JAN3 CEO Samson Mow Warns of 'Covert Operations' to Subvert State-Level Bitcoin Adoption

JAN3 CEO Samson Mow suggested that traditional financial institutions operate in the shadows to prevent more nations from following El Salvador’s path of integrating Bitcoin into their financial systems. Mow commented on a specific case involving the World Bank and another nation.

JAN3 CEO Samson Mow: ‘Covert Operations’ Are Undermining Countries’ Will of Adopting Bitcoin

Institutions in the traditional finance world are acting behind the scenes to maintain their relevance and prevent Bitcoin from achieving higher levels of adoption at the nation-state level. JAN3 CEO Samson Mow, whose company specifically focuses on increasing the reach and penetration of Bitcoin in nation-states globally, has declared that these institutions are not idle and are actively working to stop countries from taking their first steps into the Bitcoin ecosystem.

Commenting on the recent exchanges between the International Monetary Fund (IMF) and El Salvador, Mow declared:


As proof of these allegations, Mow stressed that after the company met with the President of Suriname last year to study the adoption of bitcoin to battle inflation and debt in the country, Suriname received a visit from the World Bank. After this event, all communications were dropped, and radio silence ensued.

Samson alleges these institutions use debt and financing to force developing nations to comply with their economic plans. “The loan sharks need to keep the Global South in check,” he concluded.

While some nations have been interested in Bitcoin, only El Salvador and Bhutan have developed a bitcoin treasury policy. El Salvador has close to 5,900 BTC, while Bhutan has conducted mining operations that allowed it to gather 13,000 BTC, putting it in fourth place of nations holding bitcoin.

JAN3 has been at the forefront of this push, having visited nations like Colombia, Costa Rica, Mexico, Montenegro, and Suriname, to introduce the advantages of bitcoin to these governments.

Source: https://news.bitcoin.com/jan3-ceo-samson-mow-warns-of-covert-operations-to-subvert-state-level-bitcoin-adoption/

Compass Mining Partners With Mindshift to Expand Bitcoin Mining in South Korea

Compass Mining has announced a partnership with Mindshift, a licensed digital asset service provider in South Korea, to extend bitcoin mining services to the region. The collaboration aims to address challenges like high electricity costs while making bitcoin mining more accessible to South Korean residents.

Compass Mining Collaborates With Mindshift

The partnership between Compass Mining, a bitcoin mining hardware and services provider, and Mindshift, a South Korea-based virtual asset service provider (VASP), will enable South Korean businesses and individuals to benefit from Compass’s turnkey bitcoin mining solutions. The announcement arrives during a period of extremely low bitcoin mining revenue, prompting mining companies to explore new partnerships and opportunities such as altcoin mining and artificial intelligence (AI) hosting agreements.

“We’re thrilled to partner with Mindshift to bring our bitcoin mining services to South Korea,” Paul Gosker, the CEO of Compass Mining remarked. “By leveraging Compass’s experience in managing mining facilities, procuring and reselling mining machines, and providing competitive electricity rates, we can empower South Korean individuals and businesses to participate in the bitcoin mining ecosystem.”

Through the collaboration, Compass explained on Wednesday, the firm aims to offer more affordable electricity rates, overcoming a major obstacle for profitable bitcoin mining in South Korea. This initiative, the company said, aligns with Compass’s broader goal of democratizing access to bitcoin mining.

South Korea has become a key contender in the world of digital assets, thanks to a mix of economic growth, tech innovation, and unique cultural dynamics. Young adults, especially those in their 20s and 30s, see cryptocurrencies as a potential gateway to wealth, driven by high unemployment and an intensely competitive job market. This generation has rapidly adopted digital currencies, and local demand for BTC often pushes its price above the global average.

Mindshift disclosed plans to introduce a new product that allows South Korean customers to purchase BTC mining machines, which will be shipped to and maintained at Compass’s data centers. Additionally, Compass will offer end-of-life services for the equipment, ensuring a comprehensive solution for mining investors. The announcement of the Mindshift partnership comes on the heels of Compass activating 3,000 bitcoin mining machines at its recently established hosting facility in Iowa.

Source: https://news.bitcoin.com/compass-mining-partners-with-mindshift-to-expand-bitcoin-mining-in-south-korea/

Latam Insights Encore: Bukele Might Orange-Pill Milei on Bitcoin

Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from last week. In this edition, we examine President Nayib Bukele’s official visit to Argentina, and how this might translate to bitcoin being more prominently incorporated in President Milei’s economic plans.

Latam Insight Encore: Bukele Might Be Advising Milei on a Potential Move Involving Bitcoin and Crypto

The visit of Nayib Bukele to Argentina last week and his meeting with President Javier Milei and the Argentine Senate have awakened all sorts of conjectures regarding the possibility of the country subscribing to El Salvador’s bitcoin agenda.

These rumors have their origin likely in the meeting between Bukele and Vice President Victoria Villarruel, where she touched upon bitcoin and cryptocurrency issues, and also about the regulatory framework that allowed El Salvador to be the world’s first to adopt bitcoin as a legal tender in the world.

