Bitcoin Price Surges as Trump’s Win Odds Soars

Bitcoin’s Price and Trump’s Rising Election Win Odds

The price of Bitcoin hit its highest level in over two months earlier today. The surge comes as the odds of former US President Donald Trump winning the upcoming presidential election rose sharply.

Industry experts have noted a connection between Trump’s growing popularity in the polls and the leading crypto’s sudden price movement. Bitcoin has climbed by almost 10% recently, trading at more than $68,200, its highest price since late July.

According to analysts, the increase in Bitcoin’s value correlates with Trump’s widening lead in the decentralized prediction markets. On Oct. 16, Trump’s probability of winning the presidential election was at 60.2%, while current Vice President Kamala Harris trailed behind at 39.8%, as per data from Polymarket.

Many crypto investors view Trump as a more favorable candidate for the digital asset space due to his support for innovation, particularly in blockchain technology. On the other hand, there are concerns that a potential Harris presidency could introduce stricter regulations on the crypto industry.

These differing views on the future of regulation in the crypto space have heightened investor interest in this coin as Trump’s odds improve.

Peter Schiff Labels Bitcoin Rally “Trump Pump”

Economist Peter Schiff, however, dismissed the current Bitcoin rally as a “Trump-inspired pump.” Schiff is a well-known critic of Bitcoin and has consistently favored gold as a safer investment.

Schiff pointed out that while Bitcoin has been rising, gold has also set a new peak, with its price reaching $2,680. He emphasized that Bitcoin’s more volatile movements should not overshadow gold’s steady rise.

The Polymarket prediction platform, which allows users to bet on election outcomes, saw a sharp shift in Trump’s favor in early October. By mid-October, Trump was leading by over 10 points, and Bitcoin’s price had risen by more than 13% since hitting a low of $60,300 on Oct. 10.

Thomas Fahrer, CEO of Apollo, a crypto reviews platform, noted in a recent post on X that BTC’s price rises by $1,000 for every 1% increase in Trump’s probability of winning the election. His observation has fueled speculation that the leading digital asset could continue its uptrend if Trump’s lead remains strong.

Crypto Fear & Greed Index Signals Greed

The rise in Trump’s odds has also affected overall market sentiment. The Crypto Fear & Greed Index, which tracks investor emotions and sentiment in the market, moved from “fear” to “neutral” on Oct. 12, when Trump’s lead hit 10 points.

At the time of writing, the index had reached 73, signaling “greed” among crypto investors. Various factors influence the crypto asset’s price, and its current rally shows how political developments can impact the crypto market.

A Satoshi-era Bitcoin Whale Transfers $630K in BTC

An early Bitcoin whale, inactive for years, has moved $630,000 worth of BTC to the Kraken exchange. The whale, who mined the cryptocurrency just five days after Bitcoin’s genesis block in 2009, has made significant transfers over the last two months.

According to blockchain analytics firm Arkham Intelligence, this latest movement brings the total amount sent to Kraken by the whale to $5.47 million within this timeframe. Nevertheless, Arkham Intelligence revealed that the wallet still holds 1,127 BTC, valued at around $75.2 million.

Notably, this particular whale has been inactive for over a decade until recently. This whale’s activity is not isolated. Earlier in October, another Bitcoin whale moved 10 BTC, valued at $610,000, to Kraken after being dormant for many years.

Growing Whale Activity and Price Surge

This growing trend of dormant whales moving this cryptocurrency suggests that some long-time holders seize the opportunity to cash out as the coin’s price rises. Recently, Arkham Intelligence tracked another whale in September, who mined BTC two months after the blockchain’s inception.

The whale, dormant for 15 years, transferred $16 million worth of BTC to Kraken. This series of transfers has drawn attention as they coincide with Bitcoin’s latest price surge.

BTC’s price has gained 7.45% over the past week. The cryptocurrency is now trading above $67,000, a level not seen in recent months.

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How to Sell USDT for Cash Anonymously

Although it’s not simple, selling USDT for cash while keeping anonymity is achievable. Many crypto users look for ways to turn their digital assets without disclosing personal information.

With a focus on Bitcoin ATMs and peer-to-peer (P2P) platforms, this guide will discuss practicable strategies to sell USDT for cash anonymously.

Why Privacy Matters When Selling USDT

Cryptocurrency transactions are usually conducted on blockchain, making them traceable despite the pseudonymous nature of many digital assets. This raises questions for users who prefer to remain private when converting their USDT to cash.

