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Bitcoin’s 108% YTD Surge Highlights Crypto’s Growing Prominence
Bitcoin (BTC) witnessed a remarkable surge in its price, nearing the ,000 mark, sending ripples across the cryptocurrency market. While multiple factors contributed to this price rally, one significant driver appears to be the decision by the US Federal Reserve to halt interest rate hikes, albeit with the potential for future increases.
Additionally, the overall sentiment in the crypto market remains bullish, with a collective market cap of approximately .36 trillion, bolstered by the expectation of positive regulatory developments.
Institutional Focus
The recent listing of exchange-traded funds (ETFs) by prominent financial giants such as ARK Invest, BlackRock, and Invesco on the Depository Trust & Clearing Corporation (DTCC) site has ignited speculation about their strategic intentions. These ETF listings are a clear indicator that these financial powerhouses are aiming at capturing the attention of money-loaded investors and institutional players.
Such ETFs are designed to cater to the needs of larger investors who prefer a more regulated and mainstream entry into the crypto market. They offer exposure to Bitcoin without the need for direct ownership, making it an attractive proposition for institutions seeking to diversify their portfolios.
The move to list these ETFs on the DTCC, a crucial infrastructure provider for the financial industry, signals a growing acceptance and integration of cryptocurrencies within the traditional financial ecosystem.
Federal Reserve’s Influence On Bitcoin Price
The current BTC price, as reported by CoinGecko, stands at ,365, reflecting a notable 24-hour gain of 2.5% and a seven-day increase of 2.0%.
The decision made by the US Federal Reserve to maintain interest rates without further increases plays a pivotal role in the current state of the crypto market.
Federal Reserve Chairman Jerome Powell kept the possibility of future rate hikes on the table, dependent on macroeconomic conditions. While this move has provided temporary relief to crypto enthusiasts, the uncertainty about future rate increases still looms.
Historically, raising interest rates has been perceived as a bearish signal for risk-on assets, including cryptocurrencies. Investors often seek safer options when interest rates rise, as these assets are considered more stable and provide a better return on investment.
Therefore, the Federal Reserve’s decision to pause interest rate hikes has provided a favorable environment for BTC and the broader crypto market to flourish.
Can you spot the outlier? pic.twitter.com/y5IIY1fVyx
— ecoinometrics (@ecoinometrics) November 1, 2023
BTC’s Phenomenal Year-To-Date Growth
BTC’s meteoric rise since the beginning of the year cannot be understated, with a staggering 108% increase in value to date. This remarkable growth significantly outpaces other major investment options in the financial world. The implications of this metric are profound, as it highlights Bitcoin’s growing prominence as an investment asset, even surpassing traditional options like stocks and bonds.
Investors are drawn to BTC not only for its potential for substantial returns but also as a hedge against inflation and economic uncertainty. The year-to-date performance underscores the sustained interest in Bitcoin, driven by both retail and institutional investors, who recognize its long-term value and potential to reshape the financial landscape.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
Clash of Presidential Contenders: Bitcoin Gains Prominence as 2024 US Election Approaches
With the 2024 U.S. presidential election drawing near, the enthusiasm of bitcoin and cryptocurrency advocates has intensified, as two candidates have emerged in the race who openly express their support for bitcoin and willingly accept the dominant digital asset for campaign contributions. Initially, it was Democrat Robert F. Kennedy Jr. who vocalized his stance on cryptocurrencies. However, not long after Kennedy’s announcement, Republican presidential contender Vivek Ramaswamy followed suit by declaring that his campaign is now embracing bitcoin as well.
Biden and Trump’s Animosity Towards Bitcoin
In just over a year, the American populace will cast their votes for the next leader of the United States on Tuesday, November 5, 2024. As the nation awaits this occasion, it has become apparent that a familiar rivalry may once again take center stage. Both the current U.S. president, Joe Biden, and the former 45th president, Donald Trump, have thrown their hats into the political ring, sparking widespread curiosity and skepticism among the public. The question on everyone’s lips is: What has propelled these two figures to lock horns once more in the pursuit of power?
“There’s no way the next election will actually boil down to Biden vs. Trump is there? I mean…seriously?” John Lennon’s son Sean Ono Lennon tweeted at the end of April.
Crypto enthusiasts are well aware of where both Biden and Trump stand when it comes to the world of digital currencies. These two politicians have made their disdain for bitcoin and decentralized crypto ventures abundantly clear. The incumbent president, Biden, has been vocal about his intentions to impose taxes on crypto traders and miners, as evidenced by the comprehensive guidance published by the White House on the matter. In January, Biden’s administration unveiled a detailed “roadmap to mitigate cryptocurrencies’ risks,” advocating for enhanced regulatory measures. Moreover, during this year’s G7 Summit, President Biden addressed concerns surrounding the debt ceiling, highlighting the involvement of crypto traders.
In a video published by Sky News, Biden’s resolute stance is showcased as he adamantly expresses his refusal to negotiate certain agreements with Republicans when he said:
I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.
Bitcoin has found itself on the receiving end of Donald Trump’s scorn as well, with the former president openly expressing his skepticism, even going so far as to label it a potential “scam.” In June 2021, Trump further articulated his disapproval, highlighting his concern about bitcoin emerging as a formidable competitor to the U.S. dollar. He made his stance unequivocally clear, stating his unwavering desire for the dollar to retain its status as the global currency. However, despite his reservations about cryptocurrencies, Trump has shown a pragmatic side by leveraging blockchain technology to his advantage. Notably, he successfully sold two sets of non-fungible token (NFT) collections minted on the Polygon network.