There was no public disclosure of talks between Milei and Bukele regarding bitcoin, and reports indicated that their meeting centered on other affairs. However, Villarruel’s interest might be a prelude to bigger cryptocurrency policy moves by Milei.

While Milei has not been especially pro-bitcoin during his administration, his liberal, anti-debt, and anti-central bank policies indicate he has a high affinity with bitcoin’s libertarian money proposal. Milei had stated bitcoin would be included in the multi-currency environment he envisions for Argentina alongside other currencies before. “If you want to use bitcoin there will be no problems,” he stressed.

However, some circumstances might prevent Argentina from adopting El Salvador’s pro-bitcoin agenda. The country has a colossal debt of over $40 billion to the International Monetary Fund, which can force Milei to comply with conditions that include excluding the implementation of cryptocurrency-friendly policies.

El Salvador is also being affected by its pro-bitcoin stance as it is currently negotiating to receive funding from the institution. Recently, the IMF has called on Bukele to “narrow the scope” of its bitcoin law implementation and limit the public sector exposure to cryptocurrency.

While it is unlikely for Milei to push for regulation including adopting bitcoin as legal tender, implementing crypto-favorable measures is not out of the question.

Source: https://news.bitcoin.com/latam-insights-encore-bukele-might-orange-pill-milei-on-bitcoin/

JPMorgan Analysts Predict Bitcoin Gains in Q4 as 'Uptober' Trend Takes Hold

JPMorgan analysts are showing optimism as bitcoin exhibits strong upward trends moving into the fourth quarter. They highlighted October’s historically positive returns for the cryptocurrency and suggested this trend could persist. “We continue to see the crypto ecosystem being incrementally more sensitive to macro factors,” the analysts noted.

JPMorgan Sees Bright Prospects for Bitcoin in Q4

Global investment bank JPMorgan’s analysts have expressed optimism for the cryptocurrency market as bitcoin shows upward momentum heading into the fourth quarter. In a report released Monday, they cited October’s historical trend, noting bitcoin has delivered positive returns more than 70% of the time during the month.

They believe the market could follow a similar pattern this year, stating:


The analysts pointed to several key developments that could support the crypto market. These include recent interest rate cuts and future planned cuts by the Federal Reserve.

However, they also cautioned that the expected positive impact has yet to materialize. “We have yet to see the ‘pop’ in cryptocurrency prices expected from lower rates since the Fed’s September 18 cut,” they noted. While rates may continue to decline, they detailed: “Crypto assets really only emerged in the early-to-mid 2010s, and rates were near zero for most of their existence. It’s possible that stable rates, rather than just low ones, will benefit these markets the most.”

The report also highlighted the potential impact of Blackrock’s spot exchange-traded fund (ETF) gaining options trading approval. The analysts explained: “With options, investors now have a more dynamic way to engage with the ETF and drive liquidity in the underlying asset,” suggesting this development could enhance market liquidity and structure.

Another development, Ethereum’s Pectra upgrade, is expected to improve network efficiency. However, the analysts noted: “While Pectra is expected to be transformational for Ethereum’s functionality, we view this upgrade as more structural than an immediate price catalyst.” Overall, they concluded:


Source: https://news.bitcoin.com/jpmorgan-analysts-predict-bitcoin-gains-in-q4-as-uptober-trend-takes-hold/

Bitcoin Hashrate Inches Closer to Record as Difficulty Rise Looms

Bitcoin’s hashrate has been climbing steadily, closing in on its peak of 693 exahash per second (EH/s) recorded on Sept. 8. At present, it’s cruising just shy of that record, clocking in at 680 EH/s. Block times have been quicker than the typical ten-minute average, and as we approach Oct. 9, the network’s difficulty is set to increase by 3.22%.

Bitcoin’s Hashrate Growth Continues

As of Oct. 7, 2024, Bitcoin’s hashrate, based on the seven-day simple moving average (SMA), is coasting along at 680.12 EH/s, according to data from hashrateindex.com. From its peak on Sept. 8, the network’s hashrate saw a dip, hitting 619 EH/s on Sept. 17 as well as sliding to 624 EH/s on Oct. 1. Since then, about 56 EH/s has returned to the network, which is equal to 304,347 Microbt Whatsminer M60S air-cooled rigs producing 184 terahash per second (TH/s) each.

As the hashrate climbs, Bitcoin’s hashprice—the estimated daily value for 1 petahash per second (PH/s) of hashpower—has also been ticking upward. On Oct. 1, the hashprice was around $44.01 per PH/s, and it’s now up to $45.55. Moreover, block intervals have been faster than the average ten minutes, with the current rate hovering around nine minutes and 41 seconds.

With these quicker block times, the chance of a difficulty increase is higher, and as of now, a 3.22% rise is expected. That said, the figure could shift over the next two days. The last adjustment, on Sept. 25 at block height 862,848, saw a 4.6% drop in difficulty, so it’s unlikely this week’s change will push the metric back to its all-time peak. Fees are slightly higher, too—at 8 satoshis per virtual byte (sat/vB) or $0.71 per high-priority transfer, they’ve edged up compared to the past fortnight.

