Category: Bitcoin News

Meme Coins Explode as Trump Wins Bitcoin Election

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Crypto traders rejoiced as pro-Bitcoin candidate Donald Trump won the US Presidential election in 2024, leading to numerous potential changes throughout the industry. Cryptocurrency exchanges, institutions and firms threw their weight behind the Republican candidate through donations to political action committees and the event, dubbed “the Bitcoin election” on social media platforms, catalyzed gains in several categories of cryptocurrencies, most notably in meme coins.  Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), among other meme tokens rallied in nearly double-digits in the last 24 hours. Meme coins…

HIVE Digital shares climb 11% on rise in Bitcoin holdings

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Cryptocurrency mining firm HIVE Digital has released its October production results, showcasing a 51% year-over-year growth in its Bitcoin portfolio value. Global Bitcoin (BTC) mining firm HIVE Digital reported that it mined 117 BTC in October, marking a 1% increase month-over-month and bringing its HODL portfolio to 2,624 BTC, a 51% increase compared to the previous year. In a Friday press release on Nov. 8, Frank Holmes, executive chairman of HIVE Digital, credited the firm’s portfolio growth to the team’s “prudent capital management,” which allowed the firm to “minimize dilution…

Swiss National Bank Chair Flags Crypto Risks, Calls Bitcoin and Ether a ‘Niche Phenomenon’

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Swiss National Bank (SNB) Chairman Martin Schlegel has cautioned about cryptocurrencies like bitcoin and ether, describing them as volatile and energy-intensive, and highlighting links to illegal activities that complicate regulation. Speaking at an event hosted by Aargauische Kantonalbank in Brugg, Switzerland, Schlegel noted that, while virtual currencies have seen significant growth, they remain a “niche […] Original

Trump’s Crypto Aide: U.S. Should Act Quickly to Incorporate a Strategic Bitcoin Reserve

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With Trump’s crypto allegiance and his new status as President-Elect of the U.S., talks of establishing a strategic bitcoin reserve have surged. While this can be achieved in several ways, Trump’s cryptocurrency aide and CEO of BTC.Inc., David Bailey, has suggested expediting this task, fearing a possible frontrunning movement from third parties. Trump’s Crypto Aide […] Original

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…

JPMorgan Stays Bullish: ‘We Are Positive on Bitcoin Into 2025’

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JPMorgan forecasts a bullish outlook for bitcoin through 2025, citing Trump’s economic policies and intensified “debasement trade” strategies favoring bitcoin and gold as hedges against currency devaluation. Bullish Outlook: JPMorgan Sees Bitcoin Poised for Gains Through 2025 Global investment bank JPMorgan released a report on Thursday, detailing how Donald Trump’s recent victory in the U.S. […] Original