The Bitcoin Briefing, 12 September 2024
As Bitcoin continues to duck and dive, the ‘Briefing peeks behind what’s really happening across the BTC world.
Bitcoin Market News
Venezuelan Opposition Leader Proposes Bitcoin as a National Reserve
Amid Venezuela’s severe economic crisis, opposition leader María Corina Machado has made a bold proposal: using Bitcoin as a national reserve asset. Her suggestion comes at a time when the country is grappling with hyperinflation, currency devaluation, and economic instability under former President Hugo Chávez and current President Nicolás Maduro's regimes.
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Bitcoin Price Drops as US Inflation Comes in Lower Than Expected
The price of Bitcoin dipped slightly after the US Consumer Price Index (CPI) showed that consumer prices rose less than expected in August. The CPI increased by 2.5% annually, slightly below the predicted 2.6%. Bitcoin's price dropped to $56,500, while Ethereum and Solana also experienced declines.
Japan's Metaplanet Acquires Additional $2m in Bitcoin
Japanese investment firm Metaplanet has expanded its Bitcoin holdings with an additional ¥300 million ($2 million) purchase, acquiring 38.464 BTC at an average price of ¥7.8 million ($54,517) amid a price dip. This brings Metaplanet's total Bitcoin holdings to 398.832 BTC, acquired for a total of ¥3.75 billion ($26.12 million) at an average price of ¥9.4 million.
ETH/BTC Ratio Hits New April 2021 Low
Ethereum has significantly lagged behind Bitcoin since its transition to proof-of-stake, with the ETH/BTC ratio reaching its lowest level since April 2021 and ongoing underperformance despite recent ETF approval. Since Ethereum's transition to the new consensus mechanism, the cryptocurrency has significantly underperformed Bitcoin.
Bitcoin Trends
Marathon CEO: Bitcoin is Now “A Matter of National Security”
Russia’s Bitcoin mining activities have come under the spotlight, with Fred Thiel, the CEO of Marathon Digital, revealing that the country mined over $3 billion worth of bitcoin last year. This development has raised eyebrows and sparked debates about the implications of Bitcoin on national security, especially amid ongoing Western sanctions.
Bitcoin Addresses with Non-zero Balances Climb 50m in 2024
Bitcoin’s number of addresses with a non-zero balance has steadily increased in 2024. After a dip in early January, the total number of unique addresses began to recover around March, with notable growth from May through September—now nearing 53.2 million. Despite fluctuations in price, which have dropped from around $70,000 to under $60,000 since March, user activity has maintained upward momentum.
SEC’s September Crackdown as Gensler seeks $2.6bn More for 2025
The Securities and Exchange Commission (SEC) enforcement actions typically ramp up toward the end of the government's financial year, in September. This year marked the SEC’s most aggressive stance, with SEC Chair Gary Gensler cracking down on crypto and wanting more money for next year.
Tesla 2x Bitcoin Scam Exploits Elon Musk's Name
A new scam, dubbed the “Tesla 2x Bitcoin Scam,” has been making headlines for its ability to deceive victims by using Tesla’s name and Elon Musk’s image. The scam falsely promises participants that Tesla will double any bitcoin they send, leading to substantial financial losses.
Japan's Largest Electricity Provider Explores Bitcoin Mining with Surplus Renewable Energy
Agile Energy X Inc. is exploring bitcoin mining using renewable energy sources. In Japan, renewable energy production is often reduced to manage supply, demand, and transmission limits. To utilise this excess energy, the firm has installed Bitcoin mining machines near photovoltaic plants in Gunma and Tochigi prefectures near Tokyo.
Bit of Bitcoin fun
Fulham FC in Fresh Crypto Sponsor Storm
Premier League outfit Fulham face scrutiny over its sponsor IUX after a journalist found fake employee profiles on LinkedIn. Concerns have arisen about the legitimacy of the crypto trading firm, prompting questions about the sponsorship deal. In 2022, the club was forced to cut ties with sponsor Titan Capital Markets after it emerged the firm used actors to play employees in promotional videos.
