The Land of the Thunder Dragon—The Kingdom of Bhutan’s Crypto Mining Road The only neighboring country that does not have diplomatic relations with China is the Kingdom of Bhutan, a small country sandwiched between the Asian countries of China and India. Because it is located at the foothills of the Himalayas, lightning and thunder occur frequently. The Bhutanese believe that thunder is a dragon. It is shouting with infinite power. Therefore, the Bhutanese call their country the "Dragon Kingdom" and use the dragon as the main pattern of their national flag. The national anthem is also named "Thunder Dragon Kingdom". It’s hard to associate cryptocurrencies with Bhutan, once one of the world’s least developed countries. The source of the news that exposed this strange combination came from the discovery of the name of Bhutan’s state-owned commercial holding company (DHI) from the public list of bondholders after the collapse of two well-known crypto lending institutions, BlockFi and Celsius, during this year’s bear market. DHI said that amid this thunderstorm among lending institutions, because it has loaned out other assets for investment, all funds have been repaid. And as early as 2019, when Bitcoin was worth US$5,000, DHI had already started investing in Bitcoin mining. Therefore, DHI did not incur any losses. If all this is true, then Bhutan is actually the first state-level institution to directly own a cryptocurrency as a sovereign fund. Why does Bhutan, known as the last Himalayan kingdom, have such a deep connection with cryptocurrency? Tourism is one of the main sources of GDP in the Kingdom of Bhutan, and the Bhutanese government even stipulates that the minimum consumption per person per day upon entry is US$200-250. However, the Kingdom of Bhutan’s tourism industry alone cannot afford free medical care and free education for its citizens. The biggest feature of the Kingdom of Bhutan is its abundant water resources. The melting snow from the 6,000-meter snow-capped mountains in the north of Bhutan and the large amount of rainfall brought by the annual monsoon flow into the large and small rivers in Bhutan, making Bhutan extremely rich in water conservancy resources. The entire country seems to be located in a huge hydropower station. As early as 2016, Bhutan achieved 100% electricity coverage, which even neighboring India has not achieved. In 2021, Bhutan's national power generation capacity was 10.82 billion kilowatt hours, exports were 8.075 billion kilowatt hours, accounting for 15.6% of GDP, and hydropower profits accounted for 60% of the Bhutanese government revenue.The current survey shows that the water conservancy resources available in the entire territory of Bhutan are ten times those currently developed. Such huge potential and resource-rich clean energy has laid the foundation for Bhutan’s crypto mining. Hydropower resources are tantamount to a gold mine for Bitcoin miners. This neighboring country with rich hydropower resources is undoubtedly a good choice for Chinese encryption miners who have been hit in recent years. Bhutan’s trade data shows that between 2020 and 2021, chip imports from China and Hong Kong exceeded US$220 million. In 2022, the import volume even exceeded 15% of the Bhutanese government’s annual budget. These data may indicate that Chinese miners and Bhutan has been linked to the growth of crypto mining in recent years. BitDeer x Kingdom of Bhutan On April 14, 2023, Bitdeer Technologies, founded by Jihan Wu who left Bitmain, completed its merger with Blue Safari Group Acquisition Corp and was listed on Nasdaq in the United States with the stock code "BTDR". Not long after its listing, BitDeer announced its cooperation with Bhutan's DHI to establish a closed-end fund (the "Fund") with an estimated scale of up to US$500 million. The first phase of the fund construction project will raise 80 million US dollars, with a converted computing power value of approximately 20EH/s (accounting for approximately 5.2% of the global total computing power) The Bitdeer Q3 report in November 2023 shows that the GeDu data center in Bhutan provides Bitdeer with 100 megawatts of power generation, supports the operation of 30,000 mining machines, and will provide 3.3EH/S computing power for Bitdeer, and is continuing to expand. Thanks to the launch of the GeDu data center in the Kingdom of Bhutan, the number of Bitdeer's own ASIC mining machines has increased to 92,000. However, due to the seasonal factors of hydropower generation in the Kingdom of Bhutan, during the dry winter, even Bhutan itself may need to import energy from neighboring countries. Therefore, an agreement was reached between Bitdeer and Bhutan DHI that domestic demand will be given priority during the winter. , when power generation declines, mining operations may be shut down. The Kingdom of Bhutan’s exploration of the cryptocurrency market is also partly due to the Covid-19 pandemic that caused a major blow to the Kingdom’s tourism industry in the previous two years. Not only that, young people and professionals from Bhutan are immigrating to countries such as Australia and Canada at an unprecedented rate. The stagnation of economic growth has forced the Kingdom of Bhutan to seek new growth points in the field of digital economy. The current results show that the Kingdom of Bhutan’s bet on cryptocurrency has achieved initial success, bringing income to the country while also providing local benefits. Citizens create jobs. We have reason to believe that more and more underdeveloped countries may benefit from this decentralized cryptocurrency-Bitcoin. In a sense, these signs prove that the development of Bitcoin is galloping in the direction Satoshi Nakamoto hoped. Some of the above data and content come from Bitdeer public reports and Forbes reports $BTC $BTDR

In a groundbreaking revelation, the Kingdom of Bhutan, known for its seclusion and pristine environment, has been discovered to be operating a series of undercover Bitcoin mining facilities. The surprising development in the cryptocurrency world was brought to light by a detailed investigation conducted by Forbes. Forbes’ investigation, which employed advanced techniques, including the analysis of satellite imagery from Planet Labs, Satellite Vu, and Google Earth, revealed the existence of these clandestine mining operations. Uncovering the hidden operations The investigation utilized a combination of satellite imagery from Planet Labs, Satellite Vu, and Google Earth, along with insider information regarding Bhutan’s investments in cryptocurrency. The approach led to the identification of what appears to be four crypto-mining facilities across the Himalayan nation, previously undisclosed to the public. These satellite images exposed the existence of long, rectangular mining units and sophisticated data center cooling systems. These facilities are strategically concealed amongst the dense forests and rugged mountainous terrain of Bhutan. Additionally, the imagery revealed high-capacity power lines and transformers extending from Bhutan’s hydroelectric plants directly to these mining sites. The locations of these covert operations are as intriguing as their existence. One facility was found near Dochula Pass, an area revered for its 108 memorial shrines. The other sites are situated in Trongsa, a central mountainous town; Dagana in the south; and an area known as “Education City,” a site of a failed $1 billion government project aimed at economic revival. Forbes’ investigation suggests that the construction of these sites likely commenced around 2020, inferred from the tracking of earth-moving and building activities in these areas. The impact of Bhutan’s crypto ventures The revelation of Bhutan’s involvement in Bitcoin mining, a process known for its high energy consumption, has significant implications. Bitcoin mining globally consumes about 91 terawatt-hours of electricity annually, a figure surpassing the energy usage of many countries. Bhutan’s energy imports and usage have seen a notable increase in recent years. Despite traditionally selling its surplus hydropower to India, the country purchased electricity worth $20.7 million in 2023, a move possibly linked to its new crypto-mining endeavors. King Jigme Khesar Namgyel Wangchuck, Bhutan’s monarch, has reportedly been fascinated with cryptocurrency for some time. His interest is driven by a vision to leverage the digital currency platform to avert potential economic crises in Bhutan. The strategic move into the realm of digital currencies is an effort to diversify the nation’s economic strategies in the face of various challenges. Bhutan’s economic landscape and the crypto solution Bhutan, often referred to as “The Last Shangri-la,” has faced its share of economic challenges in recent years. The COVID-19 pandemic severely impacted its tourism sector, a significant source of revenue for the country. Additionally, the nation grapples with rising youth unemployment and a worrying trend of brain drain due to increasing rates of emigration. The foray into cryptocurrency mining is an innovative, albeit unorthodox, approach to bolstering the nation’s economy. By tapping into the lucrative world of digital currencies, Bhutan could create new revenue streams and employment opportunities, addressing some of its pressing economic issues. However, the venture into Bitcoin mining is not without its controversies. The environmental impact of such operations, particularly in a country celebrated for its commitment to environmental conservation and being a carbon-negative nation raises questions. Moreover, the secrecy surrounding these facilities and the potential implications for Bhutan’s energy policies and international relations add layers of complexity to the development. Conclusion Forbes’ investigation into Bhutan’s secret Bitcoin mining operations opens up a myriad of discussions regarding the intersection of cryptocurrency, national economic strategies, and environmental sustainability. As the world increasingly embraces digital currencies, the actions of a small Himalayan kingdom could have far-reaching implications, both locally and globally.