Since the fourth halving, the evolving balance between hashrate, block times, and the ongoing difficulty adjustment highlights Bitcoin’s ongoing strength and flexibility. However, miners are feeling the pressure in this lower-reward phase, holding out for better times. Yet, with the hashrate hitting an all-time high last month and now inching closer once again, the network’s resilience is more evident than ever. With the hashrate at 680 EH/s, it will be interesting to watch just how much it can climb if the price gains momentum from this point.

Source: https://news.bitcoin.com/bitcoin-hashrate-inches-closer-to-record-as-difficulty-rise-looms/

IMF Urges El Salvador to Tighten Bitcoin Law and Strengthen Oversight

The International Monetary Fund (IMF) has advised El Salvador to narrow the scope of its bitcoin law, strengthen regulation and oversight of the cryptocurrency, and limit public sector exposure. The IMF remains engaged with the country to support reforms and ensure bitcoin adoption does not threaten financial stability.

IMF Urges El Salvador to Tackle Bitcoin Risks Amid Reform Talks

The International Monetary Fund highlighted that bitcoin continues to be a central point in ongoing discussions with El Salvador regarding its economic reform program on Thursday. The IMF emphasized the need to manage risks tied to the nation’s adoption of bitcoin, which has played a significant role in its financial landscape since 2021.

IMF spokesperson Julie Kozack noted during a scheduled press conference:


Kozack also pointed out that El Salvador’s proposed 2025 budget is a positive step toward improving its public finances, though it requires strong implementation to be effective. The IMF continues to engage with El Salvador as part of broader efforts to solidify reforms while ensuring that the adoption of bitcoin does not undermine financial stability. Talks between the two parties focus on strengthening reforms and addressing risks linked to cryptocurrency use in the country.

In September 2021, El Salvador became the first country to adopt bitcoin as legal tender alongside the U.S. dollar. Key initiatives include the Chivo Wallet app and the proposed Bitcoin City, a tax-free hub powered by geothermal energy. In December 2023, the country’s bitcoin “Volcano Bonds” were approved.

The IMF has consistently warned El Salvador about making BTC legal tender. However, the country, led by the pro-bitcoin president Nayib Bukele, has stood firm on its bitcoin policy. Since 2021, El Salvador has been steadily increasing its bitcoin holdings, purchasing 1 BTC per day since late 2022. As of 2024, the country holds approximately 5,865 BTC, valued at over $356 million.

Source: https://news.bitcoin.com/imf-urges-el-salvador-to-tighten-bitcoin-law-and-strengthen-oversight/

Bitcoin Gains Expected as US Jobs Data Drives Fed Rate Cuts, Analyst Says

A researcher from 21shares has offered an analysis of how bitcoin’s price could respond to the U.S. jobs report. The analyst indicates that BTC prices could increase if the Federal Reserve reduces interest rates. These rate cuts, which are likely tied to labor market trends, could lower borrowing costs, potentially boosting the cryptocurrency market.

Bitcoin’s Price May Benefit From Fed’s Rate Cuts

Leena ElDeeb, research analyst at investment firm 21shares, provided insight on how the latest U.S. jobs report could influence bitcoin’s price. Following Friday’s report, which showed stronger-than-expected non-farm payroll growth and an increase in job openings for August, ElDeeb emphasized the importance of labor market data for the broader crypto market. She stated:


ElDeeb also noted that recent geopolitical tensions had caused disruptions in the market, but she anticipates a recovery. “We expect flows to start recovering following the escalation of geopolitical tensions that shook the market over the past week,” she said.

With the Federal Reserve closely monitoring labor conditions, bitcoin prices are likely to respond positively as rate cuts ease borrowing costs. 21shares, the world’s largest issuer of crypto exchange-traded products (ETPs), continues to track these macroeconomic trends as they shape digital asset movements.

Last month, the Federal Reserve made its first interest rate cut in over four years, reducing rates by 50 basis points. This shift followed a series of rate hikes aimed at controlling inflation. More cuts are anticipated, with projections suggesting additional 25 basis point reductions by year’s end, contingent on economic and labor market conditions.

The 21shares analyst explained: “The Fed is looking for a strong labor market, which the non-farm payroll has indicated, rising against expectations. Moreover, job openings grew in August, demonstrating strength in the labor market.” She further shared:


Source: https://news.bitcoin.com/bitcoin-gains-expected-as-us-jobs-data-drives-fed-rate-cuts-analyst-says/

Standard Chartered Sees Buying Opportunity as Bitcoin Nears $60K Dip

Standard Chartered has cautioned that bitcoin could drop below $60,000 due to rising geopolitical tensions in the Middle East. While the bank sees this as a buying opportunity, it also highlights the unique relationship between BTC’s price and the U.S. presidential race. Former President Donald Trump’s improving odds could enhance bitcoin’s long-term outlook, but a Kamala Harris victory could slow regulatory progress, affecting the cryptocurrency market.

