bitcoinlfg

Author: BTCLFGTEAM

  • Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    • Bitcoin spiked to above $75,400, a new all-time high.
    • This came as Donald Trump clinched the US presidency, beating Kamala Harris.

    Bitcoin rose to new all-time high above $75,000 as world leaders began to congratulate Donald Trump as the winner and president-elect in the 2024 US election.

    As Trump took a decisive lead with key wins in Pennsylvania, Georgia and North Carolina, pushing his Electoral College votes past the 270 mark, Bitcoin price rocketed past $75k to hit a new all-time high above$75,400.

    BTC chart. Source: TradingView

    The flagship cryptocurrency has since retraced below $74k, but its sharp surge had over half a billion dollars liquidated. Per Coinglass, 124,734 traders saw their positions liquidated in the past 24 hours, with total liquidations at more than $557 million.

    BTC liquidations stood at over $273 million, with more than 70% of that – $211 million – in shorts. Crypto is overall extremely bullish on a Trump presidency and analysts say dips in coming months will offer buy opportunities.

    Trump’s pro-crypto stance

    As the election cycle slowly comes to an end, key to the crypto industry is that the most “pro-crypto” candidate has won. World leaders, including Israeli Prime Minister Benjamin Netanyahu, India’s Narendra Modi and El Salvador President Nayib Bukele, have all congratulated Trump on his victory.

    The US president-elect has also given a victory speech.

    But while the market celebrates, what remains to be seen is whether he keeps the pledges he made during the campaign. These include two pledges for “day one” in office: fire US Securities and Exchange Commission Chair Gary Gensler and commute the sentence of Ross Ulbright.

    He also said he’d make the US the world’s BTC mining hub, support a strategic Bitcoin reserve effort and never allow the creation of a central bank digital currency (CBDC).

    Despite these pledges, industry experts say a Trump White House will be more supportive of crypto in general. The number of pro-crypto Senate and House Representaives has also increased significantly to suggest the road to regulatory clarity has likely opened up.

     

    Share this article
    Categories
    Tags



    Source link

  • Bitwise CIO: US election is going to be a speed bump or wind gust for crypto

    Bitwise CIO: US election is going to be a speed bump or wind gust for crypto

    US Dollar and Bitcoin placed together to show investment concept
    • Bitcoin’s value has risen over 400% between 2020 and 2024
    • Solana has increased in value by nearly 4,500% from $1.49 to around $166 in four years
    • This trajectory of positivity will continue beyond the 2024 US elections, according to Matt Hougan

    Bitwise’s CIO has said while Washington can alter the trajectory of the crypto market by speeding things up or slowing them down, it can’t stop it.

    In his latest client memo, Matt Hougan wrote about crypto in an election year, claiming that crypto has already won, regardless of who becomes the next President of the United States.

    Comparing the state of the crypto market from November 2020 to November 2024, Hougan questioned whether things are better or worse since the last time Americans went to the polls.

    Despite several lawsuits from the US Securities and Exchange Commission (SEC) – notably against Binance, Coinbase, Cumberland DRW, Kraken, and Ripple – the crypto industry has made significant progress.

    A four-year difference

    Looking between the two US elections, Hougan points out that Bitcoin was trading at $13,677 in November 2020. Fast-forward to November 2024 and Bitcoin is valued at around $69,492, indicating a 408% change.

    Ethereum has also seen a positive increase from its humble $388 in 2020 to its now $2,492 in the runup to the 2024 US election. However, it’s Solana that has seen a major increase in price rising nearly 11,000% from $1.49 in 2020 to around $166 in 2024.

    Turning to assets under management (AUM), Hougan shows that stablecoin AUM rose from $3.87 billion in November 2020 to $177.83 billion in November 2024, representing a near 4,500% change.

    Decentralized finance (DeFi) total value locked (TVL) also experienced a healthy boost, jumping from $9.57 billion in 2020 to $139.3 billion in 2024.

    “We focus so much in crypto on the moment-by-moment movement of prices that we often lose sight of the long-term trends,” Hougan wrote. “The presidential election provides a nice opportunity to step back and see how far we’ve come.”

    What next?

    So much has already happened in the crypto market over four years, but will that continue as the market goes beyond the 2024 US election?

    In Hougan’s view, the answer is yes. Regardless of who becomes the next POTUS, Hougan said – among other things – that spot crypto exchange-traded funds (ETFs) inflows will continue, stablecoins will continue to grow, Wall Street will continue to embrace tokenization and real-world assets, blockchains will get faster and cheaper, and real-world applications such as Polymarket will gain mainstream adoption.

    “What happens in Tuesday’s election matters, particularly in the short term,” said Hougan. “But as I see it, over the long term Tuesday will prove to be something between a speed bump and a wind gust. Neither is going to stop this train.”

    Share this article
    Categories
    Tags

    Source link

  • Mt. Gox moves $2.2 billion in Bitcoin as it works to repay creditors

    Mt. Gox moves $2.2 billion in Bitcoin as it works to repay creditors

    • Mt. Gox moved 32,371 Bitcoin to two wallets, amounting to $2.19 billion
    • The movement follows the transfer of 500 Bitcoin worth more than $35 million
    • In October, Mt. Gox announced it was pushing its repayment deadline to October 31, 2025

    Defunct crypto exchange Mt. Gox has moved another $2.19 billion to two unmarked wallets, according to data from blockchain analytics firm Arkham Intelligence.

    Of the $2.19 billion, 30,371 Bitcoin was transferred to wallet 1FG2C…Rveoy. The extra 2,000 Bitcoin was sent to a cold wallet before being transferred to wallet 15gNRV…Aok. According to data from Arkham, the movement of Bitcoin comes five days after the exchange moved 500 Bitcoin worth over $35 million.

    It’s one of the largest movements the exchange has made this year. In May, it was reported that Mt. Gox had transferred over $9 billion worth of Bitcoin to a new wallet. In July, the platform moved a further $2.8 billion. In both of these instances, it was thought Mt Gox’s trustee was preparing for repayment to creditors.

    It may be that this further movement of Bitcoin is related to repaying creditors, something they have been waiting for since a hack caused the exchange to collapse in 2014. In October, Mt. Gox pushed its repayment deadline to October 31, 2025, adding another year from its original date.

    Last month, Mt. Gox said the extended deadline was down to two things: creditors not completing the repayment steps and issues arising from the repayment process.

    Share this article
    Categories
    Tags

    Source link

  • There’s another Bitcoin creator in town, but this one is Stephen Mollah

    There’s another Bitcoin creator in town, but this one is Stephen Mollah

    • Stephen Mollah said he was Satoshi Nakamoto in front of a dozen journalists in London
    • Bitcoin core developer Peter Todd was wrongly named as Nakamoto last month in an HBO documentary

    Another man has come forward claiming to be the mysterious creator behind Bitcoin, Satoshi Nakamoto.

    This time, he’s called Stephen Mollah. Taking to the stage at London’s Front Line Club in front of around a dozen journalists, Mollah made the claim with one journalist calling it an “odd set up.”

    Live tweeting the event on X, Joe Tidy, a BBC journalist, said: “An odd set up to the press conference as the organiser asked me to pay £500 to attend and appear on stage to ask questions of the billionaire mystery man.”

    According to Mollah, he’s claimed he’s Nakamoto before, is currently in a legal dispute about it, and is now ready to provide evidence. He tried to reveal who he was in 2016, but “someone stopped him.”

    After an hour of listening to Mollah’s backstory, he failed to provide evidence. Instead, he supplied a series of screenshots that could have easily been faked. When Mollah was asked to move some of the Genesis Bitcoin, he said he would in the ‘next few months.’

    Mollah and Charles Anderson, the event organizer, have been accused of fraud when Mollah posed as Nakamoto between November 2022 and October last year. The pair pleaded not guilty at a hearing last month, The Standard reports.

    Another one to the list

    Mollah joins a growing list of people who have claimed to be Nakamoto or others believe them to be.

    Last month, the HBO documentary Money Electric: The Bitcoin Mystery wrongly named Bitcoin core developer Peter Todd as Nakamoto. Before the big reveal, the documentary also pointed to Blockstream founder Adam Back.

    Following the documentary, Todd said he’d been forced underground over fears for his safety.

    Others believed to be Nakamoto include late software engineer Hal Finney and computer scientist Nick Szabo.

    In May, a UK High Court ruled against Australian Craigt Wright that he was Nakamoto, arguing that Wright had lied “extensively and repeatedly” throughout the trial, further accusing him of presenting “fabricated” evidence to support his claims.

    Share this article
    Categories
    Tags



    Source link

  • Ex-President Donald Trump wishes Bitcoin whitepaper a happy 16th anniversary

    Ex-President Donald Trump wishes Bitcoin whitepaper a happy 16th anniversary

    Solv Protocol introduces Bitcoin staking on Base with cbBTC token
    • Trump wished a happy birthday to the anniversary of Bitcoin’s whitepaper and called on ending “Kamala’s war on crypto”
    • Since Bitcoin’s initial days, its price has risen to over $72,000 and is accepted as legal tender in El Salvador
    • Trump’s post comes less than a week before the US election results are in

    Former US President Donald Trump has sent well wishes celebrating the 16th anniversary of Bitcoin’s whitepaper.

    Posting on X, Trump said: “I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper,” adding:

    “We will end Kamala’s war on crypto & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne.”

    On October 31, the mysterious creator of Bitcoin, Satoshi Nakamoto, released the whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System, which would change how we view money.

    Detailing how the current financial system works, the author proposed introducing a new “electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”

    Initially looked at with scepticism, Bitcoin’s price has since soared to more than $72,000 as it makes its way toward its March all-time high of $73,700, is accepted as legal tender in El Salvador, and retail and institutional investors can invest in spot Bitcoin exchange-traded funds (ETFs).

    Trump’s post comes less than a week when the results will be in announcing the next POTUS. Trump and his rival, Vice President Kamala Harris have both been vocal in supporting the crypto industry should they lead the government.

    In September, Harris said during a US presidential campaign that, if elected, she would help grow investment in artificial intelligence and crypto. She has also promised to support a “regulatory framework for cryptocurrency and other digital assets.”

    Meanwhile, Trump has said he’ll make America the “crypto capital of the world.” Trump has also backed a crypto project called World Liberty Financial, which plans to launch a stablecoin linked to the US dollar. Raising $14 million in initial funding, the project plans to capitalize on the growing demand for stablecoins.

    Share this article
    Categories
    Tags

    Source link

  • Tether increases its Bitcoin and gold holdings to $4.8B and $5B respectively

    Tether increases its Bitcoin and gold holdings to $4.8B and $5B respectively

    Tether increases its Bitcoin and gold holdings to $4.8B and $5B respectively
    • Tether (USDT) circulation surged to $120B, marking a 30% increase in 2024.
    • Tether’s Bitcoin and gold holdings increased to $4.8B and $5B, respectively.
    • Tether’s net equity doubled to $14.2B, while it faces ongoing legal challenges.

    Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Q3 2024 Consolidated Financials Figures and Reserves Report.

    Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves now stand at $5 billion, reflecting the company’s strategy to bolster its asset base amid rising global demand for its stablecoin, USDT.

    Circulation of USDT increases by 30%

    This quarter has been particularly notable for Tether, as the circulation of USDT has soared to a record $120 billion, marking a 30% increase in 2024.

    This surge adds $27.8 billion year-to-date and positions Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion according to CoinGecko data.

    Tether’s growth is indicative of the increasing reliance on stablecoins within the cryptocurrency ecosystem, driven by greater adoption and market confidence.

    Tether expands its US Treasury Bills holdings

    Additionally, Tether has significantly expanded its holdings in US Treasury Bills, which now total $84.5 billion, constituting the largest segment of its reserves. This strategic move has contributed to Tether’s robust financial health, with net equity doubling to $14.2 billion from $7 billion at the end of 2023.

    Furthermore, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

    Despite its growth, Tether is currently navigating three civil litigation proceedings involving its holdings and operations. Notably, these cases include a class action related to Bitcoin’s price decline in 2017-2018, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a non-Tether controlled wallet.

    Share this article
    Categories
    Tags

    Source link

  • NYSE Arca seeks regulatory nod for Grayscale crypto ETF

    NYSE Arca seeks regulatory nod for Grayscale crypto ETF

    • NYSE Arca is seeking regulatory approval to list an ETF of the Grayscale Digital Large Cap Fund
    • Grayscale recently filed to convert the fund to a spot ETF

    Securities exchange NYSE Arca is seeking regulatory approval to list a new crypto exchange-traded fund (ETF) by Grayscale.

    The ETF is aimed at tracking the Grayscale Digital Large Cap Fund, which the GBTC issuer launched in 2018.

    According to an October 29 filing, the NYSE Arca wants to list the $565 million fund, which Grayscale recently sought approval to convert into a spot ETF. Grayscale’s application came on October 16.

    The fund currently holds five spot crypto assets, including Bitcoin, Ethereum, and Solana, with BTC weighted at 76.5%, ETH at 16.88%, and SOL at 4.46% as of October 29.

    Other digital assets in the Digital Large Cap Fund are Avalanche and XRP, weighted at 0.58% and 1.58%, respectively.

    Recently, the US Securities and Exchange Commission (SEC) greenlighted the trading of options on NYSE’s spot Bitcoin exchange-traded products (ETPs). These included Grayscale’s flagship asset GBTC and the Mini Bitcoin Trust BTC.

    This comes as the industry continues to witness massive demand and investment in spot Bitcoin ETFs following SEC’s approval in January 2024.

    Spot ETFs inflows and holdings

    Inflows into spot ETFs, which includes Ether ETFs approved in May, has skyrocketed. According to SoSoValue data, US spot BTC ETFs have seen cumulative net inflows of $23.28 billion.

    Meanwhile, total net assets have surpassed $72.55 billion, with this accounting for over 5% of the BTC market cap. BlackRock’s IBIT holds $30 billion in assets.

    In a post on X on October 30, Bloomberg senior ETF analyst Eric Balchunas shared that spot Bitcoin ETFs were on track to surpass 1 million BTC holdings.

    Satoshi Nakamoto, the creator of Bitcoin who remains unknown, holds the most BTC today. Satoshi mined the coins in the early years of the flagship digital asset’s launch. Spot ETFs could surpass the 1.1 million figure within the next few days.

    Share this article
    Categories
    Tags

    Source link

  • BlackRock’s spot Bitcoin ETF hits $30 billion, sets new record in 293 days

    BlackRock’s spot Bitcoin ETF hits $30 billion, sets new record in 293 days

    BlackRock launches Ethereum ETF on the B3 stock exchange in Brazil
    • BlackRock takes the lead reaching $30 billion in 293 days. JEPI took 1,272 days and Gold managed it in 1,790 days
    • Spot Bitcoin ETFs could reach one million Bitcoin, surpassing Satoshi Nakamoto by mid-December

    BlackRock’s spot Bitcoin exchange-traded fund (ETF) has hit $30 billion in assets setting a new record of 293 days, showcasing rising interest in crypto investments.

    The milestone from BlackRock comes 10 months after the company launched its spot Bitcoin ETF in January. Then, it was reported that BlackRock had traded $7.5 million shares within the first 10 minutes of launching.

    Now, BlackRock holds more than 417,000 Bitcoin, valued at $30.4 billion, according to iShares data.

    Taking to X, Bloomberg analyst Eric Balchunas, said what BlackRock has achieved is an “all-time record,” adding “the old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”

    Balchunas also noted that Bitcoin ETFs could reach one million Bitcoin soon. At the time of publishing, the number sits around 983,000. If such a milestone is reached Balchunas believes that the combined spot Bitcoin ETFs could surpass Satoshi Nakamoto’s wallet, which holds 1.1 Bitcoin, by mid-December.

    “That said, anything can happen, eg a violent selloff and all this is delayed albeit still inevitable,” he added. “On flip, if prices keep going up, Trump wins, we could see FOMO could kick in and it all happens faster. Stay tuned.”

    Decentralized prediction market platform, Polymarket, and, more recently, Robinhood, an investment app, have launched data predicting who will win the US Presidential election on November 5.

    At the time of publishing, Polymarket shows former US president Donald Trump in the lead at 67% with Vice President Kamala Harris behind at 33.1%.

    Share this article
    Categories
    Tags



    Source link

  • Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH

    Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH

    Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH
    • Bitcoin (BTC) surges past $73,000, nearing its all-time high with strong investor interest.
    • Bitcoin Dogs (0DOG), a new meme coin, could break out with its upcoming game launch.
    • Analysts predict growth for Bitcoin Dogs, benefiting from Bitcoin’s bullish momentum.

    The spotlight is back on Bitcoin (BTC), which recently surged past $73,000, drawing both investor attention and market analysis.

    In tandem with this bullish trend, Bitcoin Dogs (0DOG) is positioning itself as a significant player in the crypto ecosystem. With its unique offerings and upcoming game launch, analysts are beginning to speculate on the potential for a breakout in the Bitcoin Dogs token, making it one of the most promising projects to watch in the coming months.

    Bitcoin (BTC) surges toward new all-time highs

    Bitcoin’s recent trading session has been nothing short of dramatic, as its price soared to a high of $73,562, just shy of its all-time high of $73,737 set in March.

    This impressive rally began late Monday when BTC first crossed the $70,000 threshold, marking a five-month high.

    The surge attracted considerable interest from both retail and institutional investors, particularly in light of the growing confidence surrounding Bitcoin Exchange-Traded Funds (ETFs) launched earlier in the year. CoinShares reported a remarkable $1 billion in new investments flowing into Bitcoin-related funds last week, highlighting robust institutional faith in Bitcoin’s future.

    Interestingly, the cryptocurrency community’s reaction to this near-record price point was relatively muted compared to past market rallies. This subdued response could indicate a maturing market where investors are becoming accustomed to Bitcoin’s high-value trading range.

    Additionally, as the US presidential election approaches, Bitcoin’s performance has emerged as a critical focal point, especially with pro-crypto candidates gaining traction in prediction markets.

    Following its impressive rally, Bitcoin has retraced slightly, settling at $72,369.36 at press time. The market sentiment is however still bullish pointing to the potential of BTC registering a new ATH soon.

    Bitcoin Dogs (0DOG) expected to ride the bullish wave

    Amid Bitcoin’s ascendance, Bitcoin Dogs (0DOG), a new meme coin, is drawing attention for its unique approach within the cryptocurrency landscape.

    As the first-ever Initial Coin Offering (ICO) on the Bitcoin blockchain, Bitcoin Dogs raised $13.4 million and minted 900 million tokens—reflecting the estimated number of dogs on Earth. The project aims to blend the enthusiasm of dog lovers with the engaging world of blockchain technology.

    Despite experiencing a 9.7% decline over the past week, there are signs that the price of Bitcoin Dogs (0DOG), which currently sits at $0.008722, could be on the verge of a major break out.

    Upcoming catalysts for Bitcoin Dogs include the launch of its play-to-earn game, which is set to offer holders unique pathways, epic battles, and in-game rewards.

    This innovative game aligns with the growing interest in blockchain gaming and NFTs, positioning Bitcoin Dogs for potential breakout success. Furthermore, the NFT drop associated with the game could significantly enhance community engagement and token value.

    In addition, analysts note that Bitcoin Dogs is well-positioned to capitalize on several bullish trends, including Bitcoin’s resurgence, the rising popularity of meme coins, and the flourishing Telegram gaming market.

    With a focus on community-driven initiatives, Bitcoin Dogs combines the utility that gaming tokens on Bitcoin need with a playful nod to dog-themed meme culture. The project also features a comprehensive Dog Owners Manual, providing users with insights on managing their digital pets, thereby enhancing the user experience.

    With Bitcoin (BTC) teasing new all-time highs and Bitcoin Dogs (0DOG) gearing up for exciting developments, the coming months could see significant shifts in the cryptocurrency market. Investors and analysts alike will be closely watching these two assets as they navigate this promising yet volatile landscape.

    For more information about the Bitcoin Dogs project, visit their official website here.

    Share this article
    Categories
    Tags



    Source link

  • Pennsylvania House passes bipartisan Bitcoin bill

    Pennsylvania House passes bipartisan Bitcoin bill

    • Pennsylvania House of Representatives have passed “The Bitcoin Rights Bill”, with a bipartisan majority of 176 to 26.
    • The bill seeks regulatory clarity to the digital assets industry, including on self-custody, payments and taxation.

    Pennsylvania has passed “The Bitcoin Rights Bill”, a new legislation that seeks regulatory clarity to the crypto industry.

    While the US continues to lag other countries and regions in terms of regulatory clarity for digital assets, the state of Pennsylvania has taken a huge step towards this with the passage of House Bill 2481.

    Pennsylvania House passes major crypto bill

    According to FOX Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and passed on Wednesday, October 23, 2024, with 176 votes to 26. The bill outlines protections for Bitcoin and crypto holders, including the right to self-custody and use for payments. ‘Bitcoin Rights’ also provides guidelines on the taxation of Bitcoin transactions.

    76 Democrats joined their Republican counterparts to pass the bill, FOX Business wrote.

    The next stage will see the new bill come up for debate and voting at the Pennsylvania Senate, which is Republican-led. If it passes, the final stage will be forwarded to Gov. Josh Shapiro. These two steps commence after the November 2024 US election.

    Crypto stands out as one of the topics candidates in the upcoming US election have sought votes on, including at the presidential level.

    With Donald Trump taking a crypto-friendly stance, it’s been up to Kamala Harris to win the crypto holder’s vote. Despite crypto roundtables and positive policy plans, Harris isn’t connecting with the crypto vote.

    That’s also despite her campaign receiving major donations from some wealthy crypto owners. The most recent is Ripple co-founder Chris Larsen’s $10 million XRP contribution. Larsen called for the Democrats to take a “new approach” to the issue of cryptocurrencies.

    Meanwhile, with less than two weeks to go, forecasts put the majority of crypto holders down as Trump votes. JD Vance, Trump’s VP pick, is also pro-crypto.

    Notably, Pennsylvania is a battleground state and one that could help decide the Trump vs. Harris race to the White House.

    Share this article
    Categories
    Tags

    Source link