Author: Max Bauer

QCP Capital has issued a statement evaluating the current situation of Bitcoin and Ethereum, highlighting intensified macro volatility and its implications on the cryptocurrency market. “Macro volatility has intensified,” stated QCP Capital. “The NASDAQ has declined by 10% from its peak as the Magnificent 7 pulls back. FX carry trades like long USDJPY and short USDMXN are being unwound as volatility increases. The VIX topped at 19.50 after trading in a range of 12-14 for the past 2 months.” The analysis identifies several factors contributing to this heightened market uncertainty: QCP Capital anticipates increased volatility ahead of tonight’s FOMC meeting.…

Bitcoin mining difficulty has surged by 10.5%, reaching an unprecedented 90.67 trillion, according to the latest data from BTC.com. This adjustment occurred at block height 854,784 on July 30, 2024, at 17:13:32. Over the past seven days, the average computing power of the entire Bitcoin network has been 635.70 exahashes per second (EH/s). This record-setting adjustment comes at a time of heightened political interest in Bitcoin mining within the United States. U.S. presidential candidate Donald Trump has recently called for the country to dominate global Bitcoin production. This stance is expected to create substantial business opportunities and boost the production…

Grayscale Investments announced the launch of its latest product, the Grayscale Bitcoin Mini Trust, trading under the ticker BTC. The product began trading at 4 a.m. Eastern Time on Wednesday, following the U.S. Securities and Exchange Commission (SEC) approval of its Form 19b-4 last week. The “BTC” ticker is associated with a derivative product of Grayscale’s flagship fund, GBTC, featuring a management fee of 0.15%. This move comes as part of Grayscale’s strategy to counter the ongoing market cap decline of its Grayscale Bitcoin Trust (GBTC) and its Ethereum counterpart, Grayscale Ethereum Trust (ETHE). The Grayscale Bitcoin Mini Trust, seeded…

Terra blockchain has suffered a significant security exploit, resulting in the theft of tokens valued at over $4 million. The attack exploited a known vulnerability in a third-party module called IBC hooks, which is designed to facilitate cross-chain contract calls and token transfers. An unknown attacker took advantage of this vulnerability to drain value from various bridged assets, including the USDC stablecoin and ASTRO tokens from Astroport Finance. According to security firm Beosin, the total impact exceeds $4 million. The incident also caused the price of ASTRO tokens to plummet by 60%. In response to the breach, Terra implemented emergency…

The now defunct cryptocurrency exchange Mt. Gox transferred over $2 billion worth of bitcoin to a new address on Tuesday, according to data from Arkham Intelligence. At precisely 7:28 p.m. ET, Mt. Gox moved 33,105 bitcoins, valued at approximately $2.19 billion, to an address starting with “bc1q26.” The ownership of this new address remains unidentified. This transaction follows a series of substantial transfers made by Mt. Gox to various designated crypto exchanges, including Bitbank, Kraken, Bitstamp, and SBI VC Trade, in recent weeks. Bitstamp, for instance, announced last week that it would begin distributing assets to Mt. Gox creditors starting…

A draft bill proposing the establishment of a U.S. Strategic Bitcoin Reserve reveals that the initiative would be partly financed by revaluing the gold certificates held by the Federal Reserve System. The draft, shared by the office of Senator Cynthia Lummis, outlines a comprehensive plan to create a decentralized network of secure Bitcoin storage facilities across the country. Senator Lummis, a Republican from Wyoming renowned for her pro-Bitcoin policies, unveiled her proposal for the strategic reserve at the Bitcoin Nashville conference on Saturday. Her announcement came shortly after former U.S. President Donald Trump addressed the crowd on blockchain policy, in…

US Presidential candidate Donald Trump has raised an impressive $25 million at a recent Bitcoin Conference fundraiser. The announcement came from journalist Eleanor Terrett, who shared the eye-popping figure on social media. David Bailey, CEO of Bitcoin Magazine, confirmed the amount raised at the event, held in Nashville. The fundraiser attracted a star-studded lineup of attendees, including notable figures such as Tyler and Cameron Winklevoss, musicians Kid Rock and Billy Ray Cyrus, and social media influencer Jake Paul.

The future trajectory of Bitcoin could be significantly influenced by the results of the upcoming U.S. presidential election, according to a recent research report from investment bank Jefferies. The report, released on Monday, highlights the political nuances observed at the Bitcoin Nashville conference held last week, where notable figures, including former President Donald Trump, engaged with the cryptocurrency community. Jefferies analysts Jonathan Petersen and Joe Dickstein suggest that Trump’s recent pro-crypto stance could have a substantial impact on Bitcoin’s short-term price fluctuations. “His overtures to the industry to install crypto-friendly regulators may have the effect of near-term BTC price being…

During an interview with CNBC at the Summer Olympics, David Solomon, the chief executive of Goldman Sachs, shared his thoughts on bitcoin, emphasizing its potential as a store of value. However, Solomon maintained his cautious stance on the speculative nature of the cryptocurrency. “I’ve always said I think it’s a speculative investment,” Solomon stated. “I don’t see a real use case.” Despite his reservations, Solomon acknowledged the intriguing nature of the underlying technology behind cryptocurrencies. He highlighted the potential for advancements in reducing financial system friction as digitization continues to evolve. When CNBC’s Joe Kernan posed a question about the…

The Securities and Exchange Commission (SEC) has charged Nader Al-Naji with orchestrating a fraudulent crypto asset scheme involving the social media platform BitClout and its native token, BTCLT. The SEC’s complaint alleges that Al-Naji raised over $257 million from unregistered sales of BTCLT starting in November 2020, under false pretenses that the proceeds would not be used for personal gain. Contrary to these claims, Al-Naji allegedly spent over $7 million of investor funds on personal expenses, including a Beverly Hills mansion rental and lavish gifts to family members. To avoid regulatory scrutiny, Al-Naji allegedly misrepresented BitClout as a decentralized project…