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The #Bitcoin Policy Institute has drafted the executive order to establish a strategic Bitcoin reserve under the United States Treasury’s Exchange Stabilization Fund (ESF).
The draft aims to position Bitcoin as a national strategic asset for the U.S. under President Donald Trump. The proposed order outlines measures to ensure the United States remains competitive in the evolving global digital economy. Notably, this policy requires approval and signing after Donald Trump’s inauguration to take effect.
Details of The Bitcoin Reserve and Policy Objectives
The executive order emphasizes integrating Bitcoin into the U.S. financial system to strengthen economic security and global leadership.
According to the draft, Bitcoin’s decentralized and limited supply characteristics make it a valuable asset comparable to digital gold. The proposal recommends designating Bitcoin as a strategic reserve asset within the ESF to diversify holdings, attract innovation, and promote domestic industry growth.
Under the draft’s provisions, the Treasury Secretary would oversee the creation of a Strategic Bitcoin Reserve (SBR), with an allocation of $521 billion for Bitcoin acquisition.
The proposal mandates that all Bitcoin held by federal agencies, such as the U.S. Marshals Service, be consolidated into the SBR within seven days of the order’s issuance. Notably, it prohibits the sale of any Bitcoin from this period.
Additionally, the draft directs the Treasury to implement a detailed acquisition plan within 60 days to establish the United States as a global leader in Bitcoin holdings and innovation.
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The draft aims to position Bitcoin as a national strategic asset for the U.S. under President Donald Trump. The proposed order outlines measures to ensure the United States remains competitive in the evolving global digital economy. Notably, this policy requires approval and signing after Donald Trump’s inauguration to take effect.
Details of The Bitcoin Reserve and Policy Objectives
The executive order emphasizes integrating Bitcoin into the U.S. financial system to strengthen economic security and global leadership.
According to the draft, Bitcoin’s decentralized and limited supply characteristics make it a valuable asset comparable to digital gold. The proposal recommends designating Bitcoin as a strategic reserve asset within the ESF to diversify holdings, attract innovation, and promote domestic industry growth.
Under the draft’s provisions, the Treasury Secretary would oversee the creation of a Strategic Bitcoin Reserve (SBR), with an allocation of $521 billion for Bitcoin acquisition.
The proposal mandates that all Bitcoin held by federal agencies, such as the U.S. Marshals Service, be consolidated into the SBR within seven days of the order’s issuance. Notably, it prohibits the sale of any Bitcoin from this period.
Additionally, the draft directs the Treasury to implement a detailed acquisition plan within 60 days to establish the United States as a global leader in Bitcoin holdings and innovation.
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"XRPL-Based Coreum Secures Major Listing on Bit2Me in Latin America!"
Coreum (CORE), an XRPL-based token, secures a listing on leading Latin American Exchange Bit2Me alongside a partnership with the University of California.
Read more on: https://thecryptobasic.com/2024/05/10/xrpl-based-coreum-secures-listing-on-latin-american-exchange-bit2me/
#XRPledger #Coreum #Crypto #CryptoNewssCommunity #CryptoNews”
Read more on: https://thecryptobasic.com/2024/05/10/xrpl-based-coreum-secures-listing-on-latin-american-exchange-bit2me/
#XRPledger #Coreum #Crypto #CryptoNewssCommunity #CryptoNews”
#Dogecoin (DOGE) experienced significant volatility on Monday, with its price plunging to $0.3800 after starting the day at $0.4673.
This decline closely mirrored Bitcoin’s drop, as the leading crypto revisited its previous lows at $94,000 during the same period. Now, DOGE is trading at $0.4057, marking an 8.81% decrease in the past 24 hours. In its overall weekly performance, Dogecoin is witnessing a more modest decline of 2.36%.
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Dogecoin Chart
This decline closely mirrored Bitcoin’s drop, as the leading crypto revisited its previous lows at $94,000 during the same period. Now, DOGE is trading at $0.4057, marking an 8.81% decrease in the past 24 hours. In its overall weekly performance, Dogecoin is witnessing a more modest decline of 2.36%.
#CryptoNewssCommunity
Dogecoin Chart
Federal Reserve Chair Jerome Powell dismisses claims about Bitcoin’s rivalry with the U.S. Dollar, emphasizing that BTC is the digital version of gold.
