Bitmain Technologies Ltd., the Chinese manufacturer behind most of the world’s Bitcoin mining machines, has been the focus of a federal investigation assessing whether its products pose national security risks, according to Bloomberg reporting.
The inquiry, dubbed “Operation Red Sunset,” led by the Department of Homeland Security, reportedly examined whether the company’s machines could be remotely manipulated for espionage or sabotage of critical US infrastructure.
Bitmain denies these capabilities, but investigators have reportedly tested its equipment at ports and dissected chips and code to assess potential threats.
The company’s hardware has long attracted scrutiny.
A 2017 Bitcoin Magazine report suggested Antminer devices contained code allowing remote shutdown, which Bitmain said was a theft-prevention feature later patched. Similar concerns resurfaced in 2019.
In May 2024, then-President Joe Biden blocked a crypto mining facility near a Wyoming nuclear missile base, citing national security risks linked to foreign-sourced mining equipment. The Committee on Foreign Investment in the United States (CFIUS) said the presence of foreign mining devices near sensitive facilities could facilitate surveillance and espionage.
Bitmain has repeatedly stated it complies with US law and has no ties to the Chinese government. It also denied awareness of “Operation Red Sunset” or any import-related investigations.
The Commerce Department blacklisted Bitmain’s AI affiliate, Sophgo Technologies, in January 2025 over alleged dealings with Huawei, further raising concerns about the company’s ties to Beijing.
Bitmain ties with the Trump family
The investigation intersects with the Trump family’s crypto ventures. Eric and Donald Trump Jr. invested in American Bitcoin, a company that recently acquired 16,000 Bitmain devices for $314 million, paid in Bitcoin, per Bloomberg.
The startup plans to operate 76,000 mining machines across the US and Canada. American Bitcoin insists its operations follow strict security standards and that Bitmain hardware poses no credible risk to the US power grid or national security.
The issue has drawn bipartisan attention. A July 2025 Senate Intelligence Committee report highlighted “disturbing vulnerabilities” in Bitmain devices and warned that facilities using them near power plants or military installations present “an unacceptable risk.”
GOP Representative Zach Nunn also requested CFIUS review specialized chips in foreign mining hardware to assess broader policy implications.
As the US continues to monitor foreign crypto technology, the case underscores the tension between rapidly expanding digital asset industries and national security concerns, especially when high-profile political figures are involved.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Bitcoin-miner-Bitmain-Faces-Federal-Investigation-Amid-Trump-Family-Bitcoin-Venture-Bloomberg-Zj0LwU.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-21 19:10:542025-11-21 19:10:54Bitcoin-miner Bitmain Faces Federal Investigation Over National Security Issues: Report
On November 19, William “Bill” Hill, 67, co-founder of Bitcoin mixing service Samourai Wallet, was sentenced to four years in prison for operating an unlicensed money transmitting business that processed over $237 million in criminal proceeds, according to journalist Frank Corva.
Hill pleaded guilty in July in the Southern District of New York, admitting that the platform he co-founded was used to conceal illicit funds from activities including drug trafficking, darknet marketplaces, cyber intrusions, fraud, sanctioned jurisdictions, murder-for-hire schemes, and a child pornography website.
His co-founder, Keonne Rodriguez, received a five-year sentence.
Prosecutors said Hill and Rodriguez actively promoted Samourai Wallet to criminal users on darknet forums and internally recognized that its mixing process functioned as “money laundering for Bitcoin.”
Authorities said the pair ran Samourai Wallet’s Whirlpool and Ricochet services to obscure the origins of criminal proceeds from drug trafficking, darknet marketplaces, fraud schemes, cybercrime, and even murder-for-hire operations.
Whirlpool coordinated Bitcoin exchanges between users, while Ricochet added multiple transaction “hops” to make tracing more difficult. From 2017 to 2019, over 80,000 Bitcoin — worth more than $2 billion at the time — flowed through the services, generating over $6 million in fees, prosecutors said.
Court records indicate Rodriguez and Hill actively encouraged criminal use through Samourai Wallet, with Rodriguez describing the services as “money laundering for bitcoin” and Hill promoting Whirlpool on a darknet forum as making illicit funds “untraceable.”