Selling USDT under anonymity can be tricky since many sites make a Know Your Customer (KYC) validation compulsory, a requirement that compromises anonymity. However, there are ways to sell your USDT while maintaining your privacy, such as using ATMs and some trading platforms.

Best Methods to Sell USDT for Cash

Here are two methods to sell USDT for cash securely and anonymously.

The Use of Crypto ATMs

In some cases, cryptocurrency ATMs can be more reasonable for anonymous conversion than trading platforms. Privacy methods available at many crypto ATMs allow users to convert their USDT to cash without going through an extensive KYC procedure as long as the limits applicable to the cash-out transaction are respected.

How to Sell your USDT at the ATM

Step 1: Look for an ATM that performs USDT transactions. Sites like CoinATMRadar can help you find out whether one is nearby.

Step 2: Click the “Sell Cryptocurrency” button and pick USDT.

Step 3: Type how much USDT you want to convert into cash. The ATM will determine the cash equivalent.

Step 4: Send the USDT to the address as depicted on the ATM screen.

Step 5: When a transaction is completed and confirmed on the blockchain network, you may proceed to collect your cash.

Most of these ATMs serve several networks, including Ethereum and Tron. However, the transaction costs for each network vary.

Peer-to-Peer (P2P) Trading Platforms

Another safe choice for this coin sale is P2P systems. These sites link merchants and buyers directly, enabling flexible payment methods and confidential negotiations.

Notably, some P2P platforms allow lower-sum transactions to occur without any KYC verification.

How to Sell USDT via P2P

Step 1: Open an account on a peer-to-peer trading site such as Localbitcoins or Binance P2P.

Step 2: Put in a “sell” order with the USDT amount you want to offload and the kind of payment (cash, bank deposit, etc.) that you will accept.

Step 3: Trade once a buyer has been located and send the coin to their wallet.

Step 4: Finally, you must receive payment from the buyer and confirm the transaction on the platform after receiving it.

Keep in mind that it is difficult to withdraw USDT anonymously when the transaction is done face-to-face or involves obscure payment methods.

Security Tips for Selling USDT

The following are simple guidelines that will help you to be safe with your transactions.

• Use trusted platforms: Always verify that the platform is reputable, whether using an ATM or a P2P platform. Check reviews and ensure it has strong security measures.

• Stick to limits: Abide by the restrictions on services that do not go through KYC. Most ATMs and other platforms accept a daily limit on the volume of transactions you can carry out without revealing your identity.

• Use non-custodial wallets: Employ a non-custodial wallet when sending USDT. Such wallets also give you access to your private keys.

• Verify transaction fees: Different networks have varying transaction fees. Ethereum tends to have higher costs compared to networks like Tron or Polygon.

• Avoid using public Wi-Fi: do not conduct transactions over public Wi-Fi networks to protect your data from hackers

• Double-check information: Verify the specifics of your transactions, including wallet addresses and quantities. This is to prevent errors that can result in lost money.

Anonymous Cryptocurrency Transactions in Different Countries

Keep in mind that countries have different rules regarding cryptocurrencies. Some countries allow complete anonymous trading or transfer of cryptocurrencies for particular amounts, while others enforce KYC policies.

Below are some countries where anonymous trading is still possible and the maximum allowable amount.

• Poland: Transactions from other cryptocurrencies to another up to €1,000 are allowed per transaction.
• Ukraine: Trade of cryptocurrencies not exceeding 30,000 UAH can be made.
• Spain: Up to €990 daily.
• Slovakia: up to 4,990 EUR.
• Romania: No KYC; up to 10,000 RON.

Always update yourself with the current local regulations before attempting an anonymous trade. These rules do change from time to time.

Conclusion

Once you do not surpass specific limits, it is possible to sell this stablecoin via cryptocurrencies ATMs and P2P sites without complete identification verification. The steps indicated above will help maintain the privacy of your USDT transactions.

However, it would be best if you implemented them in addition to observing the local laws governing the sale of such assets.

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Everest Trust Review: Can You Trade Anytime You Want?

When looking for the best trading platform, it is important to know what you want. Some people prefer a simple and easy-to-use platform, while others want more advanced tools and features.

Today, we are going to take a closer look at Everest Trust and share important details about it. After reading our Everest Trust broker review, you will better understand what they offer and how it works in real-life situations. This information can help you make an informed decision about whether it is the right company for you.

