MicroStrategy Acquires 14,620 BTC at $42,110, Surpassing 189,000 BTC in Total Holdings

https://usethebitcoin.com/microstrategy-acquires-14620-btc-at-42110-surpassing-189000-btc-in-total-holdings/

Michael Saylor, the CEO of MicroStrategy, announced on X that the company purchased 14,620 BTC at a price of $42,110 per coin. Thanks to this purchase, MicroStrategy now holds more than 189,000 BTC. In this way, the company holds 0.901% of the total Bitcoin supply that will ever be issued (21 million BTC). 

MicroStrategy Acquires 14,620 BTC at $42,110, Surpassing 189,000 BTC in Total Holdings

MicroStrategy announced that they are continuing to buy Bitcoin on a regular basis. This time, the company purchased 14,620 BTC at an average price of $42,110 per coin. As per the official announcement made by Michael Saylor, the total purchase amounted to close to $615.7 million. 

There is a large number of companies that are purchasing Bitcoin. Bitcoin Treasuries reports that over 40 publicly traded companies from different countries have bought Bitcoin in the past. The largest holders include MicroStrategy with 189,150 BTC, followed by Marathon Digital Holdings with 13,396 BTC and Tesla, with 9,720 BTC. These three companies hold close to 1% of the total Bitcoin supply that will ever be issued. 

Companies have a clear interest in Bitcoin. Several firms are purchasing BTC as the institutional world gets more interested in digital currencies. Let’s not forget that the U.S. Securities and Exchange Commission (SEC) could soon announce the approval of the first U.S. Bitcoin Spot exchange-traded fund. If that happens, several institutional investors could get access to Bitcoin for the first time in a regulated environment. 

According to CoinGecko, Bitcoin is now being traded at around $43,131 per coin, meaning that MicroStrategy could sell at a profit of around $15 million. Nevertheless, the goal of the company is to continue purchasing BTC and increase their holdings in the long term. 

Bitcoin Fees Hit Their Highest Level in Years

https://usethebitcoin.com/bitcoin-fees-hit-their-highest-level-in-years/

Bitcoin (BTC) fees have reached their highest level in years. To be more precise, according to BitInfoCharts, fees are at their highest point since April 2021 when Bitcoin was reaching new highs at that time. Due to this situation, fees surpassed the block reward at over 7 BTC in fees for some blocks. 

Bitcoin Fees Hit Their Highest Level in Years 

Bitcoin fees have been at their highest level in years. People who wanted to use Bitcoin to send or receive transactions were paying a median fee of around 600 sat/vB. Hence, a large number of users could not send or receive Bitcoin to process small payments. 

https://x.com/100trillionUSD/status/1736368305433113024

Miners that process blocks get rewarded with 6.25 BTC per block and fees. Usually, this is what happened over the last years and during most of Bitcoin’s history, block rewards were larger than the fees paid by users while sending Bitcoin. As we can see in PlanB’s post on X, median bees for block 821484 surpassed 600 sat/vB with fees amounting to 7.155 BTC ($304,442 at that time). 

Stephan Livera, the Head of Education at Swan Bitcoin said that those high fees are a good moment for dary earner/spender of Bitcoin to move to the Lightning Network. It is important to note that the Lightning Network, also known as LN, is a second-layer scaling solution for Bitcoin that allows users to send and receive Bitcoin in seconds (almost immediately) and for just a few sats. 

One of the reasons behind the recent increase in fees is linked to some users that are sending JPGs or ordinals on the Bitcoin network. To do so and spam Bitcoin blocks, they have to pay a large fee. This also represents an opportunity for the Bitcoin network to understand how valuable block space is. 

At the time of writing this article, Bitcoin fees have fallen to 127 sat/vB or $0.03. 

Ledger Identifies Malicious Version of Ledger Connect Kit; $480k Drained

https://usethebitcoin.com/ledger-identifies-malicious-version-of-ledger-connect-kit-480k-drained/

Ledger, one of the largest and most popular hardware wallet producers in the cryptocurrency industry has identified a malicious version of the Ledger Connect Kit. Dozens of Web3 and decentralised applications (dApps) have been compromised. Additionally, around $480k has been drained from users. The malicious version of the Ledger Connect Kit has been removed according to Ledger. 

Ledger Identifies Malicious Version of Ledger Connect Kit

Ledger Wallet connection has been compromised according to Ledger. Users that connect to websites, Web3 applications or dApps could be exposed to a malicious version of the Ledger Connect Kit. Those users who get connected to this type of service could be affected and the funds on their wallets stolen. 

As per the recent report released by Ledger on the X platform, the malicious version of the file was replaced with the genuine version at 2:35 pm CET. However, this version should be propagated and Web3 applications have to update it as soon as possible. 

Ledger has presented a warning for users who interact with dApps and other platforms:

“In the meantime, we’d like to remind the community to always Clear Sign your transactions – remember that the addresses and the information presented on your Ledger screen is the only genuine information.”

In addition, Paolo Ardoino, the CEO of Tether, announced that the Ledger exploiter address has been frozen. 

It is worth taking into consideration that the current situation does not only affect Web3 applications but it harms the whole crypto community. This hack will allow malicious actors to start phishing campaigns or impersonate Ledger representatives and attack users in vulnerable situations or that could have been affected. 

Ledger reminds people and the community to never share the 24-word Secret Recover phrase with anyone. Those who ask for the 24-word Secret Recover Phrase are criminals. Users who want to know how to Clear Sign transactions can read the following guide created by Ledger: https://www.ledger.com/blog/clear-sign-your-worries-away

Security Breach: $400,000 Stolen from OKX DEX Exchange

https://usethebitcoin.com/security-breach-400000-stolen-from-okx-dex-exchange/

The decentralised cryptocurrency exchange OKX DEX was hacked a few hours ago by a bad actor who got access to the exchange’s wallets. This is one of the multiple attacks experienced by cryptocurrency exchanges. However, while most hackers tend to manipulate smart contracts, this case was different as the wallets’ credentials were stolen. 

