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Bitcoin Long Liquidations ‘Starting To Shake Things Up’ – Liquidity Reset Or Deeper Retrace?
Bitcoin has entered a consolidation phase after falling short of breaking its all-time high this week, leaving bulls in anticipation of the next big move. Currently trading just below its previous peak, BTC’s inability to push past this level has led to a temporary reset in momentum.
Key data from CryptoQuant shows a recent uptick in long BTC liquidations, signaling that bullish traders are facing a short-term shakeout. This wave of liquidations is forcing leveraged positions to unwind, which may clear excess leverage from the market.
While this has created near-term volatility, it could also set up the groundwork for a new surge. As liquidity resets, BTC may be establishing a healthier foundation for a stronger breakout attempt.
Analysts suggest that this period of consolidation could be a pivotal moment for BTC, preparing it to finally breach all-time highs and drive a fresh leg up in the market. With the stage set for potential volatility, investors are closely watching for signs of renewed momentum that could propel Bitcoin into uncharted territory in the days ahead.
Bitcoin Liquidity Resting Above ATHBitcoin is currently facing a pivotal moment as liquidity hovers just above its all-time highs, and bearish sentiment grows among traders. With key resistance firmly in place, many bears are confident that BTC will struggle to break through this critical level in the near term.
Insights shared by Maartunn on X highlight a concerning trend: the Bitcoin long liquidations across all exchanges are rising rapidly, suggesting that leveraged long positions are being squeezed out as the price remains stagnant.
This increase in long liquidations could signify a broader market shakeout, potentially setting the stage for a significant liquidity sweep. By forcing out bullish retail investors, Bitcoin may prepare for a resurgence that could drive prices beyond previous all-time highs. Traders are acutely aware that this could be a crucial turning point, as the dynamics of liquidations might create a catalyst for renewed bullish momentum.
However, there remains a considerable risk of further downside. Should the price continue to decline, it could lead to even more liquidations and a retrace to lower demand levels. This scenario would test current holders’ resolve and challenge the market’s overall bullish sentiment.
The upcoming week is particularly critical as the US election approaches, alongside the Federal Reserve’s decision on interest rates. These events are likely to impact Bitcoin’s price action significantly, making the next few days crucial for bulls and bears alike. Investors should remain vigilant and prepare for potential volatility as the market navigates these key developments.
BTC About To Enter Price DiscoveryBitcoin is currently trading at $69,700 after testing supply just below its all-time high of $73,794. As the market leader approaches this critical resistance, it is on the verge of entering a price discovery phase, a time typically characterized by significant bullish momentum that can propel both BTC and the broader market into a massive bull run. However, for this bullish trajectory to materialize, Bitcoin must confirm a decisive break above the all-time high.
Currently, BTC is holding strong above the key support level of $69,000, which is essential for maintaining upward momentum. If the price can sustain above this level, it will likely set the stage for a challenge against the previous all-time high. Conversely, if Bitcoin drops below $69,000, it could trigger a retreat toward the $66,500 demand level, where liquidity may be tested.
The next few days will be critical for Bitcoin, as traders monitor price action closely to gauge whether the momentum can sustain itself and lead to a breakout above the all-time high. The anticipation surrounding this pivotal moment is palpable, with market participants eager to see how Bitcoin navigates this crucial juncture.
Featured image from Dall-E, chart from TradingView
Paxos Partners With Singapore’s DBS To Launch New Stablecoin
Blockchain infrastructure company Paxos, in conjunction with Singaporean bank DBS, has introduced a new stablecoin known as Global Dollar (USDG). This development comes four months after Paxos secured approval to offer digital payment token services as a Major Payments Institution (MPI).
Paxos USDG Compliant With Upcoming Singaporean RegimeIn a press release on November 1, Paxos announced the new stablecoin USDG set to be issued by its subsidiary in Singapore under the supervision of the Monetary Authority of Singapore (MAS).
Paxos describes USDG as a dollar-pegged stablecoin created to appeal to regulated institutions under strict standards of accountability and security. The stablecoin will be issued on Ethereum with impending expansions to other blockchains.
In particular, USDG is designed to comply with the upcoming Singaporean Stablecoin Regulatory Framework announced back in August 2023. In line with the regulations set by MAS, USDG is expected to maintain certain standards regarding value stability, capital requirements, redemption, and disclosure.
These regulations include holding only low-risk, highly liquid assets in reserve, maintaining a base capital of $1 million, and timely redemption of no more than five days among other rules to ensure the security and credibility of all MAS-regulated stablecoins.
