Author: Max Bauer
Bitcoin mining economics saw a significant boost in the first half of November, according to a JPMorgan research report released on Monday. Analysts Reginald Smith and Charles Pearce attributed this improvement to a rising hashprice, a key metric for mining profitability. The hashprice, which measures the revenue miners earn per unit of hashing power, jumped 29% since the end of October. This surge was driven by a combination of factors, including Bitcoin’s price rally outpacing network hashrate growth and an increase in transaction fees as a proportion of the block reward. The report also highlighted a significant increase in the…
A recent ruling by the Songjiang District People’s Court in Shanghai has highlighted the complex legal landscape surrounding virtual currencies in China. While affirming that virtual currencies possess property attributes akin to virtual commodities, the court underscored the illegality of business activities related to their issuance and trading. This decision follows a case involving an agricultural development company (Company X) that contracted with an investment management company (Company S) to issue its own virtual currency for fundraising purposes. The case, a service contract dispute, stemmed from a 2017 agreement between the two companies. Attracted by the explosive growth of Bitcoin…
Trump Media and Technology Group (TMTG), the social media company owned by former President Donald Trump, is reportedly in advanced negotiations to acquire Bakkt, a cryptocurrency trading venue owned by Intercontinental Exchange (ICE). The potential all-share deal, if finalized, would significantly expand TMTG’s reach beyond social media and deepen Trump’s involvement in the cryptocurrency market. Bakkt’s market capitalization stood at just over $150 million on Monday, though the exact valuation under discussion remains undisclosed. TMTG, which operates the Truth Social platform, has seen its stock become a favorite among retail investors since Trump’s election victory, achieving a $6 billion equity…
President-elect Donald Trump is scheduled to meet privately with Coinbase CEO Brian Armstrong on Monday, according to WSJ sources familiar with the matter. The meeting, the first between the two since Election Day, is expected to focus on personnel appointments for Trump’s second administration, further solidifying the former president’s surprising shift towards embracing the cryptocurrency industry. Trump, once a crypto skeptic, has become an increasingly vocal supporter of digital assets. This evolving stance culminated in a speech at this year’s annual Bitcoin conference, where he pledged to establish a Bitcoin and cryptocurrency presidential advisory council if elected. This council would…
Bitcoin’s price surge following Donald Trump’s election victory has ignited fervent speculation about the cryptocurrency’s future trajectory. With the price already up nearly 120% this year and approaching record highs, market watchers are increasingly bullish, predicting a potential ascent to $100,000 and beyond. Some analysts even foresee Bitcoin reaching $1 million within the next few years. A prediction market on Polymarket currently gives Bitcoin a 64% chance of hitting $100,000 before the end of 2024. This optimism is fueled by several factors, most notably Trump’s pro-crypto stance during his campaign. Trump has pledged to reverse the Biden administration’s crackdown on…
The prospect of options trading on Bitcoin Exchange Traded Funds (ETFs) is moving closer to reality, with regulatory bodies taking key steps to prepare for the launch. The Options Clearing Corporation (OCC) has announced its readiness to handle the clearing, settlement, and risk management of Bitcoin ETF options, following recent regulatory approvals and advisories. On September 20, 2024, the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of options on the iShares Bitcoin Trust, marking a significant milestone for the cryptocurrency market. Subsequently, on November 15, 2024, the Commodity Futures Trading Commission (CFTC) Division of Clearing and…
A recently released audio clip has reignited speculation about Elon Musk’s cryptocurrency holdings, with the tech mogul confirming he still owns a substantial amount of Dogecoin. In the same clip, Musk revealed that SpaceX, his privately held space exploration company, possesses a significant quantity of Bitcoin. The exact amount remains undisclosed. This revelation comes on the heels of former President Donald Trump’s announcement of the Department of Government Efficiency (DOGE), an initiative aimed at streamlining federal operations and cutting costs. Trump has appointed Musk and entrepreneur Vivek Ramaswamy to lead the effort, tasking them with identifying areas for improvement and…
Prediction markets, which gained prominence for their accuracy during the recent presidential election, are now offering insights into the future price of Bitcoin. With the cryptocurrency surging following Donald Trump’s victory, these platforms provide a glimpse into where investors believe Bitcoin might be headed. On Polymarket, a crypto-based prediction market, bets on Bitcoin’s November price point to a 72% probability of reaching $95,000. Other possibilities include $105,000 (23% probability) and $110,000 (14% probability). A separate contract on Polymarket gives Bitcoin a 60% chance of staying above $90,000 on November 22nd, while the odds of reaching $100,000 in November stand at…
As President-elect Donald Trump continues to shape his cabinet, a public debate has erupted over the crucial position of Treasury Secretary, fueled by billionaire Elon Musk’s call for greater transparency and public input. Musk, tapped by Trump to co-lead a government efficiency commission, took to X, the social media platform he owns, to endorse Cantor Fitzgerald CEO and Trump transition team co-chair Howard Lutnick. He contrasted Lutnick with hedge fund manager Scott Bessent, characterizing Bessent as a “business-as-usual choice” while praising Lutnick’s potential to “enact change.” “Business-as-usual is driving America bankrupt, so we need change,” Musk stated, arguing for a…
According to cryptocurrency analysis firm Alphractal, the cryptocurrency market is poised for a period of significant volatility as altcoins increasingly diverge from Bitcoin’s price movements. Alphractal’s Correlation Heatmap, which tracks the relationship between Bitcoin and various altcoins, reveals a weakening correlation, suggesting independent price action in the altcoin market. Historically, such negative correlation has often preceded periods of heightened volatility. While Bitcoin recently rallied, traders appear to be shifting their focus to altcoin long positions, as indicated by a rising Long/Short Ratio for altcoins on exchanges. This metric, however, suggests a potential for increased selling pressure from market makers seeking…