Security Breach: OKX DEX Exchange Stolen for $400,000

In a recent X post published by Slow Mist, they reported that the OKX DEX proxy admin owner’s private keys were leaked. Close to $400,000 was stolen in digital currencies. Some of the tokens involved included ELON, USDT, wETH, USDC, SHIB, KEK, PEPE and KEK, among others.

It is worth taking into consideration that the hack did not affect the OKX exchange and that all users will be compensated if they were affected. The report released by Slow Mist reads as follows:

“The Proxy Admin Owner upgraded the contract again at 23:53:59 on December 12, 2023, with similar functionality, and continued stealing tokens after the upgrade. As of now, the attacker has profited approximately 430,000 U.”

The report goes on to explain the technicalities of the recent hack and how this affected users. At the same time, Slow Mist released information such as the DEX contact, the OKX DEX TokenApporve contract and the DEX Proxy, among other things.

Relevant Information:

DEX contract: 0x70cbb871e8f30fc8ce23609e9e0ea87b6b222f58

OKX DEX TokenApprove contract: 0x40aa958dd87fc8305b97f2ba922cddca374bcd7f

DEX Proxy: 0x55b35bf627944396f9950dd6bddadb5218110c76

Proxy Admin: 0x3c18F8554362c3F07Dc5476C3bBeB9Fdd6F6a500

Proxy Admin Owner: 0xc82Ea2afE1Fd1D61C4A12f5CeB3D7000f564F5C6

Several exchanges have been affected by hacks and attacks since Bitcoin (BTC) was released to the market over ten years ago. The most known hack that took place in the past was the one that affected Mt. Gox in 2013. At that time, Mt. Gox accounted for 70% of all Bitcoin transactions. This created a bear market that required multiple years for the crypto market to recover. 

Other hacks that affected the market included $40 million from Binance in 2019, or QuadrigaCX the same year for $190 million after the mysterious death of its founder and CEO. 

Bitcoin Security Classification Sparks BlackRock Concerns, SEC Warned

https://usethebitcoin.com/bitcoin-security-classification-sparks-blackrock-concerns-sec-warned/

BlackRock asset management warned the U.S. Securities and Exchange Commission (SEC) about classifying Bitcoin (BTC) as a security. Bitcoin has multiple times been considered a commodity, but changing its asset classification could cause problems, as per BlackRock. This comes at a moment in which Bitcoin seems to be starting a new bull run that pushed the digital currency to new highs this year. 

Bitcoin Security Classification Sparks BlackRock Concerns

In their updated ETF filing, BlackRock is raising concerns about a possible SEC decision to re-classify Bitcoin as a security and not as a commodity. Several companies, including BlackRock, have presented proposals to offer Bitcoin spot trading to investors in the United States, nevertheless, there has been no official answer on that matter as of yet. Indeed, the answer could come as soon as in Q1 2024. 

One of the reasons behind BlackRock’s concern about a possible classification of Bitcoin as a security could be linked to how this digital currency is traded and handled in the United States. At the same time, this could have an impact on other countries as regulatory entities could copy what the SEC does. 

It is worth taking into consideration that Ripple has been sued by the SEC in the past claiming that the company issued unregistered securities, referencing the XRP virtual currency. The SEC has also dropped claims against Ripple Labs executives. In late 2020, when a new bull market started for virtual currencies, XRP was heavily affected by this decision, pushing the price of XRP below $0.20 for a short period of time. 

This could also affect Bitcoin. Indeed, both Bitcoin and Ethereum (ETH), the two largest cryptocurrencies in the market, have been considered commodities and not securities. Changing their classification could cause panic in the market and affect multiple projects linked to Bitcoin for institutional investors in the United States and the world. Therefore, BlackRock is closely monitoring what the SEC is doing and how this could impact the whole crypto industry.

Reuters Reports Potential Approval of Bitcoin ETF

https://usethebitcoin.com/reuters-reports-approval-of-bitcoin-etf/

Reuters reports that a US Bitcoin ETF could soon be approved. As per the recently released report, discussions between the U.S. Securities and Exchange Commission (SEC) and asset managers are ongoing. This shows that there are some technical details that have to be defined and that show that a spot Bitcoin exchange-traded fund could be approved shortly. 

SEC Finalizing Details for Bitcoin ETF Approval

The U.S. Securities and Exchange Commission might be ultimate details with asset managers to list Bitcoin-based ETFs in the United States. Right now, several companies such as Grayscale Investments, BlackRock and ARK Investments have presented applications to the SEC to list Bitcoin ETFs.

Bitcoin ETFs are key for the growth of the cryptocurrency community as they allow large investors and institutions to get access and exposure to Bitcoin. Furthermore, this would also allow the market to be considered more secure and mature. In the past, the SEC rejected multiple Bitcoin ETF proposals that were deemed not ready to protect investors from fluctuations and security issues. 

In a conversation with Yahoo Finance, Bryan Armour, ETF analyst at Morningstar, said that there will be multiple Bitcoin ETFs approved at once. About it, Mr. Armour said:

“My guess is that we’ll have several ETFs approved at once which will give investors the best opportunity to compare them.” 

Over the last few days, Bitcoin price grew by over 16% and surpassed $44,000 for a short period of time, according to CoinGecko. At the time of writing, Bitcoin is the largest cryptocurrency in the market and it has a price per coin of $43,700. Additionally, BTC has a market capitalization that broke the $850 billion barrier a few days ago. 

With the approval of a Bitcoin ETF, it might be possible for Bitcoin to continue moving higher as new funds enter the market. In addition, Bitcoin will also experience a new halving event that will reduce the new issuance of Bitcoin from 6.25 BTC per block to 3.125 BTC. This could also have an impact on the price of the largest cryptocurrency in the world. 

Bitcoin Surpasses $42,000; Is a Spot Bitcoin ETF Feasible?

https://usethebitcoin.com/bitcoin-surpasses-42000-is-a-spot-bitcoin-etf-feasible/

Bitcoin (BTC) continues to move higher as mainstream media starts to pay attention once again to the largest cryptocurrency in the world. There are multiple positive events that are affecting the sentiment around Bitcoin, including the halving event next year, the possible approval of a spot Bitcoin ETF and large BTC purchases by whales. 