Standard Chartered Warns of Bitcoin Dip Amid Middle East Tensions

Banking giant Standard Chartered warned Thursday that bitcoin’s price could dip below $60,000, citing rising geopolitical tensions in the Middle East. The bank, however, considers this potential decline a chance for investors to increase their BTC holdings.

Geoff Kendrick, Standard Chartered’s global head of digital assets research, noted:


Kendrick drew attention to the link between bitcoin’s price and the evolving U.S. presidential race, where former President Donald Trump’s likelihood of winning has recently improved. He explained that this creates a unique dynamic for BTC, as geopolitical worries may drive prices down, but at the same time, these concerns could boost Trump’s odds, potentially enhancing bitcoin’s outlook after the election.

Some experts believe a Trump win would be favorable for cryptocurrencies, especially given his support for bitcoin. Kendrick cautioned that a victory by Kamala Harris could delay regulatory progress. Even so, he suggested that investors could still capitalize on any post-election dips. He stressed: “A Harris victory would likely trigger an initial price decline, but we would expect investors to buy the dips as the market recognizes that progress on the regulatory front will still be forthcoming.” Earlier this month, the bank’s digital assets head said bitcoin could reach $125,000 under Trump or $75,000 under Harris, with temporary drops under a Harris presidency.

Kendrick also pointed to a notable rise in bitcoin call options. “The amount of call option open interest for the 27 December expiry at a $80,000 strike price on Deribit jumped by 1300 bitcoin over the last two days,” he described. He emphasized:


Source: https://news.bitcoin.com/standard-chartered-sees-buying-opportunity-as-bitcoin-nears-60k-dip/

JPMorgan: Gold and Bitcoin Surge as Debasement Trade Gains Momentum

Global investment bank JPMorgan’s analysts have highlighted the growing impact of the “debasement trade” in boosting gold and bitcoin prices. Gold’s rise is linked to inflation, geopolitical instability, and waning trust in fiat currencies. Both institutional and retail investors are viewing gold and bitcoin as safe havens amid global economic uncertainty, with future trends depending on geopolitical events and fiscal policies.

JPMorgan Discusses How the ‘Debasement Trade’ Is Fueling Gold and Bitcoin Gains

JPMorgan’s analysts have highlighted how the “debasement trade” is driving gains in both gold and bitcoin. Led by global strategist Nikolaos Panigirtzoglou, the analysts noted that gold has surged beyond what could be explained by dollar and real bond yield movements alone. Instead, they attribute the increase to a range of factors, including geopolitical uncertainty, inflation concerns, and declining confidence in fiat currencies.

They explained: “The ‘debasement trade’ is a term that reflects a combination of gold demand factors which in our client conversations range from structurally higher geopolitical uncertainty since 2022, to persistent high uncertainty about the longer-term inflation backdrop, to concerns about ‘debt debasement’ due to persistently high government deficits across major economies, to waning confidence in fiat currencies in certain emerging markets, and to a broader diversification away from the dollar.”

The analysts also emphasized that gold’s price, around $2,700 per ounce, and bitcoin, near $60,000, have given them new currency, so to speak. They pointed to the falling share of the U.S. dollar in global currency reserves, noting that the dollar now accounts for just 57% of reserves, according to International Monetary Fund (IMF) data. Despite China pausing its gold purchases since April, JPMorgan said:


The JPMorgan analysts also examined institutional investor behavior, stating:


Furthermore, they observed that retail investors seem to view gold and bitcoin similarly, given inflows into bitcoin exchange-traded funds (ETFs) after August. A potential Donald Trump victory in 2024 could further support the “debasement trade” by increasing geopolitical tensions and stimulating expansionary fiscal policies, according to JPMorgan. The analysts remarked: “This is because investors have been rather occupied in recent months with the recession trade.”

Source: https://news.bitcoin.com/jpmorgan-gold-and-bitcoin-surge-as-debasement-trade-gains-momentum/

MARA Purchases Bitcoin in September, Expands Hashrate, and Holds Mined BTC

MARA, one of the largest bitcoin miners traded on the public market, acquired 192 BTC in September, while also holding onto all the bitcoin it mined during the month.

MARA Strengthens Mining Operations, Grows Bitcoin Reserves to 26,842

This week, the publicly listed bitcoin (BTC) mining company MARA (Nasdaq: MARA) highlighted several operational improvements for the month, including an increase in its energized hashrate and a higher number of blocks discovered.

In its September 2024 update, MARA revealed a 5% rise in its energized hashrate, bringing it to 36.9 exahash per second (EH/s). The company also noted a 6% bump in block wins, with 207 cumulative blocks secured last month, and a 5% increase in bitcoin production, totaling 705 BTC.

The company’s holdings now stand at 26,842 BTC, as it chose not to sell any of the bitcoin rewards mined last month. Other achievements include ongoing upgrades to its Granbury data center, which is transitioning to immersion cooling technology.

MARA said it remains on course to reach a hashrate of 50 EH/s by the end of the year. In addition, the company further disclosed it reaffirmed its dedication to environmental transparency, becoming the first publicly traded digital asset compute firm to submit a disclosure to the Climate Disclosure Project (CDP).

