Kennedy has recently proposed that the federal government should purchase Bitcoin until its holdings align with the value of the nation’s gold reserves. Currently, the US gold reserves amount to around 8,133 tonnes, valued at approximately $615 billion. This would translate to roughly 9.4 million BTC, accounting for nearly 45% of the total Bitcoin supply.
Crypto
Ethereum saw a significant drop in price despite the launch of several ETFs. The support level at $3,300 turned into resistance as the price fell by over 10%. This could potentially lead to further downward pressure, with a target of $2,800 if buyers do not step in. The volatility created by the ETF launch may
As we approach Friday, July 26, the market is anticipating a significant event in the cryptocurrency space. Around 61,200 Bitcoin options contracts are set to expire with a notional value of approximately $4.26 billion. This particular expiry event is larger than usual expiries due to it being at the end of the month. Despite the
In a surprising turn of events, a Bitcoin mining device with a hashrate of only 500 gigahashes per second (Gh/s) managed to mine a block on July 24, earning a reward of $206,000 in Bitcoin. This feat is particularly remarkable considering the device has just a 1 in 1.1 billion chance of achieving such a
The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has been a long and drawn-out process, with the trial phase starting in April 2024, more than three years after the initial process began. Despite being in its final stage, the conclusion is yet to be reached. Ripple’s CEO has hinted
The second day of trading for the spot Ethereum ETFs saw a significant shift in investor sentiment, with over $133 million being withdrawn from the largest financial vehicles. This led to a massive price drop in the underlying asset, with Ethereum’s price plummeting by 10% in a single day. This stark reaction confirmed earlier predictions
Cynthia Lummis recently raised concerns about the Biden administration’s proposal to impose a 30% excise tax on the energy consumed by Bitcoin miners. She argues that this tax could have severe consequences for the growing Bitcoin mining industry in the U.S. Lummis believes that the administration’s concerns about environmental pollution and risks to the energy
BitcoinOS developers achieved a groundbreaking feat in blockchain history by successfully verifying the first-ever zero-knowledge proof (ZKP) on the Bitcoin mainchain. This pivotal moment has paved the way for revolutionary advancements in Bitcoin layer 2 rollup systems, promising unparalleled scalability and functionality without the need for modifications to the underlying consensus code. The final verification
The recent news of Mt. Gox initiating repayments to creditors affected by the 2014 hack has brought both relief and concern to the crypto market. While Kraken has successfully distributed all the Bitcoin and Bitcoin Cash owed to Mt. Gox creditors, the price of these cryptocurrencies has remained stable. This stability could be attributed to
As Ethereum’s price consolidates above the 100 and 200-day moving averages, it indicates a bullish trend in the market. The breakout above the critical 100-day moving average at $3,354 led to a period of sideways fluctuation, showing an equilibrium between buyers and sellers. The launch of spot ETH ETFs has brought upward momentum targeting the
