Home Blog Page 1240

Bhutan Becomes 4th Largest Bitcoin Holding Government With $770M Worth of Stash

Mark Brennan
-
0
Bhutan Becomes 4th Largest Bitcoin Holding Government With $770M Worth of Stash

Bhutan became the second country to officially disclose its Bitcoin holdings after El Salvador.

Bhutan, a small country between India and China with a population of 780,000, boasts a substantial amount of BTC. A disclosure from Arkham revealed that the country has become the fourth-largest Bitcoin-holding government entity, with its BTC stash accounting for almost 27.9% of its gross domestic product (GDP) in 2023.

Unlike most countries on the Arkham list that acquired their Bitcoin through seizure, Bhutan’s holding is a product of its mining activities through Druk Holdings and Investments, a state-owned crypto miner. The Asian country harnessed its rich hydroelectric amenities to power mining operations.

It bears mentioning that Bhutan became the second country to officially disclose exposure to Bitcoin after El Salvador. However, Bhutan’s stash of the premier asset trumps the Central American country by more than double. El Salvador has acquired 5,876 BTC ($348 million), while Bhutan holds 13,036 BTC ($770 million).

Bhutan’s Heavy Investment in Bitcoin Mining

Per Arkham, Bhutan has invested a wholesome amount of its resources in building crypto mining facilities, with the now-defunct Education City project its biggest endeavor yet. The country’s venture dates back to 2019, when Bitcoin was less than $10,000.

Powering these power plants was sustainable for Bhutan, as it generated 23,760 MW of electricity from its hydropower plants, which were fed by the Himalayan glaciers. This allowed the landlocked nation to sufficiently service its mining structures and citizens.

A report showed that the state-owned mining firm had invested $192 million in purchasing mining equipment between 2020 and 2023. These large-scale Bitcoin mining activities continued silently until Bhutan’s first major announcement in April. 

Druk Holdings announced a partnership with Bitdeer to expand its mining capacity to 600 megawatts by 2025. The expansion detailed Bhutan’s plan to increase its mining capacity by five times, from 100MW to 500MW.

Notably, Bhutan’s heavy stash places it only below the United States, China, and the United Kingdom. The US holds 203,239 BTC, China seized 190,000 BTC, while the UK’s portfolio has 61,000 BTC. Bhutan’s stash would have been less than the German government’s, but the entity sold all its 50,000 BTC between June and July.

Here are Projected Timelines for Solana to Hit $500 and $1,000

Mark Brennan
-
0

Market analysts have shared timelines for Solana to reach ambitious price targets up to four digits.

Like other cryptocurrencies, Solana has faced harsh market conditions amid unfavorable macroeconomic conditions and a cautious approach among investors. However, bullish sentiments around the fifth largest crypto asset have persisted.

At the time of writing, Solana was trading at $132, having recovered from the $129 range on Monday. Still, the asset has lost more than 7% over the last month and less than 2% in the past seven days.

It bears mentioning that Solana’s current price is low in context with bullish analysis and predictions surrounding the asset. Several analysts have made ambitious speculations that SOL will grow substantially in the coming bull run, with most of them calling for a surge to $500 and $1,000.

Solana to $500

Crypto analyst Joji has speculated that Solana will hit $500 soon. The market watcher stated in a post that Solana is close to a price breakout, which is expected to push its price by 379%.

Joji cited an accumulation phase in Solana’s historical price chart, expecting an impending price surge. The analyst’s chart showed that SOL pumped 884% from a similar position in the 2021 bull run, with the expert anticipating a repeat in this cycle.

Although Joji didn’t state when he expects the price action, his chart suggests it will happen before the end of the year. SOL price skyrocketed from the same phase in August 2021 to its all-time high of $260 in November.

Notably, analyst Crypto Anglio shares the same opinion as Joji. The experienced trader stated that he sees Solana trading at $500 “sooner than everyone thinks.”

Anglio cited the bullish sentiments surrounding the Solana network, including its profound traction for memecoins and non-fungible token enthusiasts.

For context, the Solana network hosted the memecoin crazy earlier in the year with launchpad Pump.Fun leading the fury. The massive traction led to the meme deployer’s unprecedented revenue gains in the shortest time ever.