Source: https://news.bitcoin.com/mara-purchases-bitcoin-in-september-expands-hashrate-and-holds-mined-btc/

Bukele Advises Argentine Vice President on Bitcoin and Volcano Bonds

During his official visit to Argentina, Bukele met with Victoria Villarruel, the nation’s vice president, to discuss cryptocurrency and the Salvadoran experience with Bitcoin. While the meeting was private, a video released before the meeting shows Villarruel asking Bukele about the first cryptocurrency and the yet-to-be-issued bitcoin-backed “volcano bonds.”

Bukele Talks Cryptocurrency and Bitcoin Bonds With the Argentine Vice President

Argentine Senators and the executive are very interested in bitcoin. During an official visit to Argentina, El Salvador’s President Nayib Bukele met with a group of national senators and the country’s vice president, who touched on the cryptocurrency subject.

While the discussion was private, a video before the meeting shows Argentine Vice President Victoria Villarruel inquiring about the Salvadoran experience in the field of bitcoin, having already several years of approving the cryptocurrency as legal tender.

Villarruel stated:


Furthermore, Villarruel also showed interest in the so-called volcano bonds, which have been on hold for several years. Bukele proposed these bonds as part of the financing scheme of the still-to-be-constructed Bitcoin City, a bitcoin-centric metropolis announced in 2021.

After the meeting, Villarruel confirmed that cryptocurrency regulation had also been discussed during the encounter. “We were able to talk about the implementation of Bitcoin, the creation of the CNAD (National Commission of Digital Assets) which is the first body that provides a legal framework and regulation for cryptoassets,” she disclosed on social media.

As part of this visit, Bukele also met President Milei to examine topics such as the issuance of zero-deficit budgets, security plans, and politics. Nonetheless, bitcoin was not included in the agenda.

While Milei has not declared clearly in favor of bitcoin, he has stated that in the future, anyone will be able to use bitcoin as part of the currency competition plan he envisions. Other currencies can also be leveraged as part of this proposal.

Source: https://news.bitcoin.com/bukele-advises-argentine-vice-president-on-bitcoin-and-volcano-bonds/

New Bitcoin Investors Show Confidence Amid Market Recovery, Says Glassnode

In a report by Glassnode and researchers Cryptovizart and Ukuria OC, bitcoin has reclaimed a key short-term cost basis after the Federal Reserve’s recent interest rate cut. This recovery signals the potential for further price momentum, although broader market conditions remain cautious.

Bitcoin Reclaims Short-Term Cost Basis

According to Glassnode, bitcoin’s price has risen above the short-term holder cost basis of $61,900 following the Federal Reserve’s 0.5% interest rate cut. The onchain analysis says this marks a notable recovery, with the potential for further technical significance if the price stays above the 200-day moving average of $63,900.

Nevertheless, in spite of this progress, the market remains in a period of consolidation, with capital inflows slowing after the all-time high in March 2024. “Short-term holders are under marginally less pressure as prices rise above their cost basis, after a period of net capital outflows,” the report states.

The analysis further emphasizes that newer investors have shown resilience, with smaller realized losses compared to previous market corrections, including the mid-2021 sell-off and the March 2020 crash.

Despite being underwater, many new bitcoin investors remain confident in the overall uptrend. “The cost basis of younger coins is currently trading below that of older coins, suggesting the market is experiencing a net outflow regime,” Glassnode’s onchain report details.

The researchers add:


The report also compares the current market structure to the 2019-2020 period of extended consolidation, drawing parallels to the gradual market recovery at that time. Additionally, the perpetual futures market reflects cautious optimism.

Although there is increasing demand for long positions, the market has not yet reached the bullish levels seen during previous rallies. Funding rates for long-side leverage have improved slightly, but remain modest compared to early 2023 levels.

Source: https://news.bitcoin.com/new-bitcoin-investors-show-confidence-amid-market-recovery-says-glassnode/

Bitcoin Enters Positive Seasonal Trend, Demand Key to Further Growth: Cryptoquant

Bitcoin is entering a period of traditionally positive performance, according to the latest analysis from Cryptoquant and its researchers. However, for bitcoin to reach new highs, increasing demand will be crucial as current levels remain stagnant

‘Demand Has a Lot of Room to Grow’

Cryptoquant‘s latest report highlights bitcoin’s strong historical performance during the fourth quarter, particularly in years following a halving. In 2012, 2016, and 2020, bitcoin saw gains of 9%, 59%, and 171%, respectively, in Q4. At the end of September 2024, bitcoin’s price trends closely mirrored those of previous halving years, leading to optimism for continued growth.

“Bitcoin’s apparent demand growth has remained muted basically since July, oscillating between -23K and +69K bitcoin on a monthly basis,” the report published on cryptoquant.com states.

The analysis adds:


Source: https://news.bitcoin.com/bitcoin-enters-positive-seasonal-trend-demand-key-to-further-growth-cryptoquant/

Bitcoin ETFs Bleed $242M While Ethereum Funds Follow With $48M in Losses

On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) saw $242.53 million exit, following a sharp drop in bitcoin’s value. Similarly, the nine spot ethereum ETFs experienced a loss of $48.52 million in the day’s trading.

