BTC Bitcoin Cryptocurrency Betting
Bitcoin is the cryptocurrency that started it all. There are dozens of other cryptocurrencies you can use to deposit at BookMaker and hundreds more on the periphery, but Bitcoin is the most well-known of the bunch, and the only one your aunt Ethel and uncle Fred know. The coin that dominates the crypto space surged past $60,000 in March 2021 and might be poised for an even bigger run ahead of the holidays.
Monday, December 16, 2024 News Update
President-elect Donald Trump's suggestion that he intends to establish a strategic reserve of bitcoin in the United States, similar to its strategic oil reserve, fueled the fervor of cryptocurrency bulls and caused Bitcoin to reach a record high above $106,000 on Monday. The addition of MicroStrategy to the tech-heavy Nasdaq 100 index also improved investor mood, which is expected to result in more inflows for the software company that has now purchased bitcoin. "We're in blue sky territory here," said Tony Sycamore, an analyst at IG to the media, "The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."
As investors bet that the next Trump administration will bring a more lenient regulatory environment, support for the alternative currency has increased, propelling Bitcoin and cryptocurrency into the public eye. "We're gonna do something great with crypto because we don't want China or anybody else - not just China but others are embracing it - and we want to be the head," Trump told CNBC late last week. When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: "Yeah, I think so."
This year, Bitcoin has increased 192%. As of July, the United States had around 200,000 bitcoins worth over $20 billion at current prices, with governments holding 2.2% of the entire supply, according to data provider CoinGecko. According to data site BitcoinTreasuries, the other nations possessing a sizable amount of bitcoin are China, the United Kingdom, Bhutan, and El Salvador.
Cryptocurrency strategic reserves have also been considered by other nations. Earlier this month, Russian President Vladimir Putin claimed that the current U.S. government was manipulating the dollar for political ends, eroding its status as the world's reserve currency and driving many nations to use other assets, such as cryptocurrency. "For example, bitcoin, who can prohibit it? No one," Putin said.
There are skeptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month. Analysts also point out that any such move will take time to implement. "I think we still need to be cautious on a BTC strategic reserve, and at least consider that this is not likely to happen anytime soon," said Chris Weston, head of research at Pepperstone to the media, "Of course, any comment from Trump that offers an increased degree of hope that plans for a strategic reserve are evolving are an obvious tailwind, but this would come with consequences which would need to be carefully considered and well telegraphed to market players."
Since Trump and numerous other pro-crypto candidates were elected on November 5, Bitcoin has increased by more than 50%. According to CoinGecko, the value of the cryptocurrency market has nearly doubled this year, reaching a record of over $3.8 trillion. During his campaign, Trump, who had called cryptocurrency a hoax, welcomed digital assets and pledged to turn the US into the "crypto capital of the planet." This month, Trump appointed David Sacks, a former PayPal CEO and close friend of Trump adviser and megadonor Elon Musk, as a White House czar for cryptocurrency and artificial intelligence. Additionally, Trump announced that he would appoint Paul Atkins, a pro-crypto lawyer from Washington, to lead the Securities and Exchange Commission.
The exchange operator Nasdaq announced on Friday that MicroStrategy, under the leadership of CEO Michael Saylor, will be included in the Nasdaq-100 Index. The move will take effect prior to the market opening on December 23. The shares of MicroStrategy, an active investor in the biggest cryptocurrency asset in the world, have more than sixfold increased in value this year, reaching a market value of about $94 billion. It now holds the most cryptocurrency among corporations. According to Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital, investors would purchase MicroStrategy shares in order to replicate the holdings of the larger index, increasing the stock's value and enabling the company to purchase more cryptocurrency through debt and equity offerings.