Also, the Solana network recorded the highest daily active addresses in blockchain history, hitting 5.5 million users on September 10. Anglio expects this elevated traction to push the SOL price to $500 in no time.

Solana to Hit $1,000

A few other analysts shared a more bullish disposition towards Solana, tipping it to reach $1,000 by 2025. Notable analytical expert Ali Martinez is among those with a higher bullish call for SOL.

Martinez cited a breakout from a bullish pennant in Solana’s 1W chart as a possible propellant to $1,000. At the current price, SOL would have to rally 758% to reach that price. Its market cap would also surge to $470 billion.

Two other analysts predicted a similar surge in Solana for 2025. YouTube crypto analyst DustyBC Crypto speculated that SOL would surge to $1,000 by June 2025, while RollBit partner Borovik asserted that the asset would see a similar price before the end of next year.

Grok Shares Solana’s Predictions

Meanwhile, X-owned (formerly Twitter) AI chatbot Grok suggested its price predictions for Solana in 2024 and 2025. According to data generated from the bot, Solana will test $500 before the end of the year if bullish sentiments persist on the network.

However, Grok noted that a delay in this bullish trend would see Solana target the $500 price tag in January 2025. The interactive AI stated that technical analysis indicates SOL trading at $515 if bulls remain in market command.

For 2025, Grok predicted that Solana would trade at $1,000. According to the bot, fundamental and technical analyses point to that price mark by late 2025 or early 2026. 

It is worth noting that Solana has grown substantially year-over-year. The asset is up over 590% from its $19.65 price on September 17, 2023.

Is XRP Finally Recognized as a Currency, Wall Street Analyst Weighs In

Abdulkarim Abdulwahab
-
0
Is XRP Finally Recognized as a Currency, Wall Street Analyst Weighs In

Host of the Good Morning Crypto podcast, Abdullah Nassif, recently sparked a discussion in the crypto community by questioning whether XRP is “finally” recognized as a currency.

This conversation was triggered by Wall Street analyst Linda Jones, who highlighted in a recent podcast that XRP was long considered not to be a security, even before the SEC lawsuit against Ripple Labs.

The context of her statement revolved around the potential for the SEC to appeal the 2023 ruling, which states that XRP is not a security.

Previous Lawsuit Called XRP a Virtual Currency

According to Jones, it was “already determined” years earlier that XRP is not a security but a currency. Nassif shared Jones’ commentary and asked, “Is XRP finally recognized as a currency?”

Notably, Jones pointed to the time when the U.S. Financial Crimes Enforcement Network (FinCEN) took action against Ripple Labs in 2015. FinCEN classified XRP as a “virtual currency.” 

Specifically, it described Ripple Labs and XRP II, LLC as entities involved in selling and facilitating transfers of virtual currency, identified as XRP.

This classification was made in the context of anti-money laundering (AML) regulations and compliance with the Bank Secrecy Act (BSA), for which Ripple was penalized.

However, it is essential to note that the term “virtual currency” did not constitute a formal declaration or detailed analysis of XRP’s regulatory classification, such as whether it is a security or otherwise.

The case only emphasized that virtual currency exchangers, such as Ripple, are obligated to launch products that adhere to AML regulations.

XRP Non-Security Status To Remain Unchanged

Jones recalled this historical record to strengthen the legal position of XRP as not being a security, arguing against the prospect of an appeal. She noted that an earlier court case described it as a virtual currency.

While the crypto community continues to speculate on the potential for an appeal of the 2023 ruling, the SEC has already stated that it does not seek to appeal the ruling that XRP, by itself, is not a security. 

This was when the regulator filed an interlocutory appeal after Judge Analisa Torres’s judgment in July 2023, though the move was denied.

Now that the Ripple lawsuit has finally ended, speculations have arisen that the SEC could reinitiate the appeal process. However, Ripple’s Chief Legal Officer, Stuart Alderoty, has clearly stated that an SEC appeal cannot change XRP’s inherent non-security status.

Moreover, prominent voices in the crypto community believe that the odds of the SEC winning on appeal are low.

Charts Don’t Lie: Top Pundit Buys a Lot of XRP, Says ‘Never in a Million Years Thought I Would’

Abdulkarim Abdulwahab
-
0
Charts Don’t Lie: Top Pundit Buys a Lot of XRP, Says ‘Never in a Million Years Thought I Would’

Max Schwartzman, a notable crypto commentator and founder of BecauseBitcoin, recently disclosed his latest accumulation of XRP, riding on the confidence of what he observed on XRP charts.

