Category: Bitcoin

Bitcoin is digital money created in 2009. It lets people send and receive payments directly without using banks. It’s stored on a public network called a blockchain, and only 21 million will ever exist.

Internet Computer Reports 1,230% Surge in Cross-Chain Activity with Chain Fusion Protocol

To put it briefly

The DFINITY Foundation’s 2024 Ecosystem Report highlights the growing importance of blockchain in interoperability, citing a 1,230% increase in cross-chain activity on the Internet Computer’s Chain Fusion protocol. Despite difficulties in the Web3 labor market, the study also reveals a rise in developer excitement.

Major Growth in Cross-Chain Interoperability

The Swiss-based DFINITY Foundation has reported significant growth in cross-chain activity on its Internet Computer (ICP) blockchain platform. ICP’s Chain Fusion protocol, which allows smart contracts to directly connect with other blockchain networks like Bitcoin and Ethereum, saw a 1,230% increase in activity over the past year, according to a press release. The report also shows an increase in developer excitement despite challenges in the Web3 labor market.

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The Chain Fusion Protocol’s Impact on Developer Activity

ICP’s Chain Fusion handled 2,040% more messages in the past year, in addition to the 1,230% increase in activity, suggesting a spike in developer interest and adoption. As seen by the report’s 150% rise in overall network activity and 30% growth in full-time developers on the platform, ICP is positioned as a strong development environment during a slowdown in employment in the Web3 industry.

Direct Bitcoin Integration Increases the Allure of ICP

One of ICP’s most notable characteristics is its direct interaction with Bitcoin, which enables developers to incorporate the security of Bitcoin into decentralized applications without the need for risky “bridges.” Projects like Rainbow Protocol and Tap Protocol have been able to leverage ICP’s smart contract functionality to safely and effectively expand the use cases of Bitcoin by bringing sophisticated financial applications to the network.

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Bitcoin Surges as Election Day Voting Boosts Market Hype

Summary

Crypto prices absolutely spiked Tuesday night, with Bitcoin smashing a new all time high. It managed to get as close as staggering $75K as U.S. election votes rolled in. Analysts believe no matter who sits on the White House, BTC is not backing down. Even so, we might see some short term bumps along the way.

Cryptocurrency prices looking good right now as its market cap spiked this late Tuesday, coincidently U.S. president elections also started the very same day. The top crypto platform Bitcoin even managed to hit its all time high of nearly $75,000 and analysts are strongly claiming bitcoin will continue to surge no matter who wins the sits on the White House but we might expect some minor bumps here and there.

There has always been a lot of uncertainty in the global markets during US election and its no different this time. People have started to become concerned about whether these volatility are short term or not. A renowned financial firm, Bernstein predicts Bitcoin could hit $200,000 in 2025 and that too regardless of the outcome of Tuesday’s election.

Justin Kruger and LMAX expect a stellar performance from Bitcoin during Q4, setting the stage for a record high by reaching as high as $100K by late December. This will result in a solid start of next year for this top crypto token.

There is history of Bitcoin popping up during the time of election. At 2012, Bitcoin’s price skyrocketed about 12000% between Nov. 5, 2012 and November 2013. Following next election in 2016, it got about 3,600% surge by December 2017. At 2020, even midst of covid, Bitcoin railed 478% in 12 months following the election. Considering these trends experts predict this time it could reach almost $103K by the end of Q4.

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Semler Scientific Eyes Further Bitcoin Purchases after Q3 Acquisition of 47 BTC

Summary

Medical device maker Semler Scientific plans to increase its Bitcoin holdings, with crypto reserves now exceeding 1,050 BTC. The company remains focused on further acquisitions despite a dip in quarterly revenue.