Bitcoin Weekly Price Per CoinMarketCap
| WEEK |
BITCOIN PRICE IN USD |
| December 16, 2024 |
106,038.27 |
| December 9, 2024 |
100,227.77 |
| December 2, 2024 |
96,465.75 |
| November 25, 2024 |
95,279.85 |
| November 18, 2024 |
90, 692.70 |
| November 11, 2024 |
82,706.08 |
| November 4, 2024 |
68,293.43 |
| October 28, 2024 |
68,949.99 |
| October 21, 2024 |
67,232.59 |
| October 14, 2024 |
65,710.23 |
| October 7, 2024 |
64,130.58 |
| September 30, 2024 |
63,762.60 |
| September 23, 2024 |
63,145.64 |
| September 16, 2024 |
57,679.12 |
| September 9, 2024 |
55,252.27 |
| September 2, 2024 |
58,140.08 |
| August 26, 2024 |
63,705.50 |
| August 19, 2024 |
58,225.29 |
| August 12, 2024 |
60,420.32 |
| August 5, 2024 |
52,628.05 |
| July 29, 2024 |
68,820.74 |
| July 22, 2024 |
66,921.14 |
| July 15, 2024 |
62,886.70 |
| July 8, 2024 |
56,855.49 |
| July 1, 2024 |
62,574.71 |
| June 24, 2024 |
61,589.72 |
| June 17, 2024 |
65,681.86 |
| June 10, 2024 |
69,346.83 |
| June 3, 2024 |
69,384.47 |
| May 27, 2024 |
68,929.23 |
| May 20, 2024 |
67,097.94 |
| May 13, 2024 |
62,811.16 |
| May 6, 2024 |
63,321.99 |
| April 29, 2024 |
63,513.72 |
| April 22, 2024 |
66,391.01 |
| April 15, 2024 |
64,465.15 |
| April 9, 2024 |
71,912.80 |
| April 2, 2024 |
68,641.42 |
| March 26, 2024 |
70,121.49 |
| March 19, 2024 |
67,287.32 |
| March 12, 2024 |
72,295.01 |
| March 5, 2024 |
66,548.57 |
| February 27, 2024 |
53,419.20 |
| February 20, 2024 |
52,057.41 |
| February 13, 2024 |
49,546.53 |
| February 6, 2024 |
42,541.37 |
| January 30, 2024 |
43,061.49 |
| January 23, 2024 |
40,406.51 |
| January 16, 2024 |
42,433.84 |
| January 9, 2024 |
45,009.74 |
| January 2, 2024 |
42,728.28 |
Monday, December 9, 2024 News Update
Bitcoin surged past the historic $100,000 mark last week and more big name companies are looking to get on board and buy Bitcoin. One of those companies could be Amazon. An appeal has been made by Amazon.com, Inc. shareholders for the $2.3 trillion digital giant to take Bitcoin into account when calculating its balance sheet. The National Center for Public Policy Research proposed the measure, which will be discussed at Amazon's 2025 annual shareholder meeting in April. It asks the Board of the firm to determine whether making Bitcoin a treasury asset would be in the greatest long-term interests of shareholders.
Shareholders emphasize in the motion that, given the continuous inflation, Amazon's present treasury management may not be adequate. “Corporations that invest their assets wisely can – and often do – increase shareholder value more than more profitable businesses that don’t.”
Out of $585 billion in assets (as of September 30, 2024), Amazon now has about $88 billion in cash, cash equivalents, and marketable securities in its treasury, per the accompanying documentation. The architects of the idea contend that these holdings' buying power is being diminished by inflationary pressures and sub-inflationary bond yields.
In support of their claim that "in reality, the true inflation rate is significantly higher," they point to the US Consumer Price Index (CPI) average annual rate of 4.95% for the previous four years, with occasional peaks of 9.1%. In light of this, the argument contends that Amazon has a "fiduciary duty" to take inflation-resistant assets into account.
The shareholders support their argument by citing Bitcoin's past performance. As of December 6, 2024, they report that the price of Bitcoin had increased 131% over the preceding year, outpacing corporate bonds "by 126% on average."
Bitcoin's price rose 1,246% during a five-year period, outpacing the return on corporate bonds by an estimated 1,242%. "Even though those assets are more volatile in the short term, Amazon should—and possibly has a fiduciary duty to—consider adding assets to its treasury that appreciate more than bonds," the plan says.
Other publicly traded companies that own Bitcoin are also mentioned in the publication. According to the proposal, MicroStrategy, one of the first corporate users, saw a 537% increase in stock price over the preceding year, outperforming Amazon's. Institutional firms like BlackRock and Fidelity, which both own sizeable shares in Amazon, have also started offering their customers investment products with a Bitcoin focus. The shareholders also speculate that by 2025, U.S. government policy may change to establish a "Bitcoin strategic reserve," which may be an indication of wider public acceptance.
According to the proposal's conclusion, "Shareholders request that the Board conduct an assessment to determine whether adding Bitcoin to the Company's treasury is in the best long-term interests of shareholders." A comparable campaign by Microsoft preceded this push at Amazon. According to Bitcoinist, a proposal to add Bitcoin as a reserve asset to Microsoft's (MSF) treasury is scheduled for a vote by shareholders on December 10. Analysts point out that the Microsoft Board's recommendation for a "no" vote makes approval unlikely.
Monday, December 2, 2024 News Update
Amidst a historic market surge that has propelled the largest cryptocurrency in the world to unprecedented heights in recent weeks, some nations are considering establishing a national Bitcoin reserve. Donald Trump, the president-elect of the United States, and his supporters have consistently backed legislation that would allow the Federal Reserve to hold the asset, and they will soon have the opportunity to perhaps make that a reality. While lawmakers in Poland and Russia have supported the concept of adding the digital currency to their countries' balance sheets, government officials in Brazil have also proposed legislation to realize that potential.
