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Why is Bitcoin price up today? – Cointelegraph

December 17, 2023 | Author: admin

Bitcoin (BTC) price is up today, topping $42,866 after dipping as low as $40,300 over the weekend. The rally highlights traders continued bullish bias for Bitcoin, which produced the best November performance since 2020 and remains on a bullish trajectory in December.

The bounce back above $42,000 comes amid $4 billion BTC being sold in two days, setting an 18-month high. The recovery may show the markets belief that a spot BTC exchange-traded fund (ETF) will be approved in January 2024, and the expectation of approval is matched with significant cash inflows from institutional investors.

Now that BTC has notched its best monthly close in 19 months, lets look into the reasons why Bitcoin price is up today.

Initially, Bitcoin price flashed mixed signals after former Binance CEO Changpeng CZ Zhaos guilty plea, and the exchange agreed to pay a $4.3 billion settlement to the U.S. Department of Justice (DOJ) on Nov. 21. After taking some time to digest the outcome, the market began to notice that Binance exchange was not having a mass exodus of funds like FTX did when its liquidity crisis first became public. Leaders in the crypto market, like Galaxy Digital CEO Mike Novogratz, see the settlement as a net positive overall.

The fear surrounding centralized exchanges seems to have all but vanished. Bitcoin exchange trading volume hit a 6-month high on Dec. 11. Despite having the lowest amount of volume for the month on Dec. 10, BTC trading spiked, accounting to over $16.4 billion the proceeding 24-hours.

The lack of a major exodus from Binance coupled with increased exchange trading volume highlights renewed bullish optimism.

Despite a bevy of macro headwinds, Bitcoin price continues to push higher, achieving a 153.5% year-to-date gain with volatility increasing. Some Bitcoin analysts believe the Binance and DOJ settlement is bullish for a spot Bitcoin ETF approval, noting a similar deal achieved by Arthur Hayes and BitMEX.

The potential of a spot Bitcoin ETF approval has led to hodling, which remains 70% of the total available Bitcoin supply.

While some analysts believe the Bitcoin price is pointing toward a breakout to $50,000, BTC has already more than doubled the 2023 returns of gold

The positive sentiment around Bitcoin led the BTC market cap to surpass Berkshire Hathaway on Dec. 5, and it has remained the 10th-biggest asset by that measure. Despite BTCs strength, the United States Securities and Exchange Commission (SEC) has refused to approve a spot Bitcoin ETF despite numerous applicants, including BlackRock, Fidelity, ARK Invest and 21Shares, with new players seemingly entering weekly.

On Dec. 5, BlackRock reported receiving $100,000 in seed funding for its spot Bitcoin ETF. BlackRock has followed up on their application, filling an update on Dec. 12 after meeting with regulators. In the update, BlackRock contends the new ETF model offers superior resistance to market manipulation. While this is BlackRocks first update, VanEck filled a fifth spot Bitcoin ETF update on Dec. 9.

Related: Terrorism & Israel-Gaza war weaponized to destroy crypto

According to reports, an approval may generate $600 billion in new demand. CryptoQuant analysts believe that an ETF approval will lead to a $1 trillion increase in Bitcoins market capitalization.

Galaxy Digital predicts a 74% price increase in the first year after a spot BTC ETF launch. The next window for the SEC to potentially approve a spot Bitcoin ETF is Jan. 5 through Jan. 10.

While some investors may be awaiting increased liquidity from a spot ETF approval, institutional investors have already begun deploying funds to Bitcoin and crypto. According to CoinShares, institutional investors have pushed $1.88 billion into crypto in the past year. This marks the 11th consecutive week of institutional inflows.

Related: BRC-20 tokens are presenting new opportunities for Bitcoin buyers

Of the $1.88 billion pushed to crypto assets last year, over $1.7 billion has flowed to Bitcoin specifically. In the past week, $39.9 million of institutional inflow was for Bitcoin alone.