In a post on X on Monday, Schwartzman revealed that he has loaded up on XRP tokens. According to him, this decision came after critically analyzing XRP’s historical charts.

Specifically, the pro-Bitcoin commentator remarked that “never in a million years” would he have thought he would end up buying a large amount of XRP, but acknowledged that “the chart never lies.”

While Schwartzman has not yet shared the specific chart that influenced his decision to accumulate XRP, he has promised to release a technical analysis video on XRP soon.

XRP Pumping, Outperforming the Market

Notably, his post comes when XRP is experiencing renewed optimism, which is reflected in its price performance. Today, XRP is up by 2.78%, outperforming 93 other crypto assets with billion-dollar market caps over the past 24 hours. 

This rise is particularly significant as Bitcoin’s recent correction has had a negative impact on the broader altcoin market.

While many assets show losses in daily and weekly timeframes, XRP is maintaining its positive trajectory. Currently trading at $0.5885, it is up 9.25% over the past week. 

XRP’s ongoing rally is drawing more attention, even from critics, with Schwartzman joining the accumulation trend, hoping for further price gains soon.

Bitcoin Analyst Targets 8X Profit from XRP

Schwartzman’s bullish stance on XRP has attracted congratulatory messages from community members, particularly the XRP Army. In response to one comment, Schwartzman revealed his mid-term price target for XRP.

Specifically, he noted that he expects XRP to reach $5 by next year. With XRP trading at approximately $0.58 on Monday when he bought in, this implies Schwartzman is aiming for a 762% gain or roughly 8X returns.

Furthermore, other analysts reacting to Schwartzman’s disclosure agreed that investing in XRP at its current value is a prudent decision, expecting significant upside potential.

One analyst highlighted that he has long considered XRP the “sleeping giant” of the crypto market. Mando CT, another widely followed Bitcoin pundit, commented that XRP could easily rally to $1 or $2, calling it an “easy trade” to net profit.

Celestia (TIA) Eyes $10 Target After Breaking 6-Month Trendline

Albert Brown
-
0
Celestia (TIA) Eyes $10 Target After Breaking 6-Month Trendline

With a strong breakout reclaiming the $5 mark, can Celestia’s TIA hit the $10 psychological target?

Under the influence of a long-coming resistance trendline, the Celestia price trend shows a lower high trend formation. Further, the 50-day EMA acts as a dynamic resistance, keeping the bullish growth under check.

A recent breakout of the trendline signals a trend reversal for Celestia, putting bullish targets on the cards. Will the TIA price hit the $10 psychological mark as the underlying momentum resurfaces?

Celestia Breakout Run

In the daily chart, the TIA price registers a drop from the 52-week high of $21.14 to $3.72 low on September 6. The downfall accounts for an 82% decline, putting the buyers under pressure. 

Celestia Price Chart
Celestia Price Chart

Celestia’s recent performance shows a notable shift in momentum, marked by a rounding bottom reversal starting from $4 that has broken through the overhead trendline. This breakout has resulted in a 30% increase over the past ten days, allowing the price to reclaim the $5 level.

With rising demand and the rounding bottom reversal, Celestia has emerged as one of the top performers this week. The reversal pattern’s neckline aligns with the previous peak at $6.

However, despite the breakout, the bullish trend has struggled to surpass the 50-day EMA and has faced resistance. This is evident from the intraday price action, where a bullish engulfing candle formed a 10% gain from the opening price of $4.54, indicating higher price rejection.

Will Celestia Hit $10?

With the bullish trend gaining momentum, the TIA price appears poised to surpass the $5 mark. A breakout above the 50-day EMA would signal a buying opportunity for price action traders, although overhead resistances may constrain further momentum.

According to Fibonacci levels, the next resistance points are at the 23.60% level ($7.74) and the 38.20% level ($10.11). Additionally, the RSI’s bullish turnaround, approaching the overbought boundary, supports the potential for continued upward movement.

On the downside, the $4 psychological support level is expected to stabilize the price trend and mitigate downside risks.