A strategic Bitcoin reserve is imminent now that Donald Trump is expected to be the next president of the United States. Trump and a number of other American politicians hinted at the notion in July and early August, but it lost traction after the price of Bitcoin plummeted. Senator Cynthia Lummis, a Republican from Wyoming who has been dubbed the "Bitcoin Senator" for her outspoken support of the cryptocurrency sector, is one of those well-known voices. At the Bitcoin conference, she presented ideas for strategic reserves. Token purchases would be made by diversifying current Federal Reserve assets such bonds, loans, and gold. The Bitcoin would be stored in a "decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury."
Since 2021, when Bitcoin became legal tender in the country, El Salvador has been hoarding Bitcoin. El Salvador's president, Nayib Bukele, boasted on Twitter about the country's $100 million unrealized profit from Bitcoin's recent surge in value. On Twitter, Bukele stated, "I told you so." This follows criticism of the president for incorporating Bitcoin so deeply into El Salvador's economy. Starting in 2021, El Salvador took the lead in this regard by legalizing Bitcoin and progressively accumulating BTC for its own reserve. Now, as the asset soars to $100,000, President Bukele is celebrating his success.
A bill that would authorize a national Bitcoin reserve has been submitted by the Brazilian government. The proposed law, which was filed on November 25, states that 5% of Brazil's foreign reserves would be held in the Sovereign Strategic Reserve of Bitcoins (RESBit). Its goal is to diversify the assets held by the Brazilian Treasury. In the proposed bill, Federal Deputy Eros Biondini stated that adding Bitcoin to the Treasury "will reduce Brazil's exposure to exchange rate fluctuations and geopolitical risks, increasing economic resilience." The plan calls for the Ministry of Finance and Brazil's Central Bank to work together to maintain the Bitcoin reserve. The money would be used to support Drex, Brazil's CBDC. The bill said that the Bitcoin will be kept in cold wallets.
Slawomir Mentzen, the Polish presidential candidate, has pushed for the establishment of a strategic Bitcoin reserve and the enactment of legislation and regulations that are favorable to cryptocurrency in Poland. In a recent post on X (previously known as Twitter), Mentzen stated, “If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators.”
This month, a number of Russian lawmakers proposed establishing a "stash of" cryptocurrency in "the state Treasury," while Anatoly Aksakov, the chairman of the Russian State Duma Committee, objected. This fall, they were also successful in enacting laws that made cryptocurrency mining and the usage of digital assets for cross-border payments legal. Russia's recent shift in position on cryptocurrency raises the possibility that the Eastern European nation may reexamine the idea of a strategic Bitcoin reserve, which at least one of its top officials has previously endorsed.
Monday, November 25, 2024 News Update
Bitcoin almost made it to the so-called magical number of $100,000 last week, but the cryptocurrency didn’t quite make it and has now fallen to just over $95,000. Many people believe it is only a matter of time before the $100,000 mark is reached. The cryptocurrency hedge fund proxy MicroStrategy Inc. reported its third significant acquisition this month, purchasing a record $5.4 billion worth of Bitcoin. According to a US Securities and Exchange Commission filing, the Tysons Corner, Virginia-based company purchased 55,500 tokens between November 18 and November 24 using the money raised from the sale of ordinary shares and a $3 billion convertible note issue. As of right now, MicroStrategy is the biggest publicly traded company with approximately $38 billion in Bitcoin.
Michael Saylor, the chairman and co-founder of MicroStrategy, has drawn interest from Wall Street by transforming the enterprise software manufacturer into what he refers to as a "Bitcoin Treasury." The company's stock has outperformed nearly all other big stocks this year, rising more than 500%. The $38 billion, if considered as cash, is greater than the cash and marketable securities that every company in the S&P 500 Index, with the exception of roughly twelve, holds.
When Saylor began purchasing Bitcoin in 2020, he first used company funds to finance the acquisitions. Since then, he has developed a plan in which the company sells convertible debt and more shares. On the wager that the shares would eventually be worth more than the conversion price, lenders agreed to accept a zero percent interest rate on the most recent convertible offering. Last month, it revealed ambitions to raise $42 billion in funding.
Jeffrey Park, portfolio manager and head of alpha strategies at Bitwise Asset Management, stated that Saylor "has aptly touched upon this financial arbitrage in the capital structure of a corporate treasury. And essentially what he’s created is the ability to borrow, essentially for free.”
Since 2020, MicroStrategy has purchased 386,700 tokens, averaging almost 60% of the current value of its assets. However, last week, when Bitcoin was close to reaching its all-time highs, MicroStrategy made the purchases that were reported on Monday. As a result, the business bought these new tokens for about $97,862 each, which would be a losing proposition based on the current price.
