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FTX is seeking to recover $460 million from VC firm backed by Bankman-Fried
#FTXUpdate
#crypto2023
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With Donald Trump’s anticipated return to the White House, the crypto sector may see a major transformation, particularly with the potential adoption of the Bitcoin Act. CoinShares’ head of research, James Butterfill, highlights that the proposed act could position Bitcoin (BTC) as a U.S. strategic reserve asset, similar to gold. Should it pass, this development could place up to 5% of Bitcoin’s total supply in U.S. national reserves, establishing greater legitimacy for the asset. The Bitcoin Act, formally titled the Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, was introduced earlier this year by U.S. Senator Cynthia Lummis. The legislation aims to reduce the national debt by accumulating 1 million BTC over five years. This signals an aggressive approach to integrating Bitcoin into the nation’s financial framework. Trump, who voiced support for a Bitcoin reserve during his campaign, could actively pursue this plan now that he is president. #Bitcoin #Crypto #CryptoNewsCommunity #CryptoNewsUSA #CryptoNewss
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Michael Saylor, the executive chairman of MicroStrategy, provides insights into the company’s operations as a Bitcoin treasury company. Saylor made this known today, emphasizing that MicroStrategy is a Bitcoin treasury company whose operations are backed by the world’s largest cryptocurrency by market cap. He attached a chart to his X post showcasing how the company operates at this position. #Bitcoin #Crypto #CryptoNewsCommunity #CryptoNews🚀🔥V #CryptoNewss
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VanEck’s Head of Research believes Ethereum is oversold and predicts renewed speculative interest will drive its market recovery. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a 7.9% price increase over the past 24 hours. As of this writing, ETH is trading at $2,823 after a minor retracement from earlier gains. This recent uptick follows a year of underperformance relative to Bitcoin (BTC), with the ETH/BTC pair consistently reaching multi-year lows. However, recent market movements and analysis suggest a possible shift in Ethereum’s market dynamics. #Ethereum #Crypto #CryptoNewsCommunity #CryptoNews🚀🔥V #CryptoNewsUSA
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