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Tag: Bitcoin

  • Bitcoin Set For Biggest September Gains In A Decade: Here’s Why

    Bitcoin Set For Biggest September Gains In A Decade: Here’s Why

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    Este artículo también está disponible en español.

    Bitcoin (BTC) looks poised to record its best September in a decade, surging past $65,000. This uncharacteristic price appreciation could be attributed to several key factors.

    Reasons Behind Bitcoin’s Impressive September Gains

    Historically, September has consistently been the worst month for BTC in terms of price performance. However, the apex cryptocurrency is now on track to post its best September in at least a decade, driven by several macroeconomic developments.

    Related Reading

    On September 18, the US Federal Reserve (Fed) initiated its interest rate cut cycle for the first time in four years, slashing rates by 50 basis points (bps) in response to slowing inflation and rising unemployment. 

    The rate cut immediately impacted risk-on assets, including BTC, which has appreciated by over 10% since the cut. In comparison, Bitcoin’s average price decline in September over the past decade has been 3.45%, according to the chart below from CoinGlass.

    September has typically been the worst month for BTC price | Source: CoinGlass.com

    According to the Fed’s decision, the European Central Bank (ECB) and the People’s Bank of China (PBoC) lowered borrowing costs to stimulate their respective economies. This further propelled BTC’s price towards its previous highs.

    Bitcoin halving is another key factor that could now be starting to show its effect on the digital asset’s price action. Bitcoin underwent its halving earlier this year in April, reducing block confirmation rewards for miners from 6.25 BTC to 3.125 BTC.

    Past data indicates that halving has typically been a bullish trigger for Bitcoin due to the resulting supply scarcity. For instance, in May 2020, BTC price rose from roughly $8,900 before the halving to more than $64,000 by April 2021 – an 8x price surge in less than a year.

    Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. Since their launch, the cumulative net inflow for Bitcoin ETFs now totals $18.31 billion.

    Cautious Optimism Key To Riding The BTC Wave

    While BTC appears to have shaken off its typical September slump, it’s worth highlighting that the leading digital asset still needs to overcome certain important price levels before hitting a new all-time-high (ATH).

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    As previously reported, Bitcoin’s relative strength index (RSI) fell below 80 on the monthly chart, signaling that the cryptocurrency’s bullish momentum might fade after an enthusiastic buying spree.

    In addition, a recent report by crypto exchange Bitfinex noted that despite Bitcoin’s recent upward movement, it must decisively overcome a strong resistance level of $65,200 to continue its positive momentum. The good news for bulls is that BTC is holding steady at $65,674, up 2% in the last 24 hours.

    bitcoin
    Bitcoin trades at $65,674 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, Charts from CoinGlass.com and Tradingview.com

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    Ash Tiwari

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  • Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?

    Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?

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    Este artículo también está disponible en español.

    Several indicators point to renewed strength in altcoins, suggesting a potential altcoin season on the horizon. However, for confirmation, Bitcoin (BTC) dominance needs to drop further.

    Altcoin Market Cap Crosses 200-Day EMA

    Crypto analysts are closely monitoring various indicators that track altcoin behavior, with one critical metric being the 200-day exponential moving average (EMA).

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    According to the following chart, the OTHERS index – an index that tracks the market cap of cryptocurrencies excluding the top 10 digital assets by market capitalization – has surged past both the 100-day EMA and the 200-day EMA.

    OTHERS index has surged past the 200-day EMA | Source: CRYPTOCAP:OTHERS on TradingView.com

    For the uninitiated, the 200-day EMA is a commonly used technical indicator that shows the average price of an asset over the past 200 days, with more weightage given to recent prices. It’s used to identify long-term trends – when the price is above the 200-day EMA, it suggests the asset may be in an upward trend, while being below it signals a potential downtrend. 

    At present, the OTHERS index sits at $227.5 billion, while the 200-day EMA and the 100-day EMA are at $221.8 billion and $212.9 billion, respectively. According to crypto analyst Caleb Franzen, the last time this occurred was in July 2023. At the time, altcoins established firm support at these EMAs to achieve higher-highs. 

    Another cryptocurrency analyst, Ali Martinez, alluded to the altcoin market cap – excluding BTC and Ethereum (ETH) – breaking out of what appears to be a long downward trend. Although Martinez is not fully convinced of a full-blown altcoin season yet, he dubs the breakout as a “good start.”

    Bitcoin Dominance Must Crash Before Altseason

    While the altcoin market cap breaking out of a sustained downtrend raises hope for an imminent altseason, BTC dominance (BTC.D) must drop significantly from its current levels. 

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    Currently, Bitcoin dominance sits at 57.5%. From the chart below, it is evident that BTC.D has been on a sustained upward trajectory since at least November 2022. According to crypto analyst Yoddha, BTC.D looks poised to crash into the mid-40s, potentially paving the way for a full-blown altseason.

    BTC.D
    Source: BTC.D on TradingView.com

    Negentropic, co-founder at on-chain data platform Glassnode, remarked that the market seems to be on the verge of an altcoin season. Referring to the Bitcoin-Altcoin Cycle chart from Swissblock, Negentropic notes that once BTC breaks its all-time high (ATH) and enters price discovery mode, altcoin should follow suit. 

    The Bitcoin-Altcoin Cycle chart displays the inverse relationship between BTC and altcoin price movements throughout the year. Any reading above 50 indicates the market has entered an altcoin-dominated phase, whereas a reading below 50 signals a BTC-led market.

    altcoin cycle
    Source: Swissblock Technologies

    Despite these promising indicators, it’s important for the leading altcoin, ETH, to rebound against BTC before capital flows into mid-cap and small-cap altcoins. As previously reported, the ETH/BTC trading pair is currently at its lowest since April 2021. At press time, BTC trades at $64,481, up 1.5% in the past 24 hours.

    bitcoin
    BTC trades at $64,481 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, Charts from Swissblock Technologies and Tradingview.com

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    Ash Tiwari

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  • FTX Insider Caroline Ellison Sentenced to Two Years in Prison

    FTX Insider Caroline Ellison Sentenced to Two Years in Prison

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    A US federal judge in the Southern District of New York has sentenced Caroline Ellison, a member of the ring of executives who presided over the fraud that led to the collapse of crypto exchange FTX, to two years in prison. In addition, she has been ordered to forfeit $11 billion.