Skeptics of the idea were drawn to the leverage tactic last week, as seen by MicroStrategy's shares plummeting 16% on Thursday. MicroStrategy's shares could suffer the same fate as the digital asset's price collapse in 2022 if Bitcoin experiences a sharp decline.
According to TD Cowen analyst Lance Vitanza, "When you apply leverage to anything, you amplify the returns both in the up direction and in the down direction. The only thing that’s novel here is that MicroStrategy is the first company to apply it to Bitcoin.”
Monday, November 18, 2024, News Update
Since Donald Trump won the U.S. presidential election on November 5, Bitcoin (BTC) and all other cryptocurrency-related items have been on fire. Data followed by JPMorgan and other experts indicates that things are getting crazy out there, so those hoping to board the crypto freight train now should be prepared for possible detours in the rapid surge. JPMorgan's retail mood index reached a record high last week as Bitcoin surged beyond the $93,000 mark and inflows into U.S.-listed spot ETFs and cryptocurrency stocks increased. Based on activity in the family of BTC products, including spot ETFs, the metric is intended to determine how retail investors feel about cryptocurrencies, particularly Bitcoin.
"Within ETF space, demand for Bitcoin ETFs was particularly strong (IBIT +3.4z) following the election results. The demand for Bitcoin was also reflected in COIN (+6z). In fact, their sentiment score for the Bitcoin family (for both physical ETFs and others) soared to a multi-sigma high," JPMorgan's equity research team said in a note to clients last week.
In other Bitcoin news, even as the cryptocurrency reached new heights, MicroStrategy, one of the biggest public Bitcoin holders in the world, kept piling up BTC. MicroStrategy said on November 18 that it has paid around $4.6 billion for 51,780 Bitcoin at an average price of $88,627 per BTC. With the most recent acquisition, MicroStrategy now owns 331,200 Bitcoin, which was acquired for a total of $16.5 billion. Across all transactions, the average price per Bitcoin is $49,874.
MicroStrategy purchased thousands of new Bitcoin using the proceeds from a share sale that was conducted on October 30 under a sales agreement with firms such as TD Securities. TD Securities, Barclays Capital, The Benchmark Company, Canaccord Genuity, Cantor Fitzgerald, Maxim Group, Mizuho Securities, and SG Americas Securities all purchased and sold shares from MicroStrategy as part of the deal. MicroStrategy sold 13.6 million shares for $4.6 billion between November 11 and November 13.
The purchase was made on November 12, the day when Bitcoin broke beyond $90,000 for the first time ever and continued to rise, reaching a new high of $92,400 the following day. MicroStrategy has made its largest Bitcoin acquisition, acquiring over sixteen percent of the company's total Bitcoin holdings. The 51,780 BTC transaction is MicroStrategy's highest Bitcoin buy to date, according to data from CryptoQuant.
According to data from BitcoinTreasuries, MicroStrategy, which was founded in 1989, is presently the largest known institutional Bitcoin holder worldwide. MicroStrategy, which was once run by its inventor, Michael Saylor, made its Bitcoin investment debut four years ago in August 2020 with a $250 million buy. MicroStrategy has been purchasing Bitcoin in large quantities ever since it was designated as their "primary reserve currency" in 2020. In order to keep purchasing additional Bitcoin, MicroStrategy said in October that it will raise $42 billion over the following three years. Over the following three years, the "21/21 plan" consists of $21 billion in fixed-income securities and $21 billion in equity.
Monday, November 11, 2024, News Update
Shortly after Donald Trump was proclaimed the victor of the 2024 election, the price of bitcoin began a surge that culminated in its highest point ever this past weekend. The price of bitcoin reached above $82,000 on Monday morning, according to major indices. That is an increase from $68,000 last Tuesday, the U.S. election day. Bitcoin has increased by over 85% so far this year, with the majority of those gains occurring in the first few months of the year. The pricing had largely remained within the $50,000–$70,000 range from March to November but the price is surging now that the election is over. Some people predicted that Trump's election would boost the value of bitcoin and other cryptocurrencies and that is exactly what has happened.
Trump has pledged to stop the Securities and Exchange Commission's present leadership from taking such an aggressive approach against bitcoin companies and products that it believes could be detrimental to investors. Elon Musk, Robert F. Kennedy Jr., and Vivek Ramaswamy, an entrepreneur who last week declared that he was integrating bitcoin into his asset management service, are among the many crypto-friendly advisors to Trump's incoming administration. Trump has also expressed interest in establishing a strategic U.S. reserve of bitcoin.
Trump promised the cryptocurrency business throughout his campaign that the United States would become the "crypto capital of the planet" and that all bitcoin would be mined in the nation. Additionally, he promised to remove Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, who has adopted a strong stance against cryptocurrency.
