writes and runs the network. Every 210,000 blocks, an event called a halving occurs where the size of the reward is reduced by 50%. This is intended to avoid inflation due to too many coins being created.
The first block ever mined gave a reward of 50 coins, which is now down to 6.25 coins after three halvings. The last halving was in May 2020.
When is the next Bitcoin halving?
The next Bitcoin halving is expected to occur around April 19th, reducing miners' rewards to 3.125 coins. The reward continues to decrease and disappears completely around 2140 after 21 million coins have been created. At that point, there are no new coins.
Why is it important?
For those who use Bitcoin to purchase goods and services or hold Bitcoin as an investment, nothing changes. The current Bitcoin pool will remain. However, for miners, the value of the rewards they receive will be significantly reduced.
This could lead some miners to close up shop if they decide the effort isn't worth the reward. But the reality is that mining economics are constantly changing, and the industry is likely to adapt and continue as it has always done.
More powerful computers are being created all the time that can perform mining calculations faster, making it easier to mine blocks. However, the feedback mechanism within Bitcoin's code constantly adapts to this by increasing or decreasing the difficulty of calculations depending on the total computer power currently allocated to mining. The purpose of Bitcoin's source code is that a new block is created approximately every 10 minutes, and the network adjusts to speed up or slow down as needed.
When Bitcoin was first launched in 2009, it was possible to mine coins almost instantly with even a basic computer. Nowadays, you need a room filled with powerful equipment, often high-end graphics cards and computationally proficient custom hardware.
What will happen to the price of Bitcoin?
The recent emergence of exchange-traded funds (ETFs), regulated financial products offered by large banks that offer an easier way to invest in Bitcoin, has been long anticipated and was expected to drive up prices. .Some analysts are now estimate Approximately 704,400 coins are already in the hands of the ETF.
There are currently two schools of thought regarding the effect of half-life. Some think the halving will give Bitcoin more impetus, causing the price to rise further, while others think the impact is already priced in. Regulatory approval for Bitcoin ETFs is by no means certain, but the halving is a certainty, so its impact may already be reflected in the price. But it's almost certain that halving won't double the price.
The wild price fluctuations that Bitcoin has experienced over the past few years have become less frequent, and metrics that track volatility seems to be on a downward trend. But at the end of the day, any discussion about Bitcoin's price is just speculation.
Bitcoin (BTC) ended the week at around $52,150, marking a notable 7.9% increase from the previous week’s closing price of around $48,300. The week started with solid price gains, with BTC reaching a high trading price of around $52,800 on Thursday, but it stabilized within the $51,000-$52,000 range over the weekend, ending at just above $52,000. The transaction was completed.
marked last week Bitcoin returns to trading above $50,000 For the first time in over two years, the BTC ETF Spot has shown strong momentum following approval. The last time BTC traded above $50,000 was in December 2021, just after hitting an all-time high of $69,000 in November of the same year. This period was retrospectively recognized as the beginning of a significant downward trend that continued throughout 2022, with prices falling to around $16,000 by the end of the year.
Market momentum continued to be driven by high demand for BTC ETF Spot. Over the last week, cumulative net inflows into BTC ETFs totaled approximately $2.3 billion, nearly double the $1.2 billion recorded the previous week and nearly half of the total net inflows since inception, which currently stands at approximately $5 billion. Occupied.
Net inflows have remained consistently positive for 16 consecutive business days since January 26th. However, outflows from the Grayscale Bitcoin ETF (GBTC) increased slightly last week, reaching approximately $625 million, compared to the cumulative outflows of $415 million recorded the previous week. % increase. This suggests that investors are actively taking profits following the recent surge in BTC prices.
Among the nine ETFs launched on January 11th, the BlackRock Bitcoin ETF (IBIT) remains in the lead with more than $5 billion in assets under management (AUM), and currently has a total of approximately $6.2 billion. It becomes. Fidelity BTC ETF (FBTC) follows in second place with approximately $4.5 billion in assets under management, while 21Shares & ARK Bitcoin ETF (ARKB) secures third place with approximately $1.5 billion in assets under management. Last week, a fourth ETF passed the $1 billion AUM milestone, with the Bitwise Bitcoin ETF (BITB) reaching approximately $1.2 billion in assets under management.