With the U.S. debt soaring to a staggering $33.7 trillion, a figure that’s more than double what it was a decade ago and represents about 124% of the nation’s GDP, Congress is under increasing pressure to take decisive action. The situation has escalated to the point where Moody’s, a leading credit rating agency, has issued a warning about potentially lowering the U.S. federal government’s credit rating due to political gridlock. This alarming development has sparked a flurry of discussions and proposals in Congress about how to effectively tackle this fiscal behemoth. Exploring Solutions Amid Rising Concerns In response to this growing financial challenge, some lawmakers are advocating for the establishment of a commission to explore realistic solutions. The commission’s task would be no small feat, considering the U.S. Treasury Department reported a jaw-dropping $659 billion in interest payments on the national debt in fiscal 2023 alone. This staggering sum is a clear indicator of the dire need for a comprehensive strategy to manage the nation’s financial obligations. Senator Mike Braun, a Republican and a member of the Budget Committee, emphasized the urgency of addressing deficits and debt, predicting they could become a central issue in the 2024 elections. He pointed out the increasing burden of interest payments, which could start to overshadow funding for critical federal programs, from defense to homeland security. This debt issue stems from a combination of factors, including tax cuts that reduced revenue and increased spending by both political parties, partly in response to the COVID-19 pandemic. Democrats’ efforts to expand social safety net programs have also contributed to the escalating debt. A Bipartisan Approach to a Monumental Challenge Moody’s recent decision to downgrade the U.S. credit rating outlook from “stable” to “negative” underscores the urgency of the situation. This follows a similar action by Fitch ratings agency in August, which downgraded the U.S. government’s top credit rating due to Congress’s near-brush with defaulting on its debts. Recognizing the gravity of the U.S.’s fiscal challenges, Michael Peterson, CEO of the Peter G. Peterson Foundation, a non-partisan organization focused on long-term U.S. fiscal issues, supports the idea of a bipartisan commission. He and other experts have offered various recommendations for tackling the debt, such as implementing a new tax on greenhouse gas emissions and revising the government’s method for calculating cost-of-living adjustments for federal benefit programs. Economists Dana Peterson and Lori Esposito Murray of the Conference Board, a non-profit business research group, proposed a goal of reducing the debt-to-GDP ratio to 70% by 2043 through a blend of tax increases and spending cuts. Their recommendations also include taxing higher-income earners more for Social Security and gradually increasing the full retirement age to 69 from 67. In Congress, Democratic Senator Joe Manchin and Republican Senator Mitt Romney, both retiring at the end of next year, have sponsored a bill to create a bipartisan commission, with its conclusions expected in 2025. A similar bill is pending in the House. House Speaker Mike Johnson recently expressed support for the commission, signaling a potential shift towards a more unified approach to the debt crisis. Despite the bipartisan push for a commission, the proposal has met with skepticism from progressives. Independent Senator Bernie Sanders, who caucuses with Democrats, criticized the idea as a potential route to cutting Social Security. He suggested lifting the cap on taxable income to extend the Social Security trust fund’s life instead. Several lawmakers argue that for the commission to be effective, it must have the authority to compel Congress to act on its recommendations. This could force Republicans to either support the proposed measures or abandon their long-standing opposition to tax increases. As Congress grapples with this monumental task, the challenge will be to find a balanced, equitable solution that addresses the root causes of the soaring U.S. debt while ensuring the nation’s long-term financial health and stability. With the clock ticking and the stakes higher than ever, the need for decisive, bipartisan action has never been more pressing.

Main TakeawaysDuring periods of market turmoil, people often turn to trusted investments to protect their wealth. These are often called “safe-haven assets.”Recently, cryptocurrencies such as bitcoin have increasingly been suggested as a new and innovative safe-haven asset to hedge against economic uncertainty and rampant inflation.Given bitcoin’s properties and performance, its potential viability as a long-term store of value cannot be overlooked. Nevertheless, the digital-asset industry is still nascent, and we need more time to draw robust conclusions about crypto’s safe-haven capacity.Uncertainty has defined the global economy lately, with consistent market instability, supply chain disruptions, and rising inflation resulting from a chain of pandemics and fierce regional conflicts. Since 2021, central banks around the world have been struggling with inflation, which surged in the wake of the COVID-19 pandemic. According to data from the International Monetary Fund, average inflation around the world hit 8.7% in 2022, more than two points above the 6.4% seen in 2008 during the Global Financial Crisis. While these rates have begun to soften in 2023, some experts are still bracing for the possibility of an imminent recession, as the global economic outlook continues to deteriorate in the face of geopolitical shocks.In times of chaos and uncertainty like these, people often turn to trusted assets to protect the value of their assets and hedge against surging risks. These investments, known as “safe-haven assets,” are generally expected to maintain their value during periods when fiat money and equity stand at an increased risk of devaluation. In recent years, cryptocurrencies such as bitcoin have increasingly been suggested as safe-haven assets, offering innovative alternatives to traditional avenues. This article will examine the argument for cryptocurrencies, particularly BTC, being able to serve as safe-haven assets, diving deeper into macroeconomic dynamics, cryptocurrency mechanisms, and critics’ objections.Safe-Haven AssetsSafe-haven assets are financial instruments that retain or increase in value during periods of market turbulence. These assets act as a form of insurance, offering stability or even potential profits when other investments falter. Perhaps the most well-known traditional examples include gold and government bonds. Throughout history, gold has proven itself to be a trusted store of value, with its value often rising during economic recessions. Likewise, government bonds, especially from stable governments like the U.S., are considered safe because they are backed by a guarantee of repayment from a credible issuer.In the digital era, some cryptocurrencies have begun to position themselves as a potential safe-haven asset class. Digital assets such as bitcoin operate on a decentralized network, making them immune to government interference – an appealing factor during times of economic uncertainty. Despite periods of extreme volatility and spectacular price corrections, bitcoin’s overall trajectory has been upward for its entire history, sparking interest in it as a potential long-term store of value to hedge against inflation and market volatility. This is why BTC is sometimes referred to as “digital gold,” highlighting its shared characteristics with the historically most widely used safe-haven asset. The Fiat SystemThe current global monetary system is primarily fiat-based, with currencies backed by trust in governments and central banks rather than gold or other commodities. In a fiat monetary system, central banks can combat economic uncertainty and inflation by adjusting policy instruments such as interest rates and reserve ratios. They can also increase the supply of money to stimulate growth. While this reactive nature of monetary policy offers the strength of adaptability, it can also serve to exacerbate problems in the economy if a policy choice proves to be ineffective. This ties into the nature of monetary policy in the incumbent financial system that employs centralized decision-making processes. The vulnerabilities of this system have led many to distrust it and seek alternatives. This is where the allure of cryptocurrencies comes in, emerging from their decentralized, algorithmic nature.How Is Crypto Different?Cryptocurrencies operate fundamentally differently from the traditional fiat system. Their decentralization implies that they don’t come under any central authority’s purview, and their monetary dynamics are dictated by algorithms rather than human decisions. Digital assets are designed to behave differently from traditional financial instruments, reflecting the foundational vision behind this asset class to create a system free from the structural issues of traditional finance.This vision is why we have seen the emergence of a wide array of cryptocurrencies, each experimenting with traditional financial mechanics in their own way and attempting to improve upon them. A common defining characteristic is the interplay between inflationary and deflationary dynamics. Note that the terms ‘inflationary’ and ‘deflationary’ here regard changes in coin supply rather than changes in price, as in traditional economic usage.Inflationary vs. deflationary cryptocurrenciesInflationary cryptocurrencies are designed to experience a gradual increase in their circulating supply over time. This happens through various mechanisms, including mining or staking. The basic idea is similar to fiat currencies, where central banks print more money. Inflation is introduced to incentivize network security and participation and to replace lost coins. However, the increased supply, if surpassing demand, can lead to depreciation over time, much like in fiat currencies.Deflationary cryptocurrencies, on the other hand, are designed to decrease in supply over time. This happens through various mechanisms, such as burning or halving, where a certain portion of tokens is permanently removed from circulation. This reduced supply can lead to an increase in the value of each token over time if demand remains the same or increases, rewarding long-term holders.BitcoinBitcoin employs both inflationary and deflationary dynamics. It is inflationary due to the introduction of new units into its circulating supply through mining. Conversely, it is deflationary due to its halving and scarcity mechanisms. Bitcoin’s inflation rate is designed to decrease over time as the amount of new units created and earned by miners halves roughly every four years. Furthermore, the total supply of BTC is capped at 21 million units. Once all bitcoins have been mined, which is expected to occur around the year 2140, there will be no more new units produced, ultimately introducing scarcity and making it a deflationary asset in the long term.Bitcoin as a Long-Term Store of ValueThe total supply of BTC is capped at 21 million, introducing scarcity – a stark contrast to potentially infinite fiat currencies. Furthermore, bitcoin’s value doesn’t directly correlate with traditional financial markets, insulating it from economic changes that impact traditional currencies. These factors can make BTC a potential store of value even in inflationary times.The potential of bitcoin as a safe-haven asset can directly be seen through its price performance in recent times. Since the beginning of 2023 to the end of October, bitcoin has risen in price by roughly 108%, outperforming traditional safe-haven assets such as gold and bonds by a considerable margin. Of course, considering that BTC has been around for less than two decades, these traditional investments have a more convincing track record spanning a much longer period of time. Still, the persistence of bitcoin’s upward trajectory cannot be overlooked.While BTC’s recent price performance is impressive, its viability as a safe-haven asset and long-term store of value isn’t a given. Past records aren’t a reliable indicator of future results. Critics often highlight the volatility of bitcoin’s price and cite the risks associated with cryptocurrencies themselves, including regulatory uncertainties and security concerns.Arguments AgainstThe argument for bitcoin as a safe-haven asset rests primarily on its limited supply, perceived store-of-value capacity, and resilience against traditional market fluctuations. Nevertheless, the idea is far from undisputed. Cryptocurrencies are often associated with high volatility, which can serve as a double-edged sword. On one hand, this can result in high rewards; on the other, it can lead to significant short-term losses. For instance, bitcoin’s price skyrocketed to nearly $20K in December 2017 before falling to under $3.5K a year later in December 2018. More recently, bitcoin hit its all-time high of over $68K in November 2021 before falling back down to under $16K a year later in November 2022. In addition to this record of price volatility, there are the wider risks of cryptocurrencies in general, which include regulatory uncertainty and security threats. Nevertheless, these issues stem from the emergent nature of digital assets, the landscape of which is still being mapped. As cryptocurrencies continue gaining traction as an established asset class, regulatory clarity and increased adoption will help alleviate the concerns above. For now, the potential viability of bitcoin as a safe-haven asset cannot be denied.Closing ThoughtsIn a world where the deeply interconnected global economy is weighed down by conflict, pandemics, and widespread inflation, the need for assets that improve people’s chances of preserving the value of their savings and capital is stark. The dialogue around bitcoin’s potential as a safe-haven asset is ongoing. Given its built-in properties and resilient market performance in recent times of market turbulence, many people have begun to view bitcoin as offering a new, innovative medium for storing value and hedging against economic uncertainty. Time will tell if BTC’s safe-haven properties continue to shine through in the long term.Further ReadingBinance Research: Exploring the Evolution of BitcoinErasing Borders: Globally Harmonized Regulation for the Digital EconomyA Beginners Guide to Risk Management

