Bitcoin in the Spotlight: A weekly digest featuring crucial news from the leading cryptocurrency.
Michael Saylor, the executive president of MicroStrategy, appeared virtually at LABITCONF 2023, held in Argentina, to talk about the importance of using Bitcoin as a reserve asset for companies.
CBOE will become the first US exchange to offer both spot trading and leveraged derivatives trading in one place.
HIVE Digital, has announced a purchase of 4,800 Bitmain S19k Pro ASIC miners.
Bitcoin miners are connecting new platforms to capitalize on the BTC rally ahead of the halving in April 2024.
Finally, according to Google Trends data, online searches related to cryptocurrencies, especially Bitcoin, continue to be very popular.
These are this week’s Bitcoin top news. More details are provided below.
LABITCONF 2023: Bitcoin is an Economic Armor, Saylor Said
During LABITCONF 2023, MicroStrategy CEO and Bitcoin evangelist Michael Saylor offered a unique perspective on the reigning cryptocurrency. He compared it with the rest of the financial assets and made it clear that the digital currency has no rivals in terms of appreciation, security and coverage.
He added that “In a few years, we will see the true potential. There is no operational risk, and Bitcoin is technology. Bonds for the United States are an asset, but Bitcoin is like a bond, but it does not have negative returns.”
He also stressed that “We are going to have an avalanche of both corporate and institutional adoption. “When everyone understands Bitcoin, maybe it will slow down a little bit, but in the long term we have to have a laser focus.”
Chicago Options Exchange (CBOE) to Launch Margined Bitcoin Futures
The Chicago Options Exchange (CBOE) reported that it will launch margined Bitcoin (BTC) and Ethereum (ETH) futures in January 2024. In addition, according to experts, the CBOE measure aims to boost crypto market activity by part of institutional investors.
CBOE Digital President John Palmer said that “Futures have long been valuable hedging instruments in traditional financial markets, and we are very excited to expand access to this tool even further in the asset markets. digital and offer margin trading to our clients.”
Hive Digital Acquires 4,800 New Units for Bitcoin Mining
On Tuesday, Hive Digital announced the purchase of 4,800 Bitmain S19k Pro Bitcoin miners from Bitmain. The Bitcoin (BTC) mining firm plans delivery within the next 30 days to improve the July average efficiency per terahash (“J/TH”).
The company anticipates that these new miners will be operational within a few days, allowing for faster cash flow compared to previous models.
Bitcoin Miners Prepare to Secure Profits Before Halving
According to JPMorgan analysts, the hashrate has reached record levels in recent months, including a notable increase in October.
Gregory Lewis, a brokerage analyst at BTIG who closely follows the top Bitcoin miners in the United States, has observed a growing urgency among them to connect more mining rigs before the halving.
The Bitcoin ETF Effect on Google Searches
Over the past 90 days starting August 13, searches reached one of their highest points, reaching a score of 100 on October 24, after that, interest waned.
Recently, starting November 8, searches have increased again. This is closely related to the news. Major media outlets reported on the possible approval of an exchange-traded fund by the SEC, which generated great anticipation. As a result, people took to the internet to research more about these cryptocurrencies.
By Leonardo Perez