Bitcoin
U.S. is ‘going to build’ a strategic BTC reserve
Published
2 hours agoon
By
adminSenator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin Reserve in the U.S. just hours after Donald Trump won the presidential election.
Congressional progress on a national strategic Bitcoin (BTC) reserve could accelerate as The Associated Press, Fox News, and NBC declared Republican candidate Donald Trump the winner of the presidential race. Lummis’ Nov. 6 tweet reminded the public of plans to position America’s $12 billion Bitcoin stockpile as a reserve asset and potential solution to the nation’s rising debt crisis.
The Senator initially revealed her BTC plans at the July Bitcoin 2024 conference in Nashville. Trump announced his intention to shutter state-backed Bitcoin selling at the same event, receiving praise from crypto supporters.
Following the gathering, Lummis unveiled official documents for a Strategic Bitcoin Reserve and submitted the proposal for consideration. Thousands of U.S. citizens signed letters and petitions supporting the idea shortly after.
Republican control of Congress could further push such a bill toward formal legislation. Some 247 pro-crypto candidates won House of Representative seats, according to Stand With Crypto, with several other spots in the Senate up for grabs.
If Trump follows through on his crypto promises and Republicans achieve a legislative trifecta, the U.S. could become the first major world power to recognize Bitcoin as a national reserve asset. As of the time of publication, the U.S. was the largest sovereign owner of Bitcoin, holding 203,239 tokens, according to Arkham.
Source link
You may like
No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost
Kraken Joins Forces With Robinhood and Other Crypto Firms To Roll Out Global Dollar Stablecoin
Shiba Inu and Floki are old news; only this new altcoin may turn $100 into $12,000 by spring
Galaxy CEO Reveals Potential US SEC Chair Under Donald Trump
Why Bitcoin Price Could Climb Even Higher After Trump Victory, According to Analysts
Bitcoin miner Hut 8 to increase hashrate with fleet upgrade
Bitcoin
Bitcoin (BTC), Solana (SOL) Hit New Cycle Highs Against Ether (ETH) as Trump Edges Closer to Victory in U.S.
Published
12 hours agoon
November 6, 2024By
adminOver the past five years, the ratio has risen from 0.02 to a peak of above 0.08 in early 2022, meaning ETH quadrupled in value relative to BTC at the time. Since then, it’s been on decline. Even as BTC set a lifetime high, ether has yet to break through its high from 2021 and is down 46% from its peak.
Source link
Bitcoin
BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows
Published
15 hours agoon
November 6, 2024By
adminOn Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.
Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.
According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.
Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.
In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.
Bitcoin defies ETF outflows, surges to record high
Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.
CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.
The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.
Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.
While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.
According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.
Source link
Bitcoin
Analyst Reveals Bitcoin’s ‘Chopsolidation’ Phase Nears End—Are New Highs in Sight?
Published
16 hours agoon
November 6, 2024By
adminBitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst Percival.
Percival described Bitcoin’s current phase as “chopsolidation,” a term used to describe a period of minimal directional movement where price consolidation occurs without a clear trend.
This period, he suggests, may be drawing to a close, with an imminent market movement expected in the coming weeks. The Chopsolidations metric, as Percival notes, doesn’t predict the direction of Bitcoin’s next move.
Instead, it assesses the exhaustion level of the current trend, helping to determine whether Bitcoin’s price is due for a reversal or continuation. Percival’s analysis highlights that while there are indicators of strength at various points, the market remains divided on Bitcoin’s next direction.
So far, some investors believe that recent accumulation is sufficient to push Bitcoin past its all-time high, while others expect a more cautious upward movement or even a potential correction.
Assessing Bitcoin’s Support Levels And Potential Price Rebound
Percival’s analysis further points to two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones.
These areas, which he identified as orange zones on his chart (shared above), served as points where Bitcoin’s price “reloaded” — essentially, zones where demand was strong enough to halt price declines temporarily.
With the current price hovering near these support levels, Percival suggests that the market may find a new bottom if Bitcoin faces any short-term downward pressure. This support could create a foundation for upward movement in the weeks ahead.
The Chopsolidations indicator, according to the CryptoQuant analyst’s breakdown, is showing signs of readiness for a strong trend based on weekly and monthly readings.
Although he did not specify a particular directional bias, he noted that the current market strength could be enough to drive Bitcoin’s price upwards if additional demand or a favorable macroeconomic environment aligns with market sentiment.
This trend could play out over the short term, where sufficient market activity might lift Bitcoin’s price.
Bitcoin Continuous Struggle To Make A Major Move
So far, Bitcoin’s price has continued to face a struggle to make a significant move, especially to the upside. Instead, the asset has seen a form of calmness in volatility following its recent decline below the $70,000 price mark.
Particularly, at the time of writing, the asset currently trades for $68,721—a price region BTC has remained quite stable for the past 3 days since its most recent decline.
Featured image created with DALL-E, Chart from TradingView
Source link
U.S. is ‘going to build’ a strategic BTC reserve
No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost
Kraken Joins Forces With Robinhood and Other Crypto Firms To Roll Out Global Dollar Stablecoin
Shiba Inu and Floki are old news; only this new altcoin may turn $100 into $12,000 by spring
Galaxy CEO Reveals Potential US SEC Chair Under Donald Trump
Why Bitcoin Price Could Climb Even Higher After Trump Victory, According to Analysts
Bitcoin miner Hut 8 to increase hashrate with fleet upgrade
Shiba Inu Burn Rate Rockets 3,700% Sparking Optimism, SHIB To Hit $2?
SOL faces decline as XRP and this new crypto stand strong, winning trust
Bitcoin (BTC), Solana (SOL) Hit New Cycle Highs Against Ether (ETH) as Trump Edges Closer to Victory in U.S.
US Presidential Election Results 2024 Highlights
Pro-Bitcoin Donald Trump Becomes the 47th President of the United States
BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows
Analyst Reveals Bitcoin’s ‘Chopsolidation’ Phase Nears End—Are New Highs in Sight?
BTC Touches $75K, Altcoins Up, DOGE Crosses $0.2
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Altcoins3 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So