2 U.S. Presidential Candidates Who Support Bitcoin
In a recent development, Robert F. Kennedy Jr., a Democratic candidate vying to succeed Joe Biden, made headlines by declaring his campaign’s acceptance of bitcoin donations. Kennedy stands apart from many of his Democratic peers, as he champions the notion of utilizing the free market to tackle climate change and has expressed his opposition to central bank digital currencies (CBDCs).
During the Bitcoin 2023 event held last week, Kennedy boldly asserted, “As president, I will make sure that your right to hold and use bitcoin is inviolable.” Notably, Kennedy’s decision to embrace bitcoin for campaign contributions was swiftly followed by another presidential contender.
In an update on Saturday, Vivek Ramaswamy, a Republican candidate took to Twitter to reveal an announcement from his campaign. Ramaswamy declared, “Just announced we’re officially accepting bitcoin donations. Give . Let’s make the 2024 election a referendum on fiat currency.” Ramaswamy, a 37-year-old entrepreneur and author, launched his bid for the presidency on February 21, 2023, as a Republican contender. Hailing from Birmingham, Alabama, his campaign resonates with the slogan, “A New American Dream.”
During an exclusive interview with CBS News, Ramaswamy stated:
The thriving Bitcoin universe should actually better empower me to do what I want to do as the U.S. president, which is to stabilize the U.S. dollar as a unit of measurement and put the Federal Reserve back in its place with that as its single mandate.
In stark contrast to Biden and Trump, Ramaswamy sets himself apart with a distinct vision of reducing government influence and addressing the longstanding issue of national debt. This past Saturday, as he unveiled his campaign’s pivotal decision, Ramaswamy provided supporters with two avenues for contributing: a dedicated donation page powered by Bitpay, welcoming bitcoin contributions, and another page hosted on opennode.com. It’s worth noting that all the prominent aforementioned political figures – Biden, Trump, Kennedy, and Ramaswamy – have officially thrown their hats into the presidential race. However, they won’t be the only contenders seeking the coveted office in 2024.
Joining the fray is Nikki Haley, a Republican candidate whose stance on bitcoin (BTC) remains unknown. Although Marianne Williamson, a Democrat, is also in the running for the presidency, her performance during the 2020 Democratic nomination was lackluster. On the other hand, governor Ron DeSantis of Florida, while yet to formally announce his intentions for the 2024 race, is widely suspected to throw his hat into the ring as a contender for Biden’s seat.
DeSantis has garnered attention for his favorable remarks about bitcoin, highlighting the current administration’s aversion to cryptocurrencies due to their inherent resistance to control. Showcasing his commitment, DeSantis spearheaded legislation that resulted in Florida becoming the pioneering state to ban central bank digital currencies (CBDCs), setting an influential precedent that other Republican-led states are eagerly attempting to emulate.
What are your thoughts on the growing acceptance of bitcoin by presidential candidates in the 2024 election? Do you believe cryptocurrency will play a significant role in shaping the future of political campaigns? Share your insights and join the discussion in the comments section below.
Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence
The Solana network had been one of the winners of 2021 after gaining widespread popularity among crypto users. Its incredibly fast transaction times had been one of the pulls, as well as the ability for developers to create decentralized applications (DApps) on the network. Since the beginning of 2022, the network has been racing toward an important milestone, which it has now successfully broken through.
Solana Surpasses 100 Billion Transactions
Solana’s transaction count had been ramping up over the last couple of months. In just 2 years, it has become one of the most used blockchains in the space. Solana had taken the decentralized finance (DeFi) and non-fungible tokens (NFTs) space by storm, now commanding the second-largest market share of the NFT space of any blockchain.
Last week, the network made it past the 100 billion transaction mark. Interestingly, the network is still in Beta testing, and it has grown so much. It had been able to grow above the delay transaction count of its largest competitor Ethereum after it clocked more than 40 million daily transactions.
SOL price trending at | Source: SOLUSD on TradingView.com
Solana continues to maintain its high transaction processing even with the massive growth it has experienced. At the time of this writing, the transactions per second (TPS) in the last 30 minutes were averaging around 3,000 TPS, according to data from Solana Explorer.
SOL NFTs Rival Ethereum
Ethereum NFTs had been the dominant tokens in the market and, understandably, remain so, even at this time. However, there have been numerous developments in the Solana NFT ecosystem that shows that the network is gearing up to rival Ethereum in this regard.
One of the most recent NFT launches on the Solana blockchain, the y00ts NFT collection, is now billed as the “most hyped” NFT launch in history. It came from a critically acclaimed team behind the Dead Gods NFT collection. It sparked renewed interest in SOL NFTs, which helped to push the floor price higher.
On Monday, Sentiment reported that SOL NFT sales had crossed 1.65 million. Solana NFT ecosystem Metaplex had also reported a significant uptick in the number of NFTs that are being minted on the platform over the month of September.
However, it is hard to predict how long this growth trend will last, given that interest in the NFT space, in general, is down. The number of new addresses that are using NFTs since its peak in mid-September is down more than 60%, from 30k to 8k.
Featured image from The Market Periodical, charts from TradingView.com
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