Emilio B. Aquino, chairperson of the Securities and Exchange Commission in the Philippines, announced plans to introduce a regulatory framework for cryptocurrency in the latter half of 2024. Aquino expressed optimism that tech giants Apple and Google will promptly comply with the SEC’s request to remove Binance’s applications from their app stores. Safeguarding the Interests […]
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Study: Half of Canadian Institutional Investors Actively Offered One Crypto Asset Product in 2023
According to a recent survey, half of Canadian institutional investors and financial services organizations have actively offered at least one type of cryptocurrency asset product or service to clients in the past year. The study revealed that half of the institutional investors surveyed were exposed to crypto through exchange-traded funds (ETFs), closed-end trusts, or other […]
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Deutsche Bank Survey: Over Half Expect Crypto to Become ‘Important’ Asset Class and Payment Method
A new Deutsche Bank survey found that over half of respondents expect cryptocurrencies to become an important asset class and a method of payment. In addition, 10% of respondents expect the price of bitcoin to be above ,000 by year-end. Deutsche Bank’s Crypto Survey A recent Deutsche Bank survey of over 3,600 consumers, published this […]
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A Single Custodian Oversees Nearly Half of Bitcoin’s Block Rewards
Onchain data indicates that a single custodian now manages the coinbase addresses for at least nine prominent mining pools, which collectively account for 47% of Bitcoin’s total hashrate. The analysis shows that substantial miners’ rewards from pools like F2pool, Antpool, Binance Pool, and Braiins are being funneled to this particular custodian. Onchain Data Reveals Single […]
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Skybridge CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC Be?
The future price and valuation of Bitcoin is a hot topic of debate, with varying predictions from different camps. One sentiment is maintained by most, though, and that is the fact that the cryptocurrency is going to trade at a much higher valuation than it is currently. Skybridge Capital CEO Anthony Scaramucci shares this sentiment, predicting that the Bitcoin market cap will eventually reach half of the gold market cap.
Batting For Bitcoin To Capture 50% Of Gold Market Cap
Anthony Scaramucci has long been a proponent of Bitcoin and has been very vocal about his support for the coin. Once again, the Skybridge Capital CEO has come forward to reiterate his stance on Bitcoin, giving a prediction for where he expects the price to go in the future.
Scaramucci told CNBC in an interview that he expects the price of Bitcoin to eventually touch 0,000. Not only that, he said that he expects that the Bitcoin market cap will someday reach 50% of the gold valuation.
The CEO explains that Bitcoin has seen a positive upside as there has been more regulatory clarity surrounding the digital asset, as well as the approval of various Spot Bitcoin ETFs. And it is the success of these Spot Bitcoin ETFs that is driving Scaramucci’s belief that Bitcoin will reach half of gold’s valuation.
He explains that it took the Gold ETF a year to reach billion in inflows. However, in the case of Bitcoin, it has done it in three months, meaning it took 25% of the time it took gold to achieve this. Then with the halving on the way, Scaramucci explains that supply is going to get even lower.
The CEO further explains that he expects Bitcoin to become a store of value, something that will push it up as a competitor for gold. In this case, its continuous growth will see it eventually around half of gold’s market cap.
Where Will BTC Trade At This Valuation?
The current gold market cap lies at approximately .7 trillion market cap and half of this would put the Bitcoin market cap at a high .85 trillion. The current BTC market cap is at .4 trillion, with a price of ,000 per coin. This means that a market cap of .85 trillion would see the cryptocurrency trade much higher.
With a capped supply of 21 million coins, Bitcoin’s market cap of .85 trillion would put the price per BTC at a whopping 8,000. Such an increase would represent a 500% increase from the current price levels. And then, with Bitcoin controlling around half of the total crypto market cap and assuming altcoins continue to grow alongside it, this could easily see the entire crypto market reach a trillion market cap, strengthening the competition with gold.
However, Scaramucci does not give a timeline for when he expects this to happen and he cautions investors to not expect it soon. “It’s not going to happen overnight, and there will be a lot of volatility,” the Skybridge Capital CEO warned.