After months of price hikes have settled in at a more muted pace, investors may also be reacting to concerns that inflation may resurface under Trump. Some investors think that prices will eventually rise as a result of Trump implementing some of his campaign promises. "The likelihood of a pickup in inflation just got even higher — tax cuts, the deportation of immigrants, and tariffs are all likely to push up spending, wages and the price of basic goods," Noelle Acheson, author of a cryptocurrency newsletter said recently "Leaving the political impact of that aside for a second (it could be harsh), it adds to the tailwinds propelling crypto and gold."
In the cryptocurrency space, other assets have also been rising. The biggest cryptocurrency exchange in the United States, Coinbase, was expected to see a 14% increase in its shares on Monday. It was also anticipated that Robinhood, the app-based trading platform that facilitates cryptocurrency exchanges, would reach a record high. Additionally, during the past month, Dogecoin, a "meme" cryptocurrency that has primarily turned into a vehicle for pure investor speculation, has increased by more than 160%.
On the other side, since November 6, short sellers of cryptocurrencies and stocks linked to blockchain have experienced significant losses as a result of bitcoin's record-breaking rise and the expectation that U.S. President-elect Donald Trump would enact more benevolent regulations. As the majority of equities linked to cryptocurrencies surged in U.S. premarket trading on Monday, it appeared that short positions in cryptocurrencies would take yet another beating. Following the spike in bitcoin prices, Coinbase was the last of them to rise by about sixteen percent.
According to data analytics firm Ortex, traders who placed bets against MicroStrategy, one of the largest corporate proponents of bitcoin, lost over $1.2 billion between November 6 and November 8, and they have lost over $6 billion this year. As of the closing on Nov. 8, the combined short-selling losses on blockchain-farm operator Bitfarms, cryptocurrency miners Riot Platforms and MARA Holdings, and cryptocurrency exchange operator Coinbase Global totaled approximately $1.2 billion.
According to some analysts, cryptocurrency will continue to increase in the future. Bitcoin is expected to reach the $100,000 mark before the end of the year.
Monday, November 4, 2024, News Update
With "at least" a 10% increase predicted for Bitcoin, cryptocurrency investors should brace themselves for much greater volatility around the US election. Although Bitcoin's weekly closing didn't appear to be "the cleanest," pseudonymous trader Daan Crypto Trades informed his 389,000 X followers in a post on November 4 that it wouldn't really matter because of the impending election. Depending on the outcome of the election, he said that Bitcoin would likely experience "at least a 10% move in either direction."
In the meantime, data from the cryptocurrency derivatives market Derebit shows that on November 3, Bitcoin's volatility index reached a fresh three-month high. Last week, Bitcoin nearly reached its highest point ever, rising momentarily to $74,649 on October 29 before plummeting due to election anxiety. According to IG Markets analyst Tony Sycamore's Nov. 4 investment note, Bitcoin must exhibit a "sustained break above resistance" at the $74,000 mark in order to validate an upward trend that would see the currency spike dramatically toward $80,000. A "sustained retreat" below Bitcoin's $65,000 support would indicate that last week's rally had failed and that the commodity will probably revert to its seven-month bearish trend channel, so traders should exercise caution, Sycamore cautioned.
With market analysts pointing to a favorable trend for risky assets and multiple positive tailwinds regardless of the winner, the general sentiment surrounding Bitcoin is upbeat going into the election. Donald Trump is generally seen as being more optimistic about the short-term outlook for crypto assets. Kamala Harris refrained from mentioning cryptocurrencies specifically until September 22, when she mentioned in passing that her government will promote investment in digital assets and artificial intelligence.
Also making an impact on the price of Bitcoin this week will be the Fed. After its 50-basis-point decrease on September 18, market participants expect the US Federal Reserve to continue its interest rate-cutting campaign outside of the election. Since safer investments like term deposits lose their appeal to investors, more rate cuts are generally viewed as bullish for cryptocurrency assets.
The Federal Open Market Committee's (FOMC) next meeting on November 7 will definitively reveal the Fed's approach to managing competing inflationary pressures. Nonfarm payroll data last week fell well short of forecasts, and the figures for the previous two months were also revised lower. In the most recent issue of its daily newsletter, "The Market Mosaic," published on November 3, trading firm Mosaic Asset stated that "the Fed made it clear that maintaining strength in the labor market is taking precedence over fighting inflation." The FOMC meeting is expected to result in a 0.25% rate drop, according to data from CME Group's FedWatch Tool.
In other Bitcoin news, Bitcoin's percentage of the entire cryptocurrency market capitalization hit and is still at a critical psychological level. For the first time since April 2021, Bitcoin market dominance surpassed 60% on October 29. Its performance has not gone unnoticed since, until the trend shifts, traders often mistake a strong Bitcoin for faltering altcoins. Analyst Cryptorphic noted in an X post on the subject on November 4 that "Bitcoin Dominance is currently around 60.51%, keeping $BTC in the 68k–70k range while altcoins drop 20-40% from recent highs." Since rising BTC dominance usually drives altcoins down, this pattern is characteristic of bull runs.