Trading Platforms

Everest Trust offers two popular trading platforms:

• WebTrader: This is a web-based platform that you can access directly through your internet browser. It is great for beginners because it is easy to use and does not require any downloads.
• MT4 platform: MT4 is a more advanced platform preferred by many experienced traders. It offers a wider range of tools and features, including customizable charts, expert advisors, and one-click trading.

Both of them provide a reliable and user-friendly trading experience. The best choice for you depends on your personal preferences and trading style.

Trading Assets

Based on the information on the official website, Everest Trust delivers various trading assets, letting you diversify your portfolio and explore different investment opportunities. You can trade traditional financial instruments like stocks, ETFs, funds, bonds, options, and futures.

Additionally, the firm provides CFDs on assets such as currencies, stocks, commodities, and indices. This enables you to gain more exposure to other markets. For those interested in the cryptocurrency market, it also allows you to trade big and popular cryptocurrencies like Bitcoin and Ethereum.

Customer Support

Everest Trust provides reliable customer support to assist clients with any questions or issues they may encounter. You can reach out to their support team via phone or email. While they may not offer live chat, their response times are generally quick, meaning that your queries are addressed promptly.

The support team is knowledgeable and helpful, and they promise to provide a positive trading experience for all customers. Whether you need assistance with account setup, trading platform navigation, or resolving technical issues, you can count on their customer support to get timely and effective assistance.

Opening a Trading Account With the Brand

Creating a trading account with Everest Trust is a straightforward process. To begin, you need to provide some basic information, such as your name, email address, and preferred currency. Once you have completed the registration process, you can fund your account using one of the available payment methods.

After your account is funded, you can contact your dedicated account manager to begin trading. They are the ones who give you any necessary guidance or assistance to help you get started.

Final Thoughts

Now that you have a better understanding of Everest Trust’s key trading offerings, you can decide if it is the right choice for you. For more information, you can visit their website to learn more about other aspects of their services.

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Top Halloween Crypto Events and Airdrops in 2024: A Guide

With Halloween around the corner, the crypto sector is ready for fun events. Starting from particular Halloween crypto themes alongside certain token allocations, 2024 has many ways enthusiasts could earn, exchange, or collect non-fungible tokens.

Both centralized and decentralized exchanges like Binance and many DEXs will be having fun with Halloween crypto events. Such actions include special events such as contests, releases of NFTs, and airdrops, which entice users by giving them the opportunity to earn tokens for performing various simple actions.

In this guide, we’ll explain what Halloween crypto events and airdrops in 2024 offer and how to use different exchanges effectively for maximum participation.

Halloween Crypto Events: What to Expect

With the advent of Halloween, promoters across the digital space are creating their crypto events. These promoters also include unique offerings like investment-grade rare NFTs, traditional tokens, and themed competitions in these crypto events.

Popular exchanges, including Binance and OKX, have dominantly held such events, and 2024 will be no exception. Halloween crypto activities in the past have encompassed various tasks, including trading competitions and performing mystery box activities.

For example, the 2022 Halloween Gift Card Mystery Box from Binance allowed participants to buy and win rewards by opening mystery boxes. This year could also include a similar kind of fun but with the addition of opportunities to take home exclusive NFTs and other bonuses.

Other platforms plan to arrange events where the participants would play spooky metaverse games, solve challenges, or compete in trade to earn some rewards.

Why Halloween Events Stand Out

The seasonal touch these crypto events add distinguishes them. Their uniqueness entices a larger audience, and popular influencers endorse them.

However, Halloween promo hunting is time-bound. The level of excitement and pressure generated while searching for that perfect promo makes it an unmissable opportunity for all crypto lovers.

Participating in Halloween Crypto Events in 2024

Engaging in these kinds of events is easier than it may sound. First, follow your favorite exchanges and crypto influencers on social media channels like X, Telegram, and Discord.

These channels will likely be the first to announce the Halloween crypto events and how to join. For instance, some platforms will announce trading contests that require you to trade a specified amount or social events that require you to share something or promote and invite other people.

In previous years, Binance offered seasonal NFTs or special prizes for completing such campaigns. However, keep in mind that most of the time, such crypto events are held on centralized exchanges.

So, you will have to sign in and pass their KYC procedures to participate in them. Omitting these activities makes you ineligible to participate in or claim any rewards offered during the events.

