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Bitcoin News
Bitcoinist
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Image Credit: Bitcoinist
Bitcoin Price Could Surge Following Chinese Economic Stimulus: Here’s Why
- The People’s Bank of China (PBOC) has cut the reserve requirement ratio (RRR) by 50 basis points (bps), injecting $113 billion of liquidity into the Chinese equity market.
- This move is expected to create a stock stabilization fund and potentially reduce borrowing costs on mortgages amounting to $5.3 trillion.
- Cryptocurrency analyst Jamie Coutts suggests that the global trend of rate cuts could be bullish for Bitcoin, citing historical data showing Bitcoin's price surge following PBOC stimulus.
- With lower borrowing costs and the recent halving, analysts predict bullish momentum for Bitcoin, although views on its future price vary.
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Newsbtc
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Bitcoin Correlation With Gold Now At Highest Level Since March
- Bitcoin correlation with Gold has reached its highest level since March.
- The correlation metric between BTC and Gold is currently at 0.75.
- The positive correlation suggests that Bitcoin and Gold prices are moving in the same direction.
- Investors see Bitcoin as a safe-haven asset amid recession fears and a lack of confidence in the dollar.
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8 Likes
Pymnts
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Image Credit: Pymnts
Stablecoins, Tokenization and Caroline Ellison Headline This Week in Web3
- Stablecoins, tokenization, and regulatory scandals dominated the Web3 industry this week.
- Stablecoins have emerged as a critical component in the financial ecosystem, offering a bridge between traditional financial world and blockchain payments.
- Many major companies, including PayPal, have been using stablecoins to offer products and services.
- MEME coins, the crypto space’s volatile alter ego of stablecoins, have been surging due to the federal reserve’s interest rate cut.
- Fiat-cryptocurrency payment gateway Alchemy Pay’s Virtual Card now supports Google Pay. This gateway will allow users to make more quicker and secure payments for everyday transactions.
- At the same time, Visa and Singapore-based digital payment solutions provider dtcpay have also formed a partnership to make digital payments.
- The PYMNTS Intelligence report “Shopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance” shows that tech-driven consumers are the most common users of cryptocurrency for everyday transactions.
- Meanwhile, the broader digital asset landscape is struggling to cope up with increased regulatory scrutiny after the collapse of FTX.
- Caroline Ellison, Alameda chief executive and former girlfriend of FTX founder and criminal conman Sam Bankman-Fried, was given a two-year prison sentence for her role in the collapse of FTX crypto exchange.
- Meanwhile, Coinbase Global aims to force the SEC to create new rules for digital assets as the current regulations are not compatible with cryptocurrencies.
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Coin Telegraph
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Solana may hit $330 and reach 50% of ETH market cap — VanEck research
- Solana (SOL) may reach $330 and reach 50% of Ethereum's (ETH) market cap, according to a report from VanEck.
- Solana's superior speed and transaction processing metrics, with a throughput 3,000% higher than Ethereum's, contribute to its potential growth.
- Solana also boasts a daily active user count that is 1,300% higher than Ethereum's and significantly lower transaction fees.
- The report highlights Solana's advantage in payments and remittances, particularly for decentralized finance activities and leveraging cost savings for users.
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Bitcoinmagazine
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PayPal Enables Business Accounts to Buy, Hold, and Sell Bitcoin And Crypto
- PayPal has enabled its U.S. business account holders to buy, hold, and sell cryptocurrencies like Bitcoin.
- This service is available nationwide except in New York State.
- U.S. merchants can now transfer cryptocurrency to third-party wallets.
- PayPal's expansion into crypto for businesses is a part of its ongoing digital currency initiatives.
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22 Likes
Hackernoon
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Image Credit: Hackernoon
Bitcoin and Fractional Reserve: An Off-Chain Possibility?
- Off-chain community governance raises delicate questions about the invisible forces operating behind supposedly decentralized communities.
- The fractional reserve system has been one of the cornerstones of the much-criticized current fiat system.
- These contemporary institutions could be managing the rights to digital assets in ways that deeply affect market dynamics and Bitcoin’s real value.
- Tyler Durden has argued that the issuance of IOUs allows large players like BlackRock to borrow more Bitcoin than they actually hold.
- The practice of fractional reserve has its roots in gold management centuries ago.
- This mechanism could be suppressing the price of Bitcoin by artificially inflating the total supply of BTC in the market.
- In the world of Bitcoin, this type of fractional reserve arises when exchanges issue more promises of Bitcoin than they can truly back.
- Transparency and trust are essential for market stability in the crypto environment.
- Proof of Reserves (PoR) is presented as a crucial tool to ensure that exchanges and cryptocurrency platforms do not resort to fractional reserve practices with Bitcoin.
- Without a robust PoR system, platforms could be operating under fractional reserve-like schemes, risking market stability and investor security.
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20 Likes
Cryptonews
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Satoshi Era Wallet Worth $77 Million, Moves BTC Mined in 2009
- A Satoshi-era wallet, containing Bitcoins mined in 2009, has moved 5 BTC out of its 1.2k in holdings.