Trading volumes remain strong, with cumulative trading volume for BTC ETFs reaching approximately $9.6 billion last week, with average daily trading volume exceeding $1.9 billion. Since January 11th, the cumulative trading volume has reached $45.3 billion, with an average daily trading volume of approximately $1.7 billion. These numbers represent above-average trading volume for the week, highlighting the strong buying pressure and activity surrounding these ETFs.
Analyzing the macroeconomic situation reveals that Federal Open Market Committee (FOMC) Meeting There are 30 days left. Market expectations are that there is a 90% chance that interest rates will remain unchanged, with the first 25 bps rate cut still expected for some time from the end of the second quarter to the beginning of the third quarter of this year. This expectation increases expectations for more accommodative monetary policy from the Fed and increases the risk exposure that market participants are willing to take. This has contributed to solid momentum in risk assets such as BTC, cryptocurrencies, and stocks, which recently pushed the S&P 500 to new all-time highs.
Bitcoin Dogs is set to become part of cryptocurrency history as the first ICO on the Bitcoin blockchain, launching on February 14, 2024.
The presale of the native token $0DOG will only last for 30 days and will end on March 15, 2024, at which point it will be available for trading.
The $0DOG coin comes with an immersive Metaverse GameFi experience and an NFT collection, both of which are exclusively available to token holders.
The sale will start from stage 1 with a price of $0.015 per token, after which the price will automatically increase every 72 hours. In the final stage of the presale, each $0DOG token will be sold for $0.0404, representing a price difference of 169.33% compared to early stage buyers.
The project begins a challenge Bitcoin Catswhich was also launched on the Bitcoin blockchain seven weeks ago, currently has a market capitalization of $24 million and daily trading volume of over $7 million.
Using the paradigm-shifting Ordinals protocol, players store their NFTs on the Bitcoin BRC-20 blockchain, providing a new level of security and trust when playing against competitors. Solana and Ethereum.
Press the foot button: Inside the Bitcoin Dogs game
Bitcoin Dogs allows users to raise, trade, and race pets in a Play-to-Ear (P2E) environment, drawing heavily on experiences like Tamagotchi and Axie Infinity.
In this game, players are asked to take care of dogs in order to level up. The in-game token BARK powers this process. These can be earned by sharing your activities on social media. This is a mechanism designed to bring new players on board.
Once your dog matures, you will start earning $0DOG. This is her BRC-20 presale token, which players can ultimately hold, sell, or stake. Dog owners can race for each other's $0DOG stash, creating a financial incentive for players to move up the leaderboard.
You can also stake $0DOG tokens to maximize your rewards. Pre-sale stakers will unlock her APR of 75% when they lock their tokens.
Retro game graphics bring the world of Bitcoin Dogs to life, and the dogs will be stored on the blockchain as 10,000 individual NFTs of varying rarity levels. This ecosystem is given an additional layer of interactivity with NFT owners having the option to buy, sell, and even breed their own dogs, creating a vibrant marketplace where dog lovers can interact with each other.
These NFTs are minted on the Bitcoin blockchain using the state-of-the-art Ordinals protocol, so there is something for multiple investor groups. Bitcoin maximalists can enjoy NFTs without leaving the BTC ecosystem, and experienced collectors can become early investors in the latest niche of the NFT market.
The future path for Bitcoin dogs
Bitcoin Dogs ICO is the easiest way to purchase $0DOG tokens. 90% of the total supply of 900 million will be available during the presale, and unsold tokens (stray dogs) will be “burned” to create deflationary pressure.
After the pre-sale, $0DOG will be available for trading on the secondary market. Then, in Q2, the Bitcoin Dogs NFT collection and the Bitcoin Dogs game beta will arrive.
The game continues to be developed with new P2E partnerships and is expected to be officially released in Q3. Contests and events will strengthen the project's marketing efforts, and a cross-chain bridge will also go live, bringing Bitcoin Dog to its largest audience to date.
The timing couldn’t be better for $0DOG
As many experts predict this is the perfect time for the Bitcoin dog to strike. The NFT boom is back. This is further exacerbated by various bull market indicators. Additionally, given the success of first-generation projects like Bitcoin Cats last year, the team expects Bitcoin Dogs to be great and have a vibrant community.
Bitcoin itself is off to a positive start heading into 2024 and looks set to continue. Bitcoin ETF was approved in January, Next halving is in April is coming. Bitcoin Dogs is looking to ride this wave as its roadmap is revealed throughout the year.
As the first ICO on the Bitcoin blockchain, NFTs, BRC-20 tokens, andConsidering cross-chain interoperability, this project and its $0DOG token are a rare advancement in the cryptocurrency space.
