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Fairshake to spend $25m on ads for 18 US House candidates
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1 month agoon
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adminFairshake, a prominent crypto-focused super PAC, plans to invest $25 million in TV ad campaigns to support 18 House of Representatives candidates from both parties.
According to Fairshake spokesman Josh Vlasto and Fox Business reporter Eleanor Terrett, this effort highlights a growing bipartisan consensus on the importance of crypto and blockchain in the future economy.
The PAC will support nine candidates from both parties with different political opinions.
Fairshake’s goals
Fairshake supports candidates committed to advancing crypto-friendly legislation and fostering innovation in the U.S. Their recent efforts include backing House Financial Services Chair Patrick McHenry, Rep. Dusty Johnson, and Rep. Josh Gottheimer (D-N.J.), all key figures in promoting crypto legislation.
The PAC is backed by major crypto firms like Coinbase, Ripple, and Andreessen Horowitz. Recently, Fairshake has helped spend over $37 million on primary race ads, contributing to notable victories, including Rep. John Curtis’s win in Utah. The organization continues to influence elections with significant contributions and strategic ad placements.
Fairshake PAC and its affiliates recently won three state primaries after losing in Arizona. They supported Wesley Bell, Bob Onder, and Shri Thanedar in Missouri and Michigan, while Emily Randall led in Washington’s 6th District.
Fairshake, along with Defend American Jobs PAC and Protect Progress PAC, spent $4 million supporting pro-crypto candidates and opposing anti-crypto incumbents like Cori Bush.
What is a PAC?
A PAC, short for Political Action Committee, is a group that collects and utilizes funds to support and/or oppose political candidates.
PACs typically follow specific donation restrictions and reporting regulations and operate within strict contribution limits from both individuals and entities. They can also contribute directly to candidates’ campaigns.
On the other hand, super PACs have the ability to raise and spend unlimited sums of money but are not allowed to coordinate directly with candidates or political parties.
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Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Published
2 hours agoon
September 19, 2024By
adminA cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.
The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.
According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.
“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.
So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”
Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.
The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.
“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”
The Bitcoin halving occurred around 151 days ago on April 20th.
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bank
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Published
2 hours agoon
September 19, 2024By
adminGermany’s two of the largest five banks, Commerzbank and DZ Bank, are launching Bitcoin and crypto trading services amid growing institutional demand.
JUST IN: 🇩🇪 $500 billion Commerzbank to offer #Bitcoin and crypto trading. pic.twitter.com/KrOCOx5N9P
— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024
Commerzbank, the country’s second-biggest bank by number of branches, signed a deal with Deutsche Boerse’s subsidiary Crypto Finance to provide trading access for corporate clients. DZ Bank, the nation’s number two lender, is enabling its 700 cooperative banks to offer Bitcoin and crypto trading via a tie-up with the Boerse Stuttgart exchange.
The moves come just weeks after Zurich Cantonal Bank in Switzerland began offering retail Bitcoin and crypto services. Major banks worldwide are increasingly embracing Bitcoin and crypto following the successful launch of the first U.S. Bitcoin ETFs.
“Our offering in digital assets enables our corporate clients to seize the opportunities presented by Bitcoin and ether for the first time,” said a Commerzbank executive.
DZ Bank and Commerzbank represent over $1 trillion in combined assets under management. Their entry significantly expands mainstream access to Bitcoin in Europe’s largest economy. DZ Bank’s head of trading said professional investors are rapidly allocating to Bitcoin and crypto, making regulated services crucial for portfolio diversification and risk management.
The moves are a milestone for Bitcoin’s integration into European finance. With leading banks providing access, Bitcoin is now going more mainstream.
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Bitcoin
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Published
3 hours agoon
September 19, 2024By
adminBitcoin miner Hut 8 is expanding its partnership with Bitmain to introduce a new ASIC miner with direct liquid-to-chip cooling, set to deploy in Q2 2025.
Miami-headquartered crypto mining firm Hut 8 has expanded its partnership with Bitmain, announcing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s.
In a Sept. 19 press release, the company the miner, which is scheduled for deployment in Q2 2025, is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.
“We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements while we continue to pursue growth initiatives in AI infrastructure.”
Asher Genoot, Hut8 chief executive officer
Under the hosting agreement, Hut 8 has the option to purchase all or a portion of the hosted miners in up to three tranches at a fixed price within six months of deployment. If Hut 8 exercises the option in full, the company’s self-mining hashrate is expected to increase from 5.6 EH/s to 20.6 EH/s, the press release reads.
The agreement is designed to minimize upfront capital expenditures and provide flexibility for future purchases, allowing Hut 8 to assess market conditions “before committing additional capital,” per the document.
The news comes after Hut 8 secured a $150 million investment in June from Coatue Management to accelerate its artificial intelligence infrastructure development. At the time, Hut 8 said the investment was made as “many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages.”
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