According to Bob Ras, the co-creator of Sologenic,

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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Why is Bitcoin price up today? - Cointelegraph

Why has Bitcoin price hit new all-time highs in Turkey, Egypt, Nigeria and Argentina? – Cointelegraph

December 17, 2023 | Author: admin

Since bottoming around $16,800, Bitcoin (BTC) has displayed resilience throughout 2023, posting over 153% gains year-to-date and 143% over the last 12 months to outperform major tech companies.

Despite this impressive performance, the flagship cryptocurrencys price is still 39% below the all-time high (ATH) level against the U.S. dollar reached in November 2021.

Meanwhile, Bitcoin continues to hit new ATHs in Argentina, Turkey, Egypt, Nigeria, Lebanon and Pakistan.

According to a Dec. 13 post from X social platform user Tahini, at one point on Dec. 12, a single Bitcoin ha reached ATHs against the Argentine peso at 15,176,100.12 ARS. BTC was worth 1,202,109.40 Turkish liras (TRY), 32,703,517.06 Nigerian nairas (NGN), and 1,280,955.47 Egyptian pounds (EGP).

The chart also showed that BTC has reached ATHs against the Lebanese pound and the Pakistani rupee at 622,548,74.67 Lebanese pounds and 11,736,063.26 Pakistani rupees, respectively.

It is worth mentioning that these figures are equivalent to the current price of Bitcoin and thatthe meteoric rise of the cryptocurrency in these countries is due to high inflationary pressures, resulting in the devaluation of their respective currencies.

Data from the International Monetary Fund (IMF) ranks countries annual percentage change in inflation rates and end-of-period consumer prices.

According to the chart above, the Zimbabwean dollar currently has the highest annual inflation rate at 396%, followed by the Venezuelan bolivar (250%), Sudanese pound (238%) and the Argentine peso (135%).

The Turkish lira and Nigerian naira came in fifth and 12th with annual inflation rates of 64% and 30%, respectively, IMFs data shows.

For most crypto investors in these countries, Bitcoin has become a reliable store of value and a hedge against rocketing inflation.

Many of these countries, including Nigeria and Argentina, have been readily adopting cryptocurrencies despite the steady devaluation of their currency.

Nigeria, Turkey and Argentina boast the second, 12th and 15th highest rates of cryptocurrency adoption worldwide, according to a Sept. 12 report by Chainalysis.

Argentinas Bitcoin adoption is likely to get a boost following the outcome of the Nov. 19 presidential election run-off, which saw pro-Bitcoin candidate Javier Milei emerge the winner.

After assuming office on Dec. 10, Milei appointed Luis Caputo as economy minister, who announced on Dec. 12 that Argentina was devaluing the peso over 50% to 800 per U.S. dollar in an emergency package aimed at balancing the budget by 2024. This move appears to have been endorsed by the IMF.

The IMF called the measures bold, adding that they would significantly improve public finances in a way that protects the most vulnerable in the society and strengthen the exchange rate regime.

While on the campaign trail, Milei said he would abolish Argentinas central bank if he took over as president.

Related:Bitcoin derivatives data points to traders' $50K BTC price target

During the extended 2022 bear market, Bitcoin fell relentlessly in tandem with tech stocks. According to a review letter by Pantera Capital an American crypto hedge fund Bitcoin has outperformed all of them except for Meta, which has recorded YTD gains of more than 172% against BTCs 162%.

Bitcoin bounced back in 2023 due to a vast majority of significant events that were good news, with the blockchain industry making meaningful, necessary progress, according to Pantera.

The crypto hedge firm lists a number of these events, including increased institutional adoption courtesy of spot Bitcoin ETFs sponsored by large names in traditional finance like BlackRock and Fidelity and the leader in blockchain ETFs, Bitwise. The potential approval of Bitcoin exchange-traded fundsopens a new channel for traditional capital to be injected into Bitcoin as digital gold.

