Bitcoin
Why the US Needs 1 Million Bitcoin: Senator Lummis Explains
Senator Cynthia Lummis (R-WY) has introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act. This bill seeks to establish a Bitcoin reserve, reflecting strategies typically used for commodities like oil and gold.
The BITCOIN Act proposes a decentralized network of secure Bitcoin vaults under the US Department of Treasury’s oversight. It aims to ensure top-tier physical and cybersecurity for the nation’s Bitcoin assets.
Bitcoin Price Drops Despite Lummis’ Proposal
The legislation calls for a program to acquire 1 million Bitcoin units, representing about 5% of the global supply. This strategy mirrors the US approach to gold reserves.
Funding for this ambitious project would come from reallocating existing Federal Reserve System and Treasury Department resources. Furthermore, the bill emphasizes the self-custody rights of private Bitcoin holders, ensuring that the strategic reserve does not impinge on individual financial freedoms.
Read more: Who Owns the Most Bitcoin in 2024?
Senator Lummis highlighted the urgency of her proposal amid economic pressures such as rising inflation and soaring national debt.
“Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation,” Lummis stated.
However, despite the US senator’s endorsement, the price of Bitcoin has not risen. As of this writing, it is trading at $64,462, down by around 2.97% in the past 24 hours.
Lummis first announced her proposal for a Bitcoin strategic reserve at the Nashville Bitcoin Conference. According to Lummis, this initiative could position the US as a leader in financial innovation.
However, the plan has its critics. Some argue that Lummis is just pandering to voters.
Others believe the $70 billion investment in Bitcoin is insufficient compared to the $34 trillion US debt and may not provide significant strategic value. Paul Vigna, a well-known author, expressed doubts about the bill’s effectiveness.
“I hate to be that guy, but this makes no sense. $70 billion of bitcoin won’t help a $34 trillion debt. Bitcoin is not strategically important. It just isn’t. It’s a fascinating experiment in finance, but it’s not critical in any way to global markets. There is no good reason to do this,” Vigna remarked.
Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading
Despite these criticisms, the introduction of the BITCOIN Act is a landmark event in US legislative history. It represents a bold step toward integrating digital assets into national financial strategies.
As the bill progresses through the legislative process, it will likely ignite extensive debate among policymakers and economic experts, highlighting varied perspectives on the role of Bitcoin in government finance strategies.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Bitcoin New All-Time High Sparks $400 Million Market Rout
Bitcoin soared to a historic high of nearly $80,000 on Sunday, fueled by renewed optimism within the crypto community following Donald Trump’s reelection as US president.
This support has powered Bitcoin’s upward momentum, with its rally appearing unstoppable for the time being.
Bitcoin’s Latest ATH Drives $400 Million Market Liquidation
On November 10, Bitcoin reached an unprecedented peak of $79,600, surpassing its prior all-time high (ATH) of more than $77,000, according to BeInCrypto data. Though it has slightly receded to $79,326 at press time, the leading digital asset’s price has still experienced a notable increase of over 3% in the past 24 hours.
“$79k bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight. No rash action is needed, HODLing does the work for you,” Bitcoin investor Tuur Demeester said.
Analysts credit a major portion of this growth to the optimism surrounding Trump’s return to office. Many speculate his administration may take a favorable approach to crypto regulation, adding further momentum. Trump himself has shown support for crypto, participating in several industry events, including the Bitcoin2024 Conference, and has pledged to foster a pro-crypto environment.
Similarly, the recent cuts in global interest rates have also fueled Bitcoin’s recent price action. Both the US Federal Reserve and the Bank of England recently cut rates by 25 basis points, a move that typically boosts liquidity while softening the dollar. These conditions historically favor risk assets like Bitcoin, making it an appealing option for investors amid a relaxed monetary policy.
Meanwhile, Bitcoin’s price new record high has also positively affected the broader crypto market, with several leading assets riding the wave. In the past 24 hours, Ethereum rose 5.4%, Solana gained 3.2%, and Dogecoin experienced an 11% jump.
Yet, this bullish market performance has led to significant losses for traders speculating on the prices of these digital assets. According to Coinglass data, over 132,000 traders were liquidated for nearly $400 million during the market uptrend.
Short sellers — who had been betting on a market decline — saw the biggest losses, totaling approximately $288.46 million. Long traders faced smaller setbacks, with total losses of around $105.6 million. Bitcoin traders accounted for around 30% of the liquidations at $105 million, followed by Ethereum traders at $65 million.
Across exchanges, Binance experienced the highest volume of liquidations, representing 46.76% of the total, or about $180 million. Other exchanges, such as OKX and Bybit, also recorded significant losses, with $79.6 million and $65.4 million, respectively.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Bitcoin Analyst Sets $88,800 Target As BTC Breaks ATH 3 Days In A Row – Details
Bitcoin is on a record-breaking run, reaching new all-time highs for three consecutive days following Donald Trump’s victory in the US election and a recent 25 basis point rate cut by the Federal Reserve. This combination of political and economic shifts has fueled a renewed wave of investor interest in BTC, driving prices into uncharted territory.
Top crypto analyst and investor Daan has shared an optimistic outlook, highlighting that BTC is now in price discovery mode with the potential for significant further upside to the $88,800 mark.
As Bitcoin rallies to new highs, the current bull trend appears to be in its early stages. Analysts and investors are closely watching BTC’s price action, with many expecting strong momentum as institutional demand surges. With key macroeconomic shifts favoring alternative assets, BTC is uniquely positioned to benefit, further supported by increasing volumes and heightened demand in U.S. markets.