- These Bitcoins, originally mined on an everyday PC, are now worth $77 million.
- The wallet had been dormant for years, but recently made a withdrawal of $317k, leaving it with holdings valued at $77.2 million.
- Speculations have arisen regarding the wallet owner's identity, with some suggesting it may belong to Hal Finney's family.
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Stackexchange
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Which is the hash-preimage of a 2-input transaction?
- When verifying a two-input transaction in Bitcoin, the process for building the hash-preimage involves including information from both inputs.
- To verify each input in a two-input transaction, the hash-preimage includes the scriptSig and sigHash placement for each input.
- The result of these steps is double hashed.
- An example and further explanation can be found in the provided code for verifying one-input and one-output transactions.
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5 Likes
Coinpedia
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Is the Bitcoin Bull Run Over? Sharpe Ratio Hits ‘High Risk’ Zone
- The Bitcoin market entered a 'high risk' zone in March 2024, as indicated by the Sharpe Ratio chart.
- Past instances of the Bitcoin Sharpe Ratio entering the 'high risk' zone have been followed by price corrections or downtrends.
- While the historical pattern suggests potential volatility, it's crucial to approach the situation with caution.
- Bitcoin's entry into the 'high-risk' zone on the Sharpe Ratio could indicate a potential price correction.
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10 Likes
Bitcoinchaser
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Snoop Dogg Dollars: The Newest Exclusive from Roobet!
- Roobet has released an exclusive casino game called Snoop Dogg Dollars, in collaboration with hip-hop icon Snoop Dogg.
- Snoop Dogg has been an ambassador for Roobet and has added his unique style to their platform.
- Snoop Dogg Dollars is a street-style slot game with special symbols and exciting features such as cluster pays, free spins, sticky wilds, and increasing multipliers.
- The game is exclusive to Roobet and offers players a unique experience in the crypto gaming world.
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1 Like
Bitcoinist
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Image Credit: Bitcoinist
One Week Left Until ‘Uptober’: Analyst Shares How High The Bitcoin Price Can Go
- Crypto analyst predicts that Bitcoin's price could surge as high as $150,000 in October, based on historical bullish trends in Q4.
- The term 'Uptober' describes the typical upward pricing pattern seen during October in the crypto market.
- Analysts suggest that Bitcoin could experience a breakout within a few weeks of October, following a bearish period in September.
- Bitcoin expert notes similarities between Bitcoin's price action in September 2024 and the upward momentum observed in September 2023, projecting a potential price surge to $112,000.
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Cryptonewsz
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Analyst Says Bull Market Could Begin If Bitcoin Breaks Above This Level
- Bitcoin’s recent price action has triggered analysts and traders to closely watch a key resistance level that could signal the start of a new bull market.
- Crypto analyst Crypto Rover believes that if Bitcoin can break above a previous high just shy of $70,000, the bull market will begin.
- Other analysts highlight additional bullish indicators, such as Bitcoin MACD about to make a bullish cross-over on the 5-day chart and Bitcoin reclaiming its 200-day Moving Average.
- These analyses converge on the notion that Bitcoin is approaching a critical juncture, which could potentially lead to a rally.
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17 Likes
Tokenhell
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Satoshi-Era Bitcoin Whale Moves Coins Worth $850K After 15 Years
- An anonymous Bitcoin whale, who participated in mining the earliest blocks, transferred $850,000 worth of coins to Kraken exchange.
- The whale, holding mined BTC worth over $75 million, made another BTC transfer to their Kraken account three weeks ago after 15 years of dormancy.
- Another Bitcoin whale, who mined in 2009, moved coins worth over $1.2 million to various exchanges, now holding $16 million in Bitcoin.
- Analysts disassociate Satoshi Nakamoto from the latest Bitcoin transfer, claiming it doesn't match the pattern of blocks Nakamoto mined.
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12 Likes
Newsbtc
1M
342
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SUI Eyes $1.45 Retest Following Breakout: Will Bulls Defend Support?
- SUI is preparing to retest the $1.45 level following a breakout, with bulls needing to defend this support.
- Key technical indicators suggest a potential decline toward $1.45, indicating a weakening bullish momentum.
- A successful retest may pave the way for further upward movement, targeting resistance at $2.18 and beyond.
- Failing to hold the $1.45 support could lead to a deeper correction toward $1.22 and potentially a bearish reversal.
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20 Likes
Zycrypto
1M
429
Image Credit: Zycrypto
Bitcoin Primed For Astronomical Rise To $300,000 As Popular Analysts Spot Perfect Bullish Historical Patterns
- Bitcoin analysts predict an explosive move in BTC's price.
- Technical analysis suggests a step-like formation on Bitcoin's chart.
- An ascending broadening wedge pattern indicates a potential pre-breakout level.
- Based on this analysis, a price target of $300,000 for Bitcoin in 2025 is predicted.
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25 Likes
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