Cryptocurrency

The world’s largest cryptocurrency broke out of a trading range seen in the past two weeks after Trump ended speculation over his pick for the SEC Chair by nominating former commissioner Paul Atkins. Atkins has openly expressed support for digital assets.Bitcoin rose 7.5% to a record high of $103,719.4. Atkins will replace incumbent SEC Chair Gary Gensler, who said he will step down as Trump takes office in January.Genseler had led a two-year crackdown on alleged bad actors in the crypto industry, launching enforcement action against several major companies, including Coinbase (NASDAQ:COIN) and Ripple, over allegations of selling illegal securities. Atkins- who is a seasoned financial regulator- is expected to adopt a less strict stance against crypto. He has advocated for deregulation and has expressed support for digital assets. “Atkins… recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump said in a social media post. Altcoin XRP was one of the biggest beneficiaries of speculation over Atkins’ nomination. The token rallied to six-year highs this week on hopes that the SEC will drop its long running lawsuit against issuer Ripple. Trump is also expected to potentially shift regulatory oversight for crypto to the Commodity Futures Trading Commission from the SEC.Federal Reserve Chair Jerome Powell compared Bitcoin to gold in a Wednesday address.Speaking at a New York Times (NYSE:NYT) event, Powell said Bitcoin was a competitor for gold, not the dollar, in that traders treated it as a speculative asset rather than a usable currency. Broader crypto prices also mostly rose in anticipation of friendlier policies under Trump.World no.1 altcoin Ether rose 5% to $3,865.31. XRP slid 11.8% as traders locked-in recent profits from a sharp melt-up in the token. Cardano was flat, while Solana fell 1%. Polygon lost 2.6%, although all three tokens were sitting on strong gains in recent weeks.Meme tokens fared much better, with Dogecoin up nearly 8%. The coin was likely referenced by Trump with the formation of the Department of Government Efficiency (DOGE), which will be co-led by Dogecoin enthusiast Elon Musk. More

The firm said it will launch its first satellite- CTC-0- on December 21. The mission will take off from the Vanderberg Space Force Base aboard SpaceX’s Falcon 9 rocket, as part of the Bandwagon-2 rideshare mission. The mission is a collaboration between SpaceX and Exolaunch to put satellites from 22 different customers in space. Spacecoin is a decentralized physical infrastructure network that plans to use low-orbit nanosatellites to provide internet access. The firm said that the satellite launch was the first step in its plans to bring unfettered, decentralized access to the internet to underserved areas in the globe, such as emerging markets.The December launch will be used to conduct a pilot test with partners in Africa and South Asia, and will be followed by more satellite launches and pilot tests in 2025. Spacecoin is aiming for a Q4 2025 launch of its services, according to a roadmap on the company’s website. The service is built on the Creditcoin blockchain, and will use the layer-1 blockchain’s credit capabilities. The Creditcoin token was trading at around $1.6 on Thursday, up 139% so far in 2024, and has a market capitalization of about $644 million.Spacecoin claimed the service will use direct-to-cell coverage technology, connecting directly with users’ phones and bypassing the need for ground infrastructure. It was not immediately clear whether the firm had received regulatory approval to provide the service.Spacecoin said that the internet service will be managed by its blockchain-powered Spacechain protocol, keeping the service decentralized. The firm also estimated low monthly costs for operating the service- around $1 to $2 per user in emerging markets. The service will be compliant with 3GPP industry standards, and will also use open source architecture. Elon Musk’s Starlink, which is currently the biggest provider of satellite internet services, recently received clearance from the Federal Communications Commission to provide T-Mobile customers with direct-to-phone services.  More

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Many Bitcoin (BTC) enthusiasts have their prospects for the future based on assumptions that might or might not prove true. This scenario played out in many cases during Bitcoin’s history. For instance, Bitcoin Cash (BCH) proponents were proven wrong about the vector of Bitcoin’s progress, Lopp added.Even if Bitcoin’s 21 million coin supply remains unchanged, the way people actually use Bitcoin (BTC) cannot be predicted:As covered by U.Today previously, Bitcoin Cash proponent Roger Ver filed a motion to dismiss a tax evasion indictment against himself.When it comes to Bitcoin’s (BTC) price predictions for 10-20 years ahead, many experts share uber-bullish forecasts.While Galaxy Digital (TSX:GLXY) CEO Mike Novogratz estimates $500,000 as a reasonable target for the BTC price, Samson Mow advocates his $1,000,000 model.This article was originally published on U.Today More