The next few weeks will be crucial as Bitcoin tests new price levels and traders gauge just how far this bull run can go. As BTC enters price discovery, breaking prior resistance levels, the stage is set for a potentially transformative period, fueling optimism for both seasoned investors and newcomers to the crypto space.
Bitcoin Enters Price Discovery
Bitcoin has entered a new bullish phase, marking the start of a price discovery period after three consecutive days of consistently breaking all-time highs. This move has set a bullish tone not just for BTC but for the entire crypto market. As BTC pushes higher, it reinforces its position as the market leader, driving optimism and interest in altcoins as well.
Top analyst Daan recently shared a technical analysis on X, suggesting that Bitcoin’s next target in its price discovery phase is $88,888. He emphasized that while Bitcoin is unlikely to reach this target in a straight line, the bigger trend remains bullish, and the market has been waiting for this breakout for eight months. Daan cautioned that the journey to these higher levels will be bumpy, with volatility expected as the market works through this new phase.
The coming months are likely to see significant volatility as Bitcoin tests new resistance levels and investors digest the implications of a broader bull market. However, the underlying sentiment is overwhelmingly positive, fueled by strong demand from institutional investors and continued macroeconomic support.
As Bitcoin breaks through key price barriers, it will continue to drive the narrative for the entire crypto market, with many analysts predicting further upside if the current momentum is maintained. The road ahead may be volatile, but the long-term outlook remains extremely bullish for Bitcoin.
BTC Testing Uncharted Territory
Bitcoin is currently consolidating at the $76,400 mark after an aggressive surge over the past week, with bulls firmly in control. The price has managed to break above previous all-time highs, pushing past the key resistance at $73,800. This level is now crucial, as it could turn into a strong demand zone following its breakout. If BTC manages to stay above $73,800 in the coming days, it will signal continued bullish momentum, potentially pushing the price higher.
However, if BTC struggles to break above the $77,000 mark, a healthy retrace to lower demand levels around $72,500 is likely. This pullback would allow the market to find support before pushing higher. A retrace would also provide a much-needed reset for the market, clearing out weak positions and allowing for more sustainable growth.
In the short term, the $73,800 level is critical for maintaining bullish sentiment. If BTC holds above this area, it is likely to continue its upward trend. But, should the price fail to maintain this support, traders will be watching for signs of a deeper correction. Overall, the market sentiment remains positive, and Bitcoin has the potential to continue its bullish trajectory if key levels hold.
Featured image from Dall-E, chart from TradingView
Bitcoin
Top 10 Crypto Promises from President-Elect Donald Trump
Donald Trump convincingly won the US Presidential election and will assume office in January. He ran as a pro-crypto candidate on the campaign trail and is now empowered to enact sweeping, friendlier policies.
Trump will focus on halting anti-crypto actions from federal regulators and the legislature and passing comprehensive new laws for the industry.
Donald Trump’s Total Blowout
In a surprising upset, Donald Trump significantly overperformed in last night’s US Presidential election, coasting to a confident victory. Polling beforehand suggested a tossup election; however, Trump made substantial gains across nearly the entire map. He made crypto advocacy a cornerstone of his campaign, and now the industry must assess the benefits of his win.
Read More: Crypto Regulation: What Are the Benefits and Drawbacks?
President Trump made a vast array of pro-crypto campaign promises, supporting Bitcoin in particular. For example, he vowed to create a Bitcoin reserve and halt attempts to sell off the US government’s holdings.
However, he also lambasted the notion of supporting an official “digital dollar” CBDC. In other words, it looks like he will focus more on existing crypto assets.
Other than this, his promises have generally included the broader industry. In August, he vowed to make the US a “crypto capital,” offering to enact a suite of friendlier regulations. A cornerstone of this new strategy is his promise at Nashville’s Bitcoin Conference to fire SEC Chair Gary Gensler. This pledge drew raucous applause, and he seems very likely to enact it.
“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler!” Trump claimed in July, reacting to the crowd’s outsized approval.
A New Legal Paradigm for Crypto
Once Gensler is out of office, Trump plans to enact a series of productive crypto policies. First and foremost, he promised to stop the SEC and other regulators from continuing their crackdown on exchanges and other businesses. Several crypto opponents also lost their races, which will help blunt the momentum of hostile legislation.
Read More: Who Is Gary Gensler? Everything To Know About the SEC Chairman
As a final symbol of his plan to end crypto hostility, Donald Trump also pledged to free Silk Road founder Ross Ulbricht. This non-violent offender and early Bitcoin adopter has spent ten years in prison since his arrest and has become a cause célèbre in the community. If Ulbricht is released under Trump’s authority, it will be a real milestone for government reconciliation.
Critically, however, Trump has vowed to make positive impacts on the industry, not just reverse negative ones. Policy advisors are creating a comprehensive list of executive actions he could take once in office, as well as a strategy for a comprehensive new regulation for the space. Trump has also explored more novel use cases, such as crypto’s role in alleviating national debt.
Overall, Trump campaigned on a certifiable bonanza of possible benefits to the space. If even half of these promises get fulfilled, it could permanently alter the industry’s mercurial relationship with the federal government.
“The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we’ve always believed that when America steps up in crypto adoption, it’ll do so with gusto—and ultimately take the lead globally. Now, we’re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” Jean-Marie Mognetti, CEO of CoinShares, told BeInCrypto.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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