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Coinbase recently upgraded its payment product, retaining Shiba Inu (SHIB) as a result of its EVM compatibility, while removing coins like Bitcoin and Dogecoin.
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Sarah Knafo, a French member of the European Parliament, has urged the European Union to establish a strategic #Bitcoin reserve. At the same time, she firmly opposes the proposed “digital euro,” a central bank digital currency (CBDC). No to Digital Euro, Yes to Strategic Bitcoin Reserve In a passionate speech delivered to the European Parliament, Knafo rejected the idea of the ECB’s digital euro, labeling it a tool for totalitarian control. Instead, she championed Bitcoin as a decentralized, freedom-affirming alternative. “No to the digital euro, yes to a strategic Bitcoin reserve,” Knafo wrote on X (formerly Twitter), accompanied by a video of her address. #CryptoNewsCommunity
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The CryptoQuant Research Head says an unprecedented rate of demand is responsible for the recent #Bitcoin rally. By every measure, Bitcoin has had a landmark year in 2024. Still, the asset shows no signs of slowing down, with its price continuing to record high after high. Recently, CryptoQuant Head of Research Julio Moreno has offered insight into what is driving the latest rally. Bitcoin Seeing Record Demand Over the past 24 hours, Bitcoin has surged to new highs near the $108,000 price point, extending its year-to-date (YTD) gains to over 150%. According to Moreno, the recent rally, which kicked off over the weekend, is driven by record demand outpacing supply. As an example, Moreno highlighted that Bitcoin over-the-counter desks are seeing their most significant monthly balance decline this year, already down a staggering 25,000 BTC worth $2.7 billion at current prices this month. The market researcher also noted that this balance had declined by 40,000 BTC since November 20. Meanwhile, as this supply reduces, demand continues to grow, as highlighted by the Bitcoin ‘Apparent Demand’ indicator chart shared by Moreno. The apparent demand indicator measures the difference between newly issued Bitcoin and the inactive supply for a year. When inactive supply decreases faster than the newly issued coins, the metric turns positive, suggesting high demand. Per the chart, the apparent demand indicator has been significantly positive since the end of October 2024. The recent trend of Bitcoin demand outpacing supply comes as several factors have investors feeling significantly optimistic about the asset. #CryptoNewsCommunity
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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
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