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Tether said in May 2023 that it planned to “regularly allocate up to 15% of its net realized operating profits toward purchasing Bitcoin.”
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The Dubai International Financial Centre (DIFC) enacted the Digital Assets Law No. 2 of 2024. Recognizing digital assets as property under English common law principles, thus treating tokens as tangible property.
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He suggested that the recent crypto ads on Alipay are not a direct Ant offering, but rather ads published as some “third party found some loopholes.”
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“As long as people can’t move yuan out of the country illegally, the regulators won’t treat it as a huge risk and problem,” he added.
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“So allowing the Bitcoin ETF would not surprise me,” He told Cointelegraph, adding that buying and selling all go through Ant Group in Chinese yuan.
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While crypto investors are ecstatic now, it’s good to understand why Bitcoin was able to break into the six digits and where it could go from here.
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But the unprecedented rally has been driven by a confluence of other factors too, creating a perfect storm for Bitcoin price.
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And Federal Reserve Chair Jerome Powell has again acknowledged Bitcoin’s legitimacy, stating at the DealBook Summit: “It’s just like gold, only it’s virtual, it’s digital.”
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Bessent has said he’s “excited about the President’s embrace of crypto” and that “everything is on the table with Bitcoin.”
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The rest of the administration is shaping up as the most pro-crypto ever, with Trump also nominating Key Square Capital Management founder Scott Bessent as the secretary of Treasury.
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The break above $100,000 came just hours after President-elect Trump announced former SEC commissioner and co-chair of the Digital Chamber’s Token Alliance Paul Atkins as Gensler’s replacement at the top of the SEC.
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The price has been surging skyward ever since Donald Trump’s victory in November’s presidential election signaled the presumptive end to the hostile approach to crypto taken by Biden administration and its appointed SEC chair, Gary Gensler.
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The firm agreed to $10 million worth of fines to the US government to resolve the charges on Nov. 18.
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BIT Mining’s latest moves come as it recently admitted it authorized paying bribes to Japanese officials in an attempt to win a bid for a resort and casino license in its former life as 500.com, between 2017 and 2019.
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“We are not planning any diversification into other proof-of-work coins,” said CleanSpark senior vice president Harry Sudock, who added Bitcoin’s “long track record” means the company is more comfortable with mining it “for the long term.”
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From a broader perspective, Bitcoin call (buy) options for Nov. 29 hold an aggregate notional value of $7.4 billion on Deribit, CME, OKX, Binance and Bybit, surpassing the $6.2 billion in open interest for put (sell) options by 19%. This disparity is narrower than typical trends, as crypto traders often lean bullish.
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In a research note dated Nov. 27, economists at Pantheon Macroeconomics said that US Personal Consumption Expenditures (PCE) inflation could rise above 3% if President-elect Donald Trump implements import tariffs, according to Yahoo Finance. Separately, Barclays analysts remarked:
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Still, the 5% rebound from Bitcoin’s $90,775 low on Nov. 26 suggests that confidence remains strong amid 34% gains over the last 30 days.
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Periods of macroeconomic uncertainty, often driven by fears of an economic slowdown, typically trigger a flight to quality, prompting investors to exit riskier assets.
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