Atkins is currently the CEO at Patomak Global Partners (NYSE:GLP). He served as SEC commissioner from 2002-08.Bitcoin price is steadying below recent peaks as traders awaited more cues on U.S. monetary policy and what Donald Trump’s administration will entail for crypto. Major altcoins performed better on the day.Bitcoin rose 0.4% to $95,611.0 by 13:56 ET (17:56 GMT), remaining largely within a trading range of $90,000 to $100,000 established over the past two weeks.While the world’s largest crypto had risen sharply after Trump won the 2024 presidential elections, it turned rangebound after failing to cross the coveted $100,000 level. Crypto markets were largely anticipating more cues on policy from Donald Trump, following promises of friendlier regulation from the President-elect. Trump had vowed to make America the crypto capital of the world, and had also floated the idea of a Bitcoin national reserve. Trump’s cabinet picks- particularly for the Treasury Secretary and Secretary of Commerce roles- have both presented pro-crypto positions. Reports suggested that Trump was also planning on shifting crypto regulation to the Commodity Futures Trading Commission from the Securities and Exchange Commission.Still, traders doubted whether Trump will be able to deliver on all of his crypto promises. A particular point of contention has been the establishment of a Bitcoin reserve, with analysts stating that a focus on reducing government spending and upholding the dollar will take precedence over any government buying of more coins.Recent data also showed the government mobilizing about $1.9 billion of Bitcoin onto an exchange, raising fears of a potential sale event. The U.S. government has transferred approximately $33.6 million in cryptocurrency from a wallet linked to assets seized from the defunct crypto exchange FTX and trading firm Alameda. The funds were moved to two unidentified addresses.Several transactions were recorded on Tuesday, including a transfer of 5,024 ether—valued at roughly $18 million—to wallets beginning with “0x9cd” and “0x9ac,” according to Arkham Intelligence.Additional funds, labeled under “FTX Alameda Seized Funds” by Arkham, included $13 million in BUSD, $1.5 million in SHIB, and various other tokens such as AERGO, POWR, AXS, YFI, WBTC, NMR, COMP, SRM, and RLC, all sent to the same two addresses.Broader crypto prices mostly performed well Wednesday, though caution remained ahead of more cues on U.S. interest rates. Federal Reserve Chair Jerome Powell is set to speak later on Wednesday, while key nonfarm payrolls data is due on Friday. World no.1 altcoin Ether rose nearly 5% to $3,711.62XRP fell 0.4% to $2.55, cooling after a stellar rally to six-year highs. XRP was boosted by speculation that a change in leadership will see the SEC drop its long-running lawsuit against XRP issuer Ripple. Solana rose 5.7%, extending recent gains, while Cardano traded flat. Polygon jumped over 6%. Among meme coins, Dogecoin added 3.1%.Ambar Warrick contributed to this report.  More

GAIB, a platform creating financial infrastructure for AI computing, today announced the completion of its $5 million pre-seed funding round. The round was co-led by Hack VC, Faction, and Hashed, alongside strategic investments from prominent groups including Spartan, CMCC, L2IV, Animoca Brands, IVC, MH Ventures, Presto, J17, IDG Capital, 280 Capital, Aethir, and Near Foundation, as well as several angel investors.The funds will be allocated to expand the R&D and operations teams, accelerate product iteration, and strengthen the platform’s infrastructure to meet market demands. The funds will help fulfill its mission to pioneer a liquid, decentralized market for enterprise-grade GPUs, addressing critical gaps in GPU financing and investor accessibility.GAIB tokenizes GPUs and their yields, enabling the creation of a new asset class backed by real AI demand. This innovation allows for new and direct investment pathways into AI, which has been historically dominated by equity investments in a few large AI or semiconductor companies. By bridging AI, GPU demands, and blockchain, GAIB introduces a novel type of yield-bearing assets that forms the foundation for a variety of decentralized finance (DeFi) use cases, granting users access to direct GPU exposure, yield products, hedging, speculation, and various portfolio strategies.About GAIBGAIB is the first economic layer for AI compute, creating a new type of yield bearing assets backed by real AI demands. It tokenizes enterprise-grade GPUs and their yields, creating a decentralized liquid market for GPU financing, addressing the growing demand for high-performance computing while giving investors direct exposure to GPU assets. The platform enables a variety of decentralized finance (DeFi) use cases to be built on top, including GPU backed stablecoins, lending and borrowing, options and futures, and various structured products.Website | X | Telegram | DiscordContactKonymarketing@gaib.aiThis article was originally published on Chainwire More