The second-largest cryptocurrency by market value, Ether (ETH), is the native token of Ethereum's blockchain and has historically been more volatile than Bitcoin. The U.S. election is unlikely to change that. BTC is predicted to see volatility between 8.97% and 9.85%, while Ethereum has a 68% probability of chalking out a 9.35% to 10.19% price movement, according to onchain options offered on the decentralized exchange Derive. At the going market rate of $2,470, a 10% volatility in ETH indicates a $247 change, while a 10% volatility in BTC suggests a $6,800 swing. Additionally, DEX traders are expecting bullish volatility. As of Sunday, there were 1,179 open call option contracts and 885 open put option contracts, indicating a bullish trend.
Monday, October 28, 2024, News Update
According to Federal Election Commission reports, cryptocurrency companies, executives, and super PACs have spent a significant amount of money this election season, surpassing even long-standing heavy spenders like the Koch family. According to OpenSecrets, a nonprofit organization that monitors political spending, as of August, the cryptocurrency business had invested about $120 million in federal elections, outspending all other industries. For the 2024 election cycle, Fairshake, the top pro-crypto super PAC, raised more than $204 million.
In Ohio, where the once-favored Democratic Senator Sherrod Brown is currently facing up against Republican Bernie Moreno, a blockchain entrepreneur, the industry's expenditures may have never been more severe. Tens of millions of dollars have been spent by cryptocurrency supporters to help Moreno win the campaign.
Many in the cryptocurrency community hope that a president or congress who supports cryptocurrencies will have an impact on how the government regulates virtual currencies or, at the very least, push the Securities and Exchange Commission to establish explicit guidelines on how it wants cryptocurrency companies to safeguard customers.
Donald Trump promised to dismiss SEC Commissioner Gary Gensler and maintain all of the federal government's bitcoin in a "strategic national bitcoin stockpile" if elected during his July visit to Nashville for the Bitcoin 2024 crypto conference. Although Kamala Harris hasn't been as outspoken about her views on cryptocurrency, in recent months she has begun to quietly promote the sector while running for office. At a Wall Street event in September, Harris spoke about cryptocurrency and promised that her administration would "encourage innovative technologies like AI and digital assets while protecting our consumers and investors."
Geoff Kendrick, an analyst at Standard Chartered Bank, believes that if Republicans win control of Congress in the November 5 U.S. elections, Bitcoin (BTC) might reach an all-time high of $125,000 before the end of the year. And if Donald Trump wins the election, things start to become pretty interesting. Following the election results, Kendrick predicts a 4% spike right away, followed by a 10% increase in the days that follow.
Currently, Trump has a 59% chance of winning, according to Polymarket. There have been rumors, however, that one whale investor heavily influenced the chances in Polymarket's prediction market by wagering more than $20 million on a Trump win. According to Kendrick's alternative scenarios, Bitcoin might rise significantly to $75,000 by the end of the year, even if Kamala Harris were to become president. This viewpoint is consistent with a broader market belief that bitcoin markets will continue to rise regardless of the outcome of the election.
Other market observers have also offered optimistic forecasts: Deribit predicts it will reach $80,000 by the end of November, while Bitwise officials believe it might reach as high as $92,000 if Trump wins. Larry Fink of BlackRock, meanwhile, thinks that Bitcoin would keep rising regardless of the outcome of the election. Multinational corporations are beginning to see the favorable potential in the interim. Microsoft may be the latest multinational to invest its treasury in bitcoin, following Microstrategy and Tesla. In December, shareholders will cast their votes on the issue.
Monday, October 21, 2024, News Update
Are you an investor who is holding both gold and Bitcoin? Some people invest in one or the other, but why not both? Gold has been on a big price surge lately and Bitcoin has been an excellent investment through the years. In fact, Bitcoin is just 6% away from breaking through its all-time high of $73,737 and is approaching the $69,000 price range. On the other hand, gold is currently trading at $2,727 in the indexes after crossing the $2,700 milestone on Sunday. The price of the precious metal may rise above $2,800 if it continues to gain momentum. Bitcoin and gold may soon see a price surge, according to Bank of America's pricing estimate for investors.
According to Bank of America, stablecoins and CBDCs are the logical progression of money and payments. According to a report by American Banker Bank of America, the Federal Reserve's intention to lower interest rates in the upcoming quarters may cause the price of gold and Bitcoin to rise. The bank's most recent analysis states that an investment made now might pay off in the second quarter of 2025.