The letter also notes that the ability of the market to rely on the U.S. court system to be fair has been reassuring, citing the ruling by Judge Analisa Torres that XRP (XRP) is not a security and Grayscales win in its lawsuitagainst the Securities and Exchange Commissionregarding its BTC ETF application. These point to a favorable regulatory landscape for crypto in the U.S., enabling further innovation to occur onshore, the report noted.

In addition to these, the upcoming Bitcoin halving event in 2024 is also contributing to the widespread optimism surrounding the flagship cryptocurrency.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Why has Bitcoin price hit new all-time highs in Turkey, Egypt, Nigeria and Argentina? - Cointelegraph

The rise of CBDCs: What lies ahead for crypto and Bitcoin? – CryptoSlate

December 17, 2023 | Author: admin

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The rise of CBDCs: What lies ahead for crypto and Bitcoin? - CryptoSlate

Grayscale mulls over potential tax implications for spot Bitcoin ETFs – Cointelegraph

December 17, 2023 | Author: admin

Grayscale is evaluating the possible tax consequences associated with spot Bitcoin (BTC) exchange-traded funds (ETF) following inaccurate reports circulating about unfavorable tax implications.

In a series of posts on X (formerly Twitter), Grayscale clarified that retail investors of the Grayscale Bitcoin Trust (GBTC) are not expected to incur tax implications when the fund sells Bitcoin to generate cash for meeting share redemptions.

Grayscale explained this is due to the GBTC being structured as a grantor trust, which means the entity establishing the trust is the proprietor of the assets in this case, the underlying Bitcoin for income and tax purposes.

Cash redemptions of grantor trusts are not taxable events for non-redeeming shareholders like retail investors, the post stated while explaining its difference from mutual funds:

Related: Brazil signs overseas crypto tax bill into law

This follows recent reports that the United States Securities and Exchange Commission (SEC) held another meeting with Grayscale to further discuss its spot Bitcoin ETF application.

On Dec. 8, Cointelegraph reported that Grayscale and Franklin Templeton sat down with the SEC to review their applications, only a day after representatives from Fidelity appeared before the SEC.

Meanwhile, just days before, on Dec. 5, the SEC pushed back the decision on Grayscales spot Ether (ETH) ETF application until Jan. 24, 2024.

Magazine: This is your brain on crypto: Substance abuse grows among crypto traders

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Grayscale mulls over potential tax implications for spot Bitcoin ETFs - Cointelegraph

Ann Coulter Slams Anti-Abortion Activists After Texas Ruling – The Daily Beast

December 17, 2023 | Author: admin

Abortion rights activists just got a show of support from the unlikeliest of sources: Ann Coulters keyboard.

The conservative pundit took to X on Tuesday to come out in support of Kate Cox, the woman whose unsuccessful fight to get an abortion in Texas made national headlines this month, and savagely scorch the politics that denied her the right to the procedure.

The prolife movement has gone from compassion for the child to cruelty to the mother (and child), Coulter tweeted. Trisomy 18 is not a condition that is compatible with life.

Cox began seeking an abortion after learning that her fetus had trisomy 18, a fatal genetic condition that ends in miscarriage or stillbirth in 95 percent of cases, according to the Cleveland Clinic.

I am a Texan, Cox, a working mother of two, wrote in a Dec. 6 op-ed for the Dallas Morning News. Why should I or any other woman have to drive or fly hundreds of miles to do what we feel is best for ourselves and our families, to determine our own futures?

The Texas Supreme Court on Monday reversed a lower courts decision that would have allowed Cox to obtain an abortion under the states medical emergency exception. By then, however, she had already left the state, with her lawyers saying she couldnt wait any longer to get the procedure.

Coulter, who in 2007 floated the idea of taking away womens suffrage and generally seems to enjoy railing against wokeness and feminism, has been showing the tiniest hint of a blue streak this year.

In April, she called for Republicans to tone down their attempts to pass draconian abortion bans, tweeting there would be no Republicans left if they continuedthough not before signaling her allegiance: Pro-lifers: WE WON.