UN Report: Crypto Crime Provided North Korea up to Half of Its Foreign Currency Income
A report issued by a United Nations panel of experts has concluded that cyber crypto heists have provided 50% of the foreign currency income for North Korea since 2017. The report indicated that North Korean actors have been linked to 17 theft and hack events involving over 0 million in 2023 alone, and details several […]
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Billionaire Peter Thiel’s VC Firm Bought BTC and ETH Worth $200 Million in Latter Half of 2023
Founders Fund, a venture capital (VC) firm founded by the billionaire Peter Thiel, is believed to have acquired bitcoin and ethereum worth 0 million sometime in the second half of 2023. The VC firm reportedly began purchasing bitcoin when its price was still under ,000. Founders Fund’s Renewed Interest in Crypto In the latter half […]
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Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024
Binance Coin (BNB), despite experiencing a significant decline earlier this year due to market volatility and the SEC lawsuit against Binance and its founder Changpeng Zhao (CZ), has shown remarkable recovery and promising prospects.
Recent data indicates a resurgence in the BNB price, driven by the growing usage of decentralized applications (DApps) on the Binance Smart Chain (BSC).
Additionally, BNB’s fundamentals, including impressive market cap figures and increased revenue, further contribute to the positive momentum.
BNB Price Rally Fueled By DApp Adoption?
After witnessing a sharp decline from its yearly high of 0, BNB experienced a drop to the 3 level following the SEC lawsuit against Binance and CZ. However, recent price movements show signs of recovery and bullish sentiment.
Over the past 24 hours, BNB has gained 4.5%, and its performance in the seven, fourteen, and thirty-day time frames demonstrates an upward trend, with gains of 20%, 24%, and 38%, respectively.
One of the driving factors behind BNB’s price rally is the increasing use of DApps on the Binance Smart Chain. Data from DappRadar reveals a surge in DApp volume, currently at .83 billion, representing a 12% increase.
The BNB chain boasts an ecosystem of 5,120 DApps and has recorded 4.89 million transactions, reflecting a 12.73% surge in the past seven days. These figures indicate a growing demand for BNB as it serves as the primary token within the BSC ecosystem.
Comparing BNB to Ethereum (ETH), DappRadar data highlights BNB’s superior performance in various indicators such as contracts, total unique active wallets (UAW), decentralized finance (DeFi) total value locked (TVL), and non-fungible token (NFT) volume.
The BNB chain has held the top position over the past 24 hours, showcasing its usage and adoption. This outperformance contributes to the positive market sentiment surrounding BNB and bolsters its price.
Binance Coin Market Cap Surges To Billion
Further boosting the Binance Coin prospects, Token Terminal data reveals impressive market cap figures for BNB, with a circulating market cap of .02 billion, marking a 14.18% increase.
Additionally, BNB’s fully diluted market cap stands at the same value, reflecting a 28.32% growth. The revenue generated by BNB in the past 30 days has increased by 28.51%, reaching .47 million.
Furthermore, BNB has recorded significant fee growth, with a 27.98% fee increase over the past 30 days and an annualized revenue of 7.56 million. These fundamentals contribute to the positive sentiment surrounding BNB.
Overall, Binance Coin has staged a strong recovery, demonstrating a notable price rally driven by the increasing usage of DApps on the Binance Smart Chain. However, there is a bold prediction by a crypto analyst that could further boost the sentiment and excitement surrounding the token.
Binance Coin To Reach New Yearly High?
According to Captain Faibik, a prominent crypto analyst on X (formerly Twitter), Binance Coin is poised to achieve a new yearly high in the first half of 2024.
This prediction is based on an analysis of BNB’s 1-week chart, revealing a breakout from a descending triangle pattern, signaling the end of the macro downtrend and initiating a new uptrend phase for BNB.
Looking at the chart below, Faibik suggests that BNB’s price could potentially experience an impressive uptrend of 171% in the initial weeks of 2024. This surge would propel the token’s price above the current all-time high (ATH) of 6.
However, several resistance levels must be overcome for this projection to materialize. Notably, at the current trading price of 7, BNB faces a significant seven-month resistance barrier, which currently hinders its ascent to the 4 level, the next resistance level in the near term.
Analyzing the 1-day chart, it becomes evident that reaching the all-time high level would require surpassing additional macro resistance levels, including 9, 2, 0, 3, 7, 9, and 3.
While the theory proposed by Faibik holds promise, the actual realization of Binance Coin’s new yearly high in the early months of 2024, along with a sustained uptrend, remains to be observed.
Featured image from Shutterstock, chart from TradingView.com
Nearly Half of Users Primarily Use Crypto to Earn Extra Income — Binance Study
Nearly half of the crypto exchange Binance’s users list “earning extra income as their primary use for crypto.” The survey also revealed that 36% of the respondents consider “achieving financial security and independence” as the primary objective for using crypto for savings.
