The Bitcoin Briefing, 31 October 2024
After a shaky start, Uptober has lived up to expectations, but will Moonvember continue the trend?
Bitcoin Market News
BlackRock Ramps Up Bitcoin Buys, Invests in MicroStrategy
According to trading data, BlackRock bought $1 billion in Bitcoin last week, with an additional $300 million purchased on Monday. The asset manager has also invested in MicroStrategy, signalling a deepening connection with the BTC market. Its total holdings sit at 399,525 BTC, a substantial amount but nonetheless a far cry from Binance’s 667,526. Arkham’s data shows that BlackRock has been buying BTC daily, typically in 600 BTC transactions.
Florida to Explore Bitcoin Investment for Retirement Funds?
Florida’s Chief Financial Officer has sent a request to the State Board of Administration seeking a feasibility report for the potential to invest a portion of the state’s retirement funds in crypto, namely Bitcoin. “Bitcoin is often called ‘digital gold,’ and it could help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes,” Florida’s Jimmy Patronis wrote.
Eastern Europe Receives $499 Billion in Crypto
Chainalysis’s latest report reveals Eastern Europe as the fourth largest cryptocurrency market globally. Between July 2023 and June 2024, the region received $499 billion in on-chain value, accounting for 11% of total global crypto transactions. Ukraine and Russia maintained strong positions in the global crypto adoption index, ranking 6th and 7th, respectively. Russia advanced six places from the previous year, leading Eastern Europe with $182.44 billion in crypto inflows.
Suriname Presidential Candidate Vows to Make Bitcoin Legal Tender
Suriname’s presidential candidate, Maya Parbhoe, has promised to make Bitcoin the nation’s legal tender on her first day in office. Her bold plan includes issuing an executive order immediately granting Bitcoin legal status without requiring parliamentary approval. Parbhoe’s goal is to reduce Suriname’s dependence on international institutions like the IMF by adopting a decentralised financial system powered by Bitcoin. She also aims to phase out the Surinamese dollar (SRD) within two to three years, transitioning the country to a Bitcoin-standard economy.
Bitcoin Trends
Fed's Rate Decision Could Steal Election Spotlight
Aside from the suspense of who will claim victory as the next US president, the US central bank’s decision on the federal funds rate is slated for 7 November. The Fed’s FFR is the barometer for interest rates across the country, and it’s widely anticipated that a cut will emerge from the upcoming meeting. This convergence of election outcomes and economic policy decisions affirms the high stakes, with both events likely shaping public and financial sentiment as the nation navigates its future economic course.
Will MiCA Rule Improve Crypto Or Lead To Consolidation?
As the EU prepares to fully implement the Markets in Crypto-Assets (MiCA) regulation by December 2024, the European crypto market is on the verge of a significant change. Ian Horne, head of content at Money20/20's Amsterdam show, emphasised that MiCA offers clarity for those looking to run regulated crypto businesses in Europe. “It signals that businesses are operating within an environment that wants them to exist,” he explained, describing MiCA as a positive step toward fostering a more structured crypto market. The regulation includes measures to prevent market manipulation, such as front-running and wash trading while enhancing consumer protection.
Malaysian Electric Company Hit By $100m Illegal Bitcoin Mining
Tenaga Nasional Berhad, Malaysia’s national electricity provider, has reported losses of more than 440 million Ringgit (about $101 million) due to mining-related electricity theft. This figure is on top of the reported confiscation of electrical items related to Bitcoin mining valued at $500,000. TNB and the local authorities claim that the losses date back to 2018 and are connected to illicit mining operations. TNB said in another separate paper that their losses between 2018 and 2023 totalled more than $755 million.
Russia Halts Crypto Mining in Energy-Strapped Territories
Russia is set to restrict crypto mining in several regions due to ongoing energy shortages. These shortages affect areas where electricity deficits make supporting crypto mining’s high power demands challenging. Specific regions, including the Far East, southwestern Siberia, and the South, are experiencing limited energy availability. These areas currently lack the infrastructure to handle large-scale mining operations. The government further indicated that power shortages may persist until 2030.
Bit of Bitcoin fun
History of Bitcoin's Price: A UK Perspective
As Bitcoin to GBP looks to end 'Uptober' at +15%, we take a trip down memory lane by looking at the history of Bitcoin's price in the UK.