Powell stated this position yesterday at the New York Times DealBook Summit while referring to Bitcoin as a speculative asset.
Bitcoin Is a Speculative Asset Like Gold
For context, assets tagged as speculative are mainly acquired with the expectation that their price would spike over time. This is similar to how investors speculate on the value of gold.
Notably, Powell described #Bitcoin as the digital version of gold, suggesting that people only use both for speculative purposes.
He opined that Bitcoin should not be considered a rival to the U.S. Dollar because it is not used as a store of value or everyday payments. However, he contended that Bitcoin is highly volatile. Hence, it should be compared to gold.
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Powell stated this position yesterday at the New York Times DealBook Summit while referring to Bitcoin as a speculative asset.
Bitcoin Is a Speculative Asset Like Gold
For context, assets tagged as speculative are mainly acquired with the expectation that their price would spike over time. This is similar to how investors speculate on the value of gold.
Notably, Powell described #Bitcoin as the digital version of gold, suggesting that people only use both for speculative purposes.
He opined that Bitcoin should not be considered a rival to the U.S. Dollar because it is not used as a store of value or everyday payments. However, he contended that Bitcoin is highly volatile. Hence, it should be compared to gold.
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"Bitcoin and Ethereum ETFs Dominate with Unstoppable Double-Digit Inflows"
Inflows into the US Bitcoin and #Ethereum ETFs have surged to insane levels as the funds record double-digit streaks.
Read more on: https://thecryptobasic.com/2024/12/13/us-bitcoin-and-ethereum-etfs-hit-fever-pitch-as-inflow-streaks-extend-to-double-digits/
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Read more on: https://thecryptobasic.com/2024/12/13/us-bitcoin-and-ethereum-etfs-hit-fever-pitch-as-inflow-streaks-extend-to-double-digits/
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Amid the short-term market correction, #Bitcoin ’s price remains steady at key support levels. With an intraday recovery, BTC’s price suggests the possibility of an extended rally to offset recent declines.
Bitcoin Price Analysis
The second consecutive bearish candle in the daily chart caused the BTC price to drop further yesterday following the 3.69% drop on Monday. However, the low price action in the daily candles led to an intraday recovery of 0.97%, with the opening price at $96,658.
On the 4-hour chart, lower price rejections signal a bullish reversal from a long-standing support trendline. The recovery is now approaching the 23.60% Fibonacci level at $98,378.
Bitcoin’s price is currently $97,588, beginning a bullish recovery from a morning star pattern near the support trendline. The rally is now preparing to challenge the local resistance trendline.
This creates a triangle pattern on the 4-hour chart, compressing the trend momentum. With the bullish recovery, the MACD and signal lines on the 4-hour chart are poised for a bullish crossover.
#CryptoNewssCommunity
Bitcoin Price Analysis
The second consecutive bearish candle in the daily chart caused the BTC price to drop further yesterday following the 3.69% drop on Monday. However, the low price action in the daily candles led to an intraday recovery of 0.97%, with the opening price at $96,658.
On the 4-hour chart, lower price rejections signal a bullish reversal from a long-standing support trendline. The recovery is now approaching the 23.60% Fibonacci level at $98,378.
Bitcoin’s price is currently $97,588, beginning a bullish recovery from a morning star pattern near the support trendline. The rally is now preparing to challenge the local resistance trendline.
This creates a triangle pattern on the 4-hour chart, compressing the trend momentum. With the bullish recovery, the MACD and signal lines on the 4-hour chart are poised for a bullish crossover.
#CryptoNewssCommunity
Dubai Regulator Issues WARNING About XT.com And Six Other Crypto Entities
Unregulated Activities in Virtual Assets
Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a warning regarding several crypto entities operating without the required licenses. Among these is Koto Crypto, allegedly registered in the Dubai Multi Commodities Center (DMCC), which has been offering OTC Crypto services since 2023 without complying with regulatory requirements.
According to VARA’s statement:
"Any activities related to virtual assets conducted on this platform are not in line with VARA regulations. Engaging with unlicensed platforms exposes users to significant financial risks and potential legal consequences for violating regulatory or criminal laws."
Similarly, Finchain Payment Service Provider LLC and Finchain Technologies DMCC have been flagged. Additionally, their websites are currently non-operational.