Maximizing Halloween Crypto Airdrops: Tips for 2024

Airdrops represent another thrilling time of the Halloween period. The term ‘airdrop’ means a method that crypto projects have adopted to reward users with free tokens for some easy tasks.

Halloween 2024 introduces airdrops, where numerous tokens can be claimed by engaging with the platform or holding certain coins. For some of these airdrops, you will need to log in to some of the recruitment sites regarding the promotions.

For others, you need to share social media posts, follow certain accounts, or subscribe to newsletters. Other airdrop campaigns could ask you to hold specific amounts of a given token before the airdrop event takes place.

Creating a compatible cryptocurrency wallet to receive any airdropped tokens is also important. Supported wallets include MetaMask, Trust Wallet, and Phantom, according to the applicable blockchain.

Popular Airdrops to Watch in 2024

Several airdrops are scheduled for Halloween 2024. First is TapSwap, which has initiated an airdrop before its scheduled listing on October 30, 2024. Stay tuned for notifications made on applications such as CoinGecko and CoinMarketCal, as well as the social media of other projects.

Watch Out for Scams Involving Airdrops

Airdrops are an excellent way to attract new users to a project’s ecosystem but are also a magnet for scammers.  In 2023, several fake airdrops were reported, including a notable case where scammers targeted XRP holders with fraudulent offers following Ripple’s legal victory.

To avoid being trapped in those scams, use trusted resources and never disclose your private keys and wallet details. Moreover, be careful during high-profile promotional events such as Halloween.

Use only the established platforms with solid community support. If you are not confident about an airdrop, search for its community and ask questions to clarify your doubts.

Conclusion

Halloween crypto events in 2024 bring extraordinary events with the chance to earn rare NFTs, tokens, or other rewards. However, you must follow the updates of the projects on social networks to maximize your opportunities.

Also, pay attention to trustworthy event aggregators, and don’t neglect safety by using only safe platforms. If executed properly, it’s possible to have fun and rewarding Halloween crypto events.

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Ether ETFs Note Five Days of Zero Inflows: Here’s Why

Spot Ethereum (ETH) exchange-traded funds (ETFs) have registered five consecutive days of zero inflows, which has become a trend for this investment product. In addition, investors in the nine ETH ETFs have withdrawn significant sums from the funds since their July launch.

Ether ETFs Fail to Boost Ethereum’s Market Cap

Remarkably, trusts and institutional investors seeded ETFs with over $10 billion worth of spot Ether before the funds’ debut on US exchanges. However, the post-launch trading activity has resulted in a net outflow of $556 million.

This unexpected trend has sparked questions about how Ether ETFs affect Ethereum’s market value. When evaluating an asset’s market capitalization, investors frequently use ETF inflows as a primary metric.

Based on this yardstick, these ETFs have yet to help the market expand for Ethereum the way many had hoped. Net flows into Spot Ether ETFs have been net negative since launch, a stark contrast to other ETFs’ performance.

For instance, Bitcoin ETFs have experienced tremendous success. This discrepancy highlights how intricately various cryptocurrencies react to financial offerings aimed at drawing in more conventional investors.

Bitcoin ETFs’ Performance

The difference between Bitcoin ETFs and Ether ETFs is striking. US spot Bitcoin ETFs have surpassed $18.7 billion in inflows. In contrast, spot Ether ETFs have noted $556 million in withdrawals.

These differences demonstrate how investors are still more confident in Bitcoin than in Ethereum when it comes to investing in them through vehicles like ETFs. Several factors have contributed to the popularity of these Bitcoin investment products.

Long-term investors find Bitcoin to be a more alluring option due to its well-established reputation as a store of value comparable to digital gold. Furthermore, there is unmistakable proof that ETFs have increased Bitcoin’s market capitalization.

This achievement reflects the value of Bitcoin ETFs as a tool for boosting liquidity and attracting fresh investment into the cryptocurrency market.

A Promising Start That Fizzled Out

The initial excitement surrounding Ether products adds to the disappointment. Spot Ether products did better in terms of market activity on their first day of trading than their Bitcoin counterparts.

Many believed that this new market would offer a huge breakthrough for Ethereum because of its encouraging beginnings. But this hope was misplaced, as these investment products have since lost their early advantage.

Several factors could have caused this underperformance. Some investors were discouraged by the uncertainties brought about by Ethereum’s more intricate and dynamic ecosystem.