Bitcoin Surpasses $42,000

Bitcoin surpassed $42,000 for the first time in over a year. At UseTheBitcoin we reported that the largest virtual currency in the market was reaching new highs in more than a year. According to CoinGecko, Bitcoin is now being traded above $42,700 and its market capitalization surged to $835 billion. 

Thanks to the most recent price increase, Bitcoin grew by 14% in the last 7 days and the whole crypto market followed. Ethereum (ETH), Binance Coin (BNB), XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Tron (TRX) have registered gains that range between 1% and 14%. 

Positive Events Affect Bitcoin 

The most recent price increase is linked to multiple things and events that have also been reported by mainstream media. One of those things is linked to the possible approval of a spot Bitcoin Exchange-Traded Fund (ETF). Several crypto accounts on Twitter are discussing this possibility, especially because Jay Clayton, the former SEC chair, sees progress on that front. 

Another thing that is worth pointing out is that several large crypto whales are purchasing Bitcoin in bulk. For example, the Bitcoin wallet 3KbWiPRCgWkQNW7QE3mkJtBcFD6cSsQE6 has been making daily purchases of 250 BTC. 

One of the reasons behind those purchases could be related to the fact that next year Bitcoin will experience a new halving event. This halving event will reduce the new issuance of BTC by 50% from 6.25 BTC per block to 3.125 BTC. That will indeed reduce the total Bitcoin issued per day to 450 BTC. 

With a lower Bitcoin issuance and a larger demand from investors and crypto users, it could be more difficult for the market to adjust to those supply and demand shocks, causing Bitcoin to move higher or experience volatility. 

Bitcoin News Roundup As BTC Surges Above $41,000

https://usethebitcoin.com/bitcoin-news-roundup-as-btc-surges-above-41000/

Bitcoin’s price skyrocketed to over $41,500, causing a positive ripple effect across the entire cryptocurrency market. Some developments include predictions of Bitcoin reaching a whopping $220,000, Nayib Bukele discussing EL Salvador Bitcoin investments, and rumours about Qatar’s Sovereign Wealth Fund potentially buying Bitcoin. 

Bitcoin Surges Above $41,000

Bitcoin surpassed $41,000 for the first time since April 2022, allowing investors to feel confident about the future of the largest virtual currency. Now, Bitcoin’s market capitalization is well above $800 billion. BTC was not the only digital asset to move higher. Indeed, the whole crypto industry is now registering gains, including altcoins. 

Ethereum (ETH), for example, expanded by 10% in the last 7 days and its price is currently at $2,200. Solana (SOL), the sixth-largest digital asset in the market hit $60 per coin and it expanded by 11.2% in the last week. Thanks to the most recent price increase, its market capitalization surpassed $25 billion. 

Nayib Bukele Talks About El Salvador’s Bitcoin Investments

Nayib Bukele, the president of El Salvador, published on X a message in which he defends the decision taken to purchase BTC. He explained that El Salvador did not only recover 100% of the investment, but they made a profit of $3,20,277.13 USD at the time in which he wrote the message. 

Bitcoin Price

At the same time, he mentioned that their intention is not to sell their BTC but to hold them for the long term. On that matter, he commented:

“Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”

Max Keiser Says Qatar’s Sovereign Wealth Fund Could Buy BTC

The famous crypto-figure and investor Max Keiser reported that Qatar’s Sovereign Wealth Fund entered the Bitcoin market. Moreover, he suggested that the fund could purchase as much as $500 billion worth of Bitcoin. 

Let’s not forget that Bitcoin’s market capitalization right now is $814 billion, according to CoinGecko. Therefore, there could be a new push for BTC price moving higher in the coming months if that turns out to be true. 

Now, the question is related to what will happen with Bitcoin as the halving is getting closer. With the end of this year in just a few weeks, BTC is up 151% as of today. 

Bitcoin Whales Make Waves as Bitcoin Gets Closer to $40,000

https://usethebitcoin.com/bitcoin-whales-make-waves-as-bitcoin-gets-closer-to-40000/

Bitcoin (BTC) whales are starting to move as the largest cryptocurrency in the world is getting closer to $40,000. Several crypto holders are moving funds from one wallet to another as the whole crypto market seems to be ready to start a new bull run. The interesting thing is that multiple crypto wallets are currently moving and they manage different virtual currencies. 

Bitcoin Whales Make Waves as Bitcoin Gets Closer to $40K

Bitcoin is getting closer to $40,000. Indeed, Bitcoin has not been above $40,000 since early 2022. Whale Alert, one of the most famous accounts on crypto twitter following the movement of large funds on different blockchain networks, has reported increased activity on several accounts. 

For example, just a few minutes ago, more than $9 million worth of Dogecoin (DOGE) was transferred from Robinhood to an unknown wallet. This is equivalent to over 113 million DOGE. 

When it comes to Bitcoin, we have also seen a transaction of $100 million worth of this virtual currency. This happened a few hours ago and it included a transaction of 2,600 BTC. Other large transactions on different networks include 10,000 ETH ($20 million) or 32 million XRP ($19 million), among others. 

Several blockchain networks have experienced similar moves in recent days, which shows that there is growing activity in the crypto market. While those things are very positive for the industry, whales have to also make sure that they are using digital currencies in an efficient way. For example, a Bitcoin whale sent a transaction of 55 BTC and paid a fee of 83 BTC. This is a costly mistake that could have been caused by distractions and that the crypto community spotted. 

It is worth taking into consideration that Bitcoin will experience a halving event in 2024, which could push investors to enter the market. When there is a halving event, the issuance of Bitcoin is reduced by 50%. That means that from the current 900 BTC that are created on a daily basis, there will be 450 BTC. This has an impact on the behaviour of miners and the amount of BTC they sell to cover their expenditures and costs.

Dan Tapiero Believes Bitcoin Could Surpass $100,000 in 2025

https://usethebitcoin.com/dan-tapiero-believes-bitcoin-could-surpass-100k/

Macro investor Dan Tapiero is sure about Bitcoin’s future. According to the famous and recognised investment manager, Bitcoin could surpass $100,000 in 2025, a key psychological level for the crypto community. He said that during a conversation with the crypto influencer Natalie Brunell. 