Fidelity and Grayscale Lead the Pack in Tuesday’s ETF Outflows

After a series of positive inflows, the 12 U.S. spot bitcoin ETFs hit a roadblock on Tuesday. According to sosovalue.xyz metrics, $242.53 million flowed out, with Fidelity’s FBTC leading the pack by shedding $144.67 million. ARKB followed with a $84.35 million loss, BITB saw $32.7 million exit, HODL faced a $15.75 million withdrawal, and Grayscale’s GBTC recorded a $5.9 million loss.

The bright spot was Blackrock’s IBIT, which managed to capture $40.84 million in gains, helping to counterbalance some of the overall losses. The remaining six funds didn’t see much action, ending the day with neither gains nor losses. Despite Tuesday’s setbacks, the 12 funds still hold a combined net inflow of $18.62 billion and collectively account for $57.36 billion in bitcoin reserves, representing 4.77% of bitcoin’s market capitalization.

Meanwhile, the nine ethereum ETFs didn’t fare much better, with $48.52 million exiting on Tuesday. Grayscale’s ETHE led the losses with $26.64 million, followed by Fidelity’s FETH, which lost $24.97 million. Rounding out the day, Bitwise’s ETHW saw a $895,650 loss. However, not all funds were in the red—Vaneck’s ETHV pulled in $2.74 million, while 21shares’ CETH gained $1.25 million.

The rest of the ether funds saw a quiet day with no notable gains or losses. Tuesday’s losses brought the nine ethereum ETFs to a cumulative net outflow of $572.31 million since July 23. Together, the funds now hold $6.81 billion in ether reserves, which account for 2.31% of ethereum’s total market value. The day saw $2.53 billion in trade volume for bitcoin ETFs and $290.81 million for ethereum ETFs. At 8 a.m. EDT on Wednesday, bitcoin was trading at $60,948, while ethereum was priced at $2,450.

Source: https://news.bitcoin.com/bitcoin-etfs-bleed-242m-while-ethereum-funds-follow-with-48m-in-losses/

Cleanspark CEO Predicts Bitcoin $200K Peak Within 18 Months

Cleanspark CEO Zach Bradford predicts a dramatic rise in bitcoin’s value, forecasting a peak near $200,000 within the next 18 months. His outlook suggests rapid growth followed by stability, driven by bitcoin’s current price behavior and broader market dynamics. He also links the U.S. presidential election to potential price surges, while emphasizing the advantages of bitcoin-only mining and innovative technologies like immersion cooling.

Cleanspark CEO Predicts Bitcoin Surge to $200K Amidst Market Shifts

The CEO of bitcoin mining firm Cleanspark (Nasdaq: CLSK), Zach Bradford, recently shared his bitcoin price prediction in an interview with Bernstein. Noting a potential rapid increase in bitcoin’s value before a prolonged period of stability, he predicted:


He also pointed to bitcoin’s recent price behavior as a positive indicator for future growth, stating: “One positive sign is that bitcoin’s extended flat period shows that sustained upside may last longer as well. Of course, this is all subject to macro events and other factors.”

Bradford expects the upcoming U.S. presidential election to have a significant impact on bitcoin, noting that the price may surge as soon as January. He opined:


The Cleanspark CEO emphasized the value of bitcoin-only mining companies, arguing that while some competitors are diversifying into AI, pure-play miners benefit from faster returns due to lower costs and more efficient operations.

Source: https://news.bitcoin.com/cleanspark-ceo-predicts-bitcoin-200k-peak-within-18-months/

Middle East Tensions Trigger Equities Sell-Off, Bitcoin Drops to $60,246

On Tuesday, major U.S. stock indices, including the Nasdaq Composite, Dow Jones Industrial Average, Russell 2000, and S&P 500, all closed in negative territory, driven by growing concerns over potential conflict escalation in the Middle East. According to the U.S. State Department, Iran launched nearly 200 ballistic missiles toward Israel. Following the announcement, bitcoin dipped to $60,246, while gold prices experienced a modest 1% rise.

Conflict Fears Rattle Markets: U.S. Stocks Slide, Bitcoin and Ethereum See Sharp Declines

On Oct. 1, 2024, reports flooded in stating that Iran had launched missiles at Israel, with most of the attacks successfully intercepted. However, Israeli military spokesperson Daniel Hagari noted that “a few hits” did occur. As the news broke, the markets reacted swiftly, and U.S. equities took a nosedive. The Russell 2000 (RUT) dropped 1.48%, the Nasdaq Composite (IXIC) fell 1.53%, the Dow Jones Industrial Average (DJI) slid 0.41%, and the S&P 500 (GSPC) lost 0.93%.

Globally, markets tightened as concerns mounted over the potential escalation into a world war. Social media is filled with discussions about World War III, and news outlets across the globe are delivering constant updates. Just like traditional stocks, the crypto market is feeling the pressure, shaken by news that has unsettled equity investors. The crypto market’s overall value has dropped to $2.12 trillion, down 5.59% over the past 24 hours.