Other Entities Under VARA’s Radar
VARA also identified Crypto Force, which, like Koto Crypto, operates from DMCC, and Coin Cashy and BTC Bay, whose websites are no longer active.
The list also includes Stabit, linked to Genesis Digital Assets Commercial Brokers Co. LLC, offering unregulated crypto trading services.
XT.COM HACKED FOR $1.7 MILLION
XT.com, one of the entities listed in VARA’s warning, recently suffered a hack that resulted in a $1.7 million loss. On November 28, the exchange suspended withdrawals, citing "wallet maintenance."
However, blockchain security firm PeckShield confirmed shortly afterward that there had been an "abnormal transfer of platform wallet assets." The hacker has already converted the stolen funds into more than 461 ETH, according to PeckShield. XT.com has assured users that their funds will remain unaffected.
Vara Warns Against Interacting With These Platforms
The Dubai regulator emphasized that none of these seven entities are licensed under VARA regulations, making their operations illegal within Dubai’s jurisdiction. VARA has also banned these platforms from promoting or offering virtual asset services to Dubai residents.
Protecting Users
Investors and consumers have been advised to avoid interacting with these platforms. VARA further warned that access to these websites might be restricted without prior notice.
"We recommend taking immediate action to secure the protection of user assets," the regulator stated.
Fines For Rule Violations
In October, VARA announced that it had ordered seven entities to cease operations and issued fines for conducting business without the necessary licenses and for violating marketing regulations. Additionally, on November 17, 2023, VARA fined 18 virtual asset service providers (VASPs) for failing to comply with its guidelines and regulations.
The regulator warned that if these compliance gaps are not actively addressed by the end of the year, further penalties will follow. VARA underlined that these enforcement actions are essential to establish trust in its regulatory framework on global markets.
#cryptoregulation , #Warning , #CryptoSecurity , #CryptoNewss , #CryptoNewssCommunity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a warning regarding several crypto entities operating without the required licenses. Among these is Koto Crypto, allegedly registered in the Dubai Multi Commodities Center (DMCC), which has been offering OTC Crypto services since 2023 without complying with regulatory requirements.
According to VARA’s statement:
"Any activities related to virtual assets conducted on this platform are not in line with VARA regulations. Engaging with unlicensed platforms exposes users to significant financial risks and potential legal consequences for violating regulatory or criminal laws."
Similarly, Finchain Payment Service Provider LLC and Finchain Technologies DMCC have been flagged. Additionally, their websites are currently non-operational.
Other Entities Under VARA’s Radar
VARA also identified Crypto Force, which, like Koto Crypto, operates from DMCC, and Coin Cashy and BTC Bay, whose websites are no longer active.
The list also includes Stabit, linked to Genesis Digital Assets Commercial Brokers Co. LLC, offering unregulated crypto trading services.
XT.COM HACKED FOR $1.7 MILLION
XT.com, one of the entities listed in VARA’s warning, recently suffered a hack that resulted in a $1.7 million loss. On November 28, the exchange suspended withdrawals, citing "wallet maintenance."
However, blockchain security firm PeckShield confirmed shortly afterward that there had been an "abnormal transfer of platform wallet assets." The hacker has already converted the stolen funds into more than 461 ETH, according to PeckShield. XT.com has assured users that their funds will remain unaffected.
Vara Warns Against Interacting With These Platforms
The Dubai regulator emphasized that none of these seven entities are licensed under VARA regulations, making their operations illegal within Dubai’s jurisdiction. VARA has also banned these platforms from promoting or offering virtual asset services to Dubai residents.
Protecting Users
Investors and consumers have been advised to avoid interacting with these platforms. VARA further warned that access to these websites might be restricted without prior notice.
"We recommend taking immediate action to secure the protection of user assets," the regulator stated.
Fines For Rule Violations
In October, VARA announced that it had ordered seven entities to cease operations and issued fines for conducting business without the necessary licenses and for violating marketing regulations. Additionally, on November 17, 2023, VARA fined 18 virtual asset service providers (VASPs) for failing to comply with its guidelines and regulations.
The regulator warned that if these compliance gaps are not actively addressed by the end of the year, further penalties will follow. VARA underlined that these enforcement actions are essential to establish trust in its regulatory framework on global markets.