Web3 has been gaining ground in mainstream industries with the rise of Web3 business models based around nonfungible tokens (NFTs), blockchain technology and crypto. But it’s still an open question whether it’s actually improving mainstream industry and products.  According to a June Coinbase study, over half of the top 100 United States companies listed in the Fortune 500 have pursued Web3 initiatives since the start of 2020. Around 60% have either been in the pre-launch stage or already launched since the start of 2020. Out of the surveyed Fortune 500 executives who are familiar with blockchain, 83% say their companies have either current initiatives or are planning them. Speaking to Cointelegraph, Pat White, co-founder and CEO of digital asset platform Bitwave, believes there has been progress in successfully marrying Web3 with the mainstream.  “It has the potential to drive innovation across so many industries — and we’re just starting to see some of the early use cases outside of the crypto economy,” he said. He cites eliminating intermediaries, reducing costs, improving data integrity, supply chain transparency, enhancing cybersecurity and creating new ways of interacting with customers as particularly useful in sectors like finance and healthcare, among others. Healthcare already has some promising use cases for Web3 in these areas, including services that now appear in the metaverse, specifically for those seeking mental healthcare. Some companies are also experimenting with medical records being stored and managed using blockchain. One company even released a COVID-19 medical certificate on the blockchain. It’s all still in the early stages of research, though, and it remains to be seen whether Web3 in healthcare will be more effective than systems already in place. Just because you can doesn’t mean you should  More than a few high-profile companies in the mainstream have started to use Web3. For example, Starbucks has rolled out an NFT-based rewards program.  Goldman Sachs and Microsoft have been developing new blockchain networks aimed at financial institutions as well. Elon Musk has also been teasing a crypto payment option on X (formerly Twitter) for some time. White believes that while there are use cases for Web3 in mainstream industries, that doesn’t mean everyone can immediately drive efficiency with Web3 tools. Earlier in 2023, high-performance sports car manufacturer Porsche found this out the hard way with the failure of its NFT project, which it had to halt abruptly after backlash over high minting prices and the lack of utility. Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours. — PORSCHΞ (@eth_porsche) January 24, 2023 “Organizations can get into deep water quickly when they try to leverage only their existing legacy tools and processes for managing digital assets. New technologies require new ways of operating,” White said.  “With the recent downturn, we’ve actually seen companies that aren’t sustainable moving out of the Web3 space.” White says using Web3 tech shouldn’t be taken lightly, and any foray into the space should be “a strategic decision” orchestrated across every operational department. At the moment, he sees Web3 at a similar stage of development to the internet in the late 90s. Speculation is rife, and many companies are looking to incorporate the new tech without a plan. “The nature of innovation cycles is that during hype cycle periods, a lot of people will try the tech for a lot of purposes, and some may not actually be helped by the innovation,” White said. Brendan McKittrick, founder and chairman of decentralized aviation platform Aerobloc, told Cointelegraph he thinks Web3 holds the promise of enhancing everyday products and services in areas such as supply chain transparency and data security.  The extent of this improvement depends on how effectively Web3 is implemented. McKittrick says there have been hurdles and challenges for mainstream companies using Web3, just like any new tech. “Some mainstream businesses may adopt Web3 to ride the hype and attract investors, potentially resulting in superficial integration that fails to deliver significant benefits,” McKittrick said. “These missteps can be valuable learning experiences, helping industries refine their approach and maximize the benefits of Web3 in the long run.” In some cases, adopting the tech is out of the company’s hands, as with French gaming giant Ubisoft, who had to cool on plans to use NFTs and blockchain after player backlash. Overall, McKittrick believes Web3 isn’t just about tech; it’s a mindset that includes decentralization, trust and rethinking ownership — all of which could benefit the mainstream industry. However, he believes that in some cases, the systems already in place might be more effective, and while Web3 holds “significant potential for a wide range of applications,” its suitability “depends on the specific needs and characteristics of each industry.” “Its universality is tempered by the need for careful consideration of each industry’s unique requirements and constraints,” McKittrick said. “Some sectors may not benefit as much from decentralization or blockchain technology, and traditional systems might still be more cost-effective and efficient for them,” he added. Some mainstream industries are successfully using Web3 already  Kadan Stadelmann, chief technology officer of blockchain platform Komodo, told Cointelegraph that, in his opinion, Web3 tech is already improving products in mainstream industries such as music, gaming and real estate.  On the music scene, he says Web3 tech helps artists eliminate intermediaries, such as record labels and streaming services, allowing artists to connect with their audience directly. “Web3-minded musicians retain control over their creative works, helping to ensure fair compensation for their efforts because decentralized music platforms provide transparent royalty systems,” Stadelmann said. “Artists receive instant payments for their streams or downloads without delays or complex contracts with flaky independent labels or overbearing major labels.” Web3 tech has been very active on the music scene, from democratizing song rights royalties and blockchain licensing to legacy companies like Sony Entertainment filing patents for NFT-authenticated music. Artists have also begun exploring new ways of driving fan engagement using wallet-based loyalty incentives and token-based communities. Earlier in 2023, Harry Styles fans opened a crypto wallet through a third-party app. Empowering true ownership for music fans.Innovative teams like @tryevntz are plugging in & delivering personalized fan-first experiences — fueled by @usecocreate flexible APIs.Starting with @Harry_Styles https://t.co/q5AeHF8FCU — Polygon (Labs) (@0xPolygonLabs) June 26, 2023 In gaming, Stadelmann says a central authority can’t control platforms powered by Web3; instead, they operate on decentralized networks such as blockchain. “This shift toward decentralization has numerous implications for gamers; it enhances ownership and control over in-game assets,” he said. “Players can truly own their virtual possessions and even trade them with others in a secure and transparent manner,” Stadelmann added. For the real estate industry, Stadelmann said Web3 can offer a framework allowing peer-to-peer transactions and smart contracts without intermediaries. Tokenization also allows properties to be divided into digital tokens representing ownership shares. “This enables fractional ownership and opens up real estate investments to a wider range of individuals who may not have had access before,” Stadelmann said. “Transparency and immutability in property transactions reduces fraud and increases trust among parties involved. Web3 also empowers individuals to monetize their properties through decentralized finance platforms,” he added. Stadelmann believes the fashion industry has benefited from an injection of Web3 tech as well, with the ability to direct peer-to-peer interactions between designers and consumers.  He says designers can protect their intellectual property rights and receive compensation for their creations through smart contracts, authenticating products and combating counterfeiting. “Unique digital identities can be assigned to each garment, allowing consumers to verify its authenticity with a simple scan,” Stadelmann said. “This not only protects brands from revenue loss but also ensures consumer confidence in their purchases,” he added. Web3 has potential but still needs more development for mainstream  Speaking to Cointelegraph, Bradley Allgood, CEO and co-founder of Fintech company Fluent Finance, said he thinks Web3 tech does have the potential for use in the mainstream finance world.  However, he says the on-chain and legacy worlds need to come to a consensus on a trusted gold standard medium of exchange that can flow frictionlessly between on-chain and traditional financial ecosystems. “Until then, it will be more of the same gimmicky adoption efforts and marketing hype,” he said. “It’s just like every other technology based on value: it needs a sound medium of exchange and financial infrastructure in order to support commercial applications,” Allgood added. At the moment, Allgood says in his experience, Web3 integration processes can be clunky and inefficient and create inferior user experiences because the middleware and interoperability infrastructure isn’t there just yet. There have been attempts to marry Web3 and blockchain in finance already. Major payment processor PayPal announced its PYUSD stablecoin, and payment giant Mastercard is exploring crypto benefits through a new collaboration with crypto payment platform MoonPay. Allgood believes until there is robust custodianship and issuance of a stable-valued asset with adequate, real-time transparency in place, Web3 in the mainstream will continue to be held back.

