Bitcoin News Daily Official TheBitTimes.com

In a meeting following the European Central Bank’s (ECB) interest rate cut announcement, the bank’s President, Christine Lagarde, reiterated her long-standing criticism of cryptocurrencies in general, and Bitcoin (BTC) in particular. The central bank president, who stated that crypto was worth ‘nothing’ back in 2022, and later revealed that her son had lost roughly 60% of his investment in digital currencies, was asked to comment on Czech National Bank (CNB) Governor Aleš Michl’s Bitcoin acquisition plan — which would see the CNB allocate up to 5% of its total reserves to the leading cryptocurrency. At press time, Bitcoin was changing hands at $106,330 — having marked an 11.62% increase in price since the beginning of the year. However, even a cursory glance at the chart reveals significant volatility — which is the basis of the criticism levied against the asset (at least in terms of its role as a possible reserve currency). ...

In what is a massive development for the industry, Brazil has seen its crypto imports increase a remarkable 60.7% through September. Moreover, that has seen the total et imports of digital assets surpass the entire 2023 total, according to central bank data. Brazil’s cryptocurrency market now stands as the 10th largest in the world, according to Chainalysis data. One of the key reasons for the increase has been an influx of stablecoin usage within the country. The US dollar-pegged digital asset accounted for almost 70% of all crypto-related transactions. JUST IN: Brazil's crypto imports rose 60.7% in the first nine months of 2024, surpassing the total for all of 2023. — Watcher.Guru (@WatcherGuru) October 29, 2024 Also Read: Circle Expands Access to USDC in Brazil and Mexico Brazil Crypto Usage Surges, as Total Imports Already Beat 2023 2024 has proven to be a massive year for cryptocurrencies. In the United States, the asset class has been front and center. Two crypto-base...

China enacted a number of economic stimulus initiatives to bolster its stock market but will there be a down the pipeline impact on Bitcoin? News headlines have recently covered how China's struggling economy poses significant risk to global growth. Economic activity and the flow of credit in the region are weakening and analysts are not convinced that the Chinese government’s interventions are a sufficient fix for what appear to be structural problems.  For instance, industrial output in July increased by 3.7% compared to the previous year, which is slower than June's growth rate of 4.4%. Furthermore, Chinese banks issued 89% fewer new loans in July versus June, the lowest since late 2009. Beyond its impact on global economic growth, there's concern among investors that the turmoil in China's real estate market might trigger a ripple effect on the U.S. dollar and commodities. This, in turn, could create an unfavorable scenario for Bitcoin (BTC). On Aug. 28, the Shang...

Bitcoin's upward momentum could continue according to Asian stablecoin demand and the BTC futures premium. It might seem like forever and a day ago when the Bitcoin (BTC) price was trading below $18,000, but in reality, it was 40 days ago. Generally, cryptocurrency traders tend to have a short-term memory and, more importantly, they attribute less importance to negative news during bull runs. A great example of this behavior is BTC’s 15% gain since Feb. 13, despite a steady flow of bad news in the crypto market. For instance, on Feb. 13, the New York State Department of Financial Services (NYDFS) ordered Paxos to "cease minting" the Paxos-issued Binance USD (BUSD) dollar-pegged stablecoin. Similarly, Reuters reported on Feb. 16 that a bank account controlled by Binance.US moved over $400 million to the trading firm Merit Peak — which is supposedly an independent entity also controlled by Binance CEO Changpeng Zhao. The regulatory pressure wave continued on Feb. 17 as Th...