    In December 2022, Ellison pleaded guilty to seven counts of fraud and conspiracy in connection with the fall of FTX. Last March, FTX founder Sam Bankman-Fried—with whom Ellison shared a tumultuous romantic relationship—was sentenced to 25 years in prison after being convicted of similar crimes at trial.

    The exchange filed for bankruptcy in November 2022 after running dry of funds to process customer withdrawals. The money was missing, a jury found, because FTX insiders had conducted an elaborate fraud whereby billions of dollars in customer funds were swept into a sibling company, Alameda Research, headed by Ellison. Those funds were then used to bankroll high-risk trading, venture bets, debt repayments, personal loans, political donations and a lavish life in the Bahamas.

    Although a rise in the price of cryptocurrencies means FTX customers are expected to be paid back in full—if only based on the dollar-value of the assets in their FTX accounts at the time of the collapse—the funds remain locked up in the bankruptcy proceeding.

    Ellison faced a theoretical maximum sentence of 110 years in prison. Before receiving her sentence, Ellison told the court of her regret for having become embroiled in the FTX fraud and the damage she had caused to customers.

    In a court filing in early September, Ellison’s legal counsel had petitioned the judge to refrain from sending her to prison, pointing to the extent of her cooperation with the investigation into FTX, the responsibility she had taken for her wrongdoing, and her obvious contrition.

    The US Department of Justice later filed a letter in support. The DOJ stopped short of asking the judge to hand down a specific sentence—such is the convention in the Southern District of New York, former prosecutors say—but noted Ellison’s “extraordinary cooperation.”

    “There is no formula, but [judges] often say they are trying to consider the person as a whole,” says Joshua Naftalis, a former US prosecutor and partner at law firm Pallas Partners. The presentence filing sought, therefore, to place Ellison’s actions in the context of her complicated relationship with Bankman-Fried and make play of any potentially mitigating elements of her character and background. “What you are trying to impress upon the judge is that the person being sentenced is more than the crime they committed,” says Naftalis.

    The potency of Ellison’s testimony against Bankman-Fried will also have gone a long way to convincing the judge to show leniency, says Paul Tuchmann, a former US prosecutor and partner at law firm Wiggin and Dana.

    Testifying at Bankman-Fried’s criminal trial in October 2023, Ellison depicted her former paramour as the driving force behind the FTX fraud. On the stand, she painted Bankman-Fried as forceful and calculating and described for the jury his various deceptions, the careful curation of his public image, and his warped relationship with risk. “[Bankman-Fried] was totally comfortable with taking a risk, as long as he thought it was a positive expected value,” said Ellison, under examination by the prosecution. “He talked about being willing to take large coin flips, like a coin flip where if it comes up tails, you might lose $10 million, but if it comes up heads, you make slightly more than $10 million.”

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    Joel Khalili

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  • Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears – Bitfinex

    Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears – Bitfinex

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    Bitcoin (BTC), the world’s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months.

    Critical Resistance At $65,200 Looms

    According to a recent report from digital asset trading platform Bitfinex, this price increase was largely driven by the Federal Reserve’s (Fed) decision to cut interest rates, which helped propel BTC to a new local high of $64,200 on September 20. 

    However, despite this positive momentum, Bitcoin is still just below a critical resistance level of $65,200, established on 25 August. The report notes that a failure to breach this level could confirm a worrying trend that has characterized BTC’s price action since its all-time high of $73,666 in March.

    Since that peak, Bitcoin has repeatedly struggled to break previous highs before forming new local lows, indicating a persistent downtrend. This pattern of lower and lower highs is evident on the daily Bitcoin chart, suggesting that the cryptocurrency has been on a downward trajectory since mid-March.

    As seen on the daily BTC/USDT chart above, this repeated price action has been characterized by a sustained and continuous downtrend since the March peak. 

    Nonetheless, further volatility fueled by macroeconomic fears triggered another crash on August 5. BTC hit its lowest level in six months, down to the $49,000 level from the $70,000 level it had been trading at since late July.

    What Drove Bitcoin Recent Gains?

    One notable concern that Bitfinex finds is the discrepancy between BTC’s price gains and open interest in future markets. As BTC rose, open interest rose even faster, reaching $19.43 billion – up from $18.93 billion on August 25- while the Bitcoin price remained around $1,000 below its local high. 

    This divergence suggests that much of the recent price movement may be driven by speculative trading in futures and perpetual contracts rather than strong demand in the spot market.

    Earlier this month, Bitfinex observed that Bitcoin’s rise to around $62,000 was largely fueled by robust spot market buying, in stark contrast to the current situation. 

    While this trend in open interest might suggest increased speculative interest in Bitcoin, it does not directly imply bearishness. The report states that open interest is not a definitive measure of leverage in the market; it merely reflects the total value of outstanding contracts.

    Finally, the report suggests that this renewed speculative interest could be beneficial as traders return from their summer holidays and reassess their positions following the rate cut. However, Bitfinex does note that in the absence of clearer indicators of sustained bullish momentum, market participants should remain cautious. 

    Featured image from DALL-E, chart from TradingView.com

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    Ronaldo Marquez

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  • A Mysterious School for the Network State Crowd Is Now in Session

    A Mysterious School for the Network State Crowd Is Now in Session

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    Last month, venture capitalist Balaji Srinivasan announced the Network School, a three-month learning retreat marketed to people interested in “network nations,” a kind of utopia for the anarchocapitalist set. The inaugural class is 150 people. It starts today.

    Details about the school have been shrouded in secrecy, even for the applicants. Aspiring Network School participants put down deposits of up to $2,000 without even knowing the Network School’s location. Srinivasan has still not disclosed it publicly, although social media posts and WIRED reporting indicate that it’s Forest City, Malaysia.

