Matt Hougan, Chief Investment Officer at Bitwise, has a positive outlook for Bitcoin despite recent market dips, predicting a surge to $100,000 by 2024. Despite the challenges posed by large-scale bitcoin distributions from defunct exchanges and government sales, Hougan emphasizes that these are temporary setbacks. He highlights a rebound fueled by the U.S. spot bitcoin ETFs drawing over $15 billion since their inception, marking a historic launch, and anticipates further inflows as more financial platforms adopt these ETFs.

Moreover, Hougan points to significant developments boosting investor confidence in crypto. The Bitcoin halving event has notably decreased daily bitcoin supply, which historically precedes price increases. Additionally, the shifting political landscape and anticipated Fed rate cuts suggest a more favorable environment for crypto growth.

Encouragingly, upcoming Ethereum ETFs and strong institutional interest, including initiatives from major players like BlackRock, underscore the broader acceptance and potential of cryptocurrencies. Hougan’s forecast is based on a blend of strategic inflows, regulatory advancements, and macroeconomic factors, setting the stage for a robust second half of 2024.

Today marked the first public court hearing in the US Department of Justice’s (DoJ) case against Samourai Wallet developers William Lonergan Hill and Keonne Rodriguez since May 28, 2024, when Rodriguez appeared in court for the first hearing on the case.

I attended the hearing for William Lonergan Hill (TDevD/@SamouraiDev) in the Southern District of New York on behalf of @BitcoinMagazine today.Here's what I learned: #FreeSamourai #WhereIsTDevD #SamouraiWallet pic.twitter.com/VtZdQd4IJu

— Frank Corva (@frankcorva) July 10, 2024

Hill appeared in the courtroom after his uncontested extradition from Lisbon, Portugal, where he currently resides.

The prosecution did most of the talking in…

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Today’s webinar hosted by the Energy Information Administration laid out their plans for future efforts on data collection surveys targeted at Bitcoin mining operations based in the United States after an agreement was reached the 1st of March this year to cease the prior emergency survey and destroy all records collected during its operation.

They have clarified that currently no outstanding survey attempt exists on the Federal Registrar or is in motion at this time, and the purpose of the webinar was to seek feedback from members of the public and participants in the ecosystem on the types of information they could collect, what types of data has already been collected that could be…

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Today, Block, Inc. (NYSE: SQ) and Core Scientific (Nasdaq: CORZ) have announced a new partnership focused on further decentralizing mining hardware. This collaboration introduces Block’s advanced 3 nanometer (3nm) mining ASICs, created by their Proto team, to Core Scientific’s large-scale mining operations.

Core Scientific, a leader in Bitcoin mining, is now the first to integrate Block’s new ASIC technology into their operations. These 3nm chips, representing approximately 15 EH/s (exahashes per second) of hashrate, mark one of the most significant agreements in the industry by hashrate volume.

“This agreement is a good example of how we envision our mining products pushing forward…

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Recent data from CryptoQuant reveals that Bitcoin’s long-term holders are intensifying their investments, increasing their stakes by 6.3% monthly, the most rapid expansion since April 2023. This trend highlights a growing confidence and rising demand within the cryptocurrency sector. Despite recent challenges, including the release of previously seized bitcoins by governments and the liquidation from the defunct exchange Mt. Gox, investor sentiment remains bullish.

The market dynamics have shown resilience, as indicated in Wednesday’s market report. The sustained purchasing activity by Bitcoin whales is credited with supporting the cryptocurrency’s price, which remains robust between $58,000 and $59,000 after peaking at $71,000 earlier in June. These developments suggest a strong market base, even as prices faced downward pressure.

Despite some losses and a cautious outlook for immediate price recovery, CryptoQuant analysts suggest that the ongoing accumulation could be signaling the approach of a market bottom. This scenario bodes well for the future trajectory of Bitcoin, with expectations of a forthcoming upward movement once stablecoin liquidity fully engages, reinforcing the optimistic outlook for cryptocurrency’s longevity and stability.

The cryptocurrency landscape is dominated by several key Exchange-Traded Funds (ETFs) that offer investors mainstream avenues to invest in Bitcoin. BlackRock leads the pack with a staggering market capitalization of $17.96 billion, reflecting its robust position in the investment community. Grayscale follows with a substantial $15.84 billion, continuing to attract significant capital due to its pioneering role in crypto investments.

Fidelity Investments, another heavyweight, holds the third position with a market cap of $9.76 billion. This highlights its strong foothold in the crypto ETF market, backed by Fidelity’s long-standing reputation and innovative financial solutions. Further down the list, ARK Invest and Bitwise manage to carve out their own niches with market caps of $2.84 billion and $2.16 billion, respectively. ARK’s focus on tech and innovation and Bitwise’s appeal to a diverse investor base underline the varied strategies within the sector.

These top ETFs not only reflect significant investment flows into Bitcoin but also indicate the growing acceptance of cryptocurrencies as a legitimate component of diversified investment portfolios. Each fund’s strategy and market presence showcase the dynamic and expanding nature of digital currency investments.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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