About Bitcoin Dog
Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, gaming, and a new type of token come together to deliver the first ICO on the original Bitcoin blockchain. Bitcoin's true permissionless immutability has been leveraged to create the $0DOG token, with play-to-earn (P2E) gaming experiences and NFT collections developed exclusively for $0DOG holders.
The source of this content is Bitcoin Dogs. This press release is for informational purposes only. This information does not constitute investment advice or investment recommendations. Investing in cryptocurrencies can be volatile and risky.
The High Court has heard that an Australian computer scientist’s claim to be the author of Bitcoin’s founding documents is a “blatant lie”. Craig Wright, a 53-year-old who claims to be the pseudonymous author Satoshi Nakamoto, is being sued by a group of cryptocurrency exchanges and developers, with Twitter founder Jack Dorsey’s Crypto Patent Alliance (Copa) seeking a “negative declaration” that Wright is not Nakamoto.
The President of Copa, Jonathan Hough KC, told the High Court that Wright’s claims were “a brazen lie and an elaborate false narrative backed by industrial-scale fabrications.” Hough also mentioned that elements of Wright’s conduct, including his alleged use of ChatGPT to create fabrications to support his claims, were reminiscent of a “farce”. These claims, according to Hough, have “deadly serious” consequences for individuals who faced litigation based on Wright’s claims. He stated, “Dr. Wright has consistently failed to provide genuine evidence that he is Satoshi. Instead, he has repeatedly presented documents that clearly show signs of falsification.”
Both experts agreed that the original white paper was written in OpenOffice software, while the version Wright provided was created using software called LaTeX. Additionally, Wright’s claims to be Satoshi are met with widespread skepticism within the crypto community. Mr Wright’s barrister, Lord Grabiner KC, stated that he published the white paper after “spending many years researching and researching the concepts underlying Bitcoin” and has a “rare combination of interdisciplinary talent” and extensive experience in the field, which Nakamoto has “uniquely brought together” in the white paper.
The trial before Judge Mellor is scheduled to begin with Wright testifying on Tuesday and is expected to conclude next month with a written judgment expected at a later date.
Merlin Chain, native Bitcoin Layer2, announced Funding round from 24 investors including OKX Ventures, ABCDE, Foresight Ventures and Arcstream Capital.
Merlin Chain provides a native scaling solution that integrates the ZK-Rollup network, a decentralized oracle network, and an on-chain BTC anti-fraud module. We are committed to enhancing Bitcoin's native assets, protocols, and products at Layer 1 and making Bitcoin fun again.
Merlin Chain is built by Bitmap Tech, a top-notch OG team with a collective market capitalization of over $500 million. BRC-420”blue boxBitmap Tech's collection has become one of Ordinals' most popular assets, rising from a registration cost of $0.15 to an ATH floor of $34,000, reaching the third-largest market capitalization behind BAYC and CryptoPunks.
Bitmap Tech, the team behind Merlin Chain, has been a strong believer in Bitcoin for many years and is very passionate about developing the Bitcoin ecosystem, rather than servicing other ecosystems. Through its work, it aims to bring more users and assets to Bitcoin. Bitcoin name.
This raise will allow the team to continue to strengthen its ecosystem and increase overall liquidity. So far, Merlin Chain has built a strong DApp ecosystem and plans further expansion.
Merlin Chain plans to launch its mainnet this week. After launch, Marlin Chain plans to host numerous staking events and distribute governance tokens through a “fair launch” with the aim of rewarding real users and builders.
About Marlin Chain
Merlin Chain is a Bitcoin Layer2 that integrates the ZK-Rollup network, decentralized oracle network, and on-chain. BTC Anti-fraud module. Merlin Chain is committed to powering Bitcoin's native assets, protocols, and products on Layer 1 through the Layer 2 network to make Bitcoin fun again. Merlin Chainis is a subsidiary product line of his OG team, Bitmap Tech, whose collective market capitalization exceeds $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of Ordinals’ most popular assets.
Users can start following Merlin Chain twitter For further updates.
Bitcoin (BTC) closed last week at around $41,750, down 5.0% from the first week of the new year, to close at around $43,750. The price showed significant fluctuations, mainly influenced by the increased market dynamics due to the approval of the BTC Spot ETF. The week began with a strong uptrend in anticipation of approval on Monday, with prices rising 9.0% to nearly $47,000. BTC approached $48,000 on Tuesday, but the false news about confirmation encountered significant volatility, causing a drop below $45,000 before stabilizing near $46,000 overnight.
