September — Week #2

By BLOCKTALK in Bitcoin — Sep 12, 2024

🤑 Markets

Bitcoin rally conditions analyzed: Bitcoin's price has declined by 1.01% on daily charts and 2.80% over the past 30 days, with analysts suggesting three conditions for a rally to new highs: small retail holders reducing their holdings, mid-sized investors increasing their holdings, and aggressive accumulation by large holders.
Bitcoin Rises to $57,000: The article reports that Bitcoin (BTC) has risen to $57,000, marking a significant price increase, and that exchange-traded funds (ETFs) have ended their losing streak. This upward trend is seen as a positive sign for the cryptocurrency market, potentially indicating a strong rally ahead.
Bitcoin surges past $57,000, market sentiment positive: Bitcoin surged past $57,000, fueled by positive ETF inflows, upcoming regulatory discussions, and bullish long-term predictions, with analysts seeing potential for the cryptocurrency to reach $100,000-$200,000 by the end of 2025. The recent price action has led to significant liquidations in the futures market, with over $126 million in positions liquidated, mostly short positions, indicating a shift in market sentiment.
Global Liquidity Pushes Bitcoin to New Highs: The surge in global monetary liquidity, growing at an annualized rate of over 6%, is expected to boost Bitcoin's price, potentially leading to a new all-time high and even reaching $100,000 if it breaks its current ATH. This upward trend is supported by central banks' rate cuts, including the Federal Reserve, and the increasing long-term holder supply, which signals strong accumulation by institutions and reinforces the likelihood of Bitcoin's price rising in the coming months.
Bitcoin's Price Consolidates at $54,000: Bitcoin's price is currently consolidating around $54,000-$55,000, with analysts predicting a continuation of the bull market despite recent dips, citing parallels with previous halving years and miner accumulation as positive signals. Despite market sentiment remaining cautious, many analysts believe the biggest gains of the crypto bull market are yet to be had, with potential for significant upward movement in the coming months.

🧑‍⚖️ Policy & Regulation

Bitcoin Maximalists Face Conundrum: The article "Op-Ed: The Bitcoin Maximalist Conundrum" argues that Bitcoin maximalists are struggling to understand the current situation, where Bitcoin has been co-opted by the system it originally threatened, and that the first phase of the revolution is over, with Wall Street winning and Bitcoin being used more as a long-term investment rather than a currency. Despite this, the article acknowledges that Bitcoin remains a powerful proof-of-concept for decentralized currency and that the idea of decentralization is still alive and well.

🧠 Decentralization

Early Bitcoin Developer Backs Satoshi Theory: The article discusses the theory that Satoshi Nakamoto, the creator of Bitcoin, was a lone genius who designed the cryptocurrency to be decentralized and secure. The theory is supported by early Bitcoin developers who believe that Nakamoto's anonymity was crucial to the success of Bitcoin, as it prevented any single person or entity from controlling the system.

⚙️ Technology

Three-Phase Systems Revolutionize Bitcoin Mining: The article "Revolutionizing Bitcoin Mining: The Power of Three-Phase Systems" discusses how three-phase electrical systems can offer a competitive advantage to miners as ASIC efficiency gains taper off, potentially improving the efficiency and sustainability of Bitcoin mining operations. This innovation could play a crucial role in the future of Bitcoin mining, particularly as the industry continues to evolve and adapt to new challenges and opportunities.
Merlin Chain is Bitcoin's largest Layer 2: Merlin Chain, a revolutionary Bitcoin Layer 2 platform, has achieved unprecedented milestones in just six months, solidifying its position as the largest Layer 2 in the Bitcoin ecosystem with a Total Value Locked (TVL) surpassing $1.2 billion and bridge transactions exceeding $16 billion. The platform has grown into the largest Bitcoin-native network, with 1.9 million on-chain addresses and over 12.7 million transactions processed, hosting over 80% of all Bitcoin-native asset holders.

🌈 Adoption

Standard Chartered Launches Bitcoin Custody Service: Standard Chartered Bank has launched a digital asset custody service in the UAE, which includes support for Bitcoin and Ethereum, after receiving a license from the Dubai Financial Services Authority (DFSA). The service aims to provide secure storage for digital assets and is initially focused on supporting Bitcoin and Ethereum, with plans to expand to other digital assets and global financial hubs.
Australian Bitcoin ETF Implements Proof of Reserves: Australia's Monochrome Bitcoin ETF (IBTC) has partnered with Hoseki to introduce daily proof-of-reserves verification, becoming the first Australian spot Bitcoin ETF to do so. This partnership aims to enhance transparency by providing real-time validation of IBTC's Bitcoin reserves, ensuring that investor assets are fully accounted for without requiring public disclosure of wallet addresses.
Bitcoin Could Catch Fire: Suze Orman, a renowned financial advisor, believes that Bitcoin could "catch fire" in the future, driven by the younger generation's interest and potential for significant price increases, despite current price challenges. Orman advises having exposure to Bitcoin but emphasizes the need to be prepared for potential losses, highlighting the importance of a diversified investment portfolio.

📅 Bitcoin Events Coming Up

CBC Summit 2024

🗓️ When: September 12, 2024
📍 Where: Washington, DC, USA
The CBC Summit 2024 is a curated, one-day event that brings together leading industry executives, regulators, and legislators to address crypto banking and compliance challenges. Speakers include Charles A. Vice, Director of Financial Technology and Access, National Credit Union Administration (NCUA), and Eric Ellis, Director for BSA/AML Policy, Bank Supervision Policy Division, Office of the Comptroller of the Currency.

Unconfiscatable 2024

🗓️ When: September 2024 (exact dates not specified)
📍 Where: Las Vegas, NV, USA
Unconfiscatable 2024 is a conference focused on Bitcoin, with high-profile speakers discussing scalability, privacy, finance, investing, trading, laws, and regulation. The event aims to provide a platform for learning, networking, and exploring the future of Bitcoin.

Token2049

🗓️ When: September 18, 2024
📍 Where: Marina Bay, Singapore
TOKEN2049 is set to take place in Singapore on September 18-19, 2024, at the Marina Bay Sands, where it will gather around 20,000 attendees from over 7,000 companies across more than 150 countries. This premier event in the cryptocurrency and blockchain sector will feature more than 300 speakers and 400 exhibitors, creating a vibrant atmosphere for networking and discussions about the latest innovations and trends in the digital asset space.

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