    The Network School is one of the most ambitious projects yet for people interested in creating what Srinivasan calls a “decentralized country.” The goal is for people dissatisfied with their own society to band together and create a movement spawning “parallel” societies, special economic zones that have alternative education systems, media institutions, and currency—as well as wealth-friendly tax laws. A crucial step is having physical territory, and the Network School clears that bar. On Sunday, Srinivasan said he is working to “build out the real estate” with the goal of “scaling the school.”

    While Srinivasan has still not publicly disclosed the Network School’s location, he’s been more clear about its values, to which he says students should conform. According to his Substack post introducing the Network School, these requirements include an admiration of “Western values,” seeing Bitcoin as the successor to the US Federal Reserve, and trusting AI over human courts and judges.

    “It is for those who believe in technology, harmony, internationalism, and capitalism,” Srinivasan’s Substack post reads. “It’s for those who want Silicon Valley without San Francisco.”

    Srinivasan added that the school is open to artists, athletes, and technologists from any country.

    On the application for the school, people are asked to rate a series of things in different categories on a scale from negative 10 (not favorable) to positive 10 (favorable). The topics include “protocols” such as Solana and Bitcoin maximalism, “politics” such as Karl Marx and Jordan Peterson, “technology” such as AI accelerationism and military tech, “places” such as Dubai and Israel, “culture” such as tattoos and traditional masculinity and femininity, “policies” such as Drag Queen Story Hour and carbon credits, and “progress” such as artificial general intelligence and space exploration.

    On X and Reddit, several people said they were accepted to the Network School and had to pay for the first month’s rent upfront within two business days of being accepted or risk losing their place. The time crunch, and not knowing where exactly they would be staying, caused stress for some people.

    One tech worker who was accepted to the Network School tells WIRED that he’s very on board with the school’s premise, but that sending money without knowing key details was a bridge too far.

    “I chatted about it with some friends, and they were like, ‘Wow, that sounds so dodgy’—and then I was like, ‘Yeah, you’re right,’” says the applicant, who asked for anonymity, citing privacy concerns.

    In terms of day-to-day life at the Network School, Srinivasan says in his Substack post that students will complete daily problems in mini classrooms. These will involve a combination of coding and posting on social media, and earning “proof-of-learn” NFTs upon completion. Srinivasan says students can also compete for daily “crypto prizes” worth $1,000 “for open source projects, AI content creation, and microtasks.”

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    Caroline Haskins

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  • This Is the Current State of the Wrapped Bitcoin Market: CryptoQuant

    This Is the Current State of the Wrapped Bitcoin Market: CryptoQuant

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    The Wrapped Bitcoin market is seeing the emergence of new players, like Coinbase, the largest American crypto exchange. Analysts believe the market’s current condition presents an opportunity for higher user engagement, enhanced cross-chain liquidity, and significant growth in the coming years.

    However, observations made in the latest CryptoQuant report suggest the race may not be smooth, and investors may be reluctant to use some tokens because of the mechanisms used by the custodians.

    The Emergence of New Wrapped Bitcoin Tokens

    Wrapped Bitcoin tokens enable holders to use other networks and decentralized finance (DeFi) applications that are not on the Bitcoin network without selling their BTC. They are backed 1:1 with BTC and are mostly found on Ethereum. The first of its kind, WBTC, was created in 2019 by digital asset infrastructure provider BitGo. It is currently the largest Wrapped Bitcoin in the market, with a circulating supply of 153,000.

    Other types of Wrapped Bitcoin were launched in 2020, including HTX exchange’s HBTC, the Threshold Network’s tBTC, and the Ren Protocol’s renBTC. Coinbase’s cbBTC is the latest in the market, and it is found on the Ethereum layer-1 network and the exchange’s layer-2 protocol Base.

    Coinbase launched cbBTC on September 12, and within a week, the token became the third-largest Wrapped Bitcoin in the market, surpassing HBTC and renBTC. CryptoQuant analysts found that 64% of the token’s supply on Ethereum is on the decentralized exchange (DEX) Uniswap. The token has been deposited in pools to provide liquidity for several trading pairs like cbBTC/WBTC and cbBTC/USDC.

    Issues and Criticisms

    The Coinbase Wrapped Bitcoin has a circulating supply of roughly 1,670 cbBTC ($101 million), with 941 cbBTC directly on Ethereum and 729 on Base. While cbBTC has unlocked a range of financial opportunities and offers holders access to trading, lending, borrowing, and yield farming on DEXs, the token has faced criticism from the community.

    Unlike BitGo, which publishes the list of addresses holding the BTC backing WBTC on the Bitcoin network, Coinbase has refused to disclose the same information for cbBTC. This has made it impossible for any user to remotely verify that the BTC backing up cbBTC actually exists on the Bitcoin blockchain.

    “Other criticisms have surfaced because the cbBTC smart contract administrator can blacklist addresses from transferring, minting, and burning cbBTC. This could imply a risk for cbBTC users that their holdings could be frozen,” CryptoQuant said.

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    Mandy Williams

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  • Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

    Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

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    Popular crypto analyst Peter Brandt has unveiled a bullish outlook for Solana predicting the prominent altcoin may be set for a significant price surge in future weeks. This price forecast comes in a glaring contrast to Brandt’s recent prediction where the analyst had expressed fears over Solana suffering a major price fall.

    How High Can Solana Go?

    Earlier this week, NewsBTC reported Brandt’s prediction of SOL slipping to $80 if the altcoin failed to defend a support level around $120. Notably, SOL had presented a down price movement for the majority of the week trading as low as $128 on Thursday.

    Albeit, the fifth largest cryptocurrency has turned the corner in the last 48 hours, reaching a peak price of $151 on Friday. Peter Brandt noted this upward price action as Solana holding the $120 price level which the altcoin has consistently done over the last six months.

    However, Brandt postulates that SOL may now be gunning for a “sizeable” advance. While the expert analyst did not provide a specific price target, investors could anticipate a major upswing as Brandt expects price movement over the next 72 weeks.

    This period of time is expected to include the crypto bull run for which SOL has been tipped to be an outstanding performing asset. In the last bull run, the altcoin emerged as the top market gainer rising by over 1500% to attain an all-time high of $260. Interestingly, aside from long-term gains, Solana investors could also expect an immediate price rise, especially as Q4 approaches. 