Another reason is that the Ethereum network is the usual platform for decentralized finance (DeFi) and non-fungible tokens (NFTs), which appeal to lesser investors than Bitcoin. Thus, Ethereum has a challenging time profiting from such products, which are primarily made for passive investment.

Rising Interest in Crypto Funds among US Investors

Even with Ether’s inconsistent performance, interest in exchange-traded funds continues to rise, especially among American investors. According to a recent survey by the leading financial services company Charles Schwab, almost half of American investors intend to purchase crypto-based products next year.

45% of those surveyed said they planned to invest in exchange-traded funds, up from 38% the year before. This upward trend suggests that the idea of including digital assets in portfolios is becoming more acceptable to traditional investors.

The survey also showed that crypto products are gaining more traction than other alternative investment options, such as bonds and real assets like commodities. US stocks, however, remain the most favored investment, with 55% of respondents expressing plans to invest in them.

A Growing Interest in Crypto

The growing interest in crypto funds could be a sign of the broader acceptance of digital currencies in mainstream finance. The demographic breakdown of the survey revealed that Millennials are the most enthusiastic about these assets, with 62% planning to invest in these products.

This generation has been spearheading the crypto movement, driven by a desire for alternative investments that align with their tech-savvy lifestyles and desire for financial innovation. In contrast, older generations, particularly Baby Boomers, have shown lesser interest in digital assets, with only 15% indicating plans to invest in crypto ETFs.

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Ripple Rolls Out Crypto Custody Services for Banks

The US-based blockchain solutions provider Ripple Labs is venturing into offering crypto custody services to banks and other financial institutions. Ripple announced that it is exploring markets beyond the traditional digital asset ecosystem by introducing crypto custody services to the mainstream financial industry.

Expanding Crypto Custody Services

Ripple has added multiple new features to its Ripple Custody solution to serve better the constantly changing needs of fintech and cryptocurrency companies. Some components include sophisticated anti-money laundering (AML) monitoring to ensure regulatory compliance.

Preconfigured operational and policy settings and seamless integration are some additional features. Institutions looking for safe and scalable digital asset custody will also find the platform more straightforward, thanks to its intuitive interface.

As Ripple continues introducing innovative updates to its custody solutions, the company aims to deliver a more robust service to high-growth businesses in the crypto sector. Aaron Slettehaugh, Senior Vice President at Ripple, stressed that these new features let Ripple Custody cater to the unique requirements of companies with a cryptocurrency focus.

Accordingly, the platform will become the go-to option for companies seeking scalability and security in their digital asset management.

Rising Demand for Crypto Custody Services

In recent years, there has been an increase in demand for trustworthy and secure crypto custody services. Ripple has experienced remarkable year-over-year growth of 250% in this domain, enabling it to reach seven countries and have major international clients like DBS, Societe Generale, BBVA Switzerland, and HSBC.

The fact that these organizations use Ripple’s custody solutions to manage their digital assets highlights the growing significance of custody services within the cryptocurrency ecosystem. Custodial services is one of the fastest-growing sectors in the cryptocurrency industry.

By 2030, the crypto custody market could be worth $16 trillion, according to Boston Consulting Group’s projections. Real-world assets are digitally represented on the blockchain through tokenization products, further driving this growth.

The demand for secure storage solutions has increased as more institutional businesses enter this market. Thus, Ripple is leveraging its XRP Ledger and decentralized exchange capabilities to offer a comprehensive and competitive solution for institutions venturing into the crypto market.

However, it competes against established players like Coinbase, BitGo, and Gemini in the cryptocurrency custody market. Hence, Ripple aims to become a leader in this quickly growing industry by emphasizing security, scalability, and regulatory compliance.

Taiwan’s Move Toward Crypto Custody Trials

Meanwhile, Taiwan is about to begin crypto custody trials in collaboration with regional banks, another step forward for the global crypto industry. This program is a component of the nation’s initiatives to boost institutional adoption of digital assets.

Taiwan’s primary financial regulator (the Financial Supervisory Commission (FSC)) will head the initiative. In the first quarter of 2025, the FSC will start accepting applications from banks interested in custody trials.  

Three banks have already indicated interest in the pilot project. These banks must list the kinds of cryptocurrencies they intend to hold in custody.

The banks must also clarify whether they plan to cater to institutional investors, general investors, or both. Hu Zehua, the director of the FSC’s comprehensive planning division, disclosed that the FSC welcomes the public’s input on the trial’s design to ensure optimal success.