The Bank of America research predicts that gold may achieve $3,000 and that Bitcoin will reach $75,000. The research stated, "Given the Fed's intention to cut real interest rates in the upcoming quarters, investors only need to hedge against inflation and the threat of the US dollar depreciating (the price of Bitcoin's all-time high of $75,000 would confirm this; gold is expected to rise well above $3000/oz)." According to Bank of America strategist Michael Hartnett, "inflation expectations have increased since the first Fed's 50bp rate cut, which means that 10-year real yields, which are typically the most important driver of the price of gold, continued to decline through September." Bitcoin would rise and yield a return on investment (ROI) of about 9% from its present price if it reached $75,000. Gold's present price of $2,727 might yield profits of about 10% if it hits $3,000 on the XAU/USD charts. With a 32.1% year-to-date increase, precious metals are among the financial sector's best-performing assets. Bitcoin, on the other hand, has risen a staggering 63.47 YTD, and both assets have produced enormous gains. As a result, Bank of America believes that in the upcoming months, gold and Bitcoin may rise even higher.
It is also worth noting that betting markets are starting to anticipate a Donald Trump victory in the 2024 U.S. Presidential Election and Trump has already made it clear he is a Bitcoin supporter. And it appears that history is repeating itself since October has frequently been a positive month for Bitcoin and the rest of the cryptocurrency market. This month, Bitcoin has increased 12.8%, and it is at its highest level since July. Growing predictions that Donald Trump will win the presidency next month are most likely the reason of this push, barring a quick, clear stimulus.
Even though the majority of national surveys predict a much closer contest, investors are projecting a 60% chance that he will retake the White House, according to Polymarket. This likelihood, however, puts his chances back where they were on July 21, the day President Biden lost the campaign to Kamala Harris. Additionally, Polymarket's odds have increased the probability of a Republican sweep of Congress to 40%, the highest level since Biden's withdrawal. By increasing the likelihood that important laws regulating stablecoins and resolving the SEC and CFTC's turf battles will be passed, a unified government might help the cryptocurrency industry in 2025.
Monday, October 14, 2024, News Update
Bitcoin surged to its highest level in two weeks, topping $65,000 on Monday. The Chinese stimulus program, Mt. Gox's payout delay and the US election dynamics are some of the factors that are supporting Bitcoin's market prospects. Bitcoin had increased by nearly 3% on Monday and smaller tokens also rose, such as Solana, a top-10 currency, and Ether, which came in second.
China is working to boost its economy, but the precise amount of fiscal stimulus the government intends to provide was not disclosed at a highly anticipated weekend policy briefing. Experts remain doubtful about the extent to which authorities are combating deflation, and a record-breaking surge in Chinese stocks has started to falter.
Another source of support for digital assets could come from the US presidential contest. In the last several days, prediction markets have moved, giving Republican contender Donald Trump—who supports cryptocurrency—better odds of winning than his Democratic opponent, Vice President Kamala Harris.
The deadline for creditors to reimburse the insolvent Mt. Gox cryptocurrency exchange for its remaining assets—which Arkham Intelligence values at roughly $2.9 billion—was postponed by a year until October 31, 2025. Concerns about an oversupply of recovered Bitcoin from creditors are allayed by the delay.
According to Bloomberg data, October saw little change in Bitcoin following a sluggish start to a month that saw an average 20% increase over the previous ten years.
This week's major events to keep an eye on include the September retail sales data, which is scheduled for release on October 17. This indicator, which measures consumer demand for finished goods, is important because it sheds light on the US economy's current situation. The US Federal Reserve uses this macrodata as part of its informational framework when deciding whether to lower interest rates.
On October 17, the Philly Fed manufacturing data, which measures the growth of manufacturing industry enterprises, will also be made public. In the meanwhile, on October 18, the September Housing Starts data will be made public. Since it is still unclear whether the Fed would lower rates by 25 or 50 basis points (bps) or not at all, these economic indicators are crucial.
Accordingly, it's also critical to keep an eye on this week's 11 Fed speaker events. On October 14, Fed Governor Christopher Waller will make a statement; on October 15, Governor Adriana Kugler will do the same. Ahead of the FOMC meeting in November, these speakers may shed light on the Fed's current stance, which may be dovish or hawkish.
This week also sees the release of earnings reports from a number of S&P 500 corporations, including banking institutions like Morgan Stanley, Goldman Sachs, and Citigroup. A strong earnings report for these companies might signal a bullish prognosis for the price of Bitcoin and, consequently, the entire cryptocurrency market, given the correlation between Bitcoin and the stock market.
With the price of Bitcoin reaching $65,000, some are wondering if this indicates that the leading cryptocurrency is once again in a bull market. But according to some analysis from cryptocurrency investors, in order to verify that a positive reversal is underway, Bitcoin must successfully break above $66,000. They predict that before breaking out towards $78,000, Bitcoin will probably retrace to $66,000, then fall below $60,000 once more.