X post regarding Semlar’s Bitcoin addition

Semler Boosts Bitcoin Reserves, Eyes Further Purchases

Healthcare manufacturer Semler Scientific now holds over 1,050 BTC, valued at $71 million, after acquiring 47 BTC in Q3. CEO Doug Murphy-Chutorian emphasized the company’s dedication to growing its Bitcoin reserves, stating that Semler remains “laser focused on acquiring and holding Bitcoin” to support both innovation and growth in its healthcare sector.

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Plans for Further Acquisition

The dedication to Bitcoin was reiterated by Eric Semler, chairman of Semler Scientific, who clarified that future acquisitions will be financed by operating cash and earnings from their ATM program. He continued, indicating the company’s intention to fortify its position in the cryptocurrency market by saying, “We are looking into other financing options that will allow us to purchase even more Bitcoin.”

Financial Setback and Market Performance

Despite Semler’s obvious crypto-focused strategy, the company faced financial difficulties in Q3, as operating income fell by 20% and revenue fell 17% year over year to $13.5 million. Nasdaq shares fell 2.3% after the report, but they were still up 18% over the previous month.

Bitcoin as a “Store of Value”

Semler entered the Bitcoin market in May with a 581 BTC purchase, viewing Bitcoin as a “reliable store of value” and a preferable alternative to gold due to its digital resilience and scarcity amid global uncertainty.

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Trump’s Lead Over Harris Narrows on Polymarket as Bitcoin Dips to $68,000

Summary

As Election Day draws closer, the contest between Donald Trump and Kamala Harris is getting closer, according to polymarket statistics. Harris’s odds have increased while Trump’s have decreased, indicating a change in the mood of the market. The reduction happens at the same time that Bitcoin falls to $68,000 due to market volatility.

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Trump Loses His Polymarket Lead

Donald Trump’s probabilities have decreased from 66.9% to 54%, according to Polymarket, a blockchain-based prediction tool, while Kamala Harris’s odds have increased from 33.5% to 46.1%. This indicates a rising mistrust of Trump’s hegemony as the November 5 election approaches.

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Harris Gains Momentum in Iowa Poll

The latest Des Moines Register/Mediacom poll reveals Harris leading Trump by three percentage points in Iowa, a significant swing from prior polls. According to pollster Ann Selzer, Harris now holds 47% of the likely voter support versus Trump’s 44%.

The Epstein Tapes Reappear

Recorded interviews with Jeffrey Epstein about his acquaintance with Trump are a new aspect in the election. As both campaigns step up their outreach, the rediscovered tapes might affect voters’ opinions.

The Crypto Positions of Candidates Vary

Trump has demonstrated his support for cryptocurrencies by taking donations in the form of cryptocurrency and endorsing laws that benefit digital assets. However, Harris has advocated for a more cautious approach, despite the backing of prominent crypto personalities like Chris Larsen, a co-founder of Ripple.

Bitcoin Dips Amid Political Uncertainty

The political environment’s volatility is mirrored in the crypto market, with Bitcoin dropping to $68,000. Ethereum has also declined, showing how investor sentiment may be affected by the ongoing presidential race.

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Pakistan Offers Legislation to Acknowledge Digital Currency

Summary

In an effort to establish a central bank digital currency (CBDC), the State Bank of Pakistan (SBP) has suggested that digital currencies be officially recognized as legal money. The framework, if implemented, will drastically change the country’s position on cryptocurrencies by giving the SBP the ability to keep an eye on digital assets and punish unapproved issuers.

X (formerly Twitter) post regarding Pakistan’s legislation

A Novel Approach to Digital Currency Recognition

To enable digital currencies to be accepted as official forms of currency, the State Bank of Pakistan has proposed changes to the State Bank of Pakistan Act. Adoption of this idea would allow the SBP to issue digital currency, which would fundamentally change the country’s view of digital assets.

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Legal Cryptocurrency Tender Status

According to the suggestion, it would be lawful for Pakistan to accept digital currencies like Bitcoin as payment methods. In contrast to the SBP’s previous cautious approach to virtual assets, legal tender status allows these digital currencies to be used for debt payments, products, and services.