#cryptoregulation , #Warning , #CryptoSecurity , #CryptoNewss , #CryptoNewssCommunity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
"Shiba Inu Ends Three-Year Downtrend, Expert Sees Path to All-Time High"
A widely followed technical analyst has boldly declared that #shiba⚡ Inu is now breaking out of its extended three-year downtrend, setting its sights on an all-time high run.
Read more on: https://thecryptobasic.com/2024/12/07/expert-says-shiba-inu-breaking-out-of-three-year-downtrend-next-stop-all-time-high/
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Read more on: https://thecryptobasic.com/2024/12/07/expert-says-shiba-inu-breaking-out-of-three-year-downtrend-next-stop-all-time-high/
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"Cardano Breaks All Expectations with 100% Surge—Is Peter Brandt’s Bearish Call Still Valid?"
Proponents call out Peter Brandt as #Cardano price surges considerably following his bearish outlook, but there’s a catch.
Read more on: https://thecryptobasic.com/2024/12/12/cardano-price-defies-peter-brandt-with-100-surge-since-bearish-call-or-did-it/
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Read more on: https://thecryptobasic.com/2024/12/12/cardano-price-defies-peter-brandt-with-100-surge-since-bearish-call-or-did-it/
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"Revised Bitcoin Law in El Salvador: Public Sector Exposure Limited and $3.5B Deal Secured!"
El Salvador has reached a significant milestone in its financial and economic reform efforts by securing $3.5 billion in financing following revisions to its #Bitcoin law that limit public sector exposure.
Read more on: https://thecryptobasic.com/2024/12/19/el-salvador-revises-bitcoin-law-to-limit-public-sector-exposure-secures-3-5b-financing-deal-including-imf-support/
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Read more on: https://thecryptobasic.com/2024/12/19/el-salvador-revises-bitcoin-law-to-limit-public-sector-exposure-secures-3-5b-financing-deal-including-imf-support/
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"Dogecoin Positioned for Big Gains: Top Market Strategist’s Bull Run Pick"
Market strategist Raoul Pal reveals his latest crypto watchlist, a reflection of his concentrated bets for the ongoing bull market, which includes #Dogecoin .
Read more on: https://thecryptobasic.com/2024/12/16/raoul-pal-says-dogecoin-is-one-of-his-concentrated-bets-for-this-bull-run/
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Read more on: https://thecryptobasic.com/2024/12/16/raoul-pal-says-dogecoin-is-one-of-his-concentrated-bets-for-this-bull-run/
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"Bitcoin to Hit $170K in 2025 After 124% Surge in 2024, CEO Announced"
Jan van Eck, CEO of VanEck, has outlined a bold and forward-looking perspective on the #Bitcoin and precious metals markets heading into 2025.
Read more on: https://thecryptobasic.com/2024/12/17/vaneck-ceo-says-bitcoin-could-reach-170k-in-2025-after-124-surge-in-2024-outshining-gold-and-us-stocks/
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Read more on: https://thecryptobasic.com/2024/12/17/vaneck-ceo-says-bitcoin-could-reach-170k-in-2025-after-124-surge-in-2024-outshining-gold-and-us-stocks/
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Arkham Intelligence has announced the integration of #Dogecoin into its analytics platform, offering its advanced on-chain capabilities to the meme-based crypto.
The team emphasized the significance of this move, highlighting the limited tools available to analyze the Dogecoin blockchain despite its 11-year existence. With Arkham’s features, users will soon be able to visualize and monitor Dogecoin’s blockchain activity, trace transactions, filter data, and set real-time alerts.
This addition expands Arkham’s supported networks to 16, allowing Dogecoin users to examine specific wallet activity and monitor addresses tied to exchanges, funds, and notable individuals.
Dogecoin’s Cultural Legacy and Adoption
Dogecoin’s cultural relevance extends beyond the crypto industry. According to Arkham, the coin, inspired by the Japanese Shiba Inu dog Kabosu—who passed away earlier this year—has achieved widespread recognition. The team also notes how the crypto has garnered attention from prominent figures like Elon Musk, who briefly replaced X’s (formerly Twitter) logo with the Doge icon after acquiring the platform.
Additionally, the team highlights how Tesla began accepting Dogecoin as payment for merchandise, furthering its visibility in mainstream markets.
Interestingly, the acronym DOGE now coincides with the U.S. Government’s Department of Government Efficiency, a satirical nod to its cultural prominence.