They also publicly urged hackers to launder stolen funds following a 2020 social media hack, prosecutors contended.
Hill’s sentence was reduced due to his age and recent autism diagnosis, with the judge allowing him to serve three years of supervised release from Lisbon, and imposing a $250,000 fine.
The case reflects a growing crackdown on privacy-focused crypto tools, following similar prosecutions of developers of platforms like Tornado Cash.
Hill expressed remorse at sentencing, stating, “I am deeply remorseful and ashamed of what I did,” highlighting the increasing scrutiny on services designed to obscure digital asset transactions.
Samourai Wallet’s CEO sentencing
As mentioned earlier,Keonne Rodriguez, CEO of Samourai Wallet, was sentenced to five years in prison earlier this month for the same scheme.
Rodriguez’s sentencing, handed down by U.S. District Judge Denise Cote in Manhattan, followed an hour-long hearing.
Rodriguez and Hill were arrested in April 2024 and charged with conspiracy to commit money laundering and operating an unlicensed money transmitting business.
The Department of Justice framed the case as part of a wider crackdown on crypto mixing services, emphasizing the defendants’ active promotion of illicit fund laundering, which undermined trust in digital assets.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Samourai-Wallet-Co-Founder-Sentenced-to-Four-Years-for-Crypto-Money-Laundering-A8gBwb.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-21 18:20:292025-11-21 18:20:29Samourai Wallet Co-Founder Sentenced to Four Years for Crypto Money Laundering
Michael Saylor pushed back on recent reports warning that Strategy could face billions in passive outflows if MSCI excludes the company from major equity indices.
In a statement on X, Saylor said that Strategy is “not a fund, not a trust, and not a holding company.” He described the firm as a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.
Saylor highlighted the company’s recent activity, including five public offerings of digital credit securities — $STRK, $STRF, $STRD, $STRC, and $STRE — representing over $7.7 billion in notional value.
He also pointed to Stretch ($STRC), a Bitcoin-backed credit instrument that offers variable monthly USD yields to institutional and retail investors.
“Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” Saylor wrote. “No passive vehicle or holding company could do what we’re doing.”
He described Strategy as a new kind of enterprise: a Bitcoin-backed structured finance company innovating in both capital markets and software.
Saylor added that index classification does not define the company. “Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.”
Will Strategy get removed from Nasdaq 100?
The statement comes as JPMorgan analysts warned that MSCI’s potential exclusion of Strategy from major indices could trigger $2.8 billion in outflows, rising to $8.8 billion if other index providers follow.
Strategy’s market cap sits around $59 billion, with nearly $9 billion held in passive index-tracking vehicles. Analysts said any exclusion could increase selling pressure, widen funding spreads, and reduce trading liquidity.
Strategy’s inclusion in indices such as the Nasdaq 100, MSCI USA, and MSCI World has long helped channel the Bitcoin trade into mainstream portfolios. However, MSCI is reportedly evaluating whether companies with large digital-asset holdings should remain in traditional equity benchmarks.
Market participants increasingly see digital-asset-heavy companies as closer to investment funds, which are ineligible for index inclusion.
Despite all the recent bitcoin volatility and concerns about potential outflows, the company continues to pursue its long-term vision of a Bitcoin-backed financial enterprise, aiming to create new financial products and a digitally native monetary institution.
On October 10, bitcoin and the broader crypto market crashed. Some believe it was because Trump threatened tariffs on China, but some contend that the broader crash was triggered when MSCI announced it was reviewing whether companies that hold crypto as a core business, like MSTR, should be classified as “funds” rather than operating companies. Some contend that ‘smart money’ anticipated this risk immediately after MSCI’s announcement, leading to the sharp market drop, with the outcome now hinging on MSCI’s January 15, 2026 decision.
Trillions of dollars in Bitcoin
Earlier this year in an interview with Bitcoin Magazine, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance.
He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral.
From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives.
He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin.
At the time of writing, Bitcoin is experiencing extreme levels of sell pressure and its price is dipping near the $80,000 range. Bitcoin’s all-time high came only six weeks ago when it hit prices above $126,000.