    With Bitcoin tipped to embark on a bullish trend starting in October, Solana, alongside other cryptocurrencies, would likely be influenced by the crypto market leader which may result in substantial gains for the altcoin. 

    Notably, SOL moved around $22 to $112 in Q4 2023, registering a 400% profit as Bitcoin climbed from around $27,000 to $44,000 within the same period. If the prominent altcoin repeats previous actions, it could rise to around $725 by December and $2,175 in the next year.

    SOL Price Overview

    At the time of writing, Solana trades at $145.16 with a 2.20% gain on the past day. The token’s price reflects a steady performance over the last few weeks with gains of 4.62% and 3.03% over the past seven and thirty days respectively. Meanwhile, Solana’s daily trading volume is up by 23.07% and is valued at $3.17 billion. 

    Solana

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    Semilore Faleti

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  • A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500

    A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500

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    Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

    His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
    The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn’t just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

    His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

    Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

    Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

    DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
    Even so, DeFi isn’t a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

    Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
    The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa’s full economic potential.
    This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

    Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

    When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
    You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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    Dalmas Ngetich

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  • Bitcoin Standard Author Challenges Michael Saylor: Should Banks Offer Yield On Your BTC?

    Bitcoin Standard Author Challenges Michael Saylor: Should Banks Offer Yield On Your BTC?

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    Two of Bitcoin’s pre-eminent thought leaders are at odds with each other as to whether banks can – or should – provide sustainable yield on their customers’ BTC deposits.

    Michael Saylor – executive chairman of MicroStrategy, the world’s largest corporate Bitcoin owner – said in a recent podcast appearance that Bitcoin could become a form of “perfected capital” that also generates a return for its holders through digital banking services.

    By contrast, Saifedean Ammous – author of the famous Bitcoin tome “The Bitcoin Standard” – countered that sustainable yield isn’t possible with a fixed supply asset like BTC.

    Can Bitcoin Yield Really Work?

    According to Saylor, the first generation of “digital banks” to offer Bitcoin yield were companies like BlockFi and Celsius – which ultimately collapsed due to irresponsible management.

    Yield at both firms was created using lending, borrowing, and rehypothecations strategies – but fell apart when those firms were liquidated on their crypto-collateralized loans. That said, if the same services were provided by mainstream banks with “adult supervision” and risk controls, Saylor believes they could provide Bitcoin yield in a lasting way.

    “The best situation would be the United States government backing one of the ten biggest banks that then gave you yield on your Bitcoin, then made the loans,” Saylor said. In this way, he claimed firms with megalithic balance sheets like JPMorgan could generate a 5% “risk-free” yield to customers on their BTC without those customers ever having to sell it.

    Saifedean remained skeptical, however. “Ultimately I don’t think this model works without a lender of last resort,” he said. “I think people are just going to learn the hard way to not do this.”

    Lender of Last Resort

    The “lender of last resort” refers to a central bank that can print money to bail out insolvent commercial banks and their creditors – much like what occurred during the regional banking crisis in March 2023. Saifedean’s book spends much time rebuking the evils of central banking for enabling money printing that devalues the savings of the population.

    “If everyone’s got their Bitcoin at 5%, how are we gonna make more Bitcoin?” the economist asked. “Eventually more Bitcoin needs to be paid than there is Bitcoin in existence.”

    Saifedean made a similar point to Celsius CEO Alex Mashinsky back in 2019 before the latter’s company went under 3 years later. Mashinsky was scheduled to begin his fraud trial this week, but the trial has now been delayed until January 2025.

    In response, Saylor said that big banks are backed by the government, and so they ultimately couldn’t fail unless the U.S. government itself failed. Furthermore, he said if holders can’t generate yield on their Bitcoin, then BTC will be a ‘non-performing’ asset no better than government bonds that pay 0% yield.

    “We need a functioning banking system to move the capital around,” he said. “Why would you apologize for getting paid a return on your capital?”

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    Andrew Throuvalas

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  • How to invest tax-free in a bitcoin ETF in Canada – MoneySense

    How to invest tax-free in a bitcoin ETF in Canada – MoneySense

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    Investment Investment account Purchase price Sale price Gain Capital gains tax After-tax gains
    Bitcoin Non-registered $23,500 $61,000 $37,500 $3,750 $33,750
    Bitcoin ETF TFSA $23,500 $61,000 $37,500 $0 $37,500

    As you can see, in this hypothetical situation, gains for the tax-free bitcoin ETF come out ahead by $3,750, which is about 11% more than the after-tax gain on bitcoin.

    Canadian crypto ETFs 

    The table below lists all the crypto spot ETFs based in Canada. You can buy bitcoin ETFs (ETFs that invest entirely in BTC), ethereum or ether ETFs (those that invest entirely in ETH) or multi-crypto ETFs (those that invest in BTC and ETH). As of now, BTC and ETH are the only cryptocurrencies available through ETFs. (Figures are current as of Aug. 30, 2024.)

    ETF Ticker symbol Management expense ratio (MER) Assets under management
    (in Canadian dollars)
    Bitcoin ETFs
    Purpose Bitcoin ETF BTCC / BTCC.B 1.5% $2.1 billion
    CI Galaxy Bitcoin ETF BTCX.B 0.77% $724.7 million
    Fidelity Advantage Bitcoin ETF FBTC 0.69% $491.6 million
    3iQ Coinshares Bitcoin ETF BTCQ 1.75% $283 million
    Evolve Bitcoin ETF EBIT 0.75% $165.5 million
    Ethereum (ether) ETFs
    Purpose Ether ETF ETHH / ETHH.B 1.47%–1.49% $318.7 million
    CI Galaxy Ethereum ETF ETHX.B 0.77% $385 million
    Evolve Ether ETF ETHR 0.75% $55.2 million
    3iQ Ether Staking ETF ETHQ 1.97% $65.8 million
    Fidelity Advantage Ether ETF FETH 0.95% $18.7 million
    Multiple cryptocurrency ETFs
    Evolve Cryptocurrencies ETF ETC 0.85% $35.4 million
    CI Galaxy Multi-Crypto ETF CMCX.B 1.03% $3.7 million

    U.S. crypto ETFs: Should you invest?