On Wednesday, the SEC granted approval for the BTC Spot ETF, leading to heightened volatility, especially on Thursday when ETF trading began. After soaring to around $49,000, BTC began a significant downtrend, especially on Friday, when the price fell by 7.7% to below $43,000. Prices gradually declined over the weekend, ultimately ending the week at around $41,750.
The launch of the BTC Spot ETF has increased market activity. An analysis of daily trading volume on centralized exchanges for the seven-day period from January 8th to 14th showed that daily trading volume reached nearly $50 billion, the highest since November 2022. The launch of ETFs has increased activity in the entire market, and not just in BTC.
From January 8th to 14th, BTC's daily trading volume was recorded at $17.8 billion, an increase of 26% from the $14.1 billion recorded the previous week. Ethereum (ETH) recorded a total daily trading volume of $7.7 billion during the same period, an 83% increase from the $4.2 billion recorded the previous week, indicating increased activity across the market.
The recent strength of the market compared to BTC is further substantiated by analyzing BTC's dominance in terms of market capitalization relative to the overall digital asset market. At the end of the week, BTC's share was 51.1%, down 5.4% from 54.0% the previous week.
BTC price trends, coupled with volume data and the performance of specific altcoins, indicate that it adheres to the typical “buy the rumor, sell the news” pattern associated with major market events. Market participants predicted the ETF's approval 90% of the time and adjusted their portfolios accordingly prior to SEC approval.
During Q4 2023, BTC showed significant strength, with the price increasing by 57% to around $42,300 from $27,000 at the end of Q3. As BTC reached almost $49,000 after approval, investors took profits on positions initiated at lower BTC price levels and transferred their capital to altcoins, as evidenced by its decline in dominance over the past week. began to be redistributed.
This pattern is common and does not indicate a failed ETF launch. In the first two days of trading, the 11BTC Spot ETF closed with approximately $1.4 billion in cumulative inflows, partially offset by $600 million in outflows from the Grayscale Bitcoin ETF (GBTC). Net inflows were approximately $800 million.
The GBTC outflow was facilitated by the fact that it was not a new product launch, but rather a conversion from an existing Bitcoin trust holding over 600,000 BTC. Grayscale has higher management fees (1.5%) compared to most of its competitors (0.2%/0.3%), leading some investors to withdraw from Grayscale and opt for more favorable management fees. May reinvest in other BTC ETFs with fees.
The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it is working with the FBI to investigate fake messages posted to the X social media account.
On Tuesday, hackers posted false news about an incident. A widely anticipated announcement SEC expected to announce on Bitcoin, leading the crypto world soaring prices and wary observers. An SEC spokesperson confirmed to the Guardian in a statement that the fraudulent posts to the @SECGov account were “not initiated or created by the SEC.”
“The SEC continues to investigate this matter and is coordinating with appropriate law enforcement agencies, including the SEC Office of Inspector General and the FBI,” the spokesperson said. The FBI did not immediately respond to a request for additional comment.
X confirmed late Tuesday, following a preliminary investigation, that the SEC's account was compromised when an unidentified person gained control through a third party and via a phone number associated with the account.
An erroneous post on @SECGov said securities regulators had approved holding Bitcoin in exchange-traded funds. The widely anticipated move was expected to bring Bitcoin more mainstream integration and encourage investment – and the initial SEC tweet sent Bitcoin's price soaring nearly $48,000.
The SEC removed the post about 30 minutes after it was posted, and SEC Chairman Gary Gensler said: Confirmed In a post shortly after, it said the agency's account had been compromised and the tweet was “fraudulent.” “The SEC has not approved the listing and trading of spot Bitcoin exchange products,” he said.
But on Wednesday, the S.E.C.Approving 11 Spot Bitcoin Exchange Traded Funds. This approval is a game-changer for Bitcoin, allowing institutional and retail investors to gain exposure to the world's largest cryptocurrency without directly owning Bitcoin, allowing FTX CEO Sam's massive This is a major boost for the cryptocurrency industry, which has been plagued by a series of scandals, including trials and convictions. Money laundering between Bankman Freed and cryptocurrency giant Binance.
