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Bitcoin (BTC) resumed its rally on Oct. 11 and climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is having only a temporary effect. The strong rally in Bitcoin in the past few days has boosted sentiment and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, anticipates Bitcoin to rally to $100,000 by early next year. Daily cryptocurrency market performance. Source: Coin360 David Gokhshtein, the founder of Gokhshtein Media and PAC Global, was even more bullish as he expects Bitcoin to reach $100,000 before the end of the year. Analyst and trader Rekt Capital believes that Bitcoin will rise much higher than $100,000 in the current ...

Video sharing platform YouTube removed the 251,000-subscriber channel of Anthony ‘Pomp’ Pompliano, co-founder of Morgan Creek Digital and host of The Pomp Podcast, before later restoring it. In an Oct. 11 update on his Twitter account, Pompliano — a Bitcoin (BTC) bull known for his interviews educating skeptics and others on crypto — said he received a message from YouTube claiming a recent livestreamed interview with stock-to-flow model creator PlanB encouraged “illegal activities.” Pompliano’s entire channel was unavailable for roughly two hours before being returned to the platform, with all videos on BTC and crypto viewable to the public. “[YouTube] first stated that the content, an interview on Bitcoin, was harmful and dangerous,” said Pomp. “They then stated that we would...

Countries in the developing world will soon follow in the steps of El Salvador and make Bitcoin (BTC) legal tender, BitMEX CEO Alexander Höptner recently predicted. In a Wednesday blog post, Höptner expressed support for El Salvador adopting Bitcoin as legal tender in September, predicting that developing countries will be “leading the way” in Bitcoin adoption: “My prediction is that by the end of next year, we’ll have at least five countries that accept Bitcoin as legal tender. All of them will be developing countries.” According to Höptner, developing countries will adopt Bitcoin faster due to three major factors: the growing need for cheaper and faster international remittances, massive inflation, and political issues. As opposed to consumers in more developed countries, people in ...

The United States federal government’s default on its debt has been averted — at least for now. On Oct. 7, the Senate voted to increase the debt limit by $480 billion, a sum needed for the world’s biggest borrower to keep paying off its obligations until early December. The deal secured a temporary resolution for a weeks-long partisan standoff that had investors both within and far beyond the U.S. unsettled. The once unimaginable prospect of a U.S. default seemed more conceivable than ever before. As the system-wide uncertainty peaked ahead of the vote, the cryptocurrency market has been doing just fine, led by Bitcoin’s (BTC) biggest bull run in months. This has spurred customary narratives of crypto’s decoupling from more traditional asset classes and of Bitcoin as a safe haven in times ...

Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, advocated for the rise of Bitcoin (BTC) during a recent conversation with author William Green but voiced skepticism around many of the altcoins birthed during 2017. Miller subscribes to the well-documented thesis that Bitcoin portrays digital gold, and unlike many of his financial contemporaries — Warren Buffet being the most prominent — he has been a keen investor in the digital asset space. Back in early 2016, Miller dedicated 30% of his portfolio to the leading crypto asset Bitcoin at an average value of $500 and has more recently filed a motion with the SEC for Miller Opportunity Trust to invest in BTC via the institutional-grade $2.25 billion Grayscale Bitcoin Trust. During the interview...

Bitcoin (BTC) kept markets guessing into the Wall Street open on Oct. 11 after seeing rejection on hitting its highest since May. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price teases $58,000 February high Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tracking $57,000 after reaching $57,450 on Bitstamp — its best since May 10. In so doing, Bitcoin effectively fully canceled out the impact of China’s mining debacle and subsequent redistribution of hash rate around the world. If you’re reading this, you survived the #BTC crash in May 2021$BTC #Crypto #Bitcoin — Rekt Capital (@rektcapital) October 11, 2021 Amid a celebratory mood among analysts, predictions broadly centered on a run to a six-figure peak initiating sooner rather than later...

Turkish Chinese Business Matching Center is the exclusive operator for both portals China’s Blockchain-based Service Network or BSN has announced that it will be launching two new international BSN portals in Turkey and Uzbekistan by the end of 2021. While the country’s ongoing crackdown on crypto mining and other digital asset projects continues, the Chinese government has been leveraging the underlying blockchain technology by expanding the global reach of state-backed blockchain infrastructure project BSN. The new portals will be set up as part of an agreement between Red Date Technology, the architect behind BSN and the Turkish Chinese Business Matching Center (TUCEM), a consultancy firm that is focused on improving economic cooperation between the countries. TUCEM will be the exclusiv...

China’s latest ban on cryptocurrency activities is forcing companies to leave the country, and Bitmain is the next one to take such actions Bitmain, the world’s number one manufacturer of Bitcoin mining machines, has revealed that it will no longer ship its miners to mainland China. This latest development comes following the ban on cryptocurrency service providers and activities in China. The company announced the changes yesterday via its official WeChat account, stating that it intends to follow local regulations. As a result, the Chinese-based company said it will suspend domestic delivery starting today. However, it will still be delivering its mining machines to cryptocurrency miners in other parts of the world. Earlier reports suggest that Bitmain is also looking to move its operati...

The value settled on the Bitcoin network has been surging recently, reaching a new daily all-time high last week. Bitcoin’s daily settlement value hit an all-time high on Oct. 6, with $31 billion worth of transactions being settled on-chain using the Bitcoin network. The record high marks an increase in the network’s daily settlement volume of approximately 40 times since the beginning of 2020. There was $31 billion of value settled on the bitcoin network in a single day last week. This is an all-time high for a single day of settlement value. The global, decentralized payment system continues to become more dominant. (h/t @kerooke) pic.twitter.com/a6Q2FbPY3C — Pomp (@APompliano) October 10, 2021 According to data from Coin Metrics, daily settlement volume has since pulled back sharply, wi...

U.S. Senator Ted Cruz believes The United States should be using natural gas to mine Bitcoin instead of flaring it. Speaking during the Oct. 8 Texas Blockchain Summit, Senator Cruz asserted that Bitcoin mining can be used to monetize energy created through oil and gas extraction rather than burning it, arguing that there is “enormous opportunity for Bitcoin […] to capture that gas instead of wasting it.” According to a transcription of the talk shared to social media by Coin Metrics founder Nic Carter, Cruz noted that half of the natural gas flared in the country is currently being burned in West Texas. “It’s being wasted because there is no transmission equipment to get that natural gas where it could be used the way natural gas would ordinarily be employed,” he added. “Use that pow...