Monday, October 7, 2024, News Update
According to paperwork submitted on Friday with the U.S. Securities and Exchange Commission (SEC), asset management Bitwise is simplifying three of its futures-based cryptocurrency exchange-traded funds (ETFs). The company plans to combine the products into a single offering in December. The fund, known as the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF, rotates its exposure between U.S. Treasuries and futures contracts for Bitcoin and Ethereum on a regular basis. The company stated that "a proprietary signal" that examines multiple moving averages for cryptocurrency prices is the driving force behind these adjustments. Bitwise Bitcoin Strategy Optimum Roll ETF (BITC), Bitwise Ethereum Strategy ETF (AETH), and Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) will all be combined into a single fund.
The planned conversion comes after Bitwise, with SEC approval, entered the spot Bitcoin ETF market in January alongside industry heavyweights like Fidelity and BlackRock. According to CoinGlass statistics, the Bitwise Bitcoin ETF currently owns close to 39,000 Bitcoin, valued at $2.3 billion. The fund invests in Bitcoin and Ethereum futures using a momentum-based strategy. The fund increases its exposure to cryptocurrency when Bitwise's signal shows that "prices are gaining momentum," but it hides in government debt when the reverse trend occurs.
“Momentum is a well-established factor in virtually every asset class, and it is powerful in crypto as well,” Bitwise CIO Matt Hougan said in a press release, adding that the new fund’s goal is to “help minimize downside volatility and potentially improve risk-adjusted returns.”
Bitwise has maintained its position as a fund distributor, providing investors with access to cryptocurrency through conventional brokerage accounts, since the introduction of its spot Ethereum ETF in July. Bitwise submitted the first application for a spot XRP ETF in the history of the industry earlier this week.
Three years ago, authorities approved ProShares’ Bitcoin Trust, the first exchange-traded fund (ETF) based on futures. However, a number of asset managers have reevaluated their futures-based products since the introduction of spot-based alternatives.
VanEck said last month, for instance, that it would be liquidating its Ethereum futures investment product. The decision was made because of investor interest and liquidity, according to the corporation.
The prospectus for Bitwise's new fund makes it clear that it does not make direct investments in digital assets, and it is scheduled to charge investors a 0.85% fee ratio. Bitwise stated that "there will be periods—and perhaps extended periods—when the Fund has no exposure to Bitcoin futures contracts" at all because the fund can rotate its exposure entirely into U.S. Treasuries.
Bitwise President Teddy Fusaro stated in a statement that the company is establishing new ground with the product, despite the fact that Bitwise considers the "limited operating history" of its three funds as a potential risk. “At Bitwise, we believe there are many different ways in which investors will want to gain access to this new and emerging asset class,” he said. “We’re excited to introduce new groundbreaking strategies for these three ETFs to give investors more options for accessing the market.”
History
In January 2009, Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto remains hotly debated to this day, but that person or group changed the world with this invention. Like many major breakthroughs, it took a while for people to grasp why Bitcoin was special. Bitcoin was created in the midst of the banking crisis, and one of its major goals was to give people another option to buy and sell products outside of a heavily regulated and centralized banking system.
The first entities to fully embrace Bitcoin were black market enterprises like Silk Road. For a while, Bitcoin became synonymous with the notorious website, but its use became more and more widespread starting in 2013.
That led to the price of Bitcoin skyrocketing and reaching incredible heights in 2017. On January 1, 2017 a single Bitcoin was worth $998, but that price rose by nearly 20-fold near the end of the year, hitting an all-time high of $19,666 on December 17, 2017. Bitcoin has left those prices in the dust in 2021, as the price of Bitcoin is approaching $50,000.
Stability
One of the major criticisms of Bitcoin is that the currency wildly fluctuates and that has proven to be true in 2021. As Bitcoin has become more accepted and understood, investors are getting a better understanding of what leads to price changes, and that has led to the Bitcoin market looking a lot like the stock market.
Security
There have been fears over how secure Bitcoin is over the years, but transactions are even more secure as they are in the traditional marketplace thanks to blockchain technology.
Whereas we are constantly hearing stories of companies having their databases hacked and identities being stolen, the nature of blockchain presents this from happening with Bitcoin.
For a transaction to occur, the sender must know their private key and digitally sign the transaction, and the signature must be verified by the network using the public key. The number of private keys makes it nearly impossible to hack into another person’s account, but there is one thing to keep in mind. You MUST keep your private key backed up somewhere or else you will lose access to your Bitcoin. Don’t make the mistake of not backing up your private key and risk losing your hard earned money.
How do I buy Bitcoin?
You can buy Bitcoin by using one of the major currency exchanges such as Coinbase or Gemini. These exchanges allow you to use a credit or debit card or bank transfer to buy Bitcoin. You can then send Bitcoin to your sportsbook account and you can withdraw Bitcoin from your sportsbook account to your digital wallet.
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