Taiwan’s Steps Toward a Regulated Crypto Ecosystem

Taiwan has been moving very quickly to legitimize its cryptocurrency market. Accordingly, the country recently updated its anti-money laundering (AML) laws to include digital assets.

Per the new regulations, cryptocurrency companies operating in Taiwan must register with the FSC by September 2025. If they don’t comply, they could pay up to $156,000 in fines, and their executives could spend up to two years in jail.

These regulatory initiatives aim to stop illicit activity involving cryptocurrencies while creating a more transparent and safer environment for investors and businesses. Another important step toward integrating cryptocurrency assets into its financial markets is Taiwan’s decision to permit institutions to invest in foreign exchange-traded funds (ETFs).

This move will give cryptocurrencies more legal status within the region and create new investment options. In addition to legislative actions, Taiwan’s private industries are making strides in cryptocurrency.

Recently, Taiwan Mobile, a telecommunications company with over 10 million users, was granted a license to provide virtual asset-related services. These developments indicate that Taiwan is positioning itself as a leading player in Asia and the global digital asset market.

Moreover, the country is working to ensure that companies can operate more easily inside and across its borders by providing a clear regulatory framework for the industry.

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$4.38B Silk Road Bitcoin: Supreme Court Rejects Case

Supreme Court Rejects Battle Born’s Bitcoin Case

The US Supreme Court has refused to hear a case concerning the ownership of 69,370 Bitcoin seized by the government from the infamous dark web platform Silk Road. The decision ends Battle Born Investments’ effort to claim the rights to the Bitcoin haul, now worth around $4.38 billion.

Battle Born argued that it acquired the rights to the BTC through a bankruptcy claim linked to the Silk Road shutdown in 2013. However, in both lower courts, including a district court in 2022 and an appellate court in 2023, the appellate court ruled that Battle Born did not have a legitimate claim to the seized Bitcoin.

Now, the Supreme Court has declined to review the decision. The government’s seizure of the BTC was part of a broader crackdown on Silk Road, a platform notorious for facilitating illegal activities such as drug trafficking and money laundering.

Silk Road, created in 2011 by Ross Ulbricht, allowed users to buy and sell illicit goods anonymously using cryptocurrency. Ulbricht was arrested in 2013 and is currently serving a life sentence for his role in running the marketplace.

US Government to Sell Seized BTC

Following its latest victory, the US government can proceed with the sale of BTC, which could significantly impact the cryptocurrency market. Governments’ past sales of large amounts of BTC have caused notable market fluctuations.

For example, when the German government sold nearly 50,000 BTC earlier this year, the market experienced heightened volatility. The US government has already moved a portion of the seized Bitcoin.

In July, $2 billion worth of Silk Road-related BTC was transferred to the US Marshals Service, which uses Coinbase Prime to store and manage seized digital assets. The question of what to do with the Silk Road Bitcoin has also become a topic of political interest.

Republican presidential candidate Donald Trump has stated that, if elected, he would create a “strategic Bitcoin stockpile” as part of his campaign’s economic strategy. Trump has also pledged to release Ross Ulbricht from prison, arguing that his life sentence was too harsh.

Meanwhile, Democrat candidate Kamala Harris has not publicly stated her plans for the seized cryptocurrency. The Supreme Court only accepts a small number of cases each year, and its decision not to hear this one clears the way for the US government’s civil forfeiture action to proceed without further legal challenges.

Residents in Texas Complain About Noise from Bitcoin Mine

Meanwhile, residents in Granbury, Texas, are raising concerns over noise pollution from a Bitcoin mining facility operated by Marathon Digital Holdings. The Bitcoin mine, located next to the Wolf Hollow II gas-fired power plant, was initially built by Compute North Holdings in April 2022.

Since then, the ownership has changed hands multiple times, with Marathon taking control in January 2023. Some locals claimed they heard persistent noise from the mining operations around the spring of 2023.

The mine has become a source of irritation for those living nearby, though there is no clear indication of how many rigs are currently used on-site. However, the mine boasts a significant hashrate of 4.3 ExaHashs per second (EH/s), indicating substantial mining activity.

Marathon Digital is one of the largest Bitcoin mining companies, with 250,000 mining rigs. While it remains unclear how many of these machines operate at the Granbury location, the scale of their overall operations makes it a significant player in the Bitcoin mining space.