Commenting on USDG’s launch, Ronak Daya, Head of Product at Paxos has stressed the potential of the new stablecoin to introduce a new perspective to the market in terms of institutional engagement.
Daya says:
Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises.
With the launch of USDG, Paxos adds to its list of operational stablecoins such as PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The blockchain company also served as the issuer of Binance stablecoin BUSD, prior to a cease order from the New York Department of Financial Services (NYDFS).
DBS Bank To Manage USDG ReserveAs earlier stated, DBS Bank, the largest bank in Singapore by assets is serving as Paxos’s partner on the USDG stablecoin project. In particular, DBS is expected to operate as the custodian of USDG reserves and the major banking partner for cash management.
With this arrangement, the DBS bank continues to widen its influence in the digital space amidst growing global interest in the nascent industry. In addition to USDG, DBS also operates the DBS Digital Exchange, a crypto-trading platform, and is a significant partner of the Sandbox metaverse project.
Tornado Cash Co-Founder Trial Adjourned Until April 2025
In the latest development in the ongoing prosecution of Tornado Cash co-founder Roman Storm, the presiding judge has adjourned the much-awaited trial until April 2025. This decision will see the money laundering and sanctions violations charges against the crypto developer drag on for at least the next five months.
Mandamus Petition Trial Still Set For November 12On Friday, November 1, Judge Katherine Polk Failla of the United States District Court for the Southern District of New York in a telephone conference ruled for the adjournment of Tornado Cash’s Storm’s case until April 14, 2025. This ruling pushes the trial back by four months from the previously scheduled December start date.
This four-month delay is expected to help the prosecutors and defense counsel to sort out their disagreement over expert witness disclosures. This conflict began after Judge Failla ordered both parties to exchange information about expert witnesses they might ask to testify in the trial.
According to an October 14 court filing, Storm’s counsel — led by Brian Klein — disagreed with the New York Judge’s order, arguing that such a disclosure would reveal the defense’s strategy and could hamper the defendant’s case. Klein also argued that the defense is not legally obligated to disclose information about their expert witnesses unless they have requested the same from the prosecution.
In a bid to overturn Judge Failla’s order, Storm’s legal team has submitted a mandamus petition with the US Court of Appeals for the Second Circuit. For context, a mandamus petition refers to a formal request in which a party asks a higher court to direct a lower court or official to fulfill a duty or refrain from an action. A hearing on the mandamus petition filed by Storm’s counsel has been scheduled for November 12.
Tornado Cash co-founder Storm faces three charges in the ongoing trial, including conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money-transmitting business. The crypto co-founder faces up to 45 years in jail if found guilty of all charges.
Tornado Cash’s Semenov Still At Large?Storm pleaded not guilty to all three counts and has been free on a $2-million bond after his arrest in 2023. Tornado Cash co-founder Roman Semenov has been on the run since and has been added to the wanted list of the Federal Bureau of Investigation (FBI). Meanwhile, third co-founder Alexey Pertsev is currently serving a five-year jail sentence in the Netherlands for similar charges.
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Craig Wright Denies Being In Contempt For $1.2 Billion Lawsuit Against Bitcoin Core And Square
Australian computer scientist and self-proclaimed Bitcoin inventor Craig Wright is facing a contempt of court case over his lawsuit against BTC Core developers and Jack Dorsey’s Square. UK Judge James Mellor put Wright’s lawsuit on hold until the application is resolved on December 18.
Wright Faces Contempt Case For Bitcoin Core LawsuitOn November 1, Craig Wright attended a court hearing regarding a contempt of court application for his £911 million lawsuit, worth $1.2 billion, against Bitcoin Core developers and Square Up European Ltd.
As a response, the Cryptocurrency Open Patent Alliance (COPA) filed a contempt application form, arguing that Wright breached the injunction that resulted from the main Bitcoin authorship trial.
As reported by Bitcoinist, British High Court Judge James Mellor ruled against Wright’s claims of being Bitcoin’s creator, Satoshi Nakamoto, earlier this year. The Judge concluded that the Australian computer scientist had “extensively and repeatedly” lied in his written and oral evidence and forged documents on a grand scale to sustain his claims.
Consequentially, the court ordered Wright to admit he was not Satoshi Nakamoto and cease any further legal action related to his disproved authorship claims.
According to the court hearing transcription shared by BitMEX Research, the application form argues that Wright breached the Court’s previous ruling after threatening to bring Precluded Proceedings and eventually doing so against Bitcoin Core and Square.