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Ann Coulter Slams Anti-Abortion Activists After Texas Ruling - The Daily Beast

Liberals Extremely Befuddled After Finding Themselves Retweeting Ann Coulter – Mediaite

December 17, 2023 | Author: admin

Befuddled liberals may be the reason why Ann Coulter was trending on X (formerly Twitter) Tuesday after they found themselves retweeting her despite expressing their own confusion about agreeing with the conservative pundit.

Coulter posted in defense of a Texas woman who was denied an abortion, even though her fetus had a fatal condition called Trisomy 18. According to medical experts, most children with Trisomy 18 do not live beyond the first two weeks of life and fewer than 10% will live beyond the first year of life.

Coulter tweeted, The prolife movement has gone from compassion for the child to cruelty to the mother (and child). Trisomy 18 is not a condition that is compatible with life.

Retweets pointed out that abortion is a losing issue for Republicans, and even Ann Coulter gets it.

The Center For Reproductive Rights announced Monday that Kate Cox, who was more than 20 weeks pregnant with a child who wasnt expected to live much past birth, was forced to leave Texas to obtain medical intervention.

They posted

HuffPosts Yashar Ali wasnt quite convinced that Coulter had done a 180 on abortion, however, insinuating that shes not as conservative as some people think.

He posted: Abortion has never been Ann Coulters number one issue, so this isnt a surprise. I think people just like to assume shes ultra conservative on every issue. Now if @LilaGraceRose or @conservmillen said what shes saying below, that would be a big deal.

Ann Coulter Shocks Liberals With Sensible Abortion Take – UPROXX

December 17, 2023 | Author: admin

Ann Coulter used to be the scourge of liberals. The far right commentator has written untold columns and books painting Democrats as a pox upon America. Now look at her. Though she was on the Trump train for a while, she hopped off a couple years back. Now shes one of his sharpest critics, which makes her the scourge of todays conservatives. Shes become so sane that once again liberals cannot believe shes the one making sense on a hot button issue.

On Tuesday Coulter weighed in on the tragic story of Kate Cox, a Texas woman who sought an exception to the states draconian anti-abortion laws after her fetus was diagnosed with a fatal disease. Doctors say her condition threatens her own life. Last week a district court said Cox qualified for an exception, but on Monday the Texas Supreme Court overruled that ruling. By then Cox had already left the state to get a life-saving abortion elsewhere. The courts decision has prompted outrage, and not only from Democrats.

The prolife movement has gone from compassion for the child to cruelty to the mother (and child), Coulter tweeted. She added that the disease, Trisomy 18, is not a condition that is compatible with life.

Since Roe v. Wade was overturned last summer, Coulter has said something reasonable about abortions, which shes still against. She also recognizes it as what it is: an issue that will turn voters away from Republicans. Thats what happened last year, when the much-touted red wave, that would hand Republicans more control over the nation, failed to materialize. They wound up only flipping the House, and not by much.

Liberals should be used to Coulter saying things that sound awful lefty, at least in the Trump era. Or maybe theyll never get used to agreeing with Ann Coulter. Whatever the case, people still cant get over her being the sensible conservative.

Others, though, pointed out Coulters long history of being fanatically anti-abortion, and of helping create the volcanic, intransigent rhetoric that has taken over the Republican Party.

But for now, welcome to the resistance, Ann Coulter. Again. Maybe Marjorie Taylor Greene will listen to her this time.

(Via Mediaite)

Could FIDE’s Russian President Get A Third Term In Office? – Chess.com

December 17, 2023 | Author: admin

FIDE could be on the verge of scrapping its presidential term limit and allowing Russian incumbent Arkady Dvorkovich to run for four more years in office.

The world chess federation's current rulesbrought in as an election promise by Dvorkovichare contained in the FIDE Charter and state the president has to step down after two four-year terms in power.

But a controversial amendment, to be discussed when FIDE meets for its annual general assembly on Sunday, seeks to remove that clause. The motion was tabled by the federations representing 21 mostly small chess nations and has been listed on the agenda under "administrative matters."

