The United States’ National Republican Congressional Committee — the body responsible for coordinating Republican electoral efforts — is introducing donations in cryptocurrencies like Bitcoin (BTC). The NRCC announced Wednesday on Twitter that the committee will begin accepting crypto donations for election campaigns, sending its fundraising efforts “to the moon.” https://t.co/aIisNV5BiD pic.twitter.com/F9ktKFfHAq — NRCC (@NRCC) June 17, 2021 According to a Wednesday report by Axios news agency, the NRCC will process crypto donations using major payment platform BitPay, through which donations will be immediately converted to U.S. dollars. The cash conversion means that the NRCC will be able to accept individual …
Tech-heavy stock market indices, including the Nasdaq Composite and the S&P 500, have begun to recover. Amazon posted high pandemic sales that led profits to climb threefold and reported a 37% spike in revenue. Facebook also surpassed Wall Street expectations, achieving $21.5 billion in revenue during the third quarter. Although the correlation between Bitcoin and U.S. stocks has declined in recent weeks, the probability that the rising risk-on market sentiment could buoy BTC remains high. As Kevin Svenson, a chartist at Kraken’s Cryptowatch, explained, the market direction between Bitcoin and the S&P 500 is the “same 80% of the time.” …
The first debate of the 2020 U.S. presidential election had no clear winner, but crypto-powered prediction platforms are having a field day. Election futures on crypto derivatives exchange FTX boomed, with the platform’s CEO reporting more than $4 million in open interest trying to pick the winner between Democrat Joe Biden, and Republican Donald Trump. On FTX, Trump’s brash debate performance got a big thumbs down and drove a 10% crash in the price of futures contracts backing his re-election. Volumes on FTX are amplified by leverage. On predictive platforms that do not offer leverage, more modest six-figure volumes were …
Bitcoin (BTC) poses a significant threat to the world’s reserve currency, the United States dollar, according to a strategist at major American investment bank Morgan Stanley. Ruchir Sharma, chief global strategist at Morgan Stanley Investment Management, believes that the dollar’s reign is likely to end due to global distrust in traditional finance, while Bitcoin is likely to capitalize on that lack of confidence. In a Dec. 9 article in The Financial Times, Sharma provided a brief outline on the history of the world’s reserve currencies, noting that the dollar’s run had lasted 100 years at the start of 2020. According …
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with …