Penalties and SBP Oversight for Unauthorized Issuers

The proposed framework grants the SBP the power to regulate both digital and conventional currency and includes provisions for punishing unlicensed digital currency producers. The goal of this monitoring is to further solidify the SBP’s authority over the nation’s financial system by reducing the issuance of unregulated digital currency.

Modification of Policy Concerning Dual Nationals in Executive Roles

The plan would also let dual nationals to occupy key roles within the SBP, reversing previous restrictions. In keeping with this measure are the government’s broader economic reforms aimed at modernizing Pakistan’s banking sector and attracting more expertise.

A Step Toward Digital Finance Modernization

The shift in Pakistan’s approach to digital assets supports the government’s economic goals, including projected GDP growth of 2.5-3.5%. As global finance becomes increasingly digital, Pakistan aims to keep pace by updating its regulatory framework to support a digital financial landscape.

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CryptoQuant CEO Predicts Bitcoin Will Become a Currency by 2030

Summary

CryptoQuant CEO Ki Young Ju believes Bitcoin will become considerably stable and less volatile by the next halving event in 2028, making the way for mass adoption. He also states the growing difficulty of Bitcoin mining and large institutional involvement may reach a point in future where Bitcoin will be used as a currency, he predicts this to happen by 2030.

Rising Mining Difficulty: A Positive Sign

The difficulty of mining Bitcoin has skyrocketed by 378% over the past three years, according to the data provided by CryptoQuant. Ki Young Ju, A CEO said that this surge is due to entry of large scale mining companies, backed by institutional investors.While this has made things difficult for small miners to compete but he views this as a positive development, suggesting it will lead to something greater providing stability in Bitcoin ecosystem.

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Institutional Influence in Bitcoin Mining

This institutional power is being driven by significant Bitcoin mining firms like Riot Platforms, Marathon Digital, and CleanSpark. In order to help pro-crypto candidates, these businesses recently established a political action committee and started a $2 million digital advertising campaign in strategic states. The crypto mining company TeraWulf also revealed plans to raise $350 million to fund its operations, underscoring the expanding significance of institutional investors in the Bitcoin market.

Bitcoin as Currency by 2030

Ju thinks that Bitcoin will be sufficiently developed to function as a low-volatility currency by the time of the 2028 halving event. He highlights that Bitcoin was initially intended to be “peer-to-peer electronic cash,” not merely a store of value, as Satoshi Nakamoto had intended. Ju believes that by 2030, stablecoins and more regulation will allow Bitcoin to play this role.

Ethiopia’s Bitcoin Mining Surge: Powering the Future

Ethiopia’s Emerging Hub

Ethiopia has become a Bitcoin Mining Hub, with power consumption of 600MW, with 5200MW installed capacity. This power is generated through Ethiopia’s finest Hydropower facility, more of which is expected by the end of next year.

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Efficient Mining Technologies

Miners are using energy-efficient machines like Bitmain’s S19J Pro.

Ethan Vera of Luxor Mining noted

“Most mining farms had evaporative cooling (water walls) set up, although it’s not needed for the majority of the year given the cold climate. “

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Strategic Investments

Ethiopia’s involvement in Bitcoin space aims to improve their digital infrastructure, which includes a $250 million project with West Data Group focused at enhancing data mining and AI capabilities.

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Opportunities Amid Challenges

After China’s ban on Bitcoin mining, Ethiopia is rising due to lower electricity cost, despite over 50% of Ethiopians lacking electricity.

Over $100 million is lost by a Malaysian electricity company as a result of illicit bitcoin mining.

In brief

Tenaga Nasional Berhad (TNB), Malaysia’s national electrical provider, has disclosed losses resulting from illicit Bitcoin mining activities of approximately 440 million ringgit, or $101 million. According to Malaysia’s Criminal Investigation Department, TNB’s financial soundness has weakened significantly in recent years as a result of the ongoing fraud.