Achieving Financial Independence With Crypto
According to a survey conducted by Binance, one of the largest digital exchange platforms in the world, 45% of the 1,172 individuals who participated in the study said they primarily use cryptocurrency to earn extra income. Out of this figure, about 23% indicated that their goal was to supplement their primary income, while another 23% said their goal is to save for a home. The remaining 21% said they use cryptocurrency for investing in other digital assets.
Binance’s survey aimed to determine users’ top uses for cryptocurrency and highlight how it has become a part of everyday life for Binance users around the world. The survey results show that cryptocurrency is increasingly being used as a means of earning extra income and saving for the future.
As indicated in the crypto exchange’s Dec. 14 press release, some 19% of the respondents use cryptocurrency as a means of saving money, while 9% use it to offset the effects of inflation. The survey also revealed that 36% of the respondents consider “achieving financial security and independence” as the primary motivation for using cryptocurrency for savings.
Using Crypto to Overcome Financial Inequality
In addition to being a vehicle for earning extra income, cryptocurrency is increasingly being used as a means of saving money and achieving financial independence. Aman, a Binance user from Asia, is quoted in the press release discussing the reasons why crypto is proving to be an important financial innovation for many.
“I started using Binance Earn products which helped me to accrue interest on my assets, with far better rates than my bank account. It gave me the opportunity to make my own decisions — to stabilize my finances. I can’t think of anything more empowering,” Aman said.
Another user named Lauri suggested that using the platform has made remitting funds back home much easier and less costly.
The other key findings of the survey, which began on Nov. 15, 2023 and ended on Dec. 6, 2023, include 76% of the respondents who believe that crypto can play a role in lowering the income inequality gap. Additionally, 36% of the respondents said they use crypto to make purchases every week, while 20% tied the increase in their investment portfolio value to crypto.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin’s Hashrate Skyrockets: On Track to Hit Half a Zettahash Milestone by Year’s End
Bitcoin’s hashrate, a key indicator of its computational power, shattered previous records on October 12, 2023. As measured by a seven-day simple moving average (SMA), it has surged to an impressive 455 exahash per second (EH/s). To put that into perspective, the hashrate was hovering around 261 EH/s on January 1, 2023. This translates to a leap of 194 EH/s in less than a year, inching tantalizingly close to half a zettahash.
Amid Price Woes and Difficulty, Bitcoin’s Hashrate Breaks Barriers: Half Zettahash in Sight?
On October 12, 2023, Bitcoin’s hashrate hit an unprecedented high, clocking in at 455 EH/s, as per the seven-day SMA. Rewind to the beginning of 2023, and the hashrate was a mere 261 EH/s. This means that over the course of nine months, the hashrate expanded by 194 EH/s. In simpler terms, the network’s computational prowess grew by 0.68 EH/s daily this year, notwithstanding the 15 difficulty adjustments that increased.
With the hashrate soaring to new heights, the imminent difficulty adjustment, slated for October 16, 2023, could see an increase of over 7%. If miners remain unfazed by these adjustments and the hashrate maintains its upward trajectory, Bitcoin could soon hit the half zettahash per second mark (ZH/s), or roughly 500 EH/s. If the hashrate maintains this momentum, it will likely reach the 500 EH/s milestone ahead of the next reward halving.
If the hashrate sustains its current growth rate of 0.68 EH/s per day, we could see the seven-day SMA touch 500 EH/s in roughly 66 days, or 9-10 weeks – on or around December 20, 2023. Earlier this year, River Financial’s research analyst Sam Wouters estimated that Bitcoin could enter the zettahash era, equivalent to 1,000 EH/s, “by the end of 2025.” Given the current growth rate of 0.68 EH/s per day, this milestone could be reached around December 23, 2025, or potentially at the beginning of 2026.
Despite BTC’s price wandering and the overall hash price remaining low for miners, hashrate records continue to jump higher. On October 15, 2023, the output for a petahash per second (PH/s) is under daily. Moreover, the network’s difficulty is towering at 57.32 trillion, and with the upcoming estimated hike, it might soar past 61 trillion.
What are your thoughts on the future of Bitcoin mining and its potential to reach the zettahash era? Share your thoughts and opinions about this subject in the comments section below.