Is $1 On Cards As Fantom (FTM) Bull Cycle Breaks Falling Channel?

Albert Brown
-
0
Is $1 On Cards As Fantom (FTM) Bull Cycle Breaks Falling Channel?

With Fantom’s FTM token surging by 51%, sparking a bullish breakout, could the price of FTM reach $1?

Fantom is gaining momentum in the crypto world, demonstrating a bullish trend and setting the stage for a potential breakout rally. With the recent channel breakout signaling a prime buying opportunity, the broader market is eyeing a $1 target.

Can Fantom’s bullish recovery surpass the current resistance and reach the $1 psychological level? Let’s explore the possibilities.

Fantom Breakout Run Exceeds 200D EMA

The Fantom price trend reveals a falling channel pattern in the daily chart. However, the recent bull cycle changes the landscape with the breakout rally. Over the past ten days, the FTM price has surged by 51.51%, starting from a support level of $0.37.

Fantom price Chart
Fantom price Chart

In the longer term view, Fantom’s price has rebounded from a low of $0.2919 in early August. As the bullish momentum increases, buyers are solidifying their position above the $0.50 psychological level, pushing past the overhead trendline.

The surge in bullish momentum has led Fantom to surpass the 23.60% Fibonacci retracement level at $0.49 and the 200-day EMA. Additionally, the recent three-day rally, marked by a triple white soldier pattern, has resulted in an 18% increase.

With the growing bullish influence, the rising 50-day EMA suggests a potential golden crossover on the horizon.

Will Fantom Reach $1?

Currently, the FTM price is trading at $0.5636, with an intraday gain of 8.36%, forming a bullish engulfing candle. The MACD indicator, influenced by the ongoing breakout, shows both the MACD and signal lines on an upward trajectory.

As the uptrend continues, the bull run is expected to target the 38.20% Fibonacci level at $0.6175. Further resistance levels based on Fibonacci retracements are at 50% ($0.7181), 61.80% ($0.8186), and 78.60% ($0.9618).

With multiple resistance levels below the $1 mark, Fantom’s bull run may face challenges in reaching this psychological level. Conversely, the support level at $0.4930 is likely to remain robust.

Cardano Founder Confirms IOG Working on Protocol to Surpass Solana’s Speed

Sam Wisdom Raphael
-
0
Cardano Founder Confirms IOG Working on Protocol to Surpass Solana’s Speed

Cardano founder Hoskinson says IOG is ramping up efforts to improve Cardano’s speed, aiming to outpace competitors like Solana. 

In a recent community poll by Rick McCracken, a Cardano community figure associated with the stake pool operator (SPO) Digital Fortress, members were asked to choose between two proposals. In the hypothetical scenario, these proposals would enhance the network using a budget of 20 million ADA every month.

The choices were between building a Rust-based node for 11 million ADA or implementing the Leios protocol for 12 million ADA. Of the 1,798 participants, 56% voted in favor of the Leios proposal, while only 7% supported the Rust node option. 

Cardano Founder Responds

In response to the poll, Charles Hoskinson, the founder of Cardano, stressed the potential benefits of the Leios protocol. He highlighted that the Rust node would not bring any significant new features to users. 

In contrast, the Leios protocol provides a chance to enhance Cardano’s transaction throughput, making it faster than Solana without sacrificing its decentralization.

Solana with its high-speed transaction processing has been a strong competitor in the space. However, some argue that its speed comes at the cost of decentralization, an area where Cardano aims to maintain a competitive edge. Solana has also faced issues with outages.

Leios Aims to Boost Transaction Speed

The Ouroboros Leios protocol looks to surpass this speed level while preserving Cardano’s decentralization. This protocol separates the validation of transactions from the creation of new blocks, introducing “input endorsers,” a concept that could boost transaction speeds.

Despite Leios’ promising nature, one community member expressed concern, noting that the protocol should have been a priority years ago. He pointed out that an open-sourced paper alone isn’t enough unless the technology is actively built and implemented. 

Hoskinson addressed these concerns, explaining that a dedicated team, led by Input Output Global (IOG), is already working on the design of the Leios protocol. The team’s efforts will expand in Q4 2024 after completing work on the Peras Cardano Improvement Proposal (CIP).

