Cryptocurrency

The conference saw massive political participation, with Donald Trump and multiple Republican politicians, as well as a handful of Democrats, in attendance. Jefferies noted that Trump’s promises to appoint crypto-friendly regulators could tie the near-term price of Bitcoin to the outcome of the US Presidential election. Trump pledged to create a crypto industry presidential advisory council and make the US the “crypto capital of the planet.”Turning to the fundamentals, Jefferies analysts cut Marathon Digital’s (NASDAQ:MARA) target to $21.57 from $22 per share and lifted Argo Blockchain’s (NASDAQ:ARBK) target to $1.63 from $1.20.They highlighted that these price targets are derived from a discounted cash flow analysis, with key risks including lower Bitcoin prices, rapid increases in network hash rate, construction delays at hosting providers, higher costs of ASIC miners, and regulatory intervention.Jefferies wrote that while the halving event is now behind us, many Bitcoin miners were surprised to see the network hashrate actually decline. Despite a 5% rise in Bitcoin prices since the halving, the hashrate dropped by 3% in May and 5% in June. This decline made mining profitability better than initially feared. According to Jefferies, “Mining revenue per EH is down roughly 40-45%, instead of a full halving of revenue. Major Bitcoin miners are still in growth mode, with Marathon Digital Holdings expecting to grow to 50 EH by the end of 2025, Riot Platforms (NASDAQ:RIOT) planning to reach 56.6 EH, and CleanSpark (NASDAQ:CLSK) targeting 50 EH by the same time.”Meanwhile, some miners are shifting towards AI and GPU compute requirements to diversify revenue away from Bitcoin mining. Core Scientific (NASDAQ:CORZ), for example, has emerged from bankruptcy and shifted about half of their MW capacity towards AI data centers. “The shift towards AI is a clear effort to grab strong demand and diversify revenue,” Jefferies added.The investment bank also suggests more M&A activity is likely, with access to power being more valuable than mining fleets. Recently, Riot acquired Block Mining, a private platform with nearly 300 MW of power capacity across three sites in Kentucky. More

The “cup and handle” pattern is a classic chart pattern used in technical analysis, which typically indicates a bullish continuation. The pattern resembles a cup with a rounded bottom, followed by a consolidation period, which forms a “handle.” A breakout from this pattern often signals significant upward movement, which Pal suggests could propel Bitcoin into the Banana Zone.If the Banana Zone scenario is indeed about to happen, the numbers for Bitcoin’s price figure are unimaginable. But to predict something certain on the crypto market is rarely a good idea.This article was originally published on U.Today More

Starknet, developed by StarkWare, is renowned for its advances in ZKP technology, which enhance the privacy and security of blockchain transactions. ZKPs allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. This technology is fundamental to scaling blockchain networks, which will enhance BeL2’s ability to integrate complex smart contracts while maintaining Bitcoin’s integrity and security. As the integration with Starknet and the Cairo programming language expands, BeL2 will deliver further advancements in smart contract capabilities, decentralized arbitration, and innovative financial products. At Token 2049, BeL2 will demonstrate further innovations in its core technologies, particularly around arbiters, which will underline the Elastos vision to deliver a more equitable, decentralized financial system anchored by Bitcoin.About ElastosElastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works for them to better control their own data.https://www.linkedin.com/company/elastosinfo/ContactPR LeadRoger DarashahElastosroger.darashah@elastoselavation.orgThis article was originally published on Chainwire More

This week, investors await the release of key economic data and the Federal Reserve’s July meeting slated for the week. The Fed’s meeting will begin on Tuesday and end on Wednesday, with an announcement of interest rates and new monetary policy guidance.Rates are widely expected to remain steady, but investors are looking for signals about when and how many rate cuts may occur this year. They will therefore be intently following any policy guidance issued by the central bank, as well as the post-meeting press conference with Fed Chairman Jerome Powell.On Friday, the personal consumption expenditures (PCE) price index, the Fed’s preferred inflation metric, came in as expected. In June, the PCE grew 0.1% from the previous month and 2.5% from a year ago.Traders were recently pricing in a strong possibility of the first interest rate decrease occurring in September. While Fed officials have repeatedly stated that they are looking for more evidence that inflation is steadily returning to 2% before cutting rates, Fed Chair Jerome Powell indicated earlier this month that the central bank may not wait until inflation reaches this target before cutting rates. At the time of writing, BTC was up 2.65% in the last 24 hours to $69,520. Several cryptocurrencies were likewise trading in green. Ethereum, Solana and Dogecoin posted gains between 2% and 4%. Bitcoin spinoff Bitcoin Cash gained as much as 15%. The Fed meeting later this week is likely to lay the framework for the commencement of a rate-cutting cycle, which is considered favorable for cryptocurrencies; this expectation lifted market sentiment.Bitcoin is around $4,400 lower than its all-time high of about $74,000 in March. Inflows into specific U.S. exchange-traded funds have raised Bitcoin’s value this yearThis article was originally published on U.Today More

The event saw a noticeable rise in Bitcoin’s price, fueled by the anticipation that Trump might advocate for Bitcoin to become a strategic reserve asset. Oppenheimer analysts said in a note Monday that “the vibe was upbeat because, regardless of what he was going to say, his presence alone was touching for a lot of bitcoiners/voters.”The bank said that Trump’s announcement regarding his vision of a strategic national Bitcoin reserve, along with his favorable comments on stablecoins and opposition to Central Bank Digital Currencies (CBDCs), was a key highlight of the conference. Adding to the momentum, Senator Lummis also unveiled plans to introduce a strategic Bitcoin reserve bill.Analysts are optimistic about the long-term prospects for Coinbase (NASDAQ:COIN), especially in light of these developments. They believe that “increasing regulatory clarity and digital assets becoming mainstream can increase the chance that COIN will be included in the S&P 500.” This regulatory clarity and growing acceptance of digital assets are seen as critical factors that could propel Coinbase into a prominent position in the financial markets.Analysts further emphasized that “we are getting closer to a monumental turning point for blockchain development in the US.” They view Coinbase as an attractive option for investors seeking exposure to blockchain technology in their portfolios, reinforcing their positive long-term outlook on the company.In conclusion, Trump’s comments at the Bitcoin Conference 2024 have been seen as very bullish for Coinbase, reflecting a significant step toward broader acceptance and regulatory clarity for digital assets in the United States. More

Paul Vigna, co-author of the “The Age of Cryptocurrency” book, also made a comment on that suggestion, and Mow basically responded to him, citing Vigna’s tweet in his own.Mow responded to that, saying that he saw that as the beginning of conversations on whether Bitcoin is a reserve asset or not. The JAN3 boss shared his expectations, saying that “The preconception of what is a “safe asset” and what is “volatile” will be shattered in the coming months.” Perhaps this is another statement of the “super bullish Bitcoin news” that he promised last week, saying that it will become known within the next few days.Overall, Mow is a believer that within the next year, Bitcoin is bound to skyrocket to $1 million per coin. On Saturday, he tweeted that by 2045 he does not expect the U.S. dollar to exist.That happened as, over the past 24 hours, the global flagship digital currency gained approximately 3.7% and came very close to recapturing the $70,000 price level. There was one particularly big hourly green candle that pushed Bitcoin up 1.45%. As of this writing, BTC is trading in the $69,500 zone. As for a slightly broader picture, since last Thursday, Bitcoin has increased by 8.57%, gradually soaring from the $64,030 price tag.This article was originally published on U.Today More

DOP, the Data Ownership Protocol has announced its upcoming deployment on Polygon PoS. This move aims to enhance interoperability and efficiency, giving users greater control over their personal information on the Polygon network through selective transparency.Additionally, as DOP joins the Polygon ecosystem, the protocol will have access to numerous potential integrations and synergies with other projects and applications within the network. This increased interoperability will enable broader adoption of DOP’s selective transparency features, allowing more users to control their personal information across a wider range of decentralized applications.ContactMarketingDOPmarketing@dop.orgThis article was originally published on Chainwire More

On that podcast, Musk answered a question about what he thinks about Bitcoin now, and also about YouTube videos where he was caught speaking about Bitcoin two years ago.However, Musk made it clear that he does not intend to promote crypto…any crypto. The maximum he would do, though, he added, was to do it “in a joking way.” He also said that if anyone sees a video where he is pumping crypto, that is a deepfake.Some leading Dogecoin army accounts have, perhaps, taken this statement as “joking advertising” of DOGE as they began reposting this quote by Musk, together with memes, where parts of the “Lion King” animated movie were used.In the past few years, when Musk was tweeting about the canine coin much more frequently, his tweets were able to push the DOGE price up high. But later on, his power to impact the coin’s price weakened tremendously. As reported by U.Today, last week, Elon Musk’s X platform removed hashmojies of Bitcoin and other cryptocurrencies, and they no longer show when you add a crypto hashtag.This article was originally published on U.Today More