The self-proclaimed Satoshi Nakamoto filed a lawsuit on October 10, claiming that BTC Core developers and “all affiliated parties” have misrepresented BTC as the original Bitcoin.
Wright, representing himself in this lawsuit, argues that the Taproot and Segregated Witness (SegWit) upgrades “have caused confusion in the market and have compromised the vision of the original Bitcoin protocol.”
Moreover, the computer scientist claims Bitcoin SV (BSV) is the real version of the flagship cryptocurrency and requested over $1 billion in damages for undermining the asset and creating a misperception.
Wright Denies COPA’s AccusationDuring today’s hearing, Wright, who attended via video call from Singapore, refuted the accusation, stating, “I do not believe I am in contempt, my lord.” He added that if the court found him in contempt, he would be willing to amend the case as he didn’t wish to be in breach.
Previously, Wright explained on an X thread that he did not start his latest legal battle as Satoshi “but as someone who invested significantly in the system.” The computer scientist argues that his new claim is “fundamentally different” from an identity claim since it is based on his “contributions to the development, maintenance, and extension of the Bitcoin blockchain.”
Judge Mellor decided to halt Wright’s lawsuit while the contempt application was resolved and scheduled the correspondent hearing for December 18. Nonetheless, Wright initially opposed making a physical appearance in court that day, claiming that his autism spectrum disorder (ASD) would prevent him from physically being in court.
Meanwhile, COPA’s legal representative, Jonathan Hough, argued that the seriousness of the allegation requires all parties to be in court:
This is an extremely serious judicial proceeding. Therefore, we think it should take place in person. CSW has brought a very large claim, if there is any merit in COPA’s application, it is wrong in principle to hide behind a keyboard from a closet in Thailand. CSW says he is a UK resident and should be expected to return to the UK for the hearing.
Ultimately, Judge Mellor set an additional direction hearing date for November 26 to determine whether Wright will be present in court next month.
Presidential Advisor Ramaswamy Unveils Bitcoin Integration In Strive’s $1.7 Billion Strategy
On Friday, Strive Asset Management, a firm co-founded by investor and presidential advisor Vivek Ramaswamy, announced the launch of a new wealth management division. The initiative aims to provide “true financial freedom” for clients by integrating Bitcoin into investment portfolios as a hedge against long-term economic risks.
Strive’s Focus On Crypto InvestmentsThe firm’s focus on Bitcoin concerns “persistent global challenges” such as unsustainable debt levels, rising fixed-income yields, long-term inflationary pressures, and geopolitical instability.
Strive intends to equip everyday Americans with a robust defense against these anticipated risks by incorporating Bitcoin into standard portfolios. The firm’s CEO Matt Cole stated:
Strive is building a new-age financial institution founded on the time-tested fiduciary principle of maximizing value over all other considerations. Our focus on offering clients true financial freedom — through the thoughtful integration of Bitcoin — differentiates our Wealth Management business from nearly all major competitors today. Our growth to date in Asset Management has been driven almost entirely by retail customers, and our expansion into wealth management will allow us to serve these customers more completely.
Strive’s new wealth management business will be spearheaded by industry veteran Gary Dorfman, who will serve as president, and Randol Curtis, chief investment officer, CFA.
In conjunction with this expansion, Strive is relocating its corporate headquarters from Columbus, Ohio, to Dallas, Texas. The company plans to transition most of its Columbus-based staff to Dallas by the end of Q1 2025.
The move is positioned to capitalize on Texas’s economic environment, which has gained recognition as a hub for capital and corporate relocation, along with Bitcoin mining operations over the past years.
It was announced that Texas Governor Greg Abbott welcomed Strive’s decision, highlighting the state’s favorable business climate and role as a future center for capital markets, including crypto.
Integrating Bitcoin into US Monetary PolicyVivek Ramaswamy, who recently took on an advisory role for Republican candidate Donald Trump after exiting the presidential race, has been vocal about the potential for Bitcoin in US monetary policy.
As reported by Bitcoinist, Ramaswamy was one of the first proponents of adopting Bitcoin as a strategic reserve asset for the country, suggesting that the US dollar could be backed by a basket of commodities, including BTC, to help combat inflation and stabilize the currency’s value over time.
Last year, when he was still a contender in the 2024 race, Ramaswamy also advocated a change in leadership at the US Securities and Exchange Commission as key to the correct growth of the digital assets sector, which was later adopted by Trump when he vowed to fire the agency’s chairman, Gensler, on “day one”.