Bitcoin (BTC) fell 4.86% on Tuesday, while ethereum (ETH) dropped 6.5%. The leading crypto asset, BTC, hit a low of $60,246 at 4:30 p.m. EDT, while ETH reached an intraday low of $2,412 before rebounding slightly to the $2,440 zone. Trading volume, however, has remained sluggish since the morning, sitting at $109.37 billion at press time. Although it’s still 33.12% higher than Sept. 30’s volume, much of the trading reflects sell pressure. By 5 p.m. on Tuesday, BTC managed to rise to the $60,800 range.

Meanwhile, gold and silver have edged up by roughly 1% each. At 4:30 p.m. EDT, gold had gained 1.07%, and silver had increased by 0.82%. The looming threat of war casts a heavy shadow over global markets, unsettling both traditional assets and crypto alike. Market participants are recoiling from uncertainty, and the prospect of further conflict is driving pervasive unease. As tensions grow, the fragile balance is being disrupted, sending markets into a cycle of fear and retreat, leaving no asset class untouched by the anxieties of war.

Source: https://news.bitcoin.com/middle-east-tensions-trigger-equities-sell-off-bitcoin-drops-to-60246/

Gomining Launches Foundation to Drive Innovation in Bitcoin L1 and L2 Projects

The GoBTC Foundation, established by Gomining, has been officially launched to strengthen Bitcoin’s onchain ecosystem. The foundation’s creation aims to support initiatives that foster greater transaction activity and ecosystem growth.

Foundation Established to Foster Bitcoin’s Infrastructure Growth

Gomining states that the GoBTC Foundation operates as a vertically integrated entity, focusing on Bitcoin’s layer one (L1) and layer two (L2) projects. The foundation seeks to boost onchain activity, driving transaction fees that benefit bitcoin miners, whose profits diminish over time due to halvings.

The foundation informed Bitcoin.com News that it collaborates with a diverse group of partners, including mining companies, investors, foundations, and bitcoin advocates, to enhance the entire Bitcoin ecosystem. To support new projects, the foundation offers two primary programs: a Launchpad for initial token offerings (IDO) and an Accelerator, which includes a 12-week mentorship initiative.

“We see strong enthusiasm for building in the Bitcoin community,” said Gadzhi Alievskey, the head of the newly launched foundation. “Innovations like BIP420, and Ordinals have sparked new energy, enriching the Bitcoin blockchain with exciting projects and enriching its culture.”

Alievskey added:


Gomining revealed that the Launchpad connects projects to its user base of more than two million, while the Accelerator offers mentorship from industry leaders and potential investment from Gomining and affiliated venture capitalists.

Through these programs, the foundation said it aims to promote projects that bring new advancements to the Bitcoin network. Gomining also noted that the foundation has already attracted more than 40 applications from startups eager to develop on Bitcoin. The foundation remains open to further applications, aiming to boost transaction volume and enhance the ecosystem.

This approach, the foundation’s announcment highlights, reflects the continual growth of Bitcoin’s infrastructure, where innovation and partnerships drive progress. By engaging with a wide range of stakeholders and providing targeted support, the foundation seeks not only to foster development but also to reinforce Bitcoin’s practical value.

Source: https://news.bitcoin.com/gomining-launches-foundation-to-drive-innovation-in-bitcoin-l1-and-l2-projects/

Bitcoin Price in South Korea Sees Largest Discount Since October 2023

According to recent data, the premium for bitcoin in South Korea briefly turned into a discount last week, a rarity since October 2023. While the premium quickly bounced back, it’s still hovering just below 1%.

Bitcoin Sees Steep Discount in South Korea, Premium Quickly Rebounds but Stays Below 1%

On Sept. 23, bitcoin (BTC) in South Korea was trading at a discount, its largest since October 2023, according to figures from cryptoquant.com (CQ). Specifically, the price was 0.55% below the global average. By Sept. 25, CQ reported that the discount had widened to 1.15%. But by the next day, the premium was back, with BTC trading 0.57% higher than the worldwide average.

Just two days ago, on Sept. 28, South Korea’s bitcoin exchange rate had aligned with the global average. South Korea often experiences a premium on bitcoin due to high demand, strict capital controls, and a more limited cryptocurrency supply. For instance, Upbit, the country’s top exchange by trade volume, offers far fewer coins than many global competitors.

While Binance boasts 425 coins and Bybit offers 662, Upbit lists just 215, and Bithumb carries 299. As of 2:30 p.m. EDT on Sept. 30, the South Korean premium stood at 0.60% on Upbit. Earlier this year, the premium hit significantly higher marks—on March 15, 2024, the day after BTC soared to $73,737, CQ recorded a premium of 10.88%.

Bitcoin is kicking off the week on a rough note, slipping 4% against the U.S. dollar over the past 24 hours. This Monday dip drags its weekly return down to a slight loss of 0.5%. On the evening of Sept. 29, BTC was hovering around $66,000, but by Monday’s trading sessions, the top crypto had been fighting to stay above the $63,000 mark as of 2:45 p.m. EDT.