Dan Tapiero Believes Bitcoin Could Surpass $100,000

Dan Tapiero is bullish about the future of Bitcoin, especially after the halving event that is expected to take place in 2024. The expert believes that Bitcoin could not only reach $100,000 but surpass this level as soon as 2025, explaining that this is just a conservative estimate. 

Dan Tapiero is a successful investment manager who handles well over $1 billion in investments. At the same time, he is the founder of different companies, including 1Rountable Partner and 10T. Based on his experience, part of the trillions of wealth located all around the world could be allocated to Bitcoin in the future.

On that matter, he commented:

“If you think there’s $500 trillion of total wealth or whatever the number is, even 5% is $25 trillion. There are lots of assets like real estate, that people invest in often as a store of value – art, paintings, etc. I mean, Bitcoin could really take a chunk of that store-of-vale capital that’s out there.”

Let’s not forget that Bitcoin is expected to halve in mid-2024. That means that the new issuance of BTC will be reduced by 50% after the halving. Those events are very important for Bitcoin because they tend to be the moment in which a new bull run starts in the cryptocurrency industry. 

At the same time, Bitcoin has a fixed supply of 21 million. Therefore, there could be a large impact on the virtual currency if demand for this digital asset increases in the future. In the past, Bitcoin reached an all-time high of $69,000. Without a larger number of BTC released to the market, it would be more difficult for BTC to adjust by supply, and therefore, it could adjust with its price. 

At the time of writing this article, Bitcoin is being traded at $38,200 and it has a market capitalization of $748 billion. 

PlanB: “Bitcoin (BTC) is on Track, Like Clockwork”

https://usethebitcoin.com/planb-bitcoin-btc-is-on-track-like-clockwork/

The recognised investor PlanB believes that Bitcoin is behaving like clockwork and that it is on track to the Market Cycle Model (MCM). The analyst shared on X a detailed chart of how Bitcoin is behaving and how the largest cryptocurrency is in a “pre-bull” market stage. 

PlanB Believes Bitcoin is on Track and Behaving like Clockwork

PlanB, one of the most recognised investors in the cryptocurrency market, has shared a Bitcoin chart in which he shows that Bitcoin is currently in a pre-bull market stage. This comes at a moment in which Bitcoin surpassed $37,000 per coin after several months trading below $30,000. 

This analyst became popular in the past for the Stock-to-Flow (S2F) model, which is used to predict Bitcoin price. The S2F model focuses on scarcity and the ratio of the existing stockpiles to yearly production. As per PlanB, this model has been validated after predicting the bull market after the 2020 halving event. 

About it, PlanB wrote:

“Some think S2F (scarcity based model that predicted $55k BTC in 2019, when BTC was <$4k) is invalidated because BTC did not reach $100k, but others (like me) think S2F is perfectly valid because it predicted the bull market (red) after 2020 halving.”

It is worth pointing out that Bitcoin will experience a new halving event in 2020 that will reduce the new issuance of Bitcoin from 6.25 BTC per block (900 BTC a day) to 3.125 BTC per block (450 a day). This is a fundamental characteristic that sets Bitcoin apart from traditional fiat currencies: BTC has a defined and limited supply. 

Bitcoin Chart

Following PlanB analysis, it is possible to expect the chart to turn red, which would indicate a bull market. While PlanB does not give specific price predictions, the chart would show a price for Bitcoin close to or above $100,000. Another thing to consider is the fact that Bitcoin reached its all-time high in November 2021 when the virtual currency hit $69,000 per coin. 

According to the Bitcoin Halving Countdown, the halving event is expected to take place on May 8, 2024. Nevertheless, the date can change depending on how fast blocks will be added to the Bitcoin blockchain by miners. 

Crypto Community Thanks CZ After Leaving Binance

https://usethebitcoin.com/crypto-community-thanks-cz-after-leaving-binance/

The cryptocurrency community has thanked Changpeng Zhao (CZ) after his decision to step down as the CEO of Binance, the largest exchange in the market. On Twitter, multiple recognized figures in the industry have written positive things about CZ and the things he achieved during the last years and since 2017 when he launched Binance. 

Crypto Community Thanks CZ

The crypto community had very positive words for Changpeng Zhao after his announcement that he was stepping down as the CEO of Binance. His decision to step down as CEO of the trading platform comes amid an investigation carried out by the U.S. Department of Justice (DOJ) that required years of investigation alongside the U.S. Commodity Futures Trading Commission (CFTC). 

Erik Voorhees, founder of ShapeShift, wrote on Twitter:

“CZ! You are one of the great heroes on the front lines of an epic struggle. You should be immensely proud of Binance. Well done ser, and thank you. #EndTheFed”

Dan Held, Growth lead at Kraken, thanked Changpeng Zhao saying that he has done “a great job.” This is also in line with what Michaël van de Poppe, the CEO and founder of MN Trading said:

“More than respect for you, CZ. True leader and has brought this market further to what it is now. Nothing compared to FTX, but a good decision. All the best!”

Dan Held and Van de Poppe

While the community is now waiting for Chanpgneg Zhao to decide how he will continue his career, the ex-CEO of Binance said that he is now content being a “one-shot” entrepreneur.

On that matter, he explained:

“I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.”

Binance Coin (BNB) has fallen by over 10% in the last 24 hours. Bitcoin (BTC), instead, registered 2.2% losses and Ethereum (ETH) gained 1.4% during the same period of time. It is just a matter of time to see what will happen with Binance and who is going to take the full responsibility of guiding this platform in the next few years. 

Binance CEO CZ Resigns in $4 Billion Settlement Deal with DOJ

https://usethebitcoin.com/binance-ceo-cz-resigns-in-4-billion-settlement-deal-with-doj/

Binance CEO Changpeng Zhao is stepping down as CEO of Binance, the largest cryptocurrency exchange in the market. This is part of a $4 billion settlement with the U.S. Department of Justice (DOJ) linked to years of investigations linked to the Binance trading platform. The information was just released by Forbes. 

