updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Fundstrat Head of Research Tom Lee recently suggested Bitcoin as a “potential Treasury reserve asset” that could play a unique role in managing national debt.
He stated that traditional measures like adjusting taxes and spending may not be enough to address the growing US deficit.
As Bitcoin’s price increases, it could help offset US liabilities, easing some pressure on the deficit. This perspective positions Bitcoin not just as an investment, but as a potential strategic asset for fiscal stability.
Tom Lee, a Head of Research at Fundstrat commented on his recent thoughts regarding market dynamics that could affect Bitcoin and small-cap stocks.
“It’s going to be very difficult to fix the deficit with just changes in taxes and spending,” says @fundstrat‘s Tom Lee. He says bitcoin is “potentially a Treasury reserve asset. If Bitcoin rises in price, it actually helps offset the liabilities, which is the deficit.” pic.twitter.com/tVrnE37dhS
— Squawk Box (@SquawkCNBC) November 8, 2024
He said his team has been paying great attention to the betting markets. As known, it recently flashed a massive pullback as funds were taken out because of election-related uncertainty.
With the Trump’s victory and the new policy changes on the horizon, Lee feels that conditions for Bitcoin and small-cap investments will likely be quite good, holding colossal upside.
He added that a rising price of Bitcoin would help offset the national deficit by reducing liabilities. He also underlined how increasingly relevant Bitcoin has become in today’s financial world. The ever-optimistic Lee does see Bitcoin reaching six figures by year-end. He placed a target at around $150,000 while post-halving momentum builds and regulatory challenges wane.
Tom Lee correctly predicted that a post-election rally in risk assets, including Bitcoin, will happen, as investors shift from caution to renewed optimism. Lee forecasted that supportive economic conditions and favorable Federal Reserve policies will likely create a stable environment for growth, benefiting crypto assets.
This rally, he suggested previously, could stimulate broader market confidence and drive more investment into cryptocurrencies. This would contribute to sustained momentum and potential price appreciation for Bitcoin and other crypto.
This is not the first time Tom Lee reflected upon the historic post-election rally that pushed the market up 3% – one of the most significant moves in post-election history.
In his first post-election interview, he said that this was due to a de-risking phase ahead of the election when investors retreated cautiously and now sees “animal spirits” unleashed. He mentioned expectations of deregulation, mergers, and a generally pro-business environment driving market optimism. He also predicts possible 5-10% gains by year’s end.
Lee furthermore added that the VIX index, a measure of the market’s volatility, had been normalized after the election. He said this was reflecting improved sentiment as investors went back into the market. Tom Lee also introduced his new “Granny Shots” ETF. It’s a thematic fund built on Fundstrat’s core stock portfolio model. It identifies stocks at the intersection of crucial trends-what he calls “the whites”-such as AI, Fed easing, and millennial consumption.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk.
Bitcoin price failed to start a fresh increase above $63,000 and started a fresh decline. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support.
A low was formed at $60,300 and the price is now consolidating losses. There was a minor increase above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low.
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $61,200 level. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200.
A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.
If Bitcoin fails to rise above the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level.
The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any more losses might send the price toward the $58,400 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,300, followed by $60,000.
Major Resistance Levels – $61,250, and $62,350.
]]>Crypto Market News: Officials of Dubai’s Virtual Assets Regulatory Authority (VARA) on Tuesday reprimanded Zhu Su, cofounder of the now defunct cryptocurrency hedge fund Three Arrows Capital (3AC), among others, over regulatory violation around new crypto exchange OPNX. According to latest reports, the VARA authorities issued a written reprimand to Zhu, another 3AC cofounder Kyle Davies, and three others in relation to license related violation of OPNX. The issue came to light around two weeks after the reprimand was issued, while further investigation is underway, the authorities said
Also Read: XRP Lawsuit: Is Settlement Still In Scenario As Summary Judgment Closes In?
According to a Bloomberg report, the authorities issued the notice over operating and promoting OPNX without possessing the license from Dubai authorities. The report quoted the officials as saying OPNX will continue to be probed for assessing corrective measures. This development comes at a crucial juncture when the United States administration is facing flak for growing a bad reputed for highly restrictive crypto market environment. However, Dubai is one of the top crypto destinations outside the US, with many top crypto businesses setting up shop.
Meanwhile, Leslie Lamb, one of OPNX cofounders, said the crypto exchange did not violate any local laws, and that there were no UAE based customer registrations. “The firm hasn’t done any marketing targeting Dubai or the wider UAE,” she said in a statement.
Also Read: Crypto Crash Imminent? US Risks Running Out Of Cash Amid Banking Crisis
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Although the broader cryptocurrency has been struggling much this year in 2022, the Cardano blockchain network has seen some key advancements in terms of network activity.