“Retail investors seeking exposure to Bitcoin now have easier and more direct access to their assets through many top financial institutions,” said Digital Commerce, a cryptocurrency and blockchain advocacy organization. said Perianne Bowling, founder and CEO of the Chamber. “This alone is a transformational event for hundreds of millions of investors and the Bitcoin community.”
Akron Energy data center infrastructure company has closed a $110 million private funding round to expand its business, CEO Josh Payne exclusively tells TechCrunch.
The round was led by Bluesky Capital Management with participation from Kestrel 0x1, Nural Capital, and Florence Capital.
The company was founded in 2021 and started with a 5-megawatt site in Australia. Since then, its output has grown to over 130 MW, and it has expanded to other countries and regions such as the United States and Europe.
“These sites are attractive to both Bitcoin miners and AI.” [or] It’s a machine learning client that requires very high-powered computing,” Payne said. By the way, statistics show that 1 megawatt can power 400 to 900 homes per year. Nuclear Regulatory Commission.
Approximately $80 million will be used to acquire an additional 200 megawatts of capacity across new data centers in Ohio, North Carolina, and Texas as part of the company’s plan to increase its total megawatt capacity by 130% by mid-2024. be exposed. This is in addition to an existing 100-megawatt facility in Ohio that Akron purchased in June, Payne noted.
“The United States is an attractive market for us in many ways, primarily due to huge domestic customer demand, a mature and robust energy industry with multiple flexible deregulated markets, and a strong political and・Regulatory stability and attractiveness to institutional investors,” Payne said. “The United States has a wealth of underutilized and stranded generation assets that are connected to some of the lowest-cost power sources in the world, many of which are renewable.”
Payne said the majority of the company’s U.S. data center portfolio is made up of institutional-grade Bitcoin mining companies. “We are essentially landlords who own the underlying infrastructure assets.”
Akron’s business model is focused on strategically acquiring distressed data center assets around the world. “The current and future demand for data center capacity of all types seen around the world, especially in the United States, is unprecedented and huge. We have energy-intensive platforms that require significant amounts of electrical infrastructure.”
The remaining $30 million will be used to develop an artificial intelligence cloud services project at Akron’s data center in Norway to help serve the generative AI and large-scale language model training markets. “Over the past year, we have seen a significant acceleration in market demand for generative AI and large-scale learning model applications,” he said.
However, there is a lack of specialized physical infrastructure to power computers and support most of these products. Akron aims to fill that gap by providing the underlying infrastructure layer that the AI sector relies on.
Over the past year, with spot ETF approval looming, on top of Bitcoin’s potential growth and adoption in the mainstream institutional market, there has been a “meteorous rise in AI applications,” such as Akron’s Specialized data centers are “poised to continue to grow exponentially,” Payne said.
According to vx-underground, the hackers claim to have stolen 70,000 customer photos taken from cameras embedded in ATMs, as well as the personal data of 300,000 customers. Name, surname, email address, phone number, current occupation, address, etc.
No one has publicly claimed hacking. A month later, what actually happened to Coin Cloud remains a mystery, even to the company’s new owners.
Do you have more information about the Coin Cloud hack? We’d love to hear from you. Lorenzo Franceschi-Bicchierai can be reached securely on Signal (+1 917 257 1382), Telegram, Keybase and Wire @lorenzofb, or email lorenzo@techcrunch.com. He can also be reached at TechCrunch via SecureDrop.
Mr. Bernard, who serves as CEO, Bitcoin ATMThe company, which rebranded itself after purchasing some of Coin Cloud’s assets in bankruptcy proceedings, told TechCrunch that his company launched an investigation following vx-underground’s tweet, but is unsure when the breach occurred or who identified it. He said he was unable to conclude whether he was responsible. He himself described the incident as a “mystery”.
“Coin Cloud has been hacked multiple times in the past when it was still a commercial company, so the data breach happened a while ago,” Bernard said. “I think the data is being held to ransom right now. It’s impossible to say. [when] There is little control throughout the software development process, with multiple international contractors having access to source code containing secrets. [database]” Bernard said in an email.
“Based on the information we have been shown, it does not appear that any services maintained by Coin Cloud have been recently compromised,” Barnard added. “Therefore, it is reasonable to think that this is data that was already stolen when Coincloud was hacked previously. It is an assumption, but a reasonable one. It’s impossible to say exactly what was compromised; so many vendors and internal employees had access to it that the same thing may have happened at different times over the years. ”
Barnard said that if someone were to obtain the source code containing the database’s administrator credentials, the hacker “would have access to all the files.” [Know Your Customer] Customer information. ”
Know Your Customer (KYC) is a check performed by technology and financial companies to verify a person’s identity to prevent fraud and money laundering. KYC checks often rely on customers submitting scans of their identification documents.