Binance CEO CZ Resigns in $4 Billion Settlement Deal with DOJ

Changpeng Zhao, the CEO of Binance and one of the most influential individuals in the crypto industry is stepping down as the head of Binance. The move comes amid an investigation carried out by the Department of Justice and the Commodity Futures Trading Commission. It is worth taking into consideration that the U.S. Securities and Exchange Commission (SEC) is not participating. 

As per the report, Zhao is going to be stepping down and pleading guilty to violating criminal U.S: anti-money laundering regulations. Binance has been in the industry for multiple years after being launched back in 2017 during the bull market experienced by Bitcoin (BTC) and other cryptocurrencies. 

It is important to highlight that Binance was also charged earlier this year by the U.S. SEC with operating an unregistered exchange on U.S. soil and offering services such as derivatives to U.S. individuals. In normal circumstances, those products can only be offered by regulated and registered platforms in the United States. 

At the time of writing this article, Changpeng Zhao didn’t write anything on Twitter. The community is now waiting for his comments or any official information confirming Forbes’ report.

Coingecko is also showing strong selling pressure for Binance Coin (BNB), the digital currency of the Binance exchange and environment. In the last 24 hours, Binance Coin fell by 6.8% and in the last hour alone it lost 6.2% of its value. It is worth waiting and seeing how Binance Coin will behave in the short term and in the next few days. 

Crypto-derisking could be a positive thing for the crypto market. Some key players such as Binance, FTX or Tether played a central role in this industry. While FTX has already fallen, Binance and Tether are still of interest to regulators around the world and investigations by different regulatory agencies. This is a developing story and multiple things can happen in the next few hours. 

Pro-Bitcoin Candidate Javier Milei Wins Elections in Argentina

https://usethebitcoin.com/bitcoin-candidate-milei-wins-elections-argentina/

The pro-Bitcoin (BTC) candidate Javier Milei won the presidential elections in Argentina as inflation in the country got closer to 140%. After the election, Milei became the second president in the world to openly support Bitcoin. While there are no plans to make Bitcoin legal tender, the goal is to move away from the Argentine Peso (ARS) and rely more on other currencies such as the USD. 

Pro-Bitcoin Candidate Javier Milei Wins Argentine Elections

The Bitcoin community is celebrating as Javier Milei won the presidential elections in Argentina against socialist Sergio Massa 55.69% to 44.30% with 99.28% of the votes counted. Milei is a self-proclaimed anarcho-capitalist and is the first libertarian to become president of the world.

It is worth taking into consideration that right after the announcement of the victory of Javier Milei, Bitcoin moved from below $37,000 to over $37,400 in just a few minutes. While Bitcoin stabilized after the results were shared with the population, the digital currency remained above $37,300. 

The first country in the world to make Bitcoin legal tender was El Salvador in September 2021 thanks to President Nayib Bukele. Right now, there are two countries that made Bitcoin legal tender, El Salvador and the Central African Republic (CAR). 

Milieu disclosed during the campaign that the is in favour of currency competition, including the USD, EUR and, of course, Bitcoin. In recent years and with high inflation rates, Argentinians relied more and more on the USD to price things, especially cars, real estate and large purchases. 

ARS:USD Price

Furthermore, Argentinians of all ages purchase stablecoins such as Tether (USDT), USD Coin (USDC) or DAI, among others. Argentina imposed currency restrictions and capital controls in order to avoid a further run on the Argentine peso, nevertheless, the Argentinian currency plummeted in value against the US dollar in recent years. 

It is now just a matter of time to see what Milei will do and how Bitcoin and the crypto industry could play a key role in rebuilding the Argentinian economy. Right now, 40% of the country’s population is poor and the economy is at the same level as it was in 2011. Milei came to power by promising a shock therapy that would bring radical changes, including the removal of the central bank and the massive reduction of political expenditure.

BlackRock Submits Application for Ethereum Exchange-Traded Fund (ETF) with the SEC

https://usethebitcoin.com/blackrock-submits-application-for-ethereum-etf/

BlackRock has officially submitted an application for an Ethereum spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This is the second filing presented by BlackRock to the financial regulatory agency as it filed for a spot Bitcoin ETF back in June this year. The information was published by iShares in an S-1 form filed with the SEC. 

BlackRock Submits Spot Ethereum ETF Application with the SEC

The cryptocurrency market has received very positive news linked to Ethereum. BlackRock has presented its official submission for a spot Ethereum ETF. The ETF is called iShares Ethereum Trust and its main goal is to reflect the performance of the price of ETH. 

It is worth taking into consideration that Ethereum experienced a strong price increase just a week ago when BlackRock registered the iShares Ethereum Trust in Delaware. At UeTheBitcoin, we reported that ETH broke above $2,000 when that happened. 

For the spot ether ETF, Coinbase Custody Trust Company would be working as the main custodian. That means that BlackRock decided to work with one of the largest and most renowned in the industry. 

At the time of writing this article, Ethereum is being traded just below $2,000 at close to $1,985 per coin, according to data shared by CoinGecko. Furthermore, its market capitalization is currently at $240 billion, allowing it to be the second-largest and most valuable virtual currency in the market after Bitcoin (BTC).

Binance Japan to List 13 New Tokens

https://usethebitcoin.com/binance-japan-to-list-13-new-tokens/

Japanese traders on Binance are going to enjoy 13 new tokens to trade against their favourite virtual currencies. In a recent statement shared by Binance Japan, the company will offer 47 digital currencies to trade on its platform, making it one of the largest in the Japanese market. 

Binance Japan to List 13 New Tokens

Binance Japan is expanding thanks to a decision to list 13 new tokens on the platform. There will now be 47 virtual currencies that include Optimism Network (OP), Immutable X (IMX), Hedera Hashgraph (HBAR), and others. As per the CEO of the company, the goal is to reach as many as 100 coins on the platform. 

The CEO of Binance Japan, Takeshi Chino, said about this decision:

“This is another big step towards our ambition to offer 100 tokens in Japan. Binance is fully committed to helping Japan taking a leading role in Web3 adoption. We will continue striving to enrich our service offerings in Japan by leveraging our global expertise and our leading blockchain ecosystem.”