    U.S.-based bitcoin ETFs have created quite a buzz in 2024. The Securities and Exchange Commission (SEC) approved the first one in January, almost three years after Purpose Investments launched Canada’s first spot bitcoin ETF. 

    Numerous American ETF providers now offer bitcoin ETFs, including big investment brands like BlackRock’s iShares, Fidelity and Invesco. Canadian investors can buy these ETFs, too, through their discount brokerage account—just like they would any U.S. stock or ETF. And, yes, these ETFs can be held in registered accounts like the TFSA or RRSP.

    Which is better: Canadian or U.S. ETFs? 

    Truth be told, there’s not much difference between the two. For instance, bitcoin ETFs in both countries hold the same underlying asset: bitcoin. Investors could make a decision based on their preferred parameters. 

    For example, you may pick the bitcoin ETF with the lowest management expense ratio (MER) or the highest assets under management (AUM), or you could look for the oldest fund—regardless of where it’s based. 

    If you go with a Canadian ETF, you could have more choices to make: Do you want a Canadian ETF that hedges its currency risk or one that doesn’t? Do you want to hold the ETF in U.S. dollars? The table below lays out the options for one example, the Purpose Bitcoin ETF. (Figures are current as of Sept. 13, 2024.)

    ETF (ticker symbol) Currency Currency hedge One-year return
    BTCC Canadian dollar Yes 117.94%
    BTCC.B Canadian dollar No 121.15%
    BTCC.U U.S. dollar No 120.88%

    In the right-hand column, you’ll notice there’s a difference in the ETFs’ one-year historical return, even though they all hold bitcoin as their underlying asset. This difference is because of the appreciation or depreciation of the currency in which the ETF holds its bitcoin. In this case, the non-hedged ETF delivered higher returns because it benefited from the appreciation of the U.S. dollar against the Canadian dollar. But there’s no way to have known this one year ago. Like all financial markets, the currency market is largely unpredictable.

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    Aditya Nain

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  • The Trumps Have Gone Full Crypto With World Liberty Financial

    The Trumps Have Gone Full Crypto With World Liberty Financial

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    As it turned out, Trump was readily convinced: Despite having previously dismissed bitcoin as a “scam,” Trump has recently taken to pitching himself as the crypto president. In July, speaking to thousands of bitcoiners at a conference in Nashville, Tennessee, Trump promised to turn the US into the “crypto capital of the planet” and establish a national “bitcoin stockpile” if reelected. In a post on X after the speech, Tyler Winklevoss celebrated the former president having been “orange-pilled”—crypto lingo meaning “indoctrinated.”

    Initially, when Eric and Donald Jr. first began to hint at the World Liberty Financial project, there was speculation they were gearing up to launch an official Trump crypto token.

    In the last year, tens of Trump-inspired memecoins have come to market, becoming something of a bellwether for the upcoming election, fluctuating in price along with changes in Trump’s political fortunes. One such token, DJT, issued in early June, surged in price amid rumors that it originated with the Trump family. In a broadcast on X, Martin Shkreli, of “pharma bro” fame, claimed to have created the token in partnership with Barron Trump, the former president’s 18-year-old son. On August 6, the price of DJT sank by 90 percent after large quantities were sold off by an anonymous token holder. “Wasn’t me!” said Shkreli, in an email to WIRED, when asked whether he knew who was responsible for the sell-off. The price of DJT was $0.0002441 per coin on Monday.

    The press office for the Trump campaign did not respond to questions about Barron’s alleged involvement with the DJT token. In a post on X in the leadup to announcing World Liberty Financial, Donald Jr. warned followers to “beware of fake tokens claiming to be part of the Trump project.”

    World Liberty Financial will face steep competition in a DeFi market already crowded with similar services, among them Aave, Compound, Venus Protocol, and others. “DeFi is pretty mature, especially on the over-collateralized side,” says Zach Hamilton, founder of crypto startup Sarcophagus and venture partner at VC firm Venture51.

    But the Trumps need not necessarily do anything novel, if they can capitalize on their mammoth public platform to peddle the new venture. “[World Liberty Financial] is launching with the most free marketing that any crypto company could ever get,” says Hamilton. “Trump is the king of living rent free in people’s minds.”

    Incumbents in the DeFi industry are cautiously optimistic about the prospect of the Trump family’s arrival; at once glad of the publicity and wary of the reputational damage World Liberty Financial could cause if it were to fall on its face, or if a technical snafu were to result in financial losses.

    “I welcome any effort to bring DeFi into the mainstream,” says Brad Harrison, CEO of Venus Protocol. “But like the autopilot in a Tesla, DeFi may give the appearance of something that’s simple, but the inner workings are complex. Without a solid grasp of its nuances in the hands of seasoned technologists and financial engineers, a new platform risks being more of a branding exercise than a substantive and safe contribution to the space.”

    Irrespective of the risk in placing trust in a crypto platform yet to be battle tested, industry enthusiasts are likely to patronize World Liberty Financial if only to signal support for Trump’s political endeavors. “We are definitely dealing with crypto as a right-wing Republican commodity now,” says Jacob Silverman, coauthor of Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud. “The industry is so aligned with the Republican party and they are the biggest donors of any industry this cycle.”

    In the spirit of various British politicians who have retired into crypto positions, World Liberty Financial could represent an attempt by Trump to hedge against a loss in the upcoming election—to set up for himself a fallback gig.

    “Maybe the raucous reception at the crypto conference in Nashville has given him an impression this is the world he wants to be in, because they love him and he can make money,” says Silverman. “For all his faults, he does understand the crowd.”

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    Joel Khalili

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  • Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

    Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

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    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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    Semilore Faleti

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  • Challenges Mount For Bitcoin Miners As Difficulty Surges To Record High

    Challenges Mount For Bitcoin Miners As Difficulty Surges To Record High

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    Este artículo también está disponible en español.