A former Coin Cloud employee told TechCrunch on condition of anonymity that Coin Cloud was “an absolute disaster to work for.”
“We didn’t have a security team,” the former employee said, adding that Coincloud had been hacked at least once in the last year and believed the company stored much of its data in plain text, meaning it wasn’t encrypted. He added that
In the dynamic world of cryptocurrencies, industry leaders are optimistic about the beginning of a new bullish phase, with hopes rising for Bitcoin to reach an all-time high of over $100,000 in 2024.
Bitcoin has experienced an impressive rally of over 120% this year alone, and many enthusiasts believe this upward momentum will continue into next year.
Last week, Bitcoin ended around $37,450. Markets have experienced considerable volatility this week in the wake of the US Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange. The announcement of the settlement and the resignation of Binance’s CEO caused the market to briefly decline, with BTC trading at $35,700 at one point. The negative sentiment was quickly followed by positive news, such as Binance not facing further regulatory action, contributing to a newfound stability in the market.
The start of the new week was marked by BTC trading at a price of $40.665. This year’s highest price has been updated.
2023 looks like it will be the year we prepare for the upcoming bull market. 2024 and 2025 are highly anticipated.
Despite the crypto industry facing challenges such as coin crashes, project failures, bankruptcies, and criminal trials, recent high-profile cases involving exchanges like FTX and Binance have It is seen by some as a turning point. Some industry players believe that the speculative phase is nearing an end, allowing a transition to constructive development and problem-solving in the cryptocurrency space.
The speculative phase appears to be over, leaving room for actual builders to focus on technology and problem-solving.
Attention now turns to positive developments. First, there is excitement about the potential approval of a Bitcoin exchange-traded fund (ETF). If approved, it could attract larger traditional investors and could be an important milestone in Bitcoin’s mainstream adoption.
The second notable development is the Bitcoin halving scheduled for May 2024. This event occurs every four years and cuts the rewards to miners in half, thereby limiting the supply of Bitcoin. Historically, this has been the catalyst for new rallies in the crypto market.
Investors are closely monitoring these developments, with particular focus on potential ETF approval and the upcoming halving. Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ) pointed out:
“Approval of a US-based Bitcoin Spot ETF is not only likely to bring in capital inflows, but also inject significant liquidity into the market, fostering more stable prices, and opening the doors to digital asset exchanges and digital assets. It has the potential to facilitate more advantageous trading in both financial products that incorporate the ”
Bold predictions for Bitcoin in 2024 have already surfaced, with various ETF endorsements predicting that Bitcoin could reach $100,000 by the end of 2024. This represents a significant 160% increase from the current price.
Moreover, Matrixport, a cryptocurrency financial services company expects the price to reach $63,140 by April 2024 and a whopping $125,000 by the end of next year. Their report highlights factors such as an expected drop in inflation and a possible interest rate cut by the Federal Reserve as factors that could push Bitcoin to new all-time highs in 2024.
As the cryptocurrency landscape evolves, industry leaders and investors alike are looking forward to a transformative year full of potential milestones and new heights for Bitcoin.
Last week, Bitcoin (BTC) ended at around $37,350, an increase of 0.8% compared to the previous week’s closing price of $37,000. It started with notable volatility, with BTC prices falling to $34,800 on Tuesday, but then made a strong recovery and reached almost $38,000 on Wednesday. BTC then fell again to $36,000 on Thursday. The second half of the week saw an uptick, with BTC ending the week at around $37,350.
BTC dominance, which measures Bitcoin’s market capitalization relative to the overall digital asset market, recovered after two consecutive weeks of decline and settled at around 52.6%. This represents an increase of 0.3% compared to the previous week and indicates a slowing in the dispersion of liquidity across the market following two weeks of solid momentum in the altcoin sector.
The recent rise in altcoin performance is supported by an analysis of the Total3 metric, which considers the sum of the market capitalizations of the top 125 altcoins. The index now stands at around $416.1 billion, the highest level since August 2022. This follows a solid rally led by the Bitcoin and ETF Spot stories in recent months, highlighting substantial positive momentum across the market, with significant gains in early May 2022 approaching market cap. It reached a level not seen since the collapse of UST-Luna, which triggered a recession.