It is worth taking into consideration that Japan has been one of the countries with the strictest crypto regulations, especially for companies. This has affected the way in which companies operate in the country. 

This expansion in terms of available cryptocurrencies on Binance Japan comes a few months after the official launch of this exchange in the Asian country. According to Nikkei Asia, Binance Japan announced its official landing in the Japanese market in August this year. 

Binance is one of the largest cryptocurrency companies in the world and the largest crypto exchange in terms of trading volume. Therefore, this expansion in the Japanese market will help settle and reinforce its position in the Asian markets.

Solana (SOL) Surges Above $56 Reaching New Highs In 2023

https://usethebitcoin.com/solana-sol-surges-above-56-reaching-new-highs-in-2023/

Solana (SOL) has reached new highs in 2023. The virtual currency moved from close to $10 in January to over $56 at the time of writing. This shows that there is a clear bullish sentiment around this virtual currency. In just 7 days, Solana grew by 37%, registering the 7th fastest growth this week among the top 100 cryptocurrencies. 

Solana (SOL) Reaches 2023 Highs

The cryptocurrency market has given very positive news to investors as multiple virtual currencies have started a new bull trend. While Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), showed very positive gains, Solana has attracted the attention of investors as it massively surged in recent weeks. 

But what’s the key reason behind this recent price increase in SOL? One of the things that could be linked to this recent growth is the ecosystem growth that Solana experienced in the last few days. At the same time, Decentralized Applications (dApps) on Solana have also seen a larger number of users compared to previous months. 

According to data shared by CoinGecko, Solana is the 5th largest blockchain ecosystem in the market after Bitcoin, Ethereum, Binance or Ripple. Therefore, there is a clear potential for Solana’s decentralized applications. 

At the time of writing this article, SOL is being traded at around $56.5 per coin and it has a market capitalisation of $23 billion. 

Litecoin Updates: LTC Price Stays Above $70

https://usethebitcoin.com/litecoin-updates-ltc-price-stays-above-70/

Litecoin (LTC), one of the oldest cryptocurrencies in the market, is still calling the attention of the community as the price of the virtual currency stayed above $73 for several days now. While other virtual currencies couldn’t sustain their gains in recent days, Litecoin remained relatively stable. 

Litecoin Updates: LTC Price Stays Above $70

Litecoin is currently being traded at around $73 per coin after a very positive month in which its price moved from $60 to over $75 a few days ago. This shows that Litecoin is aligned, in general terms, with the whole crypto market. 

It is worth considering that Litecoin miners are also starting to hold more LTC compared to earlier this year before the halving event. According to IntoTheBlock, miners’ reserves have grown to reach their highest value since mid-August 2023. This clearly shows that miners are bullish about the future of this virtual currency, as they are starting to accumulate larger amounts of LTC. 

Now, the question is linked to whether the market is or not in a bull market. A new bull market could push crypto prices higher in the coming months or even years. Nevertheless, it is not possible to know if LTC will join the trend. 

In the past, Litecoin reached an all-time high of $410 per coin on May 10, 2021. As we can see, miners are accumulating coins and could be getting ready for a new bull market in the crypto industry. 

Ethereum Surpasses $2,000 as BlackRock Moves Towards an Ether-Based ETF

https://usethebitcoin.com/ethereum-surpasses-2000-as-blackrock-moves-towards-an-ether-based-etf/

Ethereum (ETH), the second-largest virtual currency in the world after Bitcoin (BTC), has surpassed the $2,000 mark on November 9th. This happened for the first time since mid-2023 when Ethereum briefly moved above $2,000 per coin. The reason behind this recent moved is linked to the fact that BlackRock is working in order to create an Ether-based exchange-traded fund (ETF). 

Ethereum Surges Above $2,000

BlackRock, one of the largest asset management companies in the world, is now moving towards an Ethereum ETF. The company, through its iShares division, registered the iShares Ethereum Trust in Delaware. Just to put it into perspective, when BlackRock did that for Bitcoin, 7 days later the company filed the ETF application for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). 

Although this does not mean that there will be an Ethereum ETF proposal, it shows that BlackRock is working in order to offer an Ether-based product to investors. It is also worth taking into consideration that when large companies such as BlackRock take these types of moves they influence the market, regulators and decision-makers. 

Regulatory agencies have been heavily opposed to letting the crypto market expand and the SEC rejected multiple applications for spot Bitcoin ETFs and other proposals made by other companies. Nevertheless, this could change in the future if there is enough pressure from different companies to have more crypto-friendly regulations in the market. 

FCA Publishes Proposals for Stablecoin Regulations with Bank of England

https://usethebitcoin.com/fca-publishes-proposals-for-stablecoin-regulations-with-bank-of-england/

The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published proposals for stablecoin regulations. In a recent publication made available by the BoE, the financial institutions are requesting feedback on the proposed approach to regulate stablecoins. Stablecoins are digital currencies that track have a stable price linked to a fiat currency such as the USD, the EUR or the GBP. 

FCA and BoE Publish Regulation Proposal for Stablecoins

New stablecoin regulations are being analysed by the FCA and the BoE. This is the reason why they have published their approach on how to regulate stablecoins. The proposals cover multiple topics, including payment systems, and what’s their future in the United Kingdom. 

Sheldon Mills, the Executive Director of Consumers and Competition at the FCA explained that stablecoins can make payments faster and cheaper for consumers. However, they are requesting feedback from companies and key economic actors on how to address stablecoin regulations. 

On that matter, Mr. Mills said:

“Stablecoins have the potential to make payments faster and cheaper for all, and that’s why we want to offer firms the ability to utilise this innovation safely and securely. Getting views from others is essential for creating proportionate rules that benefit consumers and firms and also meet our objectives.”

At the time of writing this article, the largest stablecoin in the market was Tether (USDT). This virtual currency has a price of $1 and it is linked to the USD. Its price does not fluctuate compared to Bitcoin (BTC) or other digital currencies. Tether is now being traded at around $85 billion and is the third largest in the market after BTC and ETH. 