The Impact of Illicit Crypto Mining on the EconomySince 2020

TNB has lost a lot of money due to the illegal usage of electricity for Bitcoin mining; in 2023 alone, the firm lost 103 million ringgit. Losses started out at 5.9 million ringgit in 2020 but rapidly increased, reaching a high of 140.4 million ringgit in 2021 and continuing to do so until 2023.

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Rising Cost of Bitcoin Mining in Malaysia

In July, TNB highlighted that losses from unauthorized Bitcoin mining between 2018 and 2023 surpassed $755 million. Malaysia’s Deputy Minister of Energy Transition, Akmal Nasir, noted that although crypto mining represents a small fraction of total energy usage, it has a significant economic impact on TNB and the nation.

Seizures and Enforcement Actions

Authorities have seized around $500,000 worth of equipment linked to illegal Bitcoin mining and are investigating tax evasion using digital assets. TNB’s Criminal Investigation Department is looking into the causes of the increase in losses in prior years, especially in 2022 and 2023, in an attempt to remedy the ongoing issue.

Vitalik Buterin Calls Michael Saylor’s Bitcoin Comments ‘Insane’

Summary

Ethereum co-founder Vitalik Buterin directly criticized Michael Saylor, the chairman of MicroStrategy over his comment on Bitcoin’s recent activity. Buterin didn’t leave no crumbs and sharply called Saylor’s remarks “batshit insane” in a heated X (formerly Twitter) post.

Buterin Fires Back at Saylor’s Views

Vitalik Buterin took personal issue with the remarks made by Michael Saylor on his recent interview regarding bitcoin’s activity. The activity being the custody, where Saylor firmly believed that Regulated Finance Institutions. However, Buterin rejected this remark saying this goes against the decentralized ethos of crypto and calling out this action to be a push towards “regulatorty capture”.

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Crypto Leaders Side with Buterin

Several crypto famous leaders like Jameson Lopp and Eric Voorhees sided with Buterin. All of them shared the same view regarding involvement of third party on crypto space. Many believe this remark from Saylor as a direct contradiction to the whole concept of decentralization nature of blockchain.

Saylor’s Stance on Bitcoin Custody

In the interview, Saylor suggested the Bitcoin custody to be taken over by too Big to fail banks, believing it would protect assets from being seized. This seemed to contradict his previous vicious advocacy for self-custody. Just a year earlier, after the collapse of FTX, Saylor supported self-custody, stating that people should hold their own private keys. This hypocrisy surprised many, as he appears to favor institutional control over digital assets, a shift that Buterin and others find alarming.

Bitcoin, Ethereum Surge After Major Short Liquidations

Summary

Bitcoin and Ethereum are experiencing bullish momentum due to recent liquidation. Data provided by Coinglass states that over $138 million are in liquidation with $95 million coming from shorts position.

Ethereum Leads Liquidations and Gains

Ethereum showed exponentially good results at charts with $27.69 million in liquidation of which $23.84 million were from shorts position. This growth has also boosted ETH’s value by 3.1%, reaching $2,730. Ethereum’s trading value has also skyrocketed by 117% with grand total value of $17.4 billion as investors interest has been gathered. Notably, the largest single liquidation order was on Binance, worth $6.64 million in the ETH/USDT pair.

Bitcoin Follows Close Behind

Bitcoin saw $25 million in liquidations, with $21 million coming from shorts. This short squeeze helped BTC reach a four-month high of $69,460, though it corrected slightly and is now trading at $68,700. BTC’s daily trading volume spiked by 74%, climbing to $24 billion.

Broader Market Impact

The international crypto market has been on three-month high of $2.49 trillion. However analyst believe if this is to continue there’s a possibility of tides turning the other way, triggering sell-offs as traders and investors scramble to limit their potential loss. Conclusively, the surge of liquidation does shine a positive light on crypto space but further surge might cause potential problems.

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