South Dakota is set to debate a bill that would formally recognize Bitcoin as part of its financial reserves. This legislative move is expected to enhance the state’s crypto strategy.
The push for Bitcoin reserves is in line with President Trump’s pro-crypto policies, as other states also look to adopt similar legislation, showcasing a shift towards digital currencies.
Whales have quickly bought back significant amounts of Bitcoin following a decline, with 675,000 BTC traded during the dip. Retail investors joined in, perceiving the dip as a chance to buy.
There has been a notable increase in bullish positions in the derivatives market, rising from 49.88% to 62.08%. This surge might signal potential profit-taking, presenting risks for other investors.
Nuvve (NASDAQ: NVVE), a Nasdaq-listed green energy firm, has announced its plan to allocate 30% of its cash reserves to Bitcoin. This decision follows trends set by other companies like MicroStrategy, the largest corporate holder of Bitcoin with assets valued at over $48 billion.
The company primarily specializes in electric vehicle charging technologies and vehicle-to-grid solutions. Nuvve aims to leverage potential returns from Bitcoin while diversifying its treasury holdings.
Bitcoin is currently valued at 102,031 USD, having previously dipped under 100,000 USD. Analysts suggest that a dovish FOMC could push prices above 107,000 USD.
If Jerome Powell adopts a hawkish stance during the FOMC meeting, Bitcoin could experience volatility, potentially falling to targets around 92,000 USD. Conversely, a dovish sentiment might send Bitcoin past 107,000 USD, aiming for new all-time highs.
Ron Paul calls for a separation between money and state, arguing this is essential for fulfilling Trump’s promise. He believes reducing Federal Reserve control can help stimulate the economy and curb inflation.
Paul highlights that the Federal Reserve’s actions create market distortions, leading to bubbles and recessions. He suggests auditing the Fed and embracing alternative currencies like gold and Bitcoin to restore economic stability.
Bitcoin is currently valued at 102,848 USD. Research indicates that typical signs of a market peak are not present, as new investor participation has not reached extreme levels seen in previous cycles.
The analysis indicates that over half of UTXOs are considered ‘young’, suggesting potential for price increases. However, with less than 70% of UTXOs being young, caution is advised for upcoming trends.
Heather Morgan’s lawyers have filed cease-and-desist letters against Netflix, alleging privacy violations regarding their documentary “Biggest Heist Ever.” Morgan is set to serve an 18-month prison term for laundering nearly 120,000 Bitcoin linked to the heist.
The letters demand the immediate removal of wedding guests’ likenesses featured in the documentary, citing a breach of California’s recording laws. Morgan’s legal team warns of potential legal consequences for non-compliance.
Nvidia recently saw a valuation drop of nearly 600 billion USD, which analysts believe may create a bullish sentiment for Bitcoin (BTC). Additionally, upcoming crypto IPOs are projected to substantially boost market valuations, providing further support for Bitcoin’s price increase.
Analysts predict that Bitcoin price could rise to between 100 billion USD and 150 billion USD, influenced by the combined effects of the IPOs and potential shifts in the US Federal Reserve’s monetary policy. However, a temporary correction to about 70,000 USD may occur before the next major upward movement.
Metaplanet plans to raise 745.5 million USD (approximately 116 billion Japanese yen) through the issuance of 21 million shares with 0% discount warrants to enhance its Bitcoin holdings.
The firm previously purchased 619.7 BTC for about 60.6 million USD in December and aspires to increase its total holdings from 1,761 BTC currently to 10,000 BTC by the end of 2025.
On the latest stock market close, Metaplanet’s shares rose by 3.1% to 4,160 yen, illustrating positive sentiment as the demand for BTC grows, reflected by its recent price increase.
Binance executed transactions amounting to 20 million USD, including 70.9 BTC, 1,701 ETH, and 20,973 SOL to Wintermute. This raised allegations of market manipulation and exploitation of retail traders, as suggested by analysts and observers.
The crypto community is pressing for more accountability from Binance and Wintermute. Analysts claim that such transactions undermine market integrity and call for greater transparency regarding the practices employed by exchanges in dealing with market makers.