Sunday's proposal, first uncovered by the site Chess-News, was highlighted by FIDE watchers on X, the platform formally known as Twitter. It drew immediate criticism.

GM Peter Heine Nielsen, a frequent commentator on FIDE matters, said:

Replies on his feed were quick to draw comparisons with Russian president Vladimir Putin, who circumvented constitutional term limits. Putin has held continuous positions as president or prime minister since 1999 and, due to an amendment to the constitution in 2020, is now exempt from presidential term limits until 2036.

Dvorkovich served as deputy prime minister under Putin from 2012 to 2018, and it has been suggested he is adopting the same methods:

GM Jacob Aagaard also noted that Dvorkovich went back on his key election promise to stop terms of office like the 23-year reign of his predecessor Kirsan Ilyumzhinov from happening again. Aagaard said:

Before he was elected in 2018, Dvorkovich told the media: "The FIDE President must serve the chess community, and regardless of the results of his work, a maximum of two presidential terms must be established."

During that election campaign, Dvorkovich received support from, among others, the influential Association of Chess Professionals.

In a pre-election endorsement posted on its website, the ACP stated: "ACP strongly supports the view that no President should be serving for more than two consecutive terms. This is vital to democracy in every major organization and FIDE is no exception."

The reaction in Russia to Dvorkovich winning was positive with Kremlin spokesman Dmitry Peskov telling the RIA news agency: "The election of the head of FIDE is very important, it's a global event, and, of course, we were rooting for Dvorkovich, a Russian citizen."

Announcing Dvorkovich's re-election in 2022 at the general assembly in Chennai, India, FIDE's own website stated:"Dvorkovich's second term will also be the last, as one of the first tasks that he undertook shortly after being elected in 2018 was to renew the FIDE Charter, introduce term limits, and other democratic reforms."

If approved, the change would allow the 51-year-old to extend his term as one of the few Russians still in charge of international sporting organizations since the invasion of Ukraine in February 2022.

The other main outlier is the International Judo Federation (IJF), under the leadership of its President Marius Vizer, reportedly a long-time close friend of Putin.

Since his election in a bruising contest back in 2018, Dvorkovich has faced constant criticism for his links to the Russian governmentparticularly since Russian tanks rolled into Ukraine.

On becoming FIDE president, Dvorkovich moved swiftly to deliver on his election promise and introduced Article 18.12 of the FIDE Charter which states: "A person cannot serve as FIDE President for more than two terms of four years. Terms may be consecutive or non-consecutive."

In his letter to FIDE, the president of the Andorra Chess Federation, Francesc Rechi Prez, argues the time is right for the change.

He said: "The 2023 GA is an appropriate moment to reverse/make the respective amendments to the Charter while this is the least politicized period in between elections, and there are no direct beneficiaries from adoption of the change in regulations."

Prior to the meeting, FIDE's Constitutional Commission confirmed the South African Chess Federation and the Bulgarian Chess Federation have no right to vote in the 2023 meeting.

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Could FIDE's Russian President Get A Third Term In Office? - Chess.com

Refugee team to make historic debut at 45th Chess Olympiad in Budapest – FIDE

December 17, 2023 | Author: admin

In a groundbreaking decision aimed at promoting inclusivity and support for displaced persons, a team representing refugees will take part in the 45th Chess Olympiad set to take place in Budapest, Hungary, in 2024

The move follows a request made by the United Nations High Commissioner for Refugees (UNHCR) to the FIDE Council, which has now been officially approved.

The team of refugees will be carefully selected through a supervised process and endorsed by the UNHCR to compete in both the Open section and the Women's section of the most prestigious team chess tournament. The selection process will be coordinated with the UNHCR and finalized on or before April 1 2024.

