Author: Max Bauer
Gold bug and outspoken Bitcoin critic Peter Schiff has issued a dire warning about the potential consequences of the US government establishing a Bitcoin reserve, particularly in light of Robert F. Kennedy Jr.’s proposal to back the dollar with Bitcoin. Schiff argues that such a move, specifically purchasing 1 million BTC, would trigger a catastrophic chain of events leading to hyperinflation, the destruction of the dollar, and ultimately, the demise of Bitcoin itself. Schiff’s scenario unfolds as follows: The initial purchase of 1 million Bitcoin by the US government would drive the price significantly higher, prompting long-term holders (HODLers) to…
Bitcoin reached a new all-time high of $85,000 approximately 20 minutes ago, sparking celebrations across the cryptocurrency community. Cryptocurrency analytics firm Santiment released an analysis attributing this milestone to significant accumulation by large Bitcoin holders, often referred to as “whales” and “sharks.” According to Santiment, wallets holding at least 10 Bitcoin have accumulated a total of 234,150 BTC over the past year, a stash now worth a staggering $19.76 billion. This continued confidence and accumulation from key stakeholders has played a crucial role in Bitcoin’s ascent. Interestingly, Santiment also points to the “FUD” (fear, uncertainty, and doubt), capitulation, and wavering…
Bitcoin’s meteoric rise following Donald Trump’s presidential victory has triggered significant losses for investors betting against the cryptocurrency and related stocks. Since November 6th, Bitcoin’s surge to record highs has inflicted billions in losses on short sellers, driven by optimism that a Trump administration will usher in a more favorable regulatory landscape. The pain for crypto short sellers is expected to continue, with most cryptocurrency-related stocks jumping in pre-market trading on Monday. Coinbase, for example, saw a pre-market surge of nearly 16%, mirroring Bitcoin’s price rally. Data analytics firm Ortex reports that traders shorting MicroStrategy, a major corporate Bitcoin backer,…
Bitcoin surged to a new all-time high this morning, eclipsing $82,300, as post-election market euphoria continues to propel the cryptocurrency’s price upwards. Experts believe this is just the beginning of a significant bull run. The $1.6 trillion digital asset has maintained its upward trajectory since surpassing its previous March peak, which followed Donald Trump’s presidential victory. “Despite the post-election ‘Trump Pump,’ we are still in the early stages of this bull cycle,” observed David Brickell, head of international distribution at FRNT Financial, and former forex trader Chris Mills, in their recent newsletter. Several factors are contributing to the market’s bullish…
Cardano’s native token ADA experienced a dramatic 35% price surge following founder Charles Hoskinson’s announcement of his planned involvement in shaping U.S. cryptocurrency policy under the Trump administration. The token breached the 58-cent mark, reaching levels not seen since April, while posting impressive weekly gains exceeding 77%. Trading activity intensified significantly, with volumes skyrocketing from $300 million on Friday to $3.3 billion on Saturday. Futures markets reflected growing investor interest, with ADA-denominated open interest reaching 858 million ADA (approximately $500 million), suggesting increased speculation on potential future price movements. During a Friday podcast on X, Hoskinson outlined his commitment to…
Jan van Eck, CEO of VanEck, a global asset management firm, recently predicted that Bitcoin could reach $300,000, based on the assumption that it will eventually represent half the value of all the gold outstanding. In an interview, van Eck stated his belief that Bitcoin will continue to reach new all-time highs, driven in part by increasing adoption from individual investors. When questioned about the rationale behind his $300,000 prediction, van Eck explained that he arrived at the figure by positing Bitcoin would capture half of gold’s total market capitalization. He acknowledged that a Bitcoin maximalist might argue for an…
Cybersecurity researchers have uncovered a sophisticated new malware campaign targeting cryptocurrency businesses, attributed to the North Korean hacking group BlueNoroff. The malware, dubbed “Hidden Risk” by researchers at SentinelLabs, specifically targets macOS systems and employs a multi-stage infection process involving decoy PDF documents. According to a recent report from SentinelLabs, the attack begins with phishing emails disseminating fabricated news stories about cryptocurrency trends. These emails contain malicious attachments disguised as legitimate PDF files. When a user downloads and opens the PDF, a separate malware file is surreptitiously downloaded onto their desktop in the background. This file then grants the attackers…
Prominent crypto trader Jordan Fish, known online as Cobie, incinerated 600 million UPONLY tokens, a newly launched Solana-based memecoin, shortly after receiving them. The tokens, representing 60% of UPONLY’s total supply, were gifted to Cobie by an unknown entity. At the time of burning, the tokens were theoretically valued at $17 million. UPONLY, launched on Friday, seemingly referenced Cobie’s former crypto podcast, UpOnly, which he co-hosted with Brian Krogsgard (Ledger). The podcast has been inactive since December 2022, following the collapse of its sponsor, FTX. Cobie’s response to the unsolicited gift was swift and decisive. After initially posting a screenshot…
Tether, the prominent stablecoin issuer, has announced its foray into commodities financing, funding its first crude oil transaction in the Middle East. The October transaction facilitated the shipment of 670,000 barrels of crude oil, valued at approximately $45 million, between a major publicly traded oil company and a leading commodity trader. While Tether declined further comment, this move signals a significant expansion beyond its core cryptocurrency business. “This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance,” stated Tether CEO Paolo Ardoino. This initiative positions…
The Securities and Exchange Commission’s (SEC) aggressive regulatory approach towards the cryptocurrency industry is expected to come to an abrupt end following Donald Trump’s presidential election victory, according to John Reed Stark, former head of the SEC’s Office of Internet Enforcement. Stark is known for his hostile attitude towards the cryptocurrency market. According to Stark, Only Very Serious Fraud Cases and Existing Cases Will Continue Speaking during an X Spaces event on Thursday, Stark declared the SEC’s “war on crypto” over, anticipating a significant shift in regulatory enforcement under a Trump administration. “The SEC is not going to be bringing…