Confirming the uptrend, several BTC indicators are showing strong momentum. Approximately 80% of addresses holding Bitcoin are currently profitable, indicating solid accumulation during the 2022 recession. Only about 20% of addresses have an average purchase price above $37,000, confirming that a bottom is likely to form sometime in 2022. This accumulation by short-term holders by long-term holders is typically seen in the later stages of a bear market. A cycle bottom is established. This is further supported by the unchanged BTC supply over the past 12 months, currently accounting for 70.2%, indicating the long-term commitment of most investors. Furthermore, the Bitcoin Irritant Supply Index, which measures the supply held in wallets with minimal spending history, reached an all-time high of 15.4 million BTC. This is consistent with our previous hypothesis depicting a recent surge in long-term holders who continued to accumulate assets without selling them during the 2022/2023 economic downturn, and was associated with the sale of BTC in their wallets. indicates minimal activity.
Examining BTC’s on-chain activity reveals positive trends. His daily transaction count, calculated on a 7-day average, is approaching around 575,000, and his total BTC on-chain transaction volume has reached a level not seen since the end of June. Transaction fees remain relatively high at $4-$5, indicating an overall upward trend in on-chain activity beyond centralized exchanges and financial instruments. This suggests that structural activity and interest are growing harmoniously across different investor cohorts.
Focusing on mining, recent reports indicate that Tether, the issuer of USDT, is expanding into mining with the aim of capturing around 1% of the total hashrate and securing a position in the top 20 mining farms. The company plans to invest $500 million. According to a BitVeria report, during the third quarter, miners focusing on power strategies managed to reduce the average direct BTC production cost by 35% from $21,100 to $13,800. This data highlights a significant improvement in the mining sector’s profitability compared to the challenges experienced through 2022 and parts of 2023.
Last week, Bitcoin (BTC) rose 5.9% to close at around $37,000 compared to the previous week’s closing price of $35,000. This week has seen solid price movements, with BTC seeing fluctuations with prices increasing continuously every day from Monday to Friday. The highest trading price was observed on Thursday, reaching nearly $38,000. After this peak, prices declined slightly and stabilized at around $37,000 from Friday through the weekend.
BTC dominance, which measures Bitcoin’s market capitalization relative to the overall digital asset market, fell for the second consecutive week, settling at around 52.3%. This corresponds to a decrease of 0.7% compared to the previous week and highlights the continued dispersion of liquidity among more speculative assets. This is characteristic of a phase in which investors express confidence in the market and engage in riskier trades.
Trading activity continues to soar, with cumulative daily volume on centralized exchanges reaching $31.4 billion, calculated on a seven-day moving average. This figure is the highest since the end of March and reaffirms that the recent uptrend is driven by strong trading activity.
A notable aspect is the heavy involvement of traditional finance in the recent uptrend. Chicago Mercantile Exchange (CME)’s BTC open interest exceeded 100,000 contracts for the first time, surpassing Binance and becoming the top exchange in terms of BTC open interest. This strong presence of traditional financial investors is evident in the Grayscale Bitcoin Trust (GBTC) discount rate, which has now narrowed to 10.3%, its lowest level since August 2021. .
The increase in traditional financial activity related to BTC confirms the confidence market investors currently have regarding the approval of a future BTC spot ETF. It is important to note that the first final decision deadline from the SEC on the 21Shares BTC Spot application is scheduled for January 10, 2024. Presumably, to avoid giving issuers a first-mover advantage, the SEC will make a final decision to approve or deny all applications by this date. Additionally, applications for digital asset spot ETFs continue, with recent news including BlackRock’s ETH Spot ETF following Grayscale’s decision to apply for conversion from Ethereum Grayscale Trust (ETHE) to ETH Spot ETF. It has been revealed that he has applied for an ETF. How many weeks ago?
The surge in prices and trading activity, particularly through traditional financial channels, coupled with a consistent decline in the GBTC discount and significant net inflows observed in ETPs underlying digital assets, has led investors in the market to bet on approval. It suggests that Securing approval from the SEC is likely to attract significant investment from traditional finance, bringing an influx of new investors and potentially strengthening digital assets and pushing them into a more recognized asset class. . Conversely, a rejection would likely cause a short-term economic downturn, given the general expectation in favor of approval and the subsequent positioning of market participants, which will be heavily influenced by this expectation.
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