Not The First

Granbury residents are not the first to face such an issue. In a similar case from 2022, residents of Hadsel, a Norwegian municipality, successfully pushed to shut down a local Bitcoin mining operation due to noise disturbances.

Though they achieved the shutdown, their action led to increased electricity bills after the loss of revenue from the mining site, which affected the income of the local power company. Granbury’s situation has yet to reach the same conclusion as Hadsel’s, but tensions between the Bitcoin mining facility and residents are escalating.

Despite the residents’ groans, Marathon has continued its operations at the site.

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El Salvador Rejects IMF Warning, Increases Bitcoin Investment

El Salvador is making moves to increase its Bitcoin (BTC) projects, defying the International Monetary Fund’s (IMF) recommendation on its crypto investments. The Central American nation made headlines in September 2021 after becoming the first country in the world to announce Bitcoin as legal tender, prompting the global monetary body’s opposition to the move.

Strengthens Bitcoin Regulations

The National Commission on Digital Assets (CNAD) President Juan Carlos Reyes announced that the CNAD law had undergone significant changes thanks to the efforts of El Salvador lawmakers. Reyes added that these modifications will allow the CNAD to oversee digital asset firms that do business in El Salvador and would represent a significant change in the country’s regulatory environment for digital assets.

The goal of these reforms is to establish El Salvador as a global leader in the adoption and governance of digital assets by introducing a risk-based regulatory framework.

Enhancing Regulatory Expertise

In a statement accompanying the announcement, Reyes emphasized the importance of combining regulatory knowledge with practical experience. He noted that the team at CNAD would make sure that the Bitcoin industry was regulated fairly and efficiently.

Reyes hinted at potential improvements to its crypto laws and pledged to provide more details about the proposed regulatory framework in the upcoming weeks.

Building New Capital Markets on Bitcoin

Furthermore, the country’s National Bitcoin Office (ONBTC) declared in conjunction with CNAD’s regulatory modification that El Salvador is actively planning to create new Bitcoin-based capital markets. This move further demonstrates El Salvador’s belief in the long-term potential of cryptocurrencies.

The ONBTC emphasized that Bitcoin presents a chance for citizens to enable self-custody of their assets and money. This strategy is in contrast to other frameworks for digital assets that put transaction speed ahead of financial sovereignty.

IMF and External Criticism

Meanwhile, Julie Kozack, Director of the IMF Communications Department, has emphasized that El Salvador’s BTC initiative is still a hot topic of debate. Accordingly, the IMF recommended that the country should reduce the public sector’s exposure to cryptocurrencies, tighten regulatory oversight, and limit the reach of El Salvador’s Bitcoin legislation.

The IMF’s advice remains unchanged even though it acknowledged that some of the risks associated with El Salvador’s crypto experiment have yet to come to pass. The main worry expressed by the IMF is the possibility of economic instability brought by an excessive dependence on a volatile digital asset.

Nonetheless, the crypto community has continued to express its support for El Salvador’s pro-Bitcoin position. Notably, Mathew Sigel, head of VanEck’s digital assets, argued that the IMF’s recommendations would impede El Salvador’s development should the country implement them.

He maintained that the IMF’s strategy would prevent the Central American nation from taking full advantage of its progressive Bitcoin policies.

Bitcoin’s Long-Term Investment Potential

Meanwhile, prominent crypto advocate Scott Melker (or “The Wolf of All Streets”) has highlighted the benefits of dollar-cost averaging (DCA) for Bitcoin investments. Melker noted that DCA could prove to be a very successful long-term strategy for investors who joined the cryptocurrency market during its strong, bullish season.

In his analysis, Melker explained that investors who started buying $100 worth of Bitcoin every week in November 2021, when the asset hit its peak of $69,000, would have invested $15,200 over 152 weeks. Even though they began investing during the height of BTC’s value, they have gained over 107% in value.

Furthermore, this perspective aligns with BTC’s price history, which noted a significant drop after hitting $69,000. Notably, BTC’s price fell below $20,000 by the end of 2022.

However, it started to bounce back in 2023, ending the year at $42,258. More importantly, it has carried on with its upward trend into the first part of 2024. By reaching a new all-time high of $73,600 in March 2024, Bitcoin demonstrated its continuing potential for investors who are prepared to take a patient, long-term approach.