Crypto influencer Ben Armstrong, also popular as “BitBoy” recently stated that the Cardano blockchain is one of the most decentralized Proof-of-Stake blockchains in the market. However, this claim comes after a recent report published by crypto-focused research startup Crypto Carbon Rating Institute (CCRI).
The report, however, states that among all other PoS networks, Cardano consumes the most amount of energy. But BitBoy added that this also indicates that the Cardano blockchain is also one of the most decentralized blockchain networks in the market.
The report from CCRI notes that the Solana blockchain consumes about 0.17 Wh per transaction. This is the lowest among all the PoS blockchain networks on the list. On the other hand, Cardano’s energy consumption per transaction is the highest at 51.59 Wh. Commenting on this data, Ben Armstrong wrote: “It’s real easy to save electricity when you are centralized”. Indirectly, he stated that Solana’s impressive speed comes at the cost of its decentralization. He further asserted:
“If you are unaware, the prioritization of speed through centralization is the number one thing that hurt the Solana tech. There’s a reason $ADA is top of this list. Get it yet?”
Considering that the Ethereum blockchain has just transitioned into the Proof-of-Stake network, the CCRI report doesn’t involve it in the comparison.
Interestingly, the CCRI report notes that decentralized systems are likely to consume much more electricity per transaction in comparison to their centralized counterparts. This is due to the amount of computational hardware that decentralized systems use in order to process transactions as well as distribute blockchain nodes globally.
Just, for example, the Bitcoin blockchain is regarded as the most decentralized network which consumes a whopping 17,222,400 Wh (1722.24 kWh) per transaction. On the other hand, we can compare it with VISA’s energy consumption per transaction which is 1.49 Wh. Only, PoS network Solana has lesser energy consumption than this. The CCRI report notes:
Generally, it is not surprising that a centralized system like Visa is more energy-efficient than a decentralized system. Due to the difference in the amount of computational hardware and distribution worldwide, most systems must consume more electricity.
Coming back to Cardano, some blockchain experts believe that the blockchain is even more decentralized than platforms like Ethereum. Indian blockchain specialist Sooraj compared Cardano with Ethereum on several metrics such as initial coin distribution, staking ratio, Nakamoto coefficient, etc.
#Ethereum Community often calls themselves #Decentralization maxis
But if we look at the real metrics#Cardano is far ahead than #Ethereum on #Decentralization
Here are the reasons why #Cardano is the most decentralized PoS-based blockchain out there
— Sooraj (@Soorajksaju2) December 2, 2022
Due to its strong decentralization, the Cardano blockchain is slowly becoming the preferred choice for launching smart contracts and NFT projects. On the other hand, the Cardano team is working on a multi-chain crypto wallet Lace to improve security on the network.
As Bitcoin (BTC) continues to stay in a period of strong consolidation and correction, Bitcoin miners are now resolving to their own way of “yield farming”.
Bitcoin mining giants like Marathon Digital and Riot Blockchain often believe in their HODLing strategy for long-term gains. However, times of consolidation or long-term bear cycles could be challenges. These companies have huge operational costs in terms of equipment investments, hardware, and electricity bills.
Bloomberg reports that rather than selling Bitcoin to raise additional funds, these miners are selling Bitcoin call options to get money out of their holdings. Thus, they are adopting the old-school yield-generating strategy deployed using conventional finance.
These mining giants are leveraging the fact that “contracts frequently expire worthless”. In this case, the owner of the contract gets nothing. However, the Bitcoin miner, who sold these contracts can keep the amount the buyer paid to purchase these options.
As Bloomberg explains: “Bitcoin now trades around $39,000. If a miner sells a call with a $50,000 exercise price and Bitcoin fails to rise to that level by the time the contract expires, the miner makes money”. Joshua Lim, head of derivatives at New York-based brokerage Genesis Global Trading said:
“Bitcoin miners are some of the most voracious yield seekers in the market today. These miners are getting annual returns, or yield, in double-digit percentages. When Bitcoin is in a range-bound market, this type of yield-generating strategy will outperform a mine-and-hold or mine-and-liquidate strategy”.
However, there could be major risks in the upside market. So if Bitcoin hits the exercise price., the miners will have to book a loss.
As per the Bloomberg report, public listed Bitcoin mining companies are looking for new yield strategies to fund their operations. Interestingly, they are looking out at way without issuing new shares or debt. Fred Thiel, chief executive officer of Las Vegas, Nevada-based Marathon said:
“We use call option straddles, where essentially you sell a call option and then buy one at a higher price so that you don’t miss out on the upside. Historically, it has generated more than 10% annually.”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
El Salvador, a country that has become infamous for being the first sovereign nation to accept bitcoin as a legal tender, continues its journey through uncharted waters. To make this move a reality, the country had launched its own government-approved bitcoin wallet, Chivo for carrying out crypto transactions in the country. Encouraging residents to accept the wallet by offering a $30 bonus on sign-up.
“Bitcoin Day” has since come and gone since then and El Salvadoran citizens are settling into using the cryptocurrency as a legal tender alongside the US dollar. However, there have been some kinks to work out with the bitcoin wallet, and one of those kinks being the ability to function properly for all of the residents of the country has led to the relaunch of the Chivo wallet.
Related Reading | Volume Of Bitcoin Illiquid Supply Points To Growing Bullish Sentiment
Since Chivo first launched last year, it has quickly grown in the number of active users. It eventually grew to 2.1 million users, a milestone that was celebrated by the president. However, this had started to present problems with stability and scalability. As with any good wallet, the Chivo wallet has to be able to expand to accommodate a large number of users, giving rise to the relaunch.
This new version of the app will allow more users to be able to access and use it seamlessly. It will eliminate the stability issues that arose with the first version. Thus making it a better fit for the expected more than 4 million users that will be using bitcoin as legal tender in the country. Users have been experiencing issues like missing funds, system issues, fradulent transfers, etc, which will be handled with the relaunch.
Related Reading | Cathie Wood’s ARK Invest Puts Bitcoin At $1 Million By 2030
The El Salvadorian government is said to have partnered with AlphaPoint, a white label infrastructure provider that will work on making sure the Chivo wallet is always running and stable, as well as handling issues regarding scalability and social impact. This relaunch will solve a variety of existing issues, as well as add new features to provide a better user experience.
“El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. We are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking,” said Igor Telyantnikov, CEO/Founder of AlphaPoint.
In addition to the Chivo app relaunch, El Salvador has announced that it plans to deploy more ATMs to make bitcoin accessible to residents. The acceptance of bitcoin as legal tender had come with the installation of multiple bitcoin ATMs around the country to enable easy and swift payments. But the country is taking another step towards securing its title as bitcoin capital of the world.
BTC at $36K | Source: BTCUSD on TradingView.com
El Salvador will add another 1,500 Bitcoin ATMs around the country, to be deployed in different locations. The country is putting these ATMs in place “to more readily serve the population of El Salvador, the statement read.
Featured image from Reuters, chart from TradingView.com
Gemini teams up with Holon Global Investment to custody a Filecoin fund to increase access in Asia and promises 100% in five years.
Cryptocurrency exchange Gemini is partnering with Australian equities manager Holon Investment, to custody a Filecoin (FIL) fund. The US crypto platform is expanding in southeast Asia and seeks to raise $18.4 million (A$25 million) over three months. The company also promised a 100% FIL return to investors over five years.
Gemini will manage the Filecoin fund, which is dubbed ‘Holon’s Wholesale Filecoin Fund.’ The investment company will do this through its regulated custody service, according to a press release. The fund will present unique investment opportunities to investors, without charging a management fee. In addition to this, Eugene Ng, Gemini’s head of business development for Asia Pacific, says there will also be attractive rates of return to investors. Investors will also have access to movements in Filecoin value throughout the duration of the fund.
Holon Global Innovations is a subsidiary entirely under Holon Global Investments. The core of the partnership is to create a decentralized cloud data storage business. To achieve this, the fund will buy Filecoin and lend it to Holon Global Innovations to use as collateral. Notably, the Holon group will store and manage its digital assets in a secure and efficient network system provided by Gemini. Over a five-year fixed term, Holon Innovations will pay the fund two Filecoins at maturity for every Filecoin borrowed.
According to Holon, the fund aims to take advantage of the rise in digital data creation. The Sydney-based company says research shows a compound annual growth rate of 23% in that bubble over the next five years. This is more than twice the amount in data creation since the beginning of digital storage.
Since the start of last month, Gemini has been making moves to expand in Southeast Asia to take advantage of growth opportunities there. The US crypto exchange also looks to establish satellite offices in Australia and Hong Kong. This is on the back of its strides in Singapore, where it hired over 30 employees in marketing and compliance roles. In addition, the platform identifies Asia as a hunting ground for growth in crypto and wants to leverage early entry into the market. Therefore, users of the exchange can currently trade in Australian and Hong Kong currency pairs.
Developed by Protocol Labs, Filecoin is the world’s largest decentralized storage network where users can store, request, and transfer data. It has a verifiable platform, and FIL is its native token.
Filecoin launched in August 2017 and raised over $200 million in 30 minutes. The open-source, digital payment system also currently has a total connected decentralized storage of 7.580 EiB. In April 2021, the Filecoin Foundation donated 50,000 Filecoins worth $10,000,000 to the Internet Archive.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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