At the time of writing, BTC was trading at $69,360, down nearly 2% on a 24-hour basis.
Featured image from DALL-E, chart from TradingView.com
MicroStrategy’s ‘Intelligent Leverage Strategy’ Ideal For Bitcoin Exposure, Report Says
MicroStrategy’s (MSTR) Bitcoin (BTC) play garners attention as Canaccord recently dubbed its ‘intelligent leverage strategy’ ideal for investors to gain exposure to BTC.
MicroStrategy Stock Ideal For Gaining Bitcoin ExposureIn a research report published yesterday, financial services firm Canaccord reiterated that buying MicroStrategy stocks remains one of the best ways for investors to gain exposure to BTC.
The firm acknowledged MicroStrategy’s overall Bitcoin acquisition strategy, including its latest ‘21/21 plan’, which involves a $42 billion capital inflow split evenly between At The Market (ATM) equity offerings and fixed-income securities.
The amount above will finance future BTC purchases and continue bolstering MicroStrategy’s reserves. It will also increase MicroStrategy’s BTC yield to an average target of 8% over the next three years.
Notably, Canaccord has raised MSTR’s price target from $173 to $300, an increase of approximately 73%, while keeping a ‘buy’ rating on the stock. MSTR trades at $238.55 at press time, down 2.43% during trading hours.
Canaccord noted that since MicroStrategy adopted its trademark Bitcoin accumulation strategy in 2020, it has outperformed both the stock market and BTC. The report reads:
If stock price is the true test for any business model, then in our view MSTR is hard to beat. MicroStrategy’s leverage strategy provides the potential for additional premium to spot to re-emerge in MSTR shares.
Furthermore, the financial services firm displayed optimism toward BTC’s price, stating that the premier digital asset has benefited from the US Securities and Exchange Commission’s (SEC) approval of Bitcoin-based exchange-traded funds (ETF).
The firm also emphasized the impact of the supply scarcity created by Bitcoin halving the digital asset’s price. Notably, BTC underwent its halving on April 20, 2024. At the time, it was trading slightly above $64,000.
While halving has historically acted as a bullish catalyst, leading to extraordinary price appreciation, its effects typically materialize about 6-12 months. That said, some crypto analysts and research firms have displayed skepticism about the impact of this year’s halving.
More Firms Following In MicroStrategy’s FootstepsAn increasing number of firms around the globe are replicating MicroStrategy’s Bitcoin genius. For instance, recently, the Japanese firm Metaplanet concluded a stock sale to raise $68 million in BTC purchases.
In September 2024, Nasdaq-listed Semler Scientific revealed a purchase of 83 BTC worth about $5 million. The acquisition increased the firm’s total BTC reserves to 1,012 BTC.
Similarly, Samara Asset Group, a German investment firm, recently shared plans to raise close to $33 million to increase its BTC holdings. BTC trades at $69,678 at press time, down 1.4% in the past 24 hours.
Аналитик CryptoQuant назвал признаки начала бычьего ралли
SafePal представила телеграм-криптокошелек с поддержкой карт Visa
Turkish Investors Shift Focus: Crypto Outshines Real Estate In 2024 Investment Trends
A cryptocurrency exchange called Paribu recently conducted a survey highlighting a notable trend in Turkey: an increasing preference for crypto over traditional investment options such as stocks and real estate.
The “2024 Cryptocurrency Awareness and Perception Survey” survey involved interviews with 2,002 individuals familiar with crypto and 541 interviews with those actively trading in the digital asset market.
Result Of The Crypto SurveyWhile gold remains the top investment choice among Turkish investors, preferred by 56% of survey participants, cryptocurrencies have gained traction as the third most favored asset class, following foreign currency.
According to the survey findings, three out of ten investors view digital currencies as a viable investment, positioning it ahead of real estate, the third most popular choice in 2023.
Real estate preference dropped to 26% this year from 30% in 2023, illustrating the shifting attitude among Turkish investors toward digital assets.
The survey findings also reveal that awareness of crypto in Turkey has surged, with nearly 99% of respondents in 2024 having heard of digital assets. This marks a significant jump from previous years, with awareness recorded at just 16% in 2020, and reaching 70% by 2021 during the crypto market boom.
With crypto awareness now widespread, Turkey is among the countries with the highest public awareness of digital currency. Notably, this increase could be tied to high inflation rates and a fluctuating lira, which may drive the population to seek alternative investment forms.