Strategy’s stock, $MSTR, is trading at $167.95 down over 5% on the day and over 15% over the last five trading days.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Strategys-MSTR-Michael-Saylor-Dismisses-Index-Concerns-Our-Conviction-in-Bitcoin-is-Unwavering-N0DOd1.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-21 15:59:272025-11-21 15:59:27Strategy’s (MSTR) Michael Saylor Dismisses Index Concerns: ‘Our Conviction in Bitcoin is Unwavering’
Bitcoin price has started to show clear signs of weakness, and the recent move back below six figures has forced a reassessment of the near-term outlook. With several important technical and on-chain levels now lost, I have recalibrated my base case so that the probability of retesting new all-time highs in the coming weeks has fallen below 50%. That can change quickly if major levels are reclaimed, but until then, the conditions resemble a market shifting away from trending strength and toward a deeper corrective phase.
Table of Contents
Bitcoin Price: Is “Buying The Dip” Still the Right Move?
Bitcoin is already in a sizeable pullback, but buying every decline isn’t always the optimal approach outside of a confirmed bull trend. In a bear-market environment, what appear to be attractive dips can still lead to significantly lower prices. Short-term rallies and sharp retracements are typical in downtrending markets, so reacting to data rather than pre-emptively predicting a bottom becomes far more important.
This pattern of multiple dips is evident when we analyze the Short-Term Holder Realized Price chart during the last cycle. It is also clear to see how this metric acted as a key resistance throughout this phase, with sustained recovery only experienced once BTC reclaimed STH Realized Price levels.
Figure 1: As observed in the last cycle, there were multiple dips before we reached the market bottom.View Live Chart
There is one caveat: if price meaningfully reclaims key levels, the entire picture shifts. That’s why a small allocation on this dip can make sense, while holding off on further buying until we see deeper macro confluence is a more defensive approach.
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Bitcoin Price: Key Levels You Must Watch Right Now
The MVRV Z-Score and the Bitcoin Realized Price give a clearer sense of where the broader market’s cost basis sits. The realized cost basis of the network currently clusters around the mid-$50,000s, but this figure continues rising on a daily basis.
Figure 2: Historically, bear market bottoms occur when BTC’s price sits below the Realized Price.View Live Chart
A similar narrative emerges from the 200-Week Moving Average, as this also currently sits in the mid-$50,000. Historically, points where this metric meets price have presented strong long-term accumulation opportunities.
Figure 3: The 200WMA also suggests an accumulation point of $55k, albeit rising daily.View Live Chart
Those levels rise slowly each day, meaning a potential bottom could form at $60,000, $65,000, or higher, depending on how long Bitcoin spends trending downward. The important point is that value tends to emerge when spot price trades close to the average historical cost of the network, and confluence is provided from key levels of buy support.
Bitcoin Price: What Supply & Demand Signals Are Really Saying
Value Days Destroyed (VDD) Multiple remains an important metric in identifying stress points among long-term and experienced holders. Very low readings suggest large, old coins are not moving, which has often aligned with market bottoms. A sharp spike, however, can indicate capitulation pressure, which often accompanies or precedes significant market turning points.
Figure 4: Current VDD Multiple readings illustrate that the larger and more experienced players in the market are still very active.View Live Chart
Right now, the metric continues rising as price falls, suggesting many holders are distributing into weakness. That’s not characteristic of a cycle bottom, where forced selling is usually extreme and compressed into a short window. At this stage, the market still appears to be unwinding rather than exhausting. Alongside this, Long-Term Holder Supply has been in a downtrend. Ideally, this stabilises and begins to increase again before calling any major bottom, as bottoms form when the most patient participants begin holding, not exiting.
Bitcoin Price: What Funding Rates Reveal About Capitulation (Or Lack Thereof)
Periods of peak fear tend to show up clearly through heavy short positioning, negative funding as shown in the Bitcoin Funding Rates, and large realized losses. Those conditions signal that weaker hands have capitulated, and stronger hands are absorbing that supply.