XRP Registers 9% Gains To Become One of the Top Gainers This Week

https://usethebitcoin.com/xrp-registers-9-gains-to-become-one-of-the-top-gainers-this-week/

XRP, the top 5 digital assets in the market, has registered massive gains in the last few days. Today, the virtual currency grew by 9%, pushing its total weekly gains to 23.4% at the time of writing this article. Ripple continues to work with multiple companies around the world to expand the functionalities of the Ripple ecosystem. 

XRP Becomes One of the Top Gaines in the Crypto Market

The crypto market continues to register gains with XRP becoming one of the top gainers with 9% gains in the last 24 hours. According to CoinGecko, the fifth-largest virtual currency is now pushing the market higher thanks to the positive sentiment that has been built around this digital asset in recent months. 

CoinGecko currently shows that XRP is very close to surpassing Binance Coin (BNB), the fourth-largest cryptocurrency in terms of market value. At the time of writing, XRP has a market capitalization of $38.18 billion while XRP has a market cap of $38.77 billion, just $590 million higher. It is worth taking into consideration that each XRP coin can be purchased for $0.70. 

As mentioned before, there are multiple reasons that could have helped XRP reach the current price levels. One of these reasons could be linked to the growth that the digital currency experienced in Dubai. Therefore, an expansion of the XRP Ledger could be a positive reason for XRP to move higher. 

OKX Exchange Shows its Over-Collateralized in Proof of Reserves

https://usethebitcoin.com/okx-exchange-shows-its-over-collateralized-in-proof-of-reserves/

OKX, one of the largest cryptocurrency exchanges in the market, shows that it is overcollateralized in a recent proof of reserve statement. The decision to release regular Proof of Reserves statements comes after the collapse of FTX in mid-2022. The information was released by CoinDesk a few hours ago. 

OKX Exchange Shows is Over-Collateralized

According to the latest proof of reserves shared by OKX, they are 103% collateralized with multiple cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Tether (USDT), the three most valuable virtual currencies in the market. At the moment, the exchange has $12.5 billion in assets, making it possible for users to withdraw funds at any time without having to be under pressure. 

OKX Chief Marketing Officer Haider Rafique said on that matter:

“Customers often express concerns in person about centralised exchanges, highlighting issues with security, solvency and downtimes, even if they don’t always voice these concerns digitally.”

Cryptocurrency exchanges have been affected by increased distrust from customers as several platforms such as QuadrigaCX or FTX didn’t take the necessary actions to keep customers’ funds safe at all times. Additionally, crypto trading platforms have been heavily questioned about the way in which they work and share information with clients. 

Therefore, OKX decided to take action and increase customer satisfaction. Rafique explains that 84% of the exchange’s users believe that publishing Proof of Reserve information is important. 

At the time of writing this article, Bitcoin is being traded at around $34,300 per coin and it has a market capitalization of $670 billion. 

Bitcoin Balances Drop By 30% On Exchanges: Fidelity

https://usethebitcoin.com/bitcoin-balances-drop-by-30-on-exchanges-fidelity/

Bitcoin balances on exchanges have registered a drop of around 30% compared to early 2020 during the Covid-19 pandemic. In a recent report, Fidelity explained that Bitcoin held at exchanges fell by 30% from all-time highs over three years ago. This means that there will be fewer BTC available for sale if demand increases in a short period of time. 

Bitcoin Balances Drop By 30% Since 2020

Bitcoins continue to be withdrawn from exchanges as shown by Fidelity. Exchanges have now around 2.2 million BTC at their disposal for users to purchase. This could be very positive for Bitcoin price in the case of a sudden demand in Bitcoin, as there will be fewer BTC available to absorb a shock in the demand for this virtual currency. 

Another thing that Fidelity mentioned in its report is that the illiquid supply is also close to record highs at 68.6%. The question is whether there will be a decision from investors to take profit at these prices or if it is necessary for the price to increase before users start selling. 

While the market has been moving higher in recent days, there is a clear interest in the long-term to hold BTC and wait for higher prices. Although there are no certainties about what could happen with Bitcoin and its price, the largest virtual currency in the world will experience a halving event as soon as 2024, which could be a catalyst for an increase in the demand for this virtual currency.

Bitcoin Hits Its Highest Point Since May 2022 After Hitting $35,000

https://usethebitcoin.com/bitcoin-hits-its-highest-point-since-may-2022/

Bitcoin (BTC) has hit its highest point, not only this year but since May 2022. The largest cryptocurrency in the market reached a price per coin of $35,000 in some exchanges and the trend could continue in the coming months. But what is pushing Bitcoin higher? 

Bitcoin Hits Its Highest Point Since May 2022

According to CoinGecko, Bitcoin surpassed the psychological level of $35,000 for a short period of time. In the last 24 hours, Bitcoin registered a price increase of 9.2%. Meanwhile, in the last 7 days, the gains reached 18.5%. Its market capitalization has also grown by $50 billion in a matter of days. 

Other virtual currencies in the top 10 registering large gains were Solana (SOL) with an increase of 32% in the last 7 days, and XRP, moving higher by 14% during the same period of time. Ethereum (ETH), the second-largest virtual currency, is now being traded at around $1,775 per coin and it reached a market cap of $215 billion. 

As mentioned at UseTheBitcoin in the past, one of the reasons that could have pushed BTC to the current price is linked to the upcoming halving event that is expected to take place in mid-2024. The halving event tends to be bullish for BTC as the new issuance of Bitcoin is reduced by 50% (in this case from 6.25 BTC per block to 3.125 BTC per block). 

If Bitcoin’s new issuance is reduced, it is going to be more difficult for miners to add selling pressure if demand increases, hence pushing prices higher.

Bitcoin (BTC) Ready To Surpass $31,000

https://usethebitcoin.com/bitcoin-btc-ready-to-surpass-31000/

Bitcoin (BTC) is ready to surpass $31,000 in several exchanges. The largest cryptocurrency in the world has been trading positively in recent weeks and the trend could continue in the near future. In the last 24 hours alone, the virtual currency surged by more than $1,000 from below $29,800 to almost $31,000. 