#CryptoNewssCommunity
The team emphasized the significance of this move, highlighting the limited tools available to analyze the Dogecoin blockchain despite its 11-year existence. With Arkham’s features, users will soon be able to visualize and monitor Dogecoin’s blockchain activity, trace transactions, filter data, and set real-time alerts.
This addition expands Arkham’s supported networks to 16, allowing Dogecoin users to examine specific wallet activity and monitor addresses tied to exchanges, funds, and notable individuals.
Dogecoin’s Cultural Legacy and Adoption
Dogecoin’s cultural relevance extends beyond the crypto industry. According to Arkham, the coin, inspired by the Japanese Shiba Inu dog Kabosu—who passed away earlier this year—has achieved widespread recognition. The team also notes how the crypto has garnered attention from prominent figures like Elon Musk, who briefly replaced X’s (formerly Twitter) logo with the Doge icon after acquiring the platform.
Additionally, the team highlights how Tesla began accepting Dogecoin as payment for merchandise, furthering its visibility in mainstream markets.
Interestingly, the acronym DOGE now coincides with the U.S. Government’s Department of Government Efficiency, a satirical nod to its cultural prominence.
#CryptoNewssCommunity
Shytoshi Kusama, the lead developer of #shiba⚡ Inu, has reacted to a recent tweet from Elon Musk that subtly references SHIB, contributing to the token’s rise to a nine-month high.
This weekend, billionaire Elon Musk sparked new optimism in the meme coin market by making several references to meme-inspired tokens such as Shiba Inu, Dogecoin, and BABYDOGE.
It all started with a post in which Musk shared an image of him carrying a boy on his shoulder, captioning it “DOGE” and “DOGE Junior.” In a follow-up post, Musk shared the image again, this time labeling himself as the “Dogefather” and the boy as “Dogeson.”
Crypto market participants quickly took note of Musk’s mentions. Dogecoin, Musk’s favorite meme coin, saw a 10% gain shortly after, reaching a price of $0.46.
Meanwhile, the meme coin BABYDOGE experienced an even more pronounced effect from Musk’s subtle endorsement. The token surged by 195% and has continued to hold those gains despite the broader pullback.
Elon Musk Posts a Shiba Inu, Lead Developer Reacts
Shiba Inu also benefited from Elon Musk’s influence. Specifically, Musk also shared an image of a giant Shiba Inu dog depicted as a dust storm overtaking a city. The image is widely interpreted as a reference to the Shiba Inu cryptocurrency, given the iconic mascot.
Musk’s post has reignited interest and enthusiasm within the Shiba Inu community, with the lead developer of the ecosystem acknowledging the tweet.
Furthermore, Shiba Inu community members flooded Musk’s post with the community’s signature “Woof” in excitement. Key community figures, such as administrator RagnarShib, remarked, “Shiba Inu is unstoppable.”
#CryptoNewssCommunity
This weekend, billionaire Elon Musk sparked new optimism in the meme coin market by making several references to meme-inspired tokens such as Shiba Inu, Dogecoin, and BABYDOGE.
It all started with a post in which Musk shared an image of him carrying a boy on his shoulder, captioning it “DOGE” and “DOGE Junior.” In a follow-up post, Musk shared the image again, this time labeling himself as the “Dogefather” and the boy as “Dogeson.”
Crypto market participants quickly took note of Musk’s mentions. Dogecoin, Musk’s favorite meme coin, saw a 10% gain shortly after, reaching a price of $0.46.
Meanwhile, the meme coin BABYDOGE experienced an even more pronounced effect from Musk’s subtle endorsement. The token surged by 195% and has continued to hold those gains despite the broader pullback.
Elon Musk Posts a Shiba Inu, Lead Developer Reacts
Shiba Inu also benefited from Elon Musk’s influence. Specifically, Musk also shared an image of a giant Shiba Inu dog depicted as a dust storm overtaking a city. The image is widely interpreted as a reference to the Shiba Inu cryptocurrency, given the iconic mascot.
Musk’s post has reignited interest and enthusiasm within the Shiba Inu community, with the lead developer of the ecosystem acknowledging the tweet.
Furthermore, Shiba Inu community members flooded Musk’s post with the community’s signature “Woof” in excitement. Key community figures, such as administrator RagnarShib, remarked, “Shiba Inu is unstoppable.”
#CryptoNewssCommunity