Day: November 8, 2024

Bitcoin remains ‘niche phenomenon,’ Swiss central bank says

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Despite the substantial growth of crypto prices in recent years, Switzerland remains wary of virtual currencies, said Swiss National Bank Chairman Martin Schlegel. The Swiss National Bank remains cautious about crypto as Chairman Martin Schlegel stressed on Thursday, Nov. 7, that physical cash would continue to play a key role in the country’s payment landscape, Reuters reports. While cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have grown “enormously in recent years,” they still remain a “niche phenomenon,” Schlegel said. While he refrained from forecasting the future of the crypto market…

Block Inc. shifts focus to Bitcoin mining amid plans to sunset Web5-focused TBD

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Jack Dorsey founded payments firm Block Inc. is pivoting its focus towards the cryptocurrency mining sector. In a Nov. 7 shareholder letter, Block, formerly Square Inc., said it would dial down resources towards its music streaming service TIDAL, and sunset TBD, a venture focusing on decentralizing the internet, to focus on expanding its presence in the Bitcoin mining sector. Block acquired TIDAL in a 2021 acquisition for roughly $300 million, as the streaming service was facing stiff competition and failing to gain traction. The platform has continued to struggle, with…

Bitcoin ETFs break record with $1.38b inflows led by BlackRock’s IBIT

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On Nov. 7, U.S. spot Bitcoin ETFs recorded a historic $1.38 billion in net inflows, marking the highest single-day inflow since their inception, driven primarily by BlackRock’s IBIT. According to data from SoSoValue, BlackRock’s spot Bitcoin ETF alone accounted for $1.12 billion of the total net inflows on the day, a historic high that reversed the previous two days of outflows totaling $113.3 million. IBIT’s inflows accounted for over 81% of the total $1.38 billion in net inflows recorded across the 11 U.S.-listed spot Bitcoin ETFs on that day. Following…

Expert Hints At Even Greater Heights Ahead

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Este artículo también está disponible en español. The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris.  As Trump prepares to take office for a second term, his ongoing commitment to making the United States the “crypto capital of the world” has ignited bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals. ‘$13 Million Bitcoin Price Target Is Bearish’ Dennis Porter, CEO and co-founder of the Satoshi Action Fund has been vocal about…

El Salvador Leader and Trump Discuss High Stakes: Dangerous Past and Future Strategy

El Salvador’s President Nayib Bukele has shared details of his conversation with U.S. President-elect Donald Trump, touching on Trump’s victory, near-death experience, and their shared ambitions. El Salvador Leader and Trump’s Private Exchange: From Victory to a Brush With Deaths El Salvador’s President Nayib Bukele shared details of his phone conversation with U.S. President-elect Donald […] Source BitcoincryptoexchangeExchanges CryptoX Portal

BNB Price Set to Surge: Could It Be the Next Big Mover?

BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level. BNB price started a downside correction from the $612 resistance zone. The price is now trading above $590 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $588 level to start another increase in the near term. BNB…