There’s A CatchDespite high familiarity with digital currencies, understanding of blockchain technology remains limited. According to the survey, 72% of respondents admitted they lacked knowledge about blockchain.
In contrast, only 25% of those surveyed in 2023 were aware of blockchain technology, with a modest increase in 2024. Among those familiar with blockchain, 67% recognized its role as the underlying technology behind digital currencies.
This gap in technical knowledge suggests that while there is a strong interest in cryptocurrency as an asset, the foundational technology that powers it is not as well understood, indicating an area for potential growth in digital literacy and education.
Overall, the survey results highlight a shift in the financial strategy of Turkish investors, who appear to be increasingly willing to incorporate digital currency into their portfolios.
With growing adoption and interest in digital assets, Turkey’s digital currency community sees ongoing momentum in the face of major economic challenges.
Interestingly, Turkey isn’t the only place where digital currency has thrived. Recent data from blockchain analytics platform Chainalysis reveals that activities related to decentralized finance have continued to see a surge in adoption in Eastern Europe.
According to Chainalysis, this sector ranks third in Eastern Europe, with digital currency value flow at over $160 billion.
Featured image created with DALL-E, Chart from TradingView
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Bitcoin Mining Takes Center Stage At Argentina’s Central Bank: Here’s Why
The Central Bank of Argentina (BCRA) has unveiled a unique art exhibition at its Héctor Carlos Janson Historical and Numismatic Museum with Bitcoin in the spotlight. The exhibition, titled “Art, Artificial Intelligence and the Future of the Economy,” marks the first instance globally where actual destroyed currency from various nations is showcased alongside operational Bitcoin miners within a central banking institution.
Argentina’s Central Bank Mines BitcoinThe innovative display, curated by Argentine artist Alberto Echegaray Guevara, integrates tangible elements of obsolete paper money with the dynamic presence of Bitcoin and Ethereum mining operations. “We have developed the exhibition together with the Central Bank. It tries to show different types of currencies. I have gone to more than 17 central banks in the last twelve years, where I have destroyed money. The message has to do with the disappearance of paper money and the new financial systems, which are more linked to technology,” Infobae, an international Argentine online newspaper, cites Echegaray Guevara.
The artist emphasizes the shift towards decentralized financial systems intertwined with artificial intelligence. “For the first time we are going to find in a museum of a Central Bank, Bitcoin and Ethereum coins. What I want to tell is where financial and monetary systems are going, which are heading towards decentralized systems, which have a close link with artificial intelligence,” he stressed.
Echegaray Guevara, who identifies himself as a crypto-artist, destroyed currencies from 17 different central banks, including significant amounts such as a million Swiss francs, a million euros, a million reais, and 100 million rubles, encapsulating each within transparent spheres.
Despite Argentina’s continued reliance on physical currency, Echegaray Guevara highlighted a notable digital shift in dollar usage: “Although in Argentina still uses a lot of paper money, if we talk about dollars, less than 10% are printed, the rest is completely digital.”
The exhibition not only showcases destroyed physical currencies but also features operational miner hardware that has generated over 250 BTC and 3,000 ETH in more than three years.
Highlighting the prominence of Ethereum, a sphere containing 800 real ETH is signed by Vitalik Buterin, the creator of the blockchain. Additionally, the exhibit integrates works from pioneering generative artists of the 1960s, such as Gyula Kosice, Julio Le Parc, and Miguel Angel Vidal, who initially harnessed computational power for their artistic endeavors.
The inauguration ceremony, attended by Santiago Bausili, the President of the Central Bank, alongside government officials, prominent Argentine collectors, and key figures from the crypto sector, signifies the event’s importance. “This exhibition seeks to lead visitors to reflect on the transition process from an economy centered on physical money to one where cryptocurrencies and digital assets are beginning to gain ground,” stated the organizers.
Set to run until March 2025, the exhibition aims to become a landmark in both the artistic and financial domains. The unveiling has elicited significant reactions from the global Bitcoin community. Anthony Pompliano, Founder & CEO of Professional Capital Management, commented via X: “The central bank of Argentina opened an ‘art exhibit’ yesterday that includes bitcoin mining equipment actively mining bitcoin. This is the first central bank in the world I am aware of to be openly mining bitcoin. The future is coming very fast.”
Similarly, Patrick Lowry, CEO of Samara AG, shared his insights on X: “Argentina’s Central Bank now has a Bitcoin mining exhibit in its halls. Central banks that embrace Bitcoin may survive. Those that don’t will perish.”
At press time, BTC traded at $70,949.