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Goldman Sachs has significantly increased its investment in Bitcoin ETFs, reflecting a strong endorsement of cryptocurrency’s future. The financial titan’s latest 13F filing reveals holdings of approximately $710 million in Bitcoin-related ETFs as of September 30, 2024. Notably, investments include $461 million in the IBIT ETF—an 83% surge—alongside notable increases in other Bitcoin ETFs such as FBTC, GBTC, and BITB, with GBTC alone climbing by 116%.
This strategic accumulation aligns with a broader market rally following the U.S. Presidential election, where Bitcoin reached a new peak of $93,477.11. Analysts correlate this surge to Donald Trump’s victory, which has historically favored a bullish crypto market. Bitcoin’s price experienced a slight dip of 4.5% subsequent to reaching its high, yet the market sentiment remains overwhelmingly positive.
Futures predictions further bolster this optimism; Standard Chartered forecasts a potential Bitcoin price of $125,000. CoinCodex also projects a continued rally, with Bitcoin expected to hit $108,031 by mid-December 2024, underscoring sustained confidence in cryptocurrency from major institutional investors.
Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell’s remarks poured cold water on rate cut optimism.
CryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)Bitcoin BTC/USD-2.23%$88,282.07Ethereum ETH/USD -3.55%$3,091.21Dogecoin DOGE/USD -4.46%$0.3726
What Happened: Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours.
Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.89%, significantly trailing its senior partner, which was up…
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Ethereum circles are endlessly debating whether ETH should be seen as “money” in the same way bitcoin is embraced as a commodity currency.
In a Devcon talk Thursday, Ethereum Foundation researcher Mike Neuder laid out his case for ether’s foundational attributes both as a permissionless and programmable asset, and as a resilient form of decentralized money. Neuder explored how ETH can serve as a secure, global currency— one with intrinsic safeguards for property rights, censorship resistance, and self-sovereignty across the multi-layered Ethereum ecosystem, eventually including its rollups.
To explain Ethereum’s “permissionlessness,” Neuder referenced Hayek and…
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Sling Money, a global peer-to-peer payments app leveraging stablecoins and Solana, has launched for users with US bank accounts, the startup announced this morning.
The app was conceived as a global equivalent to Venmo that uses the Solana network and Paxos’ USDP stablecoin to move money around instantly for low fees. The move comes as the crypto industry as a whole seems emboldened operating in the US following Donald Trump’s presidential election win last week.
Sling Money was founded in 2022 by Mike Hudack, who previously was chief product officer at the UK-based neobank Monzo. I spoke with Hudack back in August, and he said he became interested in building a global…
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Pennsylvania’s legislature is making headlines by proposing a landmark Bitcoin reserve bill, championed by Representative Mike Cabell. This strategic move aims to integrate Bitcoin into the state’s financial reserves, primarily as an inflation hedge and to fortify its economic future. The bill has already navigated through the House and is now under Senate scrutiny, drawing support for its progressive approach towards digital assets.
According to Dennis Porter, co-founder of the Satoshi Action Fund, this legislative push by Pennsylvania could set a precedent for other states, with at least ten more considering similar measures. “This initiative marks Pennsylvania as a leader in preparing for a future dominated by digital currencies,” Porter stated. Representative Cabell echoed this sentiment, underscoring the necessity of collaborative efforts to realize the potential of digital assets within state and national economies.
As the bill garners traction, it suggests allocating up to 10% of the state’s $7 billion rainy day fund to Bitcoin, although initial investments may start smaller. With Governor Josh Shapiro’s backing seen as pivotal for the bill’s passage, Pennsylvania stands on the brink of becoming the first state to officially endorse Bitcoin as a reserve asset, potentially catalyzing a nationwide adoption of digital asset strategies among state governments.
Dogwifhat’s WIF/USD 70% rally over the past seven days landed the popular meme coin a Coinbase listing, prompting traders to call for a Shiba Inu SHIB/USD like rally.
What Happened: Following its Coinbase listing, one whale invested 12,400 Solana SOL/USD (worth $2.7 million) into WIF and Bonk BONK/USD, purchasing 406,000 WIF at $3.87 each with 7,200 SOL.
CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendDogwifhat $4.05$4.05 Billion +11.6% +70%Shiba Inu $0.00002504$14.8 Billion -5.5% +32.5%Bonk $0.00003774 $2.8 Billion -2.1% +67.9%
Trader Notes: Crypto trader The Cryptomist anticipates a breakout to $5.
Crypto trader Lucky also called for $5,…
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