    A recent report by Bloomberg highlights that the difficulty of mining Bitcoin has surged to a record high, reflecting increasing competition among cryptocurrency miners. 

    On Wednesday, mining difficulty rose by 3.5%, as reported by crypto-mining tracker CoinWarz. This metric, which has been climbing steadily, often aligns with market expectations for Bitcoin’s price movements.

    Post-Halving Challenges

    Following the April Halving, which reduced miners’ potential revenue by half, the Bitcoin price has dropped approximately 10% to a current trading price of $57,000. 

    Per the report, this reduction has significantly pressured the profit margins of many mining companies, particularly those operating at higher costs. Christopher Bendiksen, Bitcoin research lead at CoinShares, noted: 

    The effect of the all-time high in difficulty, right on the back of the Halving, is making the outlook extremely challenging for many miners—especially those at the higher end of the cost curve. The researcher added that if current trends persist, some miners may struggle to remain cash flow positive, let alone achieve profitability.

    Related Reading

    Miners play a crucial role in the Bitcoin ecosystem by using specialized computers to validate transaction data on the blockchain, thereby securing the network. In return for their efforts, they earn Bitcoin rewards. 

    However, the financial landscape for miners has been tough this year; shares of major publicly traded mining companies have plummeted, with Marathon Digital Inc. and Riot Platforms Inc. experiencing declines of 31% and 54%, respectively.

    In contrast, Bitcoin’s price has shown consistency despite current challenges, climbing 38% and reaching a record high of $73,798 in March, fueled by optimism surrounding the demand for US exchange-traded funds (ETFs) that hold BTC. 

    Additionally, Bitcoin’s hash rate—the total computing power supporting the network—hit an all-time high in September, indicating strong participation in mining activities.

    Crucial Months Ahead For The Bitcoin Market

    Historically, the Bitcoin price has often dipped following its Halving event, only to rebound several months later, eventually hitting new record highs. Many industry participants are anticipating a potential rally in the fourth quarter, with Bobby Zagotta, CEO of crypto exchange Bitstamp USA, expressing optimism about market movements.

    However, Bendiksen cautioned that many miners appear to be banking on a significant price increase in Bitcoin. “If that fails to materialize, there will be trouble ahead for some operators,” he warned. 

    Related Reading

    The coming months will be crucial in determining the sustainability of mining operations and the broader health of the market, with expectations for further price recoveries increasing in the latter part of the year, with other potential catalysts including easing macroeconomic conditions and the outcome of the US election.

    The 1D chart shows BTC’s sideways price action above $57,000. Source: BTCUSDT on TradingView.com

    As of now, the largest cryptocurrency on the market is down a slight 0.4% in the 24-hour time frame, and nearly 2% in the last seven days, showing BTC’s struggle to regain previously lost levels. 

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles

    Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles

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    Este artículo también está disponible en español.

    Bitcoin market performance has been underwhelming since its peak above $73,000 in March 2024. Instead of building on this rally, the top crypto has faced continued consolidation coupled with a series of declines, frustrating many investors.

    Currently, Bitcoin is down 22.7% from its March high, raising concerns over whether this signals the start of a deeper bear market. The decline has shaken confidence, with market analysts now questioning the near-term outlook for the digital asset.

    Related Reading

    Bitcoin Price Continous To Struggle, Why?

    Analysts from IntoTheBlock, a market intelligence platform, have recently shared insights on X, reflecting the changing sentiment. In a post uploaded earlier today, the analyst noted:

    Bitcoin’s price remains under pressure, with no significant upward momentum. The market, once hopeful for a rally, now faces growing uncertainty as both retail and institutional interest appear to be dwindling.

    The analysts asked, “is this just a quiet phase or the start of a prolonged bear market?”

    To answer this question, IntoTheBlock first assessed Bitcoin price struggles and the factors contributing to the lackluster price movement.

    Mentioning “macro landscape,” the market intelligence platform disclosed that the possibility of a global recession looms large, creating a cautious outlook for risk assets like Bitcoin.

    They noted that although many expect rate cuts soon, these measures may take time to affect Bitcoin and other cryptocurrencies positively. Meanwhile, until that happens, the broader macro environment will likely continue to pressure market sentiment and investor confidence.

    Furthermore, IntoTheBlock touched on the interest in cryptocurrencies, which has also been declining sharply in recent months.

    According to the market intelligence platform, search trends related to Bitcoin and other digital assets have significantly decreased, reflecting a drop in public interest.

    Search trend for cryptocurrency plummets on Google. | Source: 0xLoris on X

    Even app rankings for major crypto exchanges like Coinbase have fallen, suggesting fewer users engage with the market. This trend has extended to on-chain metrics, where the number of new Bitcoin addresses remains low, indicating a slowdown in market participation.

    Should You Panic?

    While the current downturn has raised concerns, analysts from IntoTheBlock see potential parallels to Bitcoin’s price action in 2019. They noted:

    Historical Bitcoin halving cycles suggest it could be a post-halving dip, something we’ve seen before. Parallels to 2019: Interestingly, many analysts point out the current phase mirrors 2019, where the market also slowed down after a (local) high. Back then, the market experienced a prolonged consolidation before turning bullish again. Could we be on the same path?

    IntoTheBlock further highlighted that “other cycle data tells a different story.” The market intelligence platform noted that in recent weeks, the balances of long-term Bitcoin holders have hit new lows, echoing post-peak trends from previous market cycles.

    Bitcoin long-term holders.
    Bitcoin long-term holders. | Source: IntoTheBock

    According to IntoTheBlock, this could signal a “prolonged cooldown” phase for Bitcoin, potentially delaying any significant price recovery.

    Related Reading

    The analysts noted that while the market faces uncertainties, there are no definitive answers. They concluded:

    There are no clear-cut answers, but by considering past cycles and current data, we can stay open to possibilities Keep track of both on-chain data and macro factors—they will be critical in determining what comes next

    Bitcoin (BTC) price chart on TradingView
    BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

    Featured image created with DALL-E, Chart from TradingView

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    Samuel Edyme

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  • Bitcoin rebounds from its worst week in more than a year, jumping above $57,000

    Bitcoin rebounds from its worst week in more than a year, jumping above $57,000

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    Bitcoin jumped Monday evening and topped $57,000 after Wall Street’s rebound from its worst week of the year.