Figure 5: Typically, occasions when BTC funding rates are heavily negative have signaled major market lows followed by price rallies.View Live Chart
The market has not yet shown the signature panic selling and shorting often associated with major cyclical lows. Without stress in derivatives and without a rush of loss-taking, it is difficult to argue that the market has fully flushed out.
Bitcoin Price: The Exact Levels That Must Be Reclaimed to Kill the Bear Case
Suppose the bearish scenario is wrong, which of course would be the preferred outcome. In that case, Bitcoin needs to begin reclaiming key structural levels, including the $100,000 psychological zone, the Short-Term Holder Realized Price, and the 350-day moving average as depicted in the Golden Ratio Multiplier chart.
Figure 6: BTC must demonstrate a sustained reclamation of its 350DMA to signify a return to bullish ways.View Live Chart
Temporary wicks or single-day closes are not enough. Sustained closes above these levels, along with strength in risk assets globally, would suggest the trend is shifting. But until that happens, the data leans cautious.
Bitcoin Price Outlook: Final Thoughts on Dip vs. New Bear Market
Since breaking below several important levels, the outlook has become more defensive. There’s no structural weakness in Bitcoin’s long-term fundamentals, but the short-term market structure doesn’t resemble a healthy bull trend.
For now, the recommended strategy consists of not buying at every dip, waiting for confluence before heavy scaling in, respecting macro conditions and ratio trends, and only turning aggressive once the market proves strength. Most investors never identify the exact top or bottom; the goal is to position near areas of high probability with enough confirmation to avoid months of unnecessary drawdown.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
Strategy — the original “bitcoin-on-NASDAQ” proxy — is now facing its most consequential structural risk since Michael Saylor began converting the firm into a leveraged BTC holding vehicle five years ago.
A new JPMorgan research note warns that Strategy is “at risk of exclusion from major equity indices” as MSCI approaches a key January 15 decision on whether companies with large digital-asset treasuries belong in traditional stock benchmarks.
MSCI is weighing a rule that would remove companies whose digital-asset holdings exceed 50% of total assets — a category in which Strategy sits at the extreme.
With the company’s market cap hovering around $59 billion and nearly $9 billion held in passive index-tracking vehicles, analysts say any exclusion could unleash severe mechanical selling pressure.
Outflows could amount to $2.8 billion if MSCI removes Strategy — and as much as $8.8 billion if other index providers follow, the analysts noted.
The current state of MSTR
The warning lands at a vulnerable moment. Strategy shares have fallen more than bitcoin itself in recent months as the company’s once-lofty premium — the “mNAV” spread between enterprise value and bitcoin holdings — has collapsed to just above 1.1, the lowest since the pandemic.
MSTR has lost roughly 40% in value over the last six months, with 11% coming in the last five trading days.
The model that powered Strategy’s rise — raise equity, buy bitcoin, benefit from reflexivity, repeat — now faces structural headwinds: The stock is down over 60% since last November’s high.
Its perpetual preferred shares have sold off sharply, with yields on its 10.5% notes rising to 11.5%. A recent euro-denominated preferred issuance broke below its discounted offer price within two weeks.
Strategy’s inclusion in the Nasdaq 100, MSCI USA, MSCI World, and other benchmarks has quietly funneled the bitcoin trade into mainstream portfolios for years. Passive ETF and mutual-fund flows helped sustain Strategy’s liquidity, valuation, and visibility with institutional allocators.
But MSCI’s October consultation revealed something new according to JPMorgan: Market participants increasingly view digital-asset treasury companies as closer to investment funds than operating businesses. Investment funds are not eligible for index inclusion — and that’s the heart of Strategy’s problem.
MSCI said it does not “speculate on future index changes,” but is evaluating whether digital-asset-heavy balance sheets should remain inside equity benchmarks.
Active managers aren’t required to mimic index changes, but JPMorgan warns that removal alone could spark reputational damage, widen funding spreads, and thin trading activity — making the stock less attractive to large institutions.
Strategy’s rise — and its current risk — underscores how deeply bitcoin has seeped into global finance through indirect channels.
At one point, analysts speculated the company might gain entry into the S&P 500. Instead, the digital-asset treