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  • Crypto prices fall despite Trump’s Bitcoin reserve plan

    Crypto prices fall despite Trump’s Bitcoin reserve plan

    Bitcoin dips to $86k

    • Bitcoin was trading at around $88,000, dropping 1.50% in the last 24 hours
    • Ethereum, XRP, Solana, and Cardano have also seen prices dip following news of the Digital Asset Stockpile
    • TD Cowan analysts consider it a “compromise” and that the reserve is a positive move from the White House

    Crypto prices remained unchanged on Friday after US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve.

    Data from CoinMarketCap shows Bitcoin is trading around the $88,000 mark, dropping over 1.50% in the last 24 hours.

    Bitcoin price chart. Source: CoinMarketCap

    Ethereum, XRP, Solana, and Cardano have also remained relatively flat following the news. Solana saw the biggest drop, 5% over 24 hours, and is currently trading at $142. Earlier this month, Trump revealed that these would be the coins included in the crypto reserve.

    Notably, these coins weren’t mentioned in Trump’s executive order detailing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which he signed on March 6.

    A “compromise”

    In a post on X, White House artificial intelligence (AI) and crypto czar David Sacks said:

    “The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.”

    Sacks also indicated that the executive order authorized the Secretaries of Treasury and Commerce “to develop budget-neutral strategies for acquiring additional Bitcoin, provided that those strategies have no incremental costs on American taxpayers.”

    In response, Michael Saylor, chair and CEO of Strategy, said: “I have a few budget-neutral strategies for acquiring additional Bitcoin.”

    With the news of the Strategic Bitcoin Reserve not pushing prices higher, TD Cowen analysts said they considered this a positive move from the White House, adding:

    “We view this as a compromise. The government is not spending taxpayer dollars to acquire new digital assets. It is simply not selling the ones that it seizes.”

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  • Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium
    • Rhodium filed for Chapter 11 with debts of up to $100M and assets of up to $500M.
    • The debtor-in-possession financing plan is offered by Galaxy Digital.
    • Galaxy Digital offers Rhodium a $30M loan or 500 BTC with a 9.5%-14.5% interest.

    Rhodium Enterprises, a Texas-based Bitcoin mining firm, has recently garnered significant attention following its Chapter 11 bankruptcy filing on August 24, 2024.

    With liabilities ranging between $50 million and $100 million, and assets valued between $100 million and $500 million, Rhodium’s financial struggles have highlighted the growing challenges within the cryptocurrency mining sector.

    Riot Platforms claims Rhodium owes it $26M

    At the heart of Rhodium’s financial distress is its strained relationship with its landlord and power supplier, Whinstone.

    This tension contributed to Rhodium defaulting on a $54 million loan in July, shortly before the company raised $78 million in additional lending. The strain has culminated in the filing of a lawsuit by rival mining firm Riot Platforms, which claims Rhodium owes over $26 million in unpaid fees.

    Texas approves debtor-in-possession financing plan for Rhodium

    Despite these setbacks, Rhodium has secured an unusual debtor-in-possession financing plan approved by a Texas court.

    This plan, offered by Galaxy Digital — a blockchain firm led by Mike Novogratz — provides Rhodium with a choice between a $30 million loan with a 14.5% annual interest rate or a 500 Bitcoin loan with a 9.5% interest rate.

    Notably, the Bitcoin miner has the option to repay the Bitcoin loan in US dollars, based on market prices at the time of repayment.

    The approval of this financing plan is particularly striking given the volatility of Bitcoin price, which adds a layer of uncertainty to Rhodium’s repayment obligations. Over the last month, Bitcoin has seen a nearly 11% decline, reflecting broader market instability.

    Rhodium’s struggles are not isolated; they are emblematic of the broader challenges facing the cryptocurrency mining industry. The recent Bitcoin halving has reduced mining rewards while rising electricity costs have eroded profit margins.

    As Rhodium endeavours to reorganize and recover, its journey underscores the precarious state of the crypto-mining sector in an increasingly volatile market.

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  • Tether and City of Lugano launch Plan Business Hub celebrating Plan’s anniversary

    Tether and City of Lugano launch Plan Business Hub celebrating Plan’s anniversary

    • The Plan Initiative was launched on March 03, 2022.
    • The main objective of the Plan was to scale Lugano’s blockchain capabilities.
    • Tether and the City of Lugano have launched the Plan Business Hub to celebrate the first anniversary of the Plan.

    It is now a year since the Plan Initiative was launched in the city of Lugano. So far The Plan has brought crypto to over 150 shops and businesses within the city. As a result, Tether Operations Limited (Tether), the company behind USDT stablecoin, has joined the city to celebrate this achievement.

    When The Plan was launched, the city of Lugano announced that Bitcoin (BTC), Tether (USDT), and the city’s own LVGA token would be accepted as payment for taxes, parking tickets, tuition fees, and public services. So far, over 150 businesses and shops including Mcdonald’s have also started accepting USDT, BTC, and LVGA in addition to fiat currency as payment for goods and services.

    To celebrate the culmination of a successful year for The Plan Inititiative, Tether and the City of Lugano on March 3, 2023, announced the launch of the Plan Business Hub.

    The Plan Business Hub

    The Plan Business Hub will help explore the potential adoption of blockchain technology in businesses and the long-term use of cryptocurrencies in the European region.

    The Hub will house more than 300 blockchain experts and enthusiasts and serve as a global point of reference in Lugano. It will also host a recreational space for meetups and workshops fostering education and development. It is designed to attract talent, and encourage networking and knowledge sharing.

    The Mayor of Lugano, Michele Foletti, commenting on the development said:

    “The goal of this collaboration is to make Lugano a center of excellence for blockchain technologies. In the first 12 months we have seen growing interest and Lugano is now definitely on the world map, alongside a handful of other destinations. The strength of Lugano’s Plan ₿ is that it has been able to demonstrate real-world use of blockchain technologies by applying it practically to local communities in Lugano. Businesses of all sizes and scale have begun to leverage blockchain platforms to improve their processes and we are watching before our very eyes as Lugano becomes a model for the global adoption of cryptocurrency.”

    Since The Plan was launched, Lugano has hosted numerous networking, outreach, and educational events that have attracted people from around the world to learn and discuss the opportunities presented by blockchain technology and cryptocurrency adoption. For instance 86 students from 26 countries visited the city over the past year for the first-ever Plan summer school, an intensive 2-week program by Tether taught by world-class experts on the business, regulatory, and technological implications of blockchain and Bitcoin.

    There is a 500-student grant set aside for future Plan summer school program students. Tether and the City of Lugano are also working together to provide additional grants to university students in the coming months.

    For the 2023 calendar, there is the 2023 Plan forum in Lugano that is scheduled to take place between October 20 and October 21. Tether will also continue its Plan summer school program with two sessions for 2023 in the spring and summer.

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  • Tron token making slow but sure gains amid plan to empower “elite” startups

    Tron token making slow but sure gains amid plan to empower “elite” startups

    • Tron token rose by 1.72% on Wednesday.

    • TRX gains come amid news that Tron was supporting startup blockchains.

    • TRX could continue to surge up to a descending trendline.

    Tron (TRX/USD) is emerging from the ruins of a bearish breakout that sent the token spiralling to $0.045. The cryptocurrency recorded intraday gains of 1.72% and traded at $0.055. The token has printed a short-term bullish trendline that could now interest buyers. 

    The slight recoveries in TRX come even as the Tron DAO continues to power startup blockchains. According to the latest announcement, Tron DAO Ventures, or TDV, will support elite startups. TDV will support projects within the Tron ecosystem and beyond. Tron says this is part of the DAO’s objective to grow decentralisation. TDV will also support outstanding projects that synergistically bridge with the Tron ecosystem.

    The latest cryptocurrency news is positive for TRX, looking at the intraday price recovery. It is, nonetheless, less important in the long-term recovery of the cryptocurrency unless we escape the bear market. In the technical analysis below, we show potential levels to watch.

    TRX price outlook and analysis

    TRX/USD Chart by TradingView

    A clear breakout of TRX happened at $0.06, and the price crashed to $0.045. The recent recoveries have, however, been encouraging. Bulls would aim for a higher price, although this is likely at the descending trendline.

    The MACD indicator is also giving some hope. The indicator is crossing from the bear zone and currently lies at the neutral level. This is the clearest bullish signal, but we need to confirm it by the price movement. That’s especially because the momentum is not very strong from the indicator.

    What to do with TRX?

    Although we are still in a bear market, TRX buyers can aim for a price that coincides with the descending trendline. Still, buyers should watch over price as the bullish strength is still mild. 

    If bears counter the upside, TRX price could crash back to the $0.045 support zone. The level around $0.052 could also offer support on the downside. 

    Where to buy TRX

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy TRX with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy TRX with Binance today

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