    The price of the flagship cryptocurrency was last higher by 5.6% at $57,4449.00, according to Coin Metrics. Last week, bitcoin tumbled 9% for its worst weekly performance since August 2023. 

    Stock Chart IconStock chart icon

    Bitcoin performance in the past five days

    In regular trading, Coinbase and MicroStrategy climbed 5.2% and 9.2%, respectively, on Monday. Those stocks rose as the S&P 500 broke a four-day losing streak and the Nasdaq Composite gained more than 1%. The three major averages last week posted their worst weekly performance in 2024.

    Bitcoin has been trading range bound for most of the year. Last week, it briefly fell below its floor of about $55,000. Analysts have warned that cryptocurrency lacks major catalysts at the moment and that in their absence, prices are likely to be sensitive to macro factors and continue to consolidate.

    Seasonality is also a factor. For bitcoin, similar to other risk assets, September is a historically weak month.

    “For bitcoin to experience some upside in the upcoming week, it is essential for the U.S. equity markets to find some stability or positive momentum, potentially leading to a decrease in [crypto] ETF outflows,” Bitfinex analysts said in a note Monday. “This relief in the equity markets could help alleviate selling pressure on bitcoin, providing a conducive environment for a recovery.”

    Don’t miss these cryptocurrency insights from CNBC PRO:

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  • Proof of Workforce Foundation and Careers in Government Inc. Launch Groundbreaking Partnership to Integrate Bitcoin Into Public Sector Employment

    Proof of Workforce Foundation and Careers in Government Inc. Launch Groundbreaking Partnership to Integrate Bitcoin Into Public Sector Employment

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    Partnership Aims to Revolutionize Public Sector Compensation with Innovative Bitcoin Salary Programs


    LOS ANGELES, September 9, 2024 (Newswire.com)
    –
    The Proof of Workforce Foundation (POWF) and Careers In Government Inc. (CIG) are thrilled to announce a strategic partnership designed to revolutionize public sector employment through the integration of Bitcoin. This collaboration will empower public sector employers and employees by enhancing financial security, fostering innovation, and boosting job satisfaction through Bitcoin-centric employment practices.

    Key Focus Areas of the Partnership:

    The partnership will focus on innovative strategies for attracting and retaining talent in the public sector by integrating Bitcoin into compensation and benefits packages. This initiative is designed to test and refine the integration of Bitcoin into public sector compensation packages, including salary options and incentive structures. The insights gained from this initial phase will be instrumental in shaping a scalable model that can be adopted by government employers across the country.

    The collaboration will offer educational and professional development opportunities related to Bitcoin to enhance public sector employees’ financial literacy and career growth.

    Joint efforts will be made to raise awareness and promote Bitcoin’s advantages within the public sector through marketing and branding campaigns.

    The partnership will develop and implement tailored training programs and outreach efforts to encourage the adoption of Bitcoin by public sector employers and employees.

    “We are excited to partner with Careers In Government to advance Bitcoin adoption in the public sector. This collaboration represents a significant step forward in empowering government employers and employees to embrace the benefits of this innovative technology,” said Dom Bei, Founder of the Proof of Workforce Foundation.

    Michael and Corey Hurwitz, founders of Careers In Government, added, “Integrating Bitcoin into public sector employment practices will not only attract and retain top talent but also promote financial literacy and inclusion, aligning with our mission to connect talented individuals with meaningful careers.”

    Stay Updated:

    Follow @workforcebtc and @careersingov on the X platform for the latest updates and developments.

    About Proof of Workforce Foundation:

    The Proof of Workforce Foundation is a non-profit organization dedicated to promoting Bitcoin adoption through education and advocacy, offering services to workers, unions, pension funds, and municipalities at no cost.

    About Careers In Government Inc.:

    For 25 years, Careers In Government has been the only full-service recruitment marketing agency specializing in diversity and social media marketing for the public sector. We’ve partnered with thousands of state and local government employers nationwide, offering unparalleled career resources and tools for Government employers and job seekers.

    With more than 11,000 active job postings and access to 40 million job seekers monthly, we ensure every vacancy gets maximum exposure. Our job board attracts 750,000 public sector candidates each month, while our targeted social media network reaches over 15 million users. Our pioneering diversity marketing service distributes employers’ job postings across top diversity job boards, ensuring ongoing visibility and supporting EEO outreach efforts.

    Contact Information:

    Proof of Workforce: info@proofofworkforce.org

    Careers In Government: michael@careersingovernment.com

    This press release highlights the key aspects of the newly formed partnership between POWF and CIG, underscoring their commitment to driving innovation and financial security in the public sector through Bitcoin integration.

    Source: Careers In Government, Inc.

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  • Bitcoin UTXOs in Profit Fall to Lowest Level Yearly, Here’s What it Means

    Bitcoin UTXOs in Profit Fall to Lowest Level Yearly, Here’s What it Means

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    The percentage of Bitcoin Unspent Transaction Outputs (UTXOs) in profit has fallen to its lowest level this year, last seen in October 2023. This decline in this metric aligns with the current plunge in bitcoin’s (BTC) price and the downward trajectory of the broader crypto market.

    According to a report by CryptoQuant analyst EgyHash, this could be a sign of an incoming massive rally.

    Bitcoin UTXOs in Profit Decline

    A Bitcoin UTXO refers to the amount of cryptocurrency that remains after a transaction on the network. Analyzing UTXOs is often crucial in understanding investor behavior over different periods.

    In June, 99% of Bitcoin UTXOs were in profit; however, that number had declined to 68.5% by September. EgyHash said the plunge suggests that some market participants have realized profits on their BTC investments, and their actions, coupled with ongoing selling pressure, have contributed to a fall in the value of the world’s largest cryptocurrency.

    The last time the UTXOs in profit witnessed a similar decline, bitcoin’s price skyrocketed to a new all-time high, rising 273% from $26,700 to $73,000. This means a fall in this metric gives room for BTC to rally and possibly touch new highs. EgyHash’s analysis aligns with on-chain experts’ predictions of a second leg of the BTC bull run in the coming months.