Meanwhile, Cerkoryn, a Cardano dRep, asked whether there would be opportunities for community builders to participate in the Leios prototyping team. He noted the importance of diversifying development efforts beyond IOG to ensure a decentralized approach to core development. 

Hoskinson responded affirmatively, stating that the aim is to involve third-party developers through a request-for-proposal (RFP) process, similar to how Cardano handled the development of the Genesis protocol with Tweag and the upcoming Peras. 

Notably, Hoskinson confirmed that due to how complex the Leios protocol is, it would require more than a dozen firms to be involved in its full implementation. The Rust node proposal, while receiving less support, is still a crucial part of Cardano’s development. Rust is known for being fast, secure, and lightweight. 

All 5 SEC Commissioners to Testify at Congressional Hearing

Lele Jima
-
0
All 5 SEC Commissioners to Testify at Congressional Hearing

FOX Business journalist Eleanor Terrett reports that all five U.S. Securities and Exchange Commission (SEC) commissioners will testify before a Congressional hearing next week. 

According to Terrett, the five-member SEC commissioners will testify before the U.S. House Committee on Financial Service (FSC). This event is scheduled for next Tuesday, September 24, 2024. 

Pivotal Moment 

The upcoming hearing is significant, as it marks the first time since 2019 that all SEC commissioners will appear and testify before a Congressional committee. 

Prior to this time, the SEC Chair Gary Gensler has been representing the securities commission during these Congressional hearings. This time, the FSC has invited all the commissioners to testify at the hearing scheduled for next Tuesday. 

Gensler to Testify Alone at Separate Hearing 

Meanwhile, Terrett disclosed that Gensler will testify separately in front of the Senate on September 25 on Capitol Hill. 

In a previous tweet, Terret disclosed that this upcoming Congressional hearing where Gensler is expected to testify alone is entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.” 

SEC Commissioners 

For context, the U.S. SEC is run by five commissioners, one of whom is the chairman. The president of the United States appoints these commissioners. The five SEC commissioners are Gary Gensler, Caroline A. Crenshaw, Hester Peirce, James Lizarraga, and Mark Uyeda. 

Three of the commissioners are members of the Democratic Party, while the remaining two–Peirce and Uyeda–are Republicans. 

Lawyer Highlights Potential Discussions and Events at Upcoming Hearing 

Expectedly, the upcoming testimony has triggered reactions among crypto enthusiasts, with some speculating that the discussions will focus on the SEC’s approach toward crypto regulation. 

Prominent legal expert James Murphy (a.k.a. MetaLawMan) highlighted a few events that could occur during the testimony. 

Notably, Murphy speculated that Rep. Patrick McHenry, the chairman of the FSC, could ask Gensler whether Ethereum (ETH) should be classified as a security or commodity.

Recall that Rep. McHenry threw this question at Gensler during a previous Congressional hearing. However, Gensler distanced himself from directly answering whether ETH qualifies as a security or commodity. 

Additionally, Murphy expects Rep. Ritchie Torres to deliver some interesting remarks regarding the agency. Lastly, the lawyer speculated that the upcoming testimony could serve as an audition for Peirce’s elevation to the top spot of the U.S. SEC. 

Bitcoin to $1M: Here Are the Possible Timelines for the Historic Surge

Albert Brown
-
0
Bitcoin to $1M: Here Are the Possible Timelines for the Historic Surge

Industry leaders and Grok AI, an artificial intelligence chatbot developed by xAI, have analyzed the price trajectory of Bitcoin toward reaching $1 million. 

The analysis considers historical price trends, market sentiment, and macroeconomic factors. Notably, Bitcoin, currently priced at $58,527, would need to surge by 1,609% to hit the $1 million mark, resulting in a market capitalization of $19 trillion. 

When $1 Million?

Historical data reveals that Bitcoin often experiences price surges following its halving events, which occur roughly every four years.

These events reduce the rate of new Bitcoin supply, typically resulting in a price increase 12-18 months later. Grok AI’s analysis suggests the next potential peak could occur around 2025, following the latest halving in April 2024.

Bitcoin Prediction / Grok AI
Bitcoin Price Prediction | Grok AI

These predictions align with the notion that Bitcoin’s price movements are often cyclical, driven by both supply constraints and growing institutional adoption.

However, while some projections indicate rapid growth in the coming years, others point to a longer timeline. Grok AI highlights predictions that place Bitcoin’s potential $1 million valuation around 2030 or later, contingent on factors such as inflationary pressure and continued interest from institutional investors.

This long-term view is based on the belief that Bitcoin will grow into a significant store of value, particularly as global financial systems face increasing challenges.

Insights from Industry Figures

Several experts have also weighed in on Bitcoin’s potential rise to $1 million. Mark Harvey, a Bitcoin enthusiast, expressed his belief that Bitcoin’s climb to this milestone would happen suddenly, potentially within a few months. He emphasizes that the price increase could occur when the market least expects it, encouraging investors to remain engaged.

On the other hand, Fred Krueger, an investor, suggests that the power law curve model points to a 2032 target for Bitcoin to reach $1 million. He anticipates a faster rise in the next three years, followed by a correction and a bear market before a more sustained rally toward $1 million by 2032.

Additionally, Willy Woo, a notable chartist, sees Bitcoin reaching $1 million within the next decade. According to his analysis, Bitcoin may become a reserve currency, limiting the power of central banks. This viewpoint reflects a belief that Bitcoin’s rise will have lasting effects on the global economy.

 

Rapid Rise Scenarios 

Other figures foresee a more sudden ascent. Samson Mow, developer of AQUA Wallet, predicts Bitcoin could reach $1 million in a matter of days or weeks, driven by what he terms “max pain.”

In his thread, Mow believes the rapid surge would catch the market off guard, resulting in a wide array of challenges, from overwhelmed infrastructure to skyrocketing transaction fees.

Mow outlines how Lightning Network, a solution for faster Bitcoin transactions, might become inaccessible to new users due to high fees, and how institutions might struggle to adapt quickly to Bitcoin’s rise. He also highlights how nation-states and companies could miss opportunities to accumulate Bitcoin before it becomes more expensive.

ChatGPT Predicts XRP Future Based on Astrology

Abdulkarim Abdulwahab
-
0
ChatGPT Predicts XRP Future Based on Astrology

Recently, a widely followed crypto community commentator, “Echo Datruth,” asked the popular AI chatbot ChatGPT to use astrology to provide insights into the future of XRP.

Astrology enthusiasts like “Echo Datruth” believe cosmic shifts could align with major financial transformations, including cryptocurrencies. According to the disclosure, ChatGPT highlighted what to expect for XRP and the broader crypto market over the next few months to a year “based on what the stars say.”

XRP Future Based on Astrology 

Under Pluto in Aquarius (2024), ChatGPT urged XRP enthusiasts to expect a revolution in innovation and decentralization.

According to the disclosure, Aquarius represents breaking down traditional systems, which could align with XRP leading a global financial transformation. This prediction expects XRP to dismantle “the old guard” of finance, paving the way for decentralized systems to flourish.

The second point ChatGPT highlighted was Saturn in Pisces. It noted that Saturn’s presence in Pisces suggests that outdated regulatory structures are dissolving, opening up a clearer path for growth in the crypto market. 

In this context, it emphasized that XRP’s recent legal victory is just the beginning, and this astrological phase could bring further regulatory clarity, allowing the token to thrive.

The third prediction for XRP concerned the October 2024 Eclipse. Eclipses are known to bring sudden and unexpected change, and the upcoming annular solar eclipse on October 2 could be significant.

The prediction suggested that this event may trigger a shift in the financial world, with XRP and the wider crypto ecosystem potentially experiencing massive breakthroughs.

As the financial system recalibrates to the “new order,” crypto enthusiasts anticipate that XRP could benefit from this period of intense transformation.

“A Revolution Written in the Stars”

Ultimately, the XRP astrology prediction stressed that the next 6-12 months will be crucial for XRP and the evolution of finance as a whole.

Interestingly, it believes that the supposed alignment of these cosmic events with XRP’s market developments suggests this isn’t just another market trend.  “It’s a revolution written in the stars,” it stated.

In sharing these statements, Echo Datruth stressed the importance of XRP holders knowing the value of what they own and not being swayed by naysayers. 

However, some community members, reacting to ChatGPT’s supposed astrological prediction for XRP, have questioned the relevance of these forecasts for the cryptocurrency.

1...1,2391,2401,241...2,664Page 1,240 of 2,664