FIDE President Arkady Dvorkovich noted the significance of this decision, stating, "In our complex global landscape where numerous people are left displaced and without homes, the inclusion of a refugee team in the Chess Olympiad is a testament to our commitment to support those in need. Chess has the power to offer solace and empowerment to individuals facing adversity, and this initiative shows our dedication to using chess as a tool for positive change."

This landmark decision by FIDE comes after its inauguralparticipation in the Global Refugee Forum2023, held from December 13-15 at Palexpo in Geneva, Switzerland. Anastasia Sorokina, Chairperson of the FIDE Commission for Women's Chess, and Andr Vgtlin, Chairman of FIDE Social Commission, represented FIDE at the event. Sorokina, who founded the Girls Chess Club in the Kakuma refugee camp, shared her experiences at the preliminary event focused on education, discussing the theme of "Protection, Gender, Sport". She emphasized the transformative role of chess in aiding refugees to navigate life challenges and regain stability.

For years, FIDE has supported refugees, primarily through theChess for Protection project, providing assistance to displaced communities. Implemented in partnership with various organizations, including the UNHCR, the UN Refugee Agency, the Lutheran World Federation (LWF), the Kenya Chess Federation, and the Kakuma Chess Club, the Chess for Protection project has been operating since August 2021. This initiative consolidates and expands chess-related activities in the Kakuma Refugee Camp in Kenya, now entering its third year of operation.

The inclusion of a refugee team at the Chess Olympiad signifies a milestone in promoting inclusivity and leveraging chess as a tool for empowerment and support. FIDE remains committed to advancing such initiatives that harness the potential of chess to make a meaningful impact on the lives of the displaced worldwide.

Photos: Stev Bonhage

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Refugee team to make historic debut at 45th Chess Olympiad in Budapest - FIDE

"It’s a problem we will continue to deal with" – Viswanathan Anand on cheating claims in Chess – Sportskeeda

December 17, 2023 | Author: admin

India's first grandmaster and International Chess Federation (FIDE) vice president Viswanathan Anand expressed his views on recent cheating allegations by top players. The five-time world champion thinks that claims and counter-claims of this type will continue to flow.

In September 2022, former world champion Magnus Carlsen pulled out of the $50,000 Sinquefield Cup after a defeat against America's Hans Niemann. Accusations of cheating followed up soon.

The FIDE recently found that Niemann was innocent against the accusations and the world sporting body asked the Norwegian to pay a fine of 10,000 for skipping the tournament. He was, though, cleared from other charges.

Speaking on the measures that can help FIDE tackle the cheating allegations, Viswanathan Anand said that it won't be eradicated. He was quoted by The Indian Express as saying:

Anand added:

The recent Vladimir Kramnik vs Hikaru Nakamura controversy led to a reaction from Indian grandmaster Srinath Narayanan also. He revealed to The Indian Express that the American used to make constant allegations against Arjun Erigiasi.

Hikaru would write to Arjun in a direct message on an online chess portal but only stopped when the Indian lodged an official complaint with the respective portal. Arjun was cleared of any kind of misconduct.

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"It's a problem we will continue to deal with" - Viswanathan Anand on cheating claims in Chess - Sportskeeda

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Why is Bitcoin price up today? – Cointelegraph

Why has Bitcoin price hit new all-time highs in Turkey, Egypt, Nigeria and Argentina? – Cointelegraph

The rise of CBDCs: What lies ahead for crypto and Bitcoin? – CryptoSlate

Grayscale mulls over potential tax implications for spot Bitcoin ETFs – Cointelegraph

Ann Coulter Slams Anti-Abortion Activists After Texas Ruling – The Daily Beast

Liberals Extremely Befuddled After Finding Themselves Retweeting Ann Coulter – Mediaite

Ann Coulter Shocks Liberals With Sensible Abortion Take – UPROXX

Could FIDE’s Russian President Get A Third Term In Office? – Chess.com

Refugee team to make historic debut at 45th Chess Olympiad in Budapest – FIDE

"It’s a problem we will continue to deal with" – Viswanathan Anand on cheating claims in Chess – Sportskeeda

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