Bitcoin (BTC) Ready to Surpass $31,000

Bitcoin is getting ready to surpass $31,000. According to data shared by CoinGecko, Bitcoin is currently being traded at around $30,920 per coin with a market capitalization that surpassed $600 billion in recent hours. 

It is worth taking into consideration that this is the highest price since July 2023. If Bitcoin surpasses $31,800, then the digital currency will be at its highest point since May 2022. BTC has been growing higher since November 2022, when BTC reached a price per coin of $16,000. 

There are multiple factors that could push the price of BTC higher in the coming months. One of these things is related to the halving event, which would reduce Bitcoin issuance per day by 50%. That means that miners will receive just 3.125 BTC per block (or just 450 BTC per day). The halving event is expected to take place in August next year. 

Another thing that could drive the price of Bitcoin higher is related to the approval of the first Bitcoin spot exchange trading fund. While this is not yet confirmed, there is a large possibility for this to happen in the future.

190 Days for Bitcoin (BTC) Halving Event

https://usethebitcoin.com/190-days-for-bitcoin-btc-halving-event/

The Bitcoin (BTC) halving event is getting closer. According to the Bitcoin Block Reward Halving Countdown, less than 190 days are left in order for Bitcoin to experience its next halving event that will push Bitcoin block rewards for miners to 3.125 BTC. This could have an impact on Bitcoin price depending on market trends. 

Bitcoin Halving Event to Take Place in 190 Days

The Bitcoin halving event is just 190 days away. This is very positive for Bitcoin as the new issuance of BTC is going to be reduced by half after April 2024. The current reward-drop ETA is 24 April 2024. However, depending on the mining market changes, this could slightly change. 

Thanks to this programmatic structure that Bitcoin has, it is possible for BTC to have a predictable money supply. There will never be more than 21 million Bitcoin and its inflation rate per annum is going to be reduced to 0.84% next year from the current 1.70%. 

That means that miners will mine, on average, 450 BTC per day from the current 900. This is positive for Bitcoin’s price if demand for this virtual currency increases. Bitcoin’s supply will not be able to absorb a large increase in demand if only 450 BTC are created on a daily basis. 

At the time of writing this article, Bitcoin is being traded at around $28,300 per coin and it has a market capitalization of $553 billion. This could change after the next halving event, but this remains to be seen.

Bitcoin Moves Above $28,500 Hitting a Market Cap of Over $557 Billion

https://usethebitcoin.com/bitcoin-moves-above-28500-hitting-a-market-cap-of-over-557-billion/

Bitcoin (BTC) reached a market capitalisation of $557 billion after the most recent price increase that pushed it above $28,500. Despite the uncertainty in traditional financial markets and the lack of a clear trend among digital currencies, Bitcoin is able to register a 4% gain in the last 7 days. 

Bitcoin Surges Above $28,5000

Bitcoin, the largest cryptocurrency in the market, was able to reach its highest price since mid-August, 2023. Over the last few months, Bitcoin has been moving higher within a clear ascending channel that is pushing Bitcoin towards new local highs. It will now be very important to see how this trend will continue and whether it will close the year with a positive outlook. 

According to CoinGecko, Bitcoin has reached a local high in the last 24 hours of $28,737 with a trading volume of $16 billion in most of the largest and liquid crypto exchanges. Furthermore, its dominance is also above 49%, showing a stable situation compared to earlier this year. 

Other virtual currencies are also experiencing gains. For example, in the last 7 days, Binance Coin (BNB) surged by 2.4% and Solana (SOL) expanded by 9.3% during the same period of time. It is also worth taking into consideration that other digital assets such as Tron (TRX), Polygon (MATIC) or Chainlink (LINK) have also experienced gains. 

It is just a matter of time to see how Bitcoin will behave in the near future.

Binance Exchange Announces 25th Quarterly BNB Burn

https://usethebitcoin.com/binance-exchange-announces-25th-quarterly-bnb-burn/

Binance, the largest cryptocurrency exchange in the market, announced its 25th quarterly burn of Binance Coin (BNB) tokens. On X, Binance shared the latest information about their regular burn and how this had an impact on the total supply of Binance Coin tokens. This time, 2.14M BNB tokens were burned.

Binance Exchange Announces 25th Quarterly BNB Burn

On X, Binance announced the 25th edition of its regular token burn tradition that resulted in 2,139,182 BNB tokens being eliminated from circulation. This equated to $453k or 1.38% of the total BNB supply. 

https://x.com/binance/status/1713810236421595541

It is worth taking into consideration that Binance Coin is the digital currency of the Binance exchange. The token can be used for multiple things, including trading, paying trading fees, and participating in different events on the Binance ecosystem. At the same time, the token is used on multiple other platforms and decentralized finance applications. 

According to CoinGecko, Binance Coin (BNB) is the 4th largest cryptocurrency in the market behind Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). At the time of writing this article, BNB has a price per coin of $213 and a market capitalization of $32 billion, something that allowed this digital asset to become one of the most valuable in the market.

UK Works to Launch Digital Securities Sandbox in 2024

https://usethebitcoin.com/uk-works-to-launch-digital-securities-sandbox-in-2024/

The United Kingdom is working in order to start a new Digital Securities Sandbox as soon as in early 2024. According to Helen Boyd, the head of capital markets at the Financial Conduct Authority (FCA), the new Sanbdox will work to support firms and the development of digital securities. 

UK Could Launch a Digital Securities Sandbox in 2024

The United Kingdom is expected to launch a new Sandbox for Digital Securities in early 2024. As per the official announcement, the goal is to work with different early-stage companies and create the necessary infrastructure within a “temporarily modified legislative and regulatory framework.”

On that matter, the announcement says:

“To set up financial market infrastructures that utilize digital asset technology, which can perform a number of activities in relation to digital securities under a temporarily modified legislative and regulatory framework.”

There is a large number of companies operating in the United Kingdom working with digital assets that could be interested in the new Sandbox. This could be a unique opportunity for developers and firms that are searching for a new and more comprehensive legal framework for their projects. 

Around the world, multiple sandboxes have been put in place for digital assets. The intention is to attract companies that could be interested in testing these regulatory environments.