“At BIT Mining, we believe our cutting-edge technology and forward-thinking strategy uniquely position us to adapt to market shifts and seize new opportunities,” commented Xianfeng Yang, CEO of BIT Mining. “By combining innovation with agility, we are enhancing our competitive edge and creating value for our stakeholders. As the cryptocurrency market continues to evolve, we are ready to grow alongside it, leveraging our strengths for long-term success.”As of November 27, 2024, the Company has mined 84,485.42 LTC and 227,908,250.38 DOGE since it started the LTC and DOGE self-mining business. With over 5,552 active LTC/DOGE/BEL mining machines (capable of mining three coins at the same time, BEL coin is newer and relatively more volatile) delivering a combined hash rate of 18.94 TH/s, the Company currently represents 1.32% of the total global network hash rate in LTC/DOGE/BEL, as one of the largest participants.BIT Mining’s commitment to Litecoin (LTC) and Dogecoin (DOGE) is a major strategic action following the Company’s 2021 acquisition of Bee Computing, a semiconductor company dedicated to blockchain hardware design and development. Since the acquisition, the Company has launched power-efficient LD3 miners, one of a few cutting-edge machines that delivers highly cost-effective performance while offering the shortest payback period for LTC/DOGE/BEL mining, increasing profitability and solidifying its position as a market leader. Beyond many years of chip design knowledge accumulation, and three years of dedicated efforts developing crypto miners, the success of LD3 has proven BIT Mining’s forward planning and long-term devotion to blockchain technology, where miners stand firmly in the foundational base to validate and support the whole ecosystem.”The recent rally in Litecoin and Dogecoin, fueled in part by Elon Musk’s influence and the changing regulatory landscape in the US after the Trump win, has had a major impact on mining profitability,” noted Dr. Youwei Yang, Chief Economist and VP of Mining at BIT Mining. “Ongoing advancements in blockchain technology, particularly in network interoperability, are fueling optimism in the crypto market, with Dogecoin and Litecoin gaining significant momentum. Many analysts predict this upward trend will continue through 2025, reflecting confidence in DOGE’s potential and the broader growth of the cryptocurrency industry.”Having recently announced an expansion into Ethiopia, the Company continues to be at the forefront of industry and technology innovation, securing premium mining and data center resources while building strong international partnerships. With a renewed focus on mining machine development, self-operated mining, and data center operations, the Company is well positioned to thrive in the rapidly evolving crypto environment.To learn more about BIT Mining, visit www.btcm.group. More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, reaffirmed its commitment to fostering a transparent and sustainable crypto ecosystem at CRYPTO TALKS. VILNIUS Vol. 2. Held on November 27, 2024, in partnership with the Crypto Economy Organisation (CEO), the event convened industry experts to explore the evolving regulatory landscape in Europe, with a particular focus on the Markets in Crypto-Assets Regulation (MiCAR / MiCA).Navigating MiCAR’s ComplexitiesBybit shared valuable insights into the challenges faced by crypto businesses as they navigate the complexities of MiCAR compliance. These include:Bybit’s participation at CRYPTO TALKS. VILNIUS Vol. 2 underscores its compliance-first approach and dedication to working collaboratively with regulatory authorities and industry stakeholders. The exchange sees MiCAR as a pivotal step toward a regulated and robust crypto market in Europe and aims to share its experiences to ease the transition for the broader industry.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit PressFor media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More