Browsing: Bitcoin

A federal court in Rio de Janeiro, Brazil, ordered bitcoin pharaoh to pay BRL 19 billion (nearly $3.7 billion) to a commercial court to compensate investors and creditors who lost money in bitcoin transactions and to deposit funds within 72 hours.

It is reported that bitcoin pharaoh is accused of participating in the Ponzi scheme Krypton operation and suspected of speculation in the cryptocurrency market, after the Brazilian federal police seized 591 bitcoins.

Senior commodity strategist Mike McGlone pointed out in a Sept. 17 interview that Bitcoin’s rally trigger will be related to increased adoption and demand.

Overall, Bitcoin and cryptocurrencies are likely to top all asset classes in the current environment, he noted.

According to McGlone, cryptocurrencies have the added advantage of having the fastest growing technology. Meanwhile, McGlone compared current market conditions to the dot-com bubble of 2000, in which select assets stood out while others collapsed. However, he noted that Fed policy could play a key role in ending the current situation.

Ripple Chief Technology Officer David Schwartz posted on social media that the Bitcoin source code is highly likely to have a serious bug that could allow the creation of a larger number of tokens, exceeding the 21 million cap.

If exploited, the vulnerability could erode confidence in Bitcoin and cause huge losses to exchanges.

However, David Schwartz said that such a vulnerability should never be discovered or exploited by malicious actors, and if you’re a long-term Bitcoin holder, don’t worry about it.

Over the past 12 months, Bitcoin mining difficulty has increased by 85.77%, with 53,547 blocks mined and 334,668.75 new bitcoins minted into circulation.

Over the past six years, Bitcoin mining difficulty has increased by a total of 22,900%, and while overall hashrate has increased, far fewer Bitcoins are mined each year.

Bitcoin-friendly Pierre Poilievre was elected leader of the Conservative Party of Canada.

Pierre Poilievre has previously promised that if he becomes the Prime Minister of Canada, he will unlock the potential of cryptocurrencies and make Canada the blockchain capital of the world.

He has also publicly supported allowing Canadians to use bitcoin as legal currency in the country.

Finbold ROI data shows that Bitcoin’s five-year return on investment has consistently prevailed compared with five bank stocks, Citi, Wells Fargo, Goldman Sachs, JPMorgan Chase, and Bank of America.

Bitcoin’s performance can be considered a surprise, as the top cryptocurrency is challenging financial institutions that have been around for decades, and the asset is only a little over a decade old, the report said.

Crypto analyst Michaël van dePoppe said that Bitcoin will see a brief correction below $20,000 before a possible rally to $30,000.

Poppe emphasized that to achieve the rebound target, Bitcoin’s market capitalization needs to hold the 200-week moving average and remain above $19,000.

Additionally, Poppe noted that with Bitcoin stuck between $19,100 and $21,000, this could lead to a liquidity grab below that level.

Bitcoin needs to break above $20,400 and target $21,500 if any rally is to continue.

Digital asset investment products saw net inflows of $9.2 million last week, although the main inflow was short bitcoin investment products.

Outflows from bitcoin investment products totaled $11 million, the fourth consecutive week of outflows. A record $18 million inflows into short Bitcoin investment products brought total AUM to an all-time high of $158 million.

Digital asset investment products traded at $915 million last week, a multi-year low similar to the previous week.

On September 4, 2017, the price of Bitcoin was $4,317.19. Five years later, on September 4, 2022, the price of Bitcoin was about $19,795.05, and the market value reached $378,891,669,759, an increase of more than 350% compared to five years ago.

Independent researcher Kyle McDonald predicts that the bitcoin network could be regulated, causing the price of bitcoin to crash. He believes that with ethereum’s move to so-called proof-of-stake, investors and regulators may realize that the current energy-intensive approach, known as proof-of-work, was never really necessary.

McDonald mentioned the climate crisis and Bitcoin’s heavy use of energy. Because Bitcoin doesn’t have the same coordination capabilities as Ethereum and can’t move away from proof-of-work, it could be the first to be regulated, he said.

According to cryptocurrency analyst Jason Pizzino, traders and investors will have a rough month in September as the market is indecisive.

The crypto bear market is not over yet, and any explosive gains are unlikely in the short term, Pizzino said. But he said the worst is over for Bitcoin and the bull market will eventually return.

The Bitcoin mining difficulty was adjusted at 14:40 today (block height 751968), and the mining difficulty was increased by 9.26% to 30.98T.

The current Bitcoin unconfirmed transaction volume is 5,414. The computing power of the entire network is 221.92 EH/s, and the 24-hour transaction speed is 3.05 transactions/s.

Bitfury CEO Brian Brooks believes that the Fed’s fiscal tightening is not good for Bitcoin’s price.

According to Brian Brooks, traders do not see BTC as an effective tool against inflation during times of extreme fiscal austerity. Therefore, HODLer may expect the BTC price to remain relatively low, at least in the short term.

In an interview on Aug. 29, Brian Brooks also criticized the U.S. SEC for its litigious handling of the crypto industry, saying regulators need to take it seriously and provide proper guidance rather than going to court.

SharkTank’s Kevin O’Leary is skeptical about Bitcoin (BTC)’s ability to rally above the $25,000 price level under current conditions.

In an interview with Stansberry Research, O’Leary said bitcoin’s price has stagnated because the lack of regulation of the cryptocurrency has hindered institutional investment in the space.

“We want policy, especially for those of us in financial services, because we think it will unleash the power of institutional investor interest in cryptocurrencies. So we need policy to get there,” he said.

O’Leary believes that Bitcoin will be locked between $20,000 and $25,000 until a policy is obtained. Institutional investors will not buy Bitcoin until there is regulation.

New Hampshire Senate candidate Bruce Fenton has expanded his support for BTC while opposing any government involvement in regulating the asset.

Fenton pointed out that the government should not get involved in popular currency choices, as he equated the dollar with melting ice during the Aug. 25 New Hampshire primary debate.

According to Fenton, the current monetary system has collapsed, citing the Fed’s policy of printing money. Bitcoin’s supply constraints make it competitive with the U.S. dollar, he said.