Source: https://news.bitcoin.com/bitcoin-price-in-south-korea-sees-largest-discount-since-october-2023/

61 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerge in 2024

Recent data reveals that bitcoin wallets holding between 0.1 and 1 BTC have grown by an impressive 9,563 since the year began. Meanwhile, the number of crab wallets containing 1 to 10 BTC has shrunk by 7,783. Bitcoin dolphins, sharks, and whales, those with between 100 to 10,000 BTC, made a noticeable splash, with 101 new addresses surfacing since early January.

Address Shifts and Global Bitcoin Adoption

As of Sept. 29, 2024, according to bitinfocharts.com, a total of 21.83 million bitcoin addresses hold more than $100 worth of BTC. This marks a jump of 2 million addresses since the first week of January. Back then, 8.9 million addresses held over $1,000 in bitcoin, but that number has swelled by 1.63 million to reach 10.53 million today. For those tracking the bitcoin rich list, addresses holding more than $10,000 in BTC rose by 781,250, climbing from 2.72 million to 3.5 million.

Bitcoin dolphins (100 to 500 BTC), sharks (500 to 1,000 BTC), and whales (1,000 to 10,000 BTC) have welcomed 101 new addresses into their ranks. Of these, 40 fresh wallets now hold between 100 and 1,000 BTC, with those wallets valued between $6.56 million and $65.6 million. At present, 13,960 addresses fall into this range. Additionally, 61 new addresses have appeared since January, each holding between 1,000 and 10,000 BTC, or between $65.6 million and $656 million in value.

Right now, less than 2,000 addresses (1,975 to be exact) boast between 1,000 and 10,000 BTC. As for the largest bitcoin holders, there were 107 addresses controlling between 10,000 and 250,000 BTC at the start of the year, but that number has dipped slightly to 103. On Sunday, Mohamad Hassan Fahs, better known as Sani and the founder of timechainIndex.com, shared an interesting update on X regarding individual investors now holding around 11.6 million BTC.

He pointed out that the latest data shows there are 54,411,314 bitcoin addresses with a combined balance of 19.76 million BTC. Of these, 12,423,601 addresses each contain more than 1 million satoshis, accounting for almost 19.71 million BTC. According to Sani, timechainIndex.com data also highlights that about 155,000 addresses are tied to non-individual entities like exchanges, corporations, and governments, collectively holding approximately 8.1 million BTC.

His data suggests that the remaining 12.27 million addresses, assuming most are likely held by individual investors, collectively manage about 11.6 million BTC. Sani noted that if we assume each address represents a single person, it implies that around 0.15% of the world’s population holds a notable amount of bitcoin. “This highlights how early we are in the broader adoption of bitcoin, with current levels still falling short of many expectations,” he remarked.

The timechainIndex.com founder added:


Source: https://news.bitcoin.com/61-new-bitcoin-addresses-holding-1000-to-10000-btc-emerge-in-2024/

Hashprice Gains Give Bitcoin Miners a Much-Needed Boost After Sluggish Month

Bitcoin miners are finally catching a break after a sluggish September, with hashprice climbing 10.33% in the past 30 days. A solid 8.93% of that bump came within the last four days alone.

Hashprice Jumps Nearly 9% in 4 Days: Bitcoin Miners Catch a Break as September Nears End

On Aug. 29, 2024, mining revenues were lagging, with hashprice sitting at $42.98 per petahash per second daily. Fast forward to today, and the hashprice is 10.33% higher. For context, hashprice refers to the estimated daily earnings from 1 PH/s of Bitcoin’s hashpower. Miners have had a couple of boosts lately—a bump in BTC’s price and a 4.6% reduction in difficulty on Sept. 25.

On that day, BTC was trading between $62.5K and a little over $63K. By Sunday, Sept. 29, 2024, the price had inched up, and it’s coasting along at $65.7K as of noon EDT. That’s nudged today’s hashprice up to $47.42 per PH/s. While the price increase and lower difficulty have been a boon for miners, the hashrate is hovering at 631 exahash per second (EH/s)—only 10 EH/s above the 621 EH/s recorded on Sept. 16, which marked a low point after the peak of 693 EH/s.

Block intervals have been sluggish, clocking in at 10 minutes and 16 seconds—slower than the 10-minute average. The next difficulty adjustment is scheduled for Oct. 10, 2024, and with slower block times, we could see a drop in difficulty by around 2.74% to 2.9%. At the moment, there are just over 35 hours left in September, and it’s looking like miners might not hit the revenue numbers they did in August.

In August, bitcoin miners pulled in $851.36 million in total revenue, but so far this month, they’ve only made $761.79 million. That leaves them needing to rake in an additional $89.57 million in subsidies and fees before the month wraps up—a tall order unless BTC’s price makes a significant leap before October starts. Miners constantly face the challenge of maintaining profitability amid fluctuating conditions, leaving next month poised to bring new tests.

Source: https://news.bitcoin.com/hashprice-gains-give-bitcoin-miners-a-much-needed-boost-after-sluggish-month/