Key Takeaways: Bitcoin recoils from key resistance. Could be a 2020 fractal at play. $20K ahead for BTC? The post-halving surge could compensate for the turbulence. As of now, keep calm, and no FOMO. Read CoinChapter.com on Google News YEREVAN (CoinChapter.com) – Halloween spooked Bitcoin with a 2% slide to $34,300 on Oct 31, after peaking at $35,000 on Oct 25, its highest value since May 2022. However, an old fractal from 2019 could further despair BTC investors. Bitcoin price on Oct 31. Source: CoinStats.com More details on why Bitcoin bulls shouldn’t celebrate the pump above $34,000 just yet: Bitcoin bull trap threatens a 35% drop According to the chart below, Bitcoin is printing a “Bull Trap” picture very similar to the one in late 2019-early 2020. In detail, A bull trap is a temporary reversal in an otherwise bear market that lures in “naive” investors who then experience deeper losses. Jan 1- Feb 14, 2020, Bitcoin advanced 55%, reaching a local peak of $10,500 after consolidating sideways for over a month. However, after peaking the BTC/USD exchange rate crashed below $5,000 in February-March when the COVID pandemic hit. Bitcoin bull trap. Source: Cryptobullet on X.com Admittedly, the initial crash was a black swan event that couldn’t have been foreseen, but the indicators do look similar. The chart above shows a similar price action drop to the 50-week exponential moving average (EMA-50; blue wave) and a month-long sideways consolidation afterward, followed by a sharp rally up to a resistance line where the “bull trap” lies. Macroeconomics could push BTC down Hopefully, there will be no Covid 2.0 on the horizon. However, the current situation in the Middle East could further crash the markets, in which case, there could be insufficient cash to park in the crypto sector. Currently, investors are watching to see if the Israel-Hamas conflict draws in other countries with the potential to drive up oil prices further and deal a fresh blow to the world economy. Bitcoin (BTC) weekly price action chart. Source: TradingView.com In the meantime, if the fractal plays out, Bitcoin could drop to approximately $20,000, losing over 35% of its valuation before 2024. However, BTC bulls should also note, that the explosive 500% rally followed in 2020-2021, taking the coin to its all-time high. Bitcoin surge expected in 2025 Notably, another fractal connected to the Bitcoin halving confirms the crash-then-surge angle, confirming the target drop at approximately $20,000. According to the chart below, the next bull market peak could occur 518-546 days after the Halving That’s mid-September 2025 or mid-October 2025. Bitcoin halving fractal. Source: Rekt Capital on X.com In the described scenario, BTC could reach close to $100,000, if the past is any indication. As of Oct 31, the best advice for traders would be to NOT follow the FUD or the FOMO. Cruise in between, at least until Bitcoin conquers the resistance line described above. The post Watch out, Bitcoin bulls! Spooky 2020 fractal could take BTC to $20K appeared first on CoinChapter.

$BTC The last time Bitcoin rose sharply towards $ 35,000, global asset conditions were more favorable for risk-taking, the current outlook indicates that this rally is likely to be more different. in 2020 and 2021, risk assets were finding strength with the support of central banks to save the global economy from the Covid pandemic, and #BTC experienced a few months of growth before reaching the 35,000 area in early 2021, and Tesla had Bitcoin purchases that supported prices, but now there is no big buying whale on that scale yet. The market conditions this year look different at the moment. Bond yields are at seriously high levels, and stocks remain under pressure from Central Banks. In addition, we are at a time of increasing geopolitical risks, especially when crises are likely to increase oil prices, there is much less enthusiasm for long-term investment in the markets. The possible approval of the first spot Bitcoin #ETF in the US is being priced, but the fact that there are high treasury yields on the market is unlikely to be positive for Bitcoin in the long run because it will also have to compete with bond yields. Treasury bonds are still key for many risk assets. #crypto2023

Robert Kiyosaki's Bold Bitcoin Prediction: $135,000 Next Stop Renowned author & financial educator, Robert Kiyosaki, has made a noteworthy forecast, suggesting that #bitcoin (BTC) is poised to reach $135,000. Kiyosaki, best known for his book "Rich Dad Poor Dad," is no stranger to advocating for financial education & independence. 1. Store of Value: Kiyosaki views Bitcoin as a digital store of value, much like gold. He believes that in an era of economic uncertainty, cryptocurrencies offer a secure haven for wealth preservation. 2. Limited Supply: Bitcoin's scarcity is a primary driver of its value. With only 21 million Bitcoins to be mined, Kiyosaki underscores the influence of scarcity on demand & future price potential. 3. Institutional Adoption: The growing interest and investment from institutional players, including major corporations & investment firms, bolster Bitcoin's legitimacy in the financial world, in Kiyosaki's view. 4. Currency Devaluation Hedge: Kiyosaki criticizes fiat currencies for their susceptibility to inflation & government manipulation. He sees Bitcoin as a hedge against currency devaluation. 5. Global Economic Uncertainty: Ongoing global economic uncertainties, amplified by events like the COVID-19 pandemic, drive investors to seek alternative assets. Kiyosaki believes Bitcoin, as a decentralized digital currency, fulfills this role. However, it's essential to consider the skepticism & risks associated with Bitcoin: 1. Price Volatility: Bitcoin is notorious for its price volatility, which may not align with long-term investment goals. 2. Regulatory Challenges: Evolving cryptocurrency regulations worldwide can impact Bitcoin's value and utility. 3. Speculative Nature: Critics argue that Bitcoin's value is primarily driven by speculation, making it vulnerable to market sentiment. 4. Competition: The cryptocurrency market is saturated with numerous alternatives. Increasing competition could affect Bitcoin's market dominance. #crypto #BinanceSquare #Binancefeed $BTC

According to Cointelegraph: Several major tech stocks, collectively labeled as the "magnificent seven", saw a drastic plummet in their value, shedding over $280 billion following earnings reports released on October 25. This steep decline has incited apprehensions of an impending tech recession. At the same time, cryptocurrency seems to be on an upward trend. Google’s (Alphabet Inc Class A) share price over the last five days. Source: Google Finance The "magnificent seven" comprises top-tier tech firms Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla, whose joint value represents a quarter of the composite value of the S&P 500 index. Alphabet, Google's parent company, suffered the worst hit with a 9% drop in share price, culminating in a staggering $180 billion erosion from its market cap. This downturn marks Alphabet's most dismal performance day since the onset of the COVID-19 pandemic in March 2020. Amazon, Nvidia, and Meta also experienced significant falls in their share prices. Apple and Tesla experienced less severe dip in share prices, while Microsoft stood out as the only firm among the seven to witness a rise in its share price, following its promising growth report in its Azure business. Commenting on the situation, financial analyst Kobeissi stated, "This is the most widespread tech selloff in months which has resulted in a 5-month low for the S&P 500." The recent tech stock dive coincides with an ascendant trend in the cryptocurrency market, which surged 16.3% to a $1.3 trillion market cap over the last week, reports CoinGecko. This stride is attributed to optimistic projections regarding potential Bitcoin ETF approvals in the United States. Change in the cryptocurrency market cap over the last 60 days. Source: CoinGecko Despite this, the crypto market is not immune to challenging macroeconomic conditions. Recent research postulates that while Bitcoin may further decouple from tech stocks and the S&P 500, it typically behaves like a "tech stock" over the long term due to its extreme volatility. It can potentially act as an effective hedge against the U.S. dollar though, given its negative correlation with it. Overall, with recent investors activity pointing towards a potential "flight to safety" toward Bitcoin, the market trends seem to echo an evolving economic landscape shaped by technological innovations and macroeconomic events.

In a recent blog post titled “The Periphery,” former BitMEX CEO Arthur Hayes has stirred the cryptocurrency world by suggesting that Bitcoin (BTC) is on the brink of a major price surge. Hayes argues that the cryptocurrency is sending clear signals about an impending “global wartime inflation,” which, he believes, could send Bitcoin’s price soaring to new highs. This bold prediction is based on an intricate interplay of factors involving inflation, global conflicts, and financial market dynamics. The bond vigilantes are yelling “down with the dollar.” Look out for my spicy essay “The Periphery” dropping this week where I discuss the Hamas vs. Israel war, the US Treasury market, and $BTC . YCC = $1mm $BTC is in full effect. Yachtzee!!! pic.twitter.com/1ABcW1esaf — Arthur Hayes (@CryptoHayes) October 23, 2023 The Safe Haven in Times of Uncertainty Hayes begins his argument by pointing to the geopolitical landscape, particularly the United States’ involvement in two new wars. According to him, this increases the risk of an escalation of global conflicts. Simultaneously, the U.S. Federal Reserve is grappling with persistent inflation but has halted interest rate hikes, leaving the economy in what he calls a “bear steepener” phase. “The structural hedging needs of banks and the borrowing needs of the US war machine reflexively feed on one another in the US Treasury market,” Hayes writes in his blog post. He suggests that this complex interaction is creating an environment where long-term U.S. Treasury bonds no longer offer safety for investors, prompting them to seek alternative assets like gold and, most importantly, Bitcoin. The recent price movement of Bitcoin seems to confirm Hayes’s thesis. BTC has surged by 20% in a week, a significant uptick that followed the U.S. President Joe Biden’s address to the nation regarding the wars in Ukraine and Israel. “Directly after the Biden speech, Bitcoin – along with gold – is rallying against a backdrop of an aggressive selloff in long-end US Treasuries,” Hayes notes. He emphasizes that this is not mere speculation but rather Bitcoin’s response to the anticipation of a future, highly inflationary global situation due to potential wars. He added, “This isn’t speculation as to an ETF being approved – this is Bitcoin discounting a future, very inflationary global world war situation.” Bitcoin’s Rally in the Face of Global Tensions Hayes posits that the path to a Bitcoin rally lies in a concept called “yield curve control” (YCC), a mechanism that allows central banks to control the yield on government bonds. This policy has already been implemented in Japan and may become more prevalent globally. “And the end game, when yields get too high, is for the Fed to end all pretence that the US Treasury market is a free market. Rather, it will become what it truly is: a Potemkin village where the Fed fixes the level of interest at politically expedient levels,” Hayes explains. According to “The Periphery,” the realization of this policy and its implications will set the stage for a substantial bull market in Bitcoin and other cryptocurrencies. Hayes believes this moment is the trigger that will usher in the next phase of cryptocurrency adoption and urges investors to consider shifting their assets from short-term U.S. Treasury bills into the world of crypto. Arthur Hayes has gained a reputation for his predictions about post-COVID-19 global economics and the subsequent inflationary era. His insights into the crypto market have been closely watched by investors and traders in the cryptocurrency space. As the crypto community watches Bitcoin’s price movements closely and considers the broader implications of Hayes’s assertions, the market seems poised for a potentially transformative period driven by global economic forces and the evolving financial landscape.

The US yield curve pivotted flatter around the belly, with short-end rates higher by 6bp and the long-end lower by 3bp, as Monday's duration demand continued for another day. Big misses in European PMIs took European yields lower, with PMI in firm 'recessionary zone' (43), with accompanying commentary noting the "first drop in headcounts since the lockdowns of early 2021". The ECB's quarterly lending survey also opined on a significant drop in net demand than expected in the past survey, driven by lower fixed investments and higher funding costs. As such, similar to the Fed, the ECB appears to have hit peak Eurozone rates in the meantime, with the forward focus shifting to shrinking their balance sheet when they meet later this week in Athens. On the other hand, data exceptionalism in the US continued, with US PMI survey suggesting “good news to start the fourth quarter, as future output expectations turned up despite rising geopolitical concerns, climbing to the highest level in nearly 18-months". Furthermore, inflation pressures continued to abate with price guages now close to the pre-covid levels, and moving in the direction of the Fed's 2% target. The yield curve continued its relief flattening following the data print, and a non-eventful auction at 1pm made it a quiet day in fixed income for the most part. In equities, after a weak morning session, China-related indices saw a 3% post-close rally on a surprise visit from President Xi to the PBoC, in addition to announcing a rare mid-year adjustment to the country's budget to account for more deficit spending. The country's legislature approved a plan to raise the fiscal deficit ratio to 3.8% of GDP, well above the 3% set in March and above the generally accepted limit in the past, and to be funded via a new RMB 1trln in CGB issuance. Furthermore, it should be noted that China has rarely changed its budget mid-year, not even during the Lehman crisis, so it's understandable for markets to have such a strong initial reaction to the leadership's apparent pivot towards deficit spending. US stocks enjoyed another 0.5%-1% rally, though Big Tech was actually the main laggard on mixed earnings results from the tech giants. Alphabet's Q3 results met headline expectations, but deceleration in Cloud revenue, causing the stock to sink ~6% after hours. Microsoft jumped on a sales beat but shares retraced during the management call on more conservative forecasts. Old-school industrial stocks fared much better on the day with a clean beat from GE, 3M, RTX (aerospace defense), Verizon, and Coca-Cola. In crypto, prices managed to hold on to the gains for the most part, with many futures based ETFs and CME's BTC open interest being at all time highs. BTC prices fluctuated throughout the session, especially on news that Blackrock's ETF was listed on-then off-then on again on DTCC (Deposit Clearing)'s website, but ultimately settled at close to the recent highs at above $34k. While the irony of welcoming TradFi involvement in crypto as a bull market thesis is not unnoticed by us, but flows ultimately drive price action, and it would appear that there is going to be some leg to this narrative, as sentiment appears to have hit an inflection point. Let's hope that the excitement stays heading into and out of the year-end!

Key Takeaways: Economists and investors warn of a possible stock market crash in the coming weeks. Recent market developments and geopolitical events could send markets tanking. Experts have found similarities between the markets today and the 1987 crash. Exploring the Possibility of 1987-Like Stock Market Crash by December 2023 Read CoinChapter.com on Google News YEREVAN (CoinChapter.com) — A new stock market crash could be on the card! The S&P 500 has made history with a remarkable 15-week streak of positive returns on Mondays. This marks a record that hasn’t been seen in over 50 years. While it might seem like excellent news for the stock market, investors are beginning to warn this extraordinary winning streak could spell trouble. The concerns brewing among investors are not without merit. While a winning streak can undoubtedly indicate a robust market, it can also indicate excessive exuberance and complacency. The recent developments in the stock market could herald a crash in the coming weeks  Here’s why some market participants are nervous about a possible stock market crash.  Historical Precedents of Stock Market Winning Streaks Looking back at some of the previous record-breaking streaks, one cannot help but be worried. Significant market downturns often followed these. It’s not a law but a pattern that has been observed, and history tends to repeat itself. Thirty-six years back, on Oct. 19, 1987, the Dow Jones plunged by a staggering 22.6%, shedding 508 points. This event sent shockwaves across the markets, earning the name “Black Monday.” Now, experts warn that we could repeat the 1987 situation.  Meanwhile, there have been other devastating stock market crashes in history. Here are the major Dow Jones losses other than the infamous 1987 stock market crash over the years.  Dec. 18, 1899: Amidst the challenges of the late 19th century, the Dow Jones experienced a -12% drop on Dec. 18, 1899.  Dec. 14, 1914: Hitting just months after the start of World War I, the Dow Jones saw a massive one-day decline of 20.5%. Amidst the chaos of the war, the drop had a significant impact on the financial markets. Oct. 28, 1929: Another notorious date in the history of financial markets, Oct. 28, 1929, is remembered for a 13.5% drop in the Dow Jones. This dip is particularly significant, as it occurred just days before the notorious 1929 stock market crash. Investors have not forgotten the previous events when the stock markets crashed Oct. 29, 1929: The Dow Jones faced another substantial decline just a day after the above significant October 28th drop. This time, the index tanked by 11.7%. The drop kickstarted the Great Depression, with long-lasting economic repercussions. Oct. 5, 1931: During the Great Depression, the Dow Jones registered a 10.7% drop. Economic hardships during this era took a toll on the financial markets. Mar. 16, 2020: On this day, the global financial markets faced a major downturn, with the Dow Jones declining by 12.9%. The COVID-19 pandemic and economic uncertainties played a role in this significant drop. Mar. 12, 2020: In the wake of the COVID-19 pandemic, the Dow Jones saw a significant 10% drop. This decline was part of the market’s reaction to the global health crisis’s uncertainties. Some factors that could cause a stock market crash Several concerning factors in the current economic landscape raise questions with economists about the stability of financial markets.  Third-Quarter (Q3) Market Decline:  The decline experienced during the year’s third quarter has sparked concerns among market watchers. An A3 market decline can come as a warning sign. It sometimes indicates increased volatility and uncertainty in the market. Rising Interest Rates: The Federal Reserve’s decision to constantly raise interest rates has attracted significant attention. Higher interest rates impact borrowing costs. They also have a bearing on corporate profits and consumer spending.  Elevated Inflation: Ever since the outbreak of the COVID-19 pandemic, inflation has remained a concern. The persistent and rapidly rising prices can erode purchasing power and impact consumer spending. Inflation also prompts central banks to consider measures to control inflation. Such measures may include further interest rate adjustments. Economists perceive this as a possible sign of an upcoming stock market crash. A stock market crash coming in 2-3 weeks? Portfolio manager Michael A. Gayed believes so. Geopolitical Conflicts:  The ongoing war in Ukraine, caused by the Russian invasion in early 2022, has already disrupted supply chains and impacted global energy prices. With the Hamas-Israel conflict renewed, geopolitical conflicts threaten further uncertainty in the markets.   Collectively, these factors have led to discussions about whether the current economic conditions resemble the events leading up to Black Monday in 1987.  It’s important to note that while there are parallels, there are also significant differences, including the state of the S&P 500 and interest rates. This suggests that while concerns exist, the market’s fate may not necessarily mirror the 1987 stock market crash. The post Exploring the Possibility of 1987-Like Stock Market Crash by December 2023 appeared first on CoinChapter.

Please note that this is not a financial advice and you should do your own research before investing in any cryptocurrency.Pepe coin (PEPE) is a deflationary memecoin that was launched on Ethereum as a tribute to the Pepe the Frog internet meme, created by Matt Furie. The project aims to capitalize on the popularity of meme coins, like Shiba Inu and Dogecoin, and strives to establish itself as one of the top meme-based cryptocurrencies.On October 24, 2023, Pepe coin witnessed a remarkable price surge of 31%, following a token burn of 6.9 trillion PEPE, equivalent to $5.5 million at the time. A token burn is a process of permanently removing tokens from circulation, reducing the total supply and increasing the scarcity and value of the remaining tokens.The token burn was announced by the anonymous team behind Pepe coin on their official Twitter account, stating that they wanted to reward their loyal holders and create more demand for the coin. The team also claimed that this was the largest token burn in history, surpassing the previous record held by Binance coin (BNB).The token burn was well received by the Pepe coin community, who celebrated the event on social media platforms and expressed their optimism about the future of the project. Some users even speculated that Pepe coin could reach $0.01 or higher in the next few months.Pepe coin has a total supply of 100 quadrillion PEPE, out of which 50% was sent to Vitalik Buterin, the co-founder of Ethereum, as a gesture of goodwill. However, Buterin later donated 50 trillion PEPE to a COVID-19 relief fund in India, causing a temporary price drop for the coin. The remaining 50% was allocated for liquidity, marketing, development, and community rewards.Pepe coin has several features that make it unique among other memecoins. First, it has a no-tax policy, meaning that there are no fees or commissions involved in buying or selling the coin. Second, it has a redistribution system that rewards long-term holders by distributing 2% of every transaction to all existing holders.Third, it has a burning mechanism that removes 2% of every transaction from circulation, creating deflationary pressure on the coin.Pepe coin also has an ambitious roadmap that includes listing on major centralized exchanges (CEXs), launching a digital newsletter called Pepe Times, creating a token-gated Discord group called Pepe Palace, and developing a meme takeover strategy. Moreover, Pepe coin plans to leverage the power of NFTs (non-fungible tokens) by launching an exclusive collection of rare memes and digital art featuring Pepe the Frog and other characters.Pepe coin is not the only memecoin that has gained traction in 2023. Other projects like Doge Uprising (DUP), Floki Inu (FLOKI), and Wall Street Memes (WSM) have also raised millions of dollars and attracted thousands of followers in a short span of time. These projects are inspired by the success of Dogecoin (DOGE), which reached an all-time high of $0.74 in May 2023 and became the fourth-largest cryptocurrency by market cap.Memecoins are often seen as a way to have fun and make profits in the crypto market. However, they also come with high risks and volatility, as they are largely driven by hype and speculation rather than fundamentals or utility. Therefore, investors should be cautious and do their own research before putting their money into any memecoin project.📢 Your Tipping Make Us Have A Reason To Grow & More Giving You High Quality Crypto Media Content &Free Premieum Trading Signals.

Bitcoin (BTC) starts the last week of October in classic style as 3% BTC price gains take cryptocurrency markets higher. In what could yet turn out to be a classic “Uptober” for Bitcoin and altcoins, BTC/USD is back near 2023 highs as a resistance battle brews. Can bulls win? That is the key question for traders and market observers going into the week’s first Wall Street open as Asia sets the tone for a crypto comeback. Given the extent of resistance to overcome, however, traders are playing it safe — lofty BTC price predictions are less evident than might be expected, and few believe that the road beyond $32,000 will open up quickly or easily. Bitcoin must also dodge potential headwinds in the form of macroeconomic data prints at a time when inflation continues to beat expectations. Ahead of the United States Federal Reserve’s interest rate decision on Nov. 1, the month’s final prints will be all the more significant. Geopolitical events meanwhile add another element to market unpredictability. With much at stake for crypto and risk assets, the week thus looks to be a rollercoaster in the making as Bitcoin bulls seek to effect a major trend change via a breakout from a multi-month trading range. RSI gives Bitcoin traders cold feet over rally BTC/USD 1-day chart. Source: TradingView As Cointelegraph reported, these three-month highs are being treated with suspicion by some traders, who see breaking through $32,000 as a difficult challenge. “Well on it's way towards the top of the 2023 range,” popular trader Daan Crypto Trades summarized on X on the day. “$31K-32K won't be easy to break through but upon doing so I would be targeting $38K next. Remains range-bound until then.” BTC/USD annotated chart. Source: Daan Crypto Trades/X With hours to go until the Wall Street open, BTC/USD is now retreating from the highs, on the way back toward the $30,000 mark. Analyzing the odds of a deeper drawdown, popular trader Ali drew attention to relative strength index (RSI) readings. “An impending price correction appears to be on the horizon unless BTC manages to clock a daily candlestick close above $31,560,” part of his comments warned. At 77 on Oct. 23, RSI was already at levels which Ali noted had triggered “sharp corrections” since March this year. As a rule, anything above 70 is considered "overbought."  BTC/USD chart with RSI. Source: Ali/X Others were freely optimistic, among the Philip Swift, co-founder of trading suite DecenTrader and creator of statistics resource Look Into Bitcoin. #bitcoin +$30k.Goodbye bears. — Philip Swift (@PositiveCrypto) October 23, 2023 Popular trader CredibleCrypto meanwhile described a Bitcoin breakout as “almost there.” Updating an idea originally from late August, he suggested that $30,000 was the key level to break for a trend change. Almost there... $BTC https://t.co/13X3yX7Bib — CrediBULL Crypto (@CredibleCrypto) October 23, 2023 Bitcoin saw a strong start to the last week of “Uptober” with a trip to near $31,000, data from Cointelegraph Markets Pro and TradingView shows. PCE and GDP due in run-up to FOMC Personal Consumption Expenditures (PCE) Index data headlines the U.S. macro diary this week — and the timing is conspicuous. The Fed is due to meet to decide on interest rate policy on Nov. 1, and as one of its preferred inflation metrics, PCE is being keenly eyed for cues by markets. Q3 GDP is also due. Despite previous recent data prints persistently coming in higher than expected, underscoring sticky inflation, the odds of further rate hikes remain negligible. Per data from CME Group’s FedWatch Tool, there is even a 1.6% chance of a rate cut by the Federal Open Market Committee (FOMC) next week. Fed target rate probabilities chart. Source: CME Group “Meanwhile, earnings season is in full swing and Fed speculation continues. Volatility is great for traders,” financial commentary resource The Kobeissi Letter wrote in part of commentary on the week’s macro diary. Key Events This Week:1. Building Permits - Wednesday2. New Home Sales - Wednesday3. Fed Chair Powell Speaks - Wednesday4. Q3 2023 GDP - Thursday5. Pending Home Sales - Thursday6. September PCE Inflation data - FridayWe are 1 week out from the November Fed meeting. — The Kobeissi Letter (@KobeissiLetter) October 22, 2023 Skew and others are meanwhile eyeing U.S. dollar strength, with the U.S. dollar index (DXY) cooling the rampant uptrend which began in mid-July. “Looking for trend continuation or clear break of 1D trend some time this week or into November,” part of comments stated. Skew added that a “major move” should come soon. U.S. dollar index (DXY) 1-day chart. Source: TradingView Exchange balances show "clear trend" The trend of declining BTC balances on exchanges is frequently reported on as it hits levels not seen since 2018. According to the latest data from on-chain analytics platform CryptoQuant, the major trading platforms now have a combined BTC balance of 2.024 million BTC. Bitcoin exchange BTC reserves chart. Source: CryptoQuant The FTX meltdown in November 2022 hastened the pace of balance reduction, and despite the BTC price recovery this year, the trend has yet to reverse direction in step. Now, exchange deposits are at year-to-date lows, James Straten, research and data analyst at crypto insights firm CryptoSlate, notes. “Since Bitcoin started, deposits consistently outpaced withdrawals. However, with the FTX collapse in Nov '22 and the SVB crisis in Mar '23, the trend flipped for the first time,” part of an X post at the weekend read. “Now, with deposits hitting YTD lows and withdrawals stable yet high, a clear trend emerges: coins are steadily leaving exchanges.” Bitcoin exchange transaction dominance chart. Source: James Straten/X An accompanying chart showed the proportion of BTC transactions involving exchanges, these accounting for 36% of the total. Bitcoin "newbies" absent this month BTC price action, while advantageous for market sentiment, is displaying “artificial” characteristics, CryptoQuant research warns. In one of its Quicktake market updates on Oct. 22, contributor SignalQuant revealed low numbers of new market entrants over the past month. SignalQuant used the Sum Coin Age Distribution metric — a method of separating newer and older unspent transaction output (UTXO) data. “Interestingly when this indicator spikes, it is a turning point for BTC’s price in the long term,” he wrote about outputs between one week and month old, corresponding to market “newbies.” “In fact, the 1w~1m entry trend indicator was above the baseline when BTC’s price hit its low in late '18, when it hit its low in late '22, and after Mar '20 Covid crash. But now, instead of heading towards the baseline, it's staying low.” Bitcoin Sum Coin Age Distribution annotated chart. Source: CryptoQuant SignalQuant concluded that while no single indicator can provide an overall explanation of market behavior, the Coin Sum data was “too significant to ignore.” Previously, Cointelegraph noted that long-term holders now control more of the BTC supply than ever before. Market fear absent in a “scary area” for Bitcoin After an extended period of barely any movement, the Crypto Fear & Greed Index is beginning to show signs of volatility. Over the weekend, the classic crypto sentiment gauge spiked into “greed” territory, reaching 63/100 — its highest reading since July 12. The increase coincided with Bitcoin’s attempts to break through $30,000 over the weekend, reinforcing the significance of that price level in traders’ minds. Crypto Fear & Greed Index (screenshot). Source: Alternative.me On that topic, popular trader Altcoin Sherpa described $30,000 as a “scary area.” “I still see this next high as extremely important when seeing where price goes,” he told X subscribers on the day, adding that “we're about to see if we're going to see 20k or 40k in the midterm.” Like others, Altcoin Sherpa highlighted $32,000 as the ultimate line in the sand for bulls to charge through. “Basically if we break 32k strongly, we go to 40k,” he continued. “If we form a lower high around here or reject around 32k strongly, I think we're going to go to low 20ks. Gut says 40k but 32k is a super strong level overall and I don't feel strong about it.” BTC/USD annotated chart. Source: Altcoin Sherpa/X This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

🚀Why There are so Many Meme Coins?🚀🌙 #bitcoin #meme There are a number of reasons why there are so many meme coins. They are easy to create. Meme coins are often created by forking an existing cryptocurrency codebase, such as Bitcoin or Litecoin. This means that anyone with some technical knowledge can create a meme coin in a relatively short amount of time. They are cheap to buy. Meme coins are often very cheap to buy, especially when they first launch. This makes them attractive to investors who are looking for a quick profit. They are heavily promoted on social media. Meme coins are often heavily promoted on social media platforms, such as Twitter and Reddit. This helps to generate hype and interest in the coin, which can drive up the price. They are a way to get in on the joke. Some people invest in meme coins simply because they find them funny or ironic. They may not believe that the coin has any long-term value, but they are willing to risk a small amount of money in the hope of making a quick profit. It is important to note that meme coins are highly speculative investments. They often lack any real-world utility or intrinsic value, and their prices are driven largely by hype and social media sentiment. This means that they can be very volatile and investors could lose all of their money. Here are some additional reasons why there are so many meme coins: The rise of decentralized finance (DeFi). DeFi has made it easier for people to create and launch new cryptocurrencies, including meme coins. The increasing popularity of cryptocurrencies. As cryptocurrencies become more mainstream, more people are looking for ways to invest in them. Meme coins offer a relatively low-cost and easy way to invest in cryptocurrencies. The COVID-19 pandemic. The pandemic has led to a surge in online activity, including on social media platforms. This has given meme coins a larger platform to be promoted on. It is important to do your own research before investing in any cryptocurrency, including meme coins. $BTC $ETH $BNB

According to Cointelegraph, Mário Centeno, the Governor of Banco de Portugal, has emphasized the need for a global framework to regulate cryptocurrencies. In his opening speech at the 2023 Banco de Portugal Financial Stability Conference on Oct. 2, Centeno called for international cooperation to establish a robust framework and prevent regulatory arbitrage. He stated that it would be short-sighted to believe that regulating and supervising global risks and international players at the national level would be sufficient. Centeno also discussed the undeniable risk of crypto assets and decentralized finance (DeFi) being unviable in the long run. He expressed skepticism about the democratizing potential of digital assets and their ability to survive. He cited the collapse of several products during the Covid-19 pandemic as evidence of their unsustainability. While praising the European Union's first comprehensive crypto framework, Markets in Crypto Assets (MiCA), Centeno insisted on further international consolidation of regulatory efforts under the principle of 'same risk, same regulation.' Similar sentiments have been expressed by officials from Germany and India, highlighting the need for global collaboration on formulating crypto regulations.

The crypto market is now entering a very interesting phase. The Bitcoin halving agenda, which is scheduled to take place in mid-2024, is an event that is increasingly attracting the attention of investors, including long-term BTC holders. However, if history repeats itself, a full-fledged bull market may not start until next year at the earliest. The latest data shows that Bitcoin halving has reached 85%. At the same time, the amount of BTC supply held by long-term holders (LTH) is almost touching its all-time high (ATH). In previous cycles, this condition was an indication of the approach of a macro low, which was followed by the initial phase of a new cycle. The indicator of the supply of BTC in the hands of long-term holders has historically proven to be an effective measure of cryptocurrency market health. Historically, this metric has been negatively correlated with the long-term price movements of this largest crypto asset. Long-term holders usually hold (HODL) their assets even when the market is at its lowest point (bottom). Additionally, the largest increase in supply in LTH hands occurred during a violent bear market (red arrow). This is a time when investors with strong determination (strong hand), see the price of BTC plummeting, and are reluctant to sell their assets. These investors hold on to their coins because they believe that the crypto market will recover in the future and their investments will prove profitable. Meanwhile, the opposite will happen when a bull market is underway. The surge in BTC prices makes LTHs increasingly willing to sell their assets at a profit. Historically, during every major bull market, we have witnessed a dramatic decline in the supply held by LTH. Naturally, the coins then move into the hands of short-term holders (STH), who enter the market at a late stage, driven by the desire to make quick profits. Supply of BTC Held by Long-Term Holders Approaches ATH Crypto analyst @therationalroot uploaded a graph of the supply of Bitcoin in the hands of long-term holders in X. He also added any Bitcoin halvings to his image. In the graph, we first notice the fact that currently, the supply ratio of BTC in LTH hands is approaching its ATH with a percentage of almost 76%. This peak occurred at the end of 2015 when the BTC price ended its accumulation phase before the second halving. Then, we can see that each time, the indicator reaches a certain cycle peak several months before the Bitcoin halving (green circle) occurs. After this local peak, the supply in LTH hands gradually decreases and moves sideways until several months after the next halving. It wasn't until about 6 months after this event that a sharp decline in this metric occurred, and crypto assets entered a full-fledged bull market. Bitcoin Halving is 85% Complete The above analyst also published another chart showing the Bitcoin halving progress percentage. This graph compares the time periods between historical halvings of the previous 3 cycles. According to @therationalroot, Bitcoin halving is currently 85% complete. Additionally, the relatively small end-of-cycle period of 15% was characterized by similar BTC price action moving sideways. On both occasions – in 2016 and 2020 – the price of this largest crypto asset was relatively stable. The difference is 2 cycles ago, where Bitcoin experienced a sideways trend with an upward bias. On the other hand, in the previous cycle, the black swan caused by the COVID-19 crash provided additional opportunities for investors. They could take an interesting position right before the planned halving. If history repeats itself, then – in the grand scheme of things – the crypto asset market will experience a sideways trend for approximately one year. The Bitcoin halving, scheduled for mid-April 2024, will probably not have an immediate impact on the BTC price. The effects may only be visible in the last quarter of 2024 and throughout 2025. This prediction is in line with the trend seen in the graph of supply held by long-term holders. This indicator is currently approaching its ATH. Apart from that, this indicator also takes around 12 months to reverse its trend and enter the distribution phase. When LTH starts selling their assets after the completion of the Bitcoin halving, this will be one of the first signals of the start of the crypto bull run.

Joe Biden won the 2020 Presidential Election after defeating incumbent Donald Trump. The current president has outlined many priorities and signed many executive orders since taking office, including some that deal with cryptocurrency regulation. Here’s a look at how some top cryptocurrencies have performed during Biden’s time in office. What Happened: In 2022, Biden signed an executive order “to establish the first-ever comprehensive federal digital assets strategy for the United States.” The executive order was put in place to establish cryptocurrency regulation. “An American approach to digital assets is one that encourages innovation but mitigates the risks to customers, investors, and businesses, broader financial stability, and the environment,” the White House said after the order was signed. Items like the COVID-19 pandemic, rising inflation and an invasion of Ukraine by Russia led to spikes in the price of several of the top cryptocurrencies in early 2022. The collapse of several cryptocurrency companies and the bankruptcy of FTX would send the prices of major cryptocurrencies down significantly in the later part of 2022. Fast forward to now and cryptocurrency is quickly becoming a key issue ahead of the 2024 election. Ark Invest CEO Cathie Wood told Benzinga that cryptocurrency, specifically Bitcoin is becoming a major issue for voters. “This is an election year issue,” Wood told Benzinga. The Ark Invest founder said she knows some young people who have switched their political allegiance based on politicians like Sen. Elizabeth Warren leading an anti-cryptocurrency push. Wood said some younger individuals she’s talked to have shifted from Democrat to Republican over cryptocurrency stances ‚ something she said politicians and parties should be watching. “You can’t be on the wrong side of young people and win an election.” Several 2024 presidential candidates have spoken positively about Bitcoin and also allowed Americans to donate to their campaigns using cryptocurrency. Florida governor and Republican candidate Ron DeSantis has criticized Biden’s cryptocurrency stances and promised to implement measures to make CBDC’s illegal. DeSantis has said that Biden is waging a war on Bitcoin and his re-election could be bad for the industry. Republican candidate Vivek Ramaswamy and Democratic candidate Robert Kennedy Jr are among the candidates who accept cryptocurrency donations and have spoken positively about the sector. Kennedy recently shared that he owned 14 Bitcoin.  Miami Mayor Francis Suarez, known as the Bitcoin Mayor and a strong supporter of the leading cryptocurrency, was campaigning in the 2024 presidential election race before dropping out last month. As the Democratic frontrunner and current president, Biden isn’t seen as a candidate who would have a positive impact on the future of Bitcoin and cryptocurrency, and Republican frontrunner Donald Trump is also not considered a supporter of the sector. Trump has spoken ill of Bitcoin previously and despite launching his own non-fungible token collection and holding a small amount of Ethereum previously, he doesn’t appear to be a fan of cryptocurrency. Related Link: 5 Things You Might Not Know About Joe Biden  Investing $100 in Bitcoin, Ethereum and Dogecoin: Biden was elected to the presidency in November 2020 and was sworn in as the 46th president of the United States on Jan. 20, 2021. Here is a look at how $100 investments in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) have performed during the time Biden has been in office. Starting Prices (Jan. 20, 2021): Bitcoin: $36,378.33 Ethereum: $1,405.74 Dogecoin: $0.0092 Current Price (Sept. 25, 2023) Bitcoin: $26,128.26 Ethereum: $1,572.97 Dogecoin: $0.06072 Here’s how much the $100 investment would be worth today: Bitcoin: $71.85, -28.2% Ethereum: $111.90, +11.9% Dogecoin: $660.00, +560.0% The total $300 investment on Jan. 20, 2021 would be worth $843.75 today, representing a return of 181.3% in around two years and eight months. For comparison, investing $300 in the SPDR S&P 500 ETF Trust (NYSE: SPY), which tracks the S&P 500 broad market index, would have netted a return of 11.5% over the same time period with a value of $334.46 today. Read Next: If Biden Is Re-Elected President - No Future For Crypto In US Says Messari CEO  Want to hear more about cryptocurrency ahead of the 2024 election and it's future under different candidates? The future of cryptocurrency and regulation will be amongn the topics discucssed at Benzinga's second annual Future of Digital Assets on Nov. 14 in New York City. Long will be speaking at Benzinga's Future of Digital Assets on Nov. 14 in New York City. Tickets are selling fast! Photo: Shutterstock   © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Guess what? You can be criticized when you donate $3 million dollars worth of crypto after an earthquake. While we got overwhelming positive feedback from our users about the donation (as seen in the quoted tweet), and while the issues raised are typically from traditional charity organizations who are not familiar with crypto, we still take the feedback seriously. Here are 5 common issues raised: 1. People need food and water, not crypto.  We agree with that. Binance has dual programs. Binance has a history of providing essential items. Eg, food, water, masks, and even oxygen tanks that can save 12,000 people for covid victims in India, etc. These take time to organize. Crypto is fast. 2. People need cash, not crypto.  Crypto can be converted to cash readily, especially for our users.  A non crypto person saying crypto is not cash is like a blind person saying lights are useless. 3. The donation only helps our users, not all people in need. We agree with that. We can only reach our users at this speed. We are not saying we can solve all problems, but we try to help the little bit where we can. That’s what donations are. 4. Some of our users receiving the donation are not in affected areas. We use a tiered system where our users closer to the epicenter get more. The POA (proof of address) system is not perfect, but it's what we got. We believe the earthquake has long term economic impact for the country as a whole. Helping our users can't hurt. 5. Why don’t we donate through traditional charity organizations?  Actually, we do. Charity donations do not have to be mutually exclusive. Binance works with many leading charity organizations in the world. Traditional charities have some issues too though. The lack of traceability makes it difficult for our internal impact analysis. With crypto, I can tell you we helped about 70,000 people in Morocco, and another 12,000 people in Libya. We believe in direct giving.