Results for: Cryptocurrency

Bitcoin’s highly anticipated halving event, which cuts block rewards by 50%, has passed without triggering significant price surges. The event, which occurs approximately every four years, reduces the flow of new coins into the crypto economy, aiming to increase scarcity and boost value. However, Bitcoin has risen only modestly in the past week, remaining below $70,000, while Ether (ETH) has seen a similar rise. Despite the lack of immediate price gains, the halving event underscores Bitcoin’s limited supply and potential long-term value.

The recent halving of Bitcoin rewards has spurred a surge in transaction fees, casting doubt on the cryptocurrency’s long-term viability. While the halving aimed to gradually reduce new Bitcoin supply, it has exacerbated the reliance on transaction fees for miners, who verify transactions on the blockchain. Increasing energy costs and competition from artificial intelligence add pressure on miners’ revenue, raising concerns about the network’s ability to maintain its security and trust.

Advocacy groups are petitioning the Swiss National Bank (SNB) to include Bitcoin in its reserves. In 2022, a report suggested that the SNB purchase 1 billion Swiss francs worth of Bitcoin monthly instead of German government bonds.

Brian Kelly, founder and CEO of Brian Kelly Capital, shared his insights on the future of Bitcoin following its recent halving on CNBC’s ‘Fast Money’.

While gold is often seen as a safe haven during geopolitical turmoil, recent events suggest that cryptocurrencies may actually be a better investment. In the past decade, cryptos have surged during times of conflict, such as the COVID-19 pandemic, the 2016 US presidential election, and tensions in the Middle East. This trend is likely to continue as tensions flare between Israel and Hamas and political tensions rise in the US. The upcoming Fourth Bitcoin Halving, which reduces the supply of new BTC, is expected to further fuel the crypto bull market.

Robert F. Kennedy Jr., an Independent presidential candidate, has proposed implementing blockchain technology for the entire US budget. This move aims to enhance transparency and accountability, allowing every American to monitor government spending round the clock.

The crypto community has been abuzz with rumors regarding a proposed 1% wealth tax on substantial Bitcoin (BTC) holders. However, the proposal, highlighted in a letter shared with President Joe Biden, remains unverified. If such a policy were to be implemented, individuals and corporations holding crypto assets over $1,000 would be obligated to report their holdings annually to the Internal Revenue Service (IRS). Additionally, a 1% wealth tax would be levied on entities possessing digital assets exceeding $500,000. While some speculate that this tax could be a regulatory measure or an attempt to mitigate market manipulation by large crypto holders, the bill’s primary goal is reportedly to address wealth disparities in the United States. It’s essential to note that this bill is not officially confirmed and has been dismissed as false. Understanding crypto tax in U.S.: The Biden administration previously proposed a tax increase, including raising the capital gains tax rate to 43.4% for those earning over $1 million. This proposal sparked controversy and faced criticism from venture capital investors like Tim Draper, who raised concerns about its potential negative impact on the economy.

MicroStrategy shares are soaring on Monday following the fourth halving event of Bitcoin, which is seen as a catalyst for the cryptocurrency’s price due to decreased selling pressure. The company, which holds over 214,000 Bitcoin, believes the halving will drive up the price.

Following a successful ‘event’ over the weekend, cryptocurrency-related stocks experienced significant gains on Monday afternoon. Notable performers included MicroStrategy, Coinbase, and mining companies like Riot Platform and Hut 8 Corp.

Bitcoin’s surge to $66,000 has sparked optimism among investors. Analysts suggest a potential rise to $75,000, indicating a bullish trend confirmation. However, a drop below $58,000 could signal a different trajectory. On-chain data reveals a cooling market sentiment despite the high percentage of profitable Bitcoin supply. Experts recommend caution in interpreting the MVRV Ratio, emphasizing the importance of observing price action and market conditions.