Author: Max Bauer
Cryptocurrency economist Timothy Peterson has offered a bullish outlook for Bitcoin, suggesting the cryptocurrency could reach $100,000 by February 2024. In a recent statement, Peterson outlined his analysis based on a basic trendline he developed for the 2023-2024 period. Peterson dismisses the “diminishing marginal returns” argument, which suggests that Bitcoin’s price gains will decrease over time. He argues that Bitcoin’s current price trajectory is consistent with previous patterns, indicating continued potential for significant growth. “Bitcoin’s current run is not meaningfully different than prior price paths,” Peterson stated. “This puts a big dent in the ‘diminishing marginal returns’ argument.” According to…
South Korea’s Financial Services Commission (FSC) is preparing legislation to enhance regulatory oversight of virtual asset exchanges, focusing on the qualifications of major shareholders and governance structures. This announcement comes in response to concerns about the lack of transparency and potential risks associated with the current regulatory framework. FSC Chairman Kim Byung-hwan addressed the National Assembly’s Political Affairs Committee during a comprehensive state audit, stating, “Under current laws, including the Specific Financial Information Act and the Act on the Protection of Virtual Asset Users, there is no legal basis for scrutinizing major shareholders. We have therefore submitted a revision to…
Pennsylvania has taken a significant step toward establishing regulatory clarity for digital assets with the House of Representatives passing a bipartisan bill aimed at providing a framework for the burgeoning cryptocurrency industry. House Bill 2481, also known as the Bitcoin Rights bill, passed overwhelmingly with a 176-26 vote, garnering support from 76 Democrats and all 100 Republican members. This move comes amidst ongoing uncertainty at the federal level regarding cryptocurrency regulation and which agencies should oversee the $2 trillion market. The bill now proceeds to the Republican-controlled Senate after the election, and if approved, will land on Governor Josh Shapiro’s…
Bitcoin could retest its all-time high, exceeding $73,000, on November 5th, coinciding with the US presidential election, according to Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered. Kendrick’s forecast is based on an analysis of bitcoin derivatives and trading volume indicators. Standard Chartered Expects Even More Gains for Bitcoin if Donald Trump Wins “We utilize daily bitcoin volume levels and prominent strike levels to project post-election price fluctuations. Our base case anticipates a bitcoin price of approximately $73,000 on election day,” Kendrick stated in an email communication on Thursday. Kendrick’s analysis delves into potential price scenarios based…
Binance’s head of global intelligence and investigations, Tigran Gambaryan, has been released from Kuje prison in Nigeria after an eight-month detention, a family spokesperson confirmed to CoinDesk on Thursday. Gambaryan’s release came just a day after local prosecutors dropped charges against him, ending an ordeal that began with his detention in February. Gambaryan was held in Kuje prison, a facility known for housing dangerous criminals, including members of the terrorist group Boko Haram. His applications for bail were repeatedly denied, but on Wednesday, authorities approved his release to seek medical attention abroad. The Nigerian Economic and Financial Crimes Commission (EFCC)…
CryptoQuant, a leading cryptocurrency analysis firm, has issued a positive assessment of Bitcoin’s network fundamentals, suggesting that the digital asset is poised for further growth. The firm noted that Bitcoin’s hashrate, a measure of computing power used to mine new blocks, has reached an all-time high. This surge in hashrate indicates increased mining competition and has driven up mining difficulty to unprecedented levels. CryptoQuant believes that the rising hashrate and mining difficulty contribute to Bitcoin’s intrinsic value, making it a more attractive investment for sophisticated investors. Additionally, the number of active Bitcoin addresses has been steadily increasing since mid-September, signaling…
Peter Todd, the Canadian developer who was recently identified as a potential candidate for the creator of Bitcoin in a new HBO documentary, has vanished from public view amidst the controversy surrounding the allegations. While Todd has repeatedly denied being Satoshi Nakamoto, the documentary presented evidence suggesting his involvement. The revelation has sparked intense speculation and debate within the crypto community. Following the release of the documentary, Todd has become increasingly elusive, avoiding public appearances and media interviews. His disappearance has only fueled rumors and further intensified the mystery surrounding the true identity of Bitcoin’s creator. “For the record, I…
Brad Garlinghouse, the CEO of Ripple Labs, has expressed his belief that the approval of an exchange-traded fund (ETF) for XRP is “inevitable.” This comes after years of legal battles with the U.S. Securities and Exchange Commission (SEC) over the classification of XRP as a security. Garlinghouse pointed to the recent success of Bitcoin ETFs, which have seen significant inflows of capital, as evidence of the growing institutional demand for cryptocurrencies. He said that the approval of Bitcoin ETFs has paved the way for other digital assets, including XRP, to gain exposure through ETFs. In recent weeks, Bitwise Asset Management…
The Federal Reserve’s Beige Book, a survey of economic conditions across the United States, paints a mixed picture of the economy, showing that while most regions have experienced little change in economic activity since early September, there are signs of both resilience and challenges. One positive sign is that inflation continues to be mild. While most districts reported slight or moderate increases in sales prices, the overall trend is for inflation to remain relatively tame. Despite lingering uncertainty, respondents to the survey expressed a slightly more optimistic outlook for the long term. This suggests that while the economy may face…
Leading cryptocurrency analysis firm QCP Capital reports that Bitcoin’s recent surge toward $69,000 reflects growing market confidence in a potential Trump presidency, with just two weeks until the U.S. elections. There Are Numerous Factors That Could Affect Bitcoin Price In The Next Few Weeks According to QCP Capital’s latest market analysis, Trump has extended his lead over Kamala Harris in betting markets, with key swing states showing Republican advantages. Markets are adjusting to this political shift, with discussions of increased tariffs and tax reductions driving up both the U.S. dollar and bond yields. The cryptocurrency market has shown significant strength,…