Author: Andrei Ionescu
The price of Bitcoin mining machines in Shenzhen, China, has seen a sharp increase, surging 30% compared to last year, driven by the recent rise in Bitcoin prices. Mining equipment manufacturers and distributors in Shenzhen report heightened demand, with buyers predominantly hailing from Russia, the United States, Canada, and other international markets. Russia Leads Demand with Low Electricity Costs Russia has emerged as a key buyer of mining machines, thanks to its low electricity costs, which significantly enhance mining profitability. This has made the country an attractive destination for large-scale Bitcoin mining operations. “The profitability of mining in Russia, due…
El Salvador has reached a preliminary agreement with the International Monetary Fund (IMF) to limit its domestic Bitcoin activities in exchange for a $1.4 billion financing package. The deal is part of the IMF’s Extended Fund Facility (EFF), spanning 40 months, aimed at supporting the country’s reform agenda and addressing balance-of-payment challenges. The financing package is expected to exceed $3.5 billion, with contributions from the World Bank, the Inter-American Development Bank, and other regional development banks, according to the IMF. Policy Shifts on Bitcoin El Salvador, under President Nayib Bukele, became the first country to adopt Bitcoin as legal tender…
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) are on the verge of surpassing their gold counterparts in assets under management (AUM), reflecting a significant shift in investor preference toward digital assets. As of December 17, spot Bitcoin ETFs in the U.S. hold a combined AUM of $120 billion, compared to gold ETFs’ $125 billion, according to Senior Bloomberg ETF Analyst Eric Balchunas. This development underscores Bitcoin’s growing role as a key investment vehicle, buoyed by institutional adoption and rising interest in digital assets. Bitcoin ETFs Surpass Gold ETFs Across Broader Metrics A report from K33 Research reveals that, including leveraged products…
The U.S. Treasury Department has imposed sanctions on two individuals and an entity accused of laundering cryptocurrencies for North Korea, as part of efforts to counter the country’s illicit financial activities. The Treasury’s Office of Foreign Assets Control (OFAC) identified Lu Huaying and Zhang Jian, both Chinese nationals, as key figures in the laundering network. They are alleged to have facilitated money laundering on behalf of Sim Hyon Sop, a sanctioned banking representative for the Democratic People’s Republic of Korea (DPRK). The pair reportedly operated through a front company in the United Arab Emirates named Green Alpine Trading, which has…
The Ethereum Name Service (ENS), the blockchain-based service simplifying address resolutions, has announced plans to develop its own Layer 2 network, dubbed Namechain, using Linea’s advanced technology stack. Leveraging Linea’s zkEVM Technology ENS chose Linea, a zkEVM-based Layer 2 solution, for its ability to maintain full compatibility with Ethereum’s existing smart contracts and tools. The zkEVM technology ensures trustless and seamless interactions between Ethereum’s Layer 1 and the new Namechain Layer 2, ENS shared in a recent blog post. Linea is also recognized as the first Layer 2 team to implement a trust-minimized version of ERC-3668, enabling decentralized cross-chain name…
Binance has announced the addition of two new trading pairs and the rollout of Trading Bots services to enhance user experience on its Spot trading platform. Effective December 19, 2024, at 08:00 UTC, users will be able to trade the following pairs: New Trading Bots Services Starting at the same time, Binance will also enable Spot Algo Orders for these pairs, allowing users to automate and optimize their trading strategies. Special Promotion on USDC Trading To celebrate the launch, Binance is introducing a special promotion: More details about the promotion, including terms and conditions, are available in Binance’s official announcement.…
Binance announced its decision to delist three tokens Kaon (AKRO), Bluzelle (BLZ), and WazirX (WRX) effective December 25, 2024, at 03:00 UTC. This move comes as part of Binance’s regular review process to ensure that all listed digital assets meet the platform’s high standards and evolving industry requirements. Reasons for Delisting The decision was based on several factors, including: Impacted Trading Pairs The following spot trading pairs will cease trading at the specified time: Key Deadlines and Actions for Users Next Steps for Users Binance emphasized that delisted tokens might be converted to stablecoins after February 26, 2025, though this…
QCP Capital stated that it is becoming increasingly difficult to find reasons to be bearish on Bitcoin’s spot price. However, the options market has issued a warning, suggesting that investors may currently favor hedging over actively chasing upward momentum. The firm noted that supportive regulatory environments could drive a cross-asset feedback loop. Companies holding Bitcoin (BTC) would find it easier to raise capital, which could, in turn, non-linearly stimulate institutional demand for BTC. This cautious sentiment in the options market indicates that while optimism for Bitcoin’s price remains strong, some traders are preparing for potential volatility or pullbacks. QCP Capital’s…
On December 16, Bitcoin and Ethereum spot ETFs continued to experience significant inflows, reflecting robust institutional demand. The total net inflow for Bitcoin spot ETFs reached $637 million, marking the 13th consecutive day of positive inflows. The largest single-day inflow was recorded by BlackRock’s IBIT ETF, which saw $418 million in net inflows. Ethereum spot ETFs also maintained their momentum, with a total net inflow of $51.13 million on the same day. This marks the 16th consecutive day of net inflows for Ethereum-based products. BlackRock’s ETHA ETF led the category with a single-day net inflow of $30.72 million. The sustained…
Binance has announced the addition of Simon’s Cat (1000CAT) and Pudgy Penguins (PENGU) to its comprehensive suite of services, including Simple Earn, Buy Crypto, Convert, Margin, Auto-Invest, and Futures. The rollout will begin on December 17, 2024, with the tokens integrated into various offerings according to the schedule outlined below. Binance Simple Earn Buy & Sell Crypto Users will be able to buy 1000CAT and PENGU using VISA, MasterCard, Google Pay, Apple Pay, or their wallet balances on Binance’s “Buy Crypto” page within one hour of each token being listed on Binance Spot. Binance Convert Both tokens will be tradable…