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Metaplanet Offloads 233 Bitcoin Put Options: Here’s Why

The Japanese Bitcoin (BTC) investment behemoth Metaplanet has sold 233 BTC Put Options, gaining 23.97 BTC as profits. According to the firm, the 233 Options it sold are worth $62,000, which is set to expire on December 27.

In addition, the contracts are backed by the company’s $13.8 million proceeds from its 11th stock purchase rights event.

Why is Metaplanet Utilizing Put Options?

A put option is a financial instrument that gives the holder the right, but not the responsibility, to sell a specific stock or asset within a given time frame at a predetermined price, called the strike price. Options trading has grown in popularity in relation to Bitcoin and other cryptocurrencies due to the volatility of these assets, presenting profit-making and loss-hedging opportunities.

As a key participant in the crypto market, Metaplanet is leveraging this tactic by signing a put option contract. The company increased its Bitcoin holdings after earning premiums totaling 23.97 BTC through these contracts.

With the acquisition, the company’s total Bitcoin reserves are now 530.72 BTC, or about ¥4.965 billion (roughly $33.8 million).

Metaplanet’s Partnership with QCP Capital

Metaplanet has also partnered with QCP Capital, a digital asset trading company situated in Singapore. This partnership is a strategy that involves selling options, which keeps the company’s long-term investment in Bitcoin intact by allowing it to earn premiums without selling its BTC holdings.

This method enhances Metaplanet’s financial stability and strengthens its Bitcoin holdings. The business can retain its exposure to the asset while also maintaining its balance sheet by amassing Bitcoin through a mix of direct purchases and revenue-generating techniques.

Long-term profitability depends on this dual strategy, which also shows the company’s dedication to upholding a solid financial base. Simon Gerovich, CEO of Metaplanet, stressed that the strategy is in line with the company’s long-term objectives of optimizing its exposure to Bitcoin.

While the majority of the company’s assets remain in Bitcoin, Gerovich highlighted the importance of using some of these holdings in options strategies to generate additional income. By using this strategy, Metaplanet can increase its Bitcoin reserves without having to rely entirely on buying more of the coin, which can be an expensive undertaking in a market where prices fluctuate frequently.

Franklin Templeton’s ETF Proposal

Meanwhile, Franklin Templeton has submitted a proposal to the US Securities and Exchange Commission (SEC) to launch a Bitcoin and Ethereum index exchange-traded fund (ETF). If authorized, this ETF would be the first of its kind to provide exposure to Ethereum as well as Bitcoin, making it stand out as a unique asset in the market for digital currency ETFs.

The Franklin Crypto Index ETF, which is the proposed name for the exchange-traded fund, is designed to give investors sheltered exposure to these popular cryptocurrencies. The fund’s value would be determined by the net asset value (NAV) of the cryptocurrencies it holds, in contrast to holding BTC directly.

Notably, the Franklin Crypto Index ETF will not directly participate in staking or other income-generating activities involving digital assets, unlike other funds. Instead, it will focus on holding Bitcoin, Ethereum, cash, and short-term financial instruments with maturities of less than three months.

This cautious approach is in line with the goal of providing a less risky and safer entry point into the market for digital assets.

Regulatory Considerations

The SEC’s evaluation of anti-fraud measures and the integrity of regulated futures markets will play a significant role in the pending ETF’s approval. The chance for fraud and market manipulation is partly the reason the SEC has historically been hesitant to approve cryptocurrency exchange-traded funds (ETFs).

Additionally, the plan highlights its supervision agreements with regulated futures markets, which guarantee the safe and open trading of the underlying assets. If the SEC approves this ETF, it will mark a significant milestone for institutional investors seeking to diversify their portfolios with digital assets.

Further reassurance regarding the security and supervision of the fund’s operations is offered by Coinbase Custody, which will handle the digital assets, while BNY Mellon will be the fund’s custodian.

These collaborations between digital asset custodians and traditional financial institutions point to the increasing integration of decentralized finance (DeFi) and traditional finance (TradFi) systems. Franklin Templeton’s proposal follows its recent launch of the Franklin Onchain US Government Money Fund (FOBXX) on Aptos (a leading Layer-1 blockchain).

Thanks to this initiative, institutional investors can now access the asset directly from their digital wallets through the company’s blockchain-integrated platform. Furthermore, the firm is also active on other blockchains, such as Avalanche, Polygon, Stellar, and Arbitrum, demonstrating its dedication to growing its footprint in the blockchain industry.

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