    An Incoming BTC Rally

    Another pseudonymous CryptoQuant analyst, Avocado, observed a slight uptick in Bitcoin UTXOs under six months, which they classified as new investors who entered the market earlier this year, likely around March, when BTC hit its all-time high.

    Comparing the Bitcoin UTXOs under six months to past cycles, Avocado identified a similar pattern in 2019; investors holding the UTXOs have either exited the market due to losses stemming from bitcoin’s current state or held their BTC and transitioned into the six-month-and-above group. Regardless, bitcoin’s trajectory within the following 490 days led to a new all-time high.

    Besides the decline in UTXOs in profit, bitcoin’s price has been stagnant for an extended period. Avocado attributed this stagnation to the reduced price volatility stemming from a relative increase in over-the-counter trading compared to exchange-based trading.

    “While I have no doubt about the long-term upward trend, in the short term, I believe it’s wise to temper expectations and closely monitor the market,” Avocado stated.

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    Mandy Williams

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  • XRP Rides High as Major Japanese Exchange Adds Support

    XRP Rides High as Major Japanese Exchange Adds Support

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    They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

    Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

    Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

    So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

    Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

    Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

    Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

    Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

    So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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    Christian Encila

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  • Cantor Fitzgerald CEO: Bitcoin Dipping its Toe into Global Finance

    Cantor Fitzgerald CEO: Bitcoin Dipping its Toe into Global Finance

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    In a post on X on Sept. 4, the American billionaire businessman said that Bitcoin has been an outsider to the TradFi community over the past five years, and it’s only now “dipping its toe into global finance.”

    He added that his firm, Cantor Fitzgerald, will help the traditional finance sector onboard Bitcoin as it wants new asset classes.

    “Cantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and BTC is here to stay.”

    TradFi Companies Want Bitcoin

    Howard William Lutnick succeeded Bernard Gerald Cantor as the head of Cantor Fitzgerald in 1991. The firm is an American financial services company founded in 1945 with $480 billion in assets under management (AUM).

    In late July, Cantor announced plans to launch a Bitcoin financing business to provide leverage to investors who hold BTC. The firm stated at the time that it aims to launch with $2 billion in initial financing and will continue to grow the operation substantially.

    In his latest appraisal of the asset, Lutnick said there were still hurdles to mainstream onboarding because banks still can’t clear it, can’t transact in it, can’t custodian it, and won’t finance it … yet.

    “I think people misunderstand traditional financial service companies – they want to transact with Bitcoin, they want new asset classes to transact in.”

    However, they need regulators to “say its okay,” he added. Banks do not want to hold Bitcoin because they have to lock away the equivalent in cash, he said. But if there was regulatory approval, “you will see all the traditional financial services companies, the big banks, the big brokerage companies, they’re all going to go head first into Bitcoin.”

    He said it was a slow and steady process, but eventually, there will be a Commodity Futures Trading Commission (CFTC) chair who says Bitcoin is a financial asset, and we’re going to treat it as such.

    “When that happens, you’re going to see Bitcoin move in a very strong, positive direction,”

    Ultimately, as Bitcoin “gets invited to this party” over the next five years, up it will go, the billionaire executive concluded.

    But Not Yet …

    Unfortunately, bitcoin’s price is going in the other direction today, with a slump of more than 4%, falling back to support levels at $56,600.

    The asset has been slowly downtrending since mid-March, having now lost 23% from its all-time high.

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    Martin Young

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  • Bitcoin (BTC) Millionaires Increased by 110% in 1 Year Amid Market Surge

    Bitcoin (BTC) Millionaires Increased by 110% in 1 Year Amid Market Surge

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    According to the Crypto Wealth Report 2024 by Henley & Partners, the number of individuals holding over $1 million in digital assets has soared by 95% to 172,300.

    This comes amidst a growth in the crypto market, which has seen its total value rise to $2.3 trillion, marking an 89% increase from the previous year’s valuation of $1.2 trillion.

    Bitcoin Millionaires Rise 111%

    The report revealed that the number of Bitcoin (BTC) millionaires has grown by 111% to 85,400. The number one cryptocurrency has seen notable advancements this year, including its price reaching an all-time high of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S.

    The Henley & Partners survey also highlighted expansion at the upper echelons of wealth. The number of crypto centi-millionaires, those with digital assets exceeding $100 million, has gone up by 79% to 325. Meanwhile, the ranks of virtual currency billionaires have also seen a 27% uptick, totaling 28 globally.

    Interestingly, Andrew Amoils, Head of Research at New World Wealth, notes that the growth among millionaires has outpaced those with 10-figure fortunes and above, with BTC being a major driver of this trend. “Among the six new crypto billionaires created in the past year, five are Bitcoin-centric,” he explained.

    Amidst this increasing wealth, investment migration has become more relevant. Henley & Partners’ updated virtual asset adoption index revealed that Singapore remains the top destination for investors, scoring 45.7 out of 60.

    Hong Kong and the UAE follow closely, both offering favorable conditions such as tax advantages and advanced digital economies.

    Global Finance Shift

    The report also featured opinions from several experts, with the major theme running through their views being a global financial shift occasioned by virtual currency.

    António Henriques, CEO of Bison Bank, emphasized the transformative effect of such assets on global finance, stating, “We are entering a new era where digital assets are challenging the dominance of traditional fiat currencies.”

    Coinshare co-founder Jean-Marie Mognetti supported Henriques’ view, noting that the SEC’s approval of spot Bitcoin ETFs is facilitating broader institutional engagement.

    Furthermore, Henry Burrows, the top executive at Hoptrail, highlighted a shift in wealth generation, observing that contemporary wealth is increasingly coming from virtual assets rather than traditional investments.

    Another financial expert, Lark Davis, founder of Wealth Mastery, spoke of Ethereum’s pivotal role in the sector, while Guneet Kaur of Cointelegraph pointed out the growing importance of stablecoins as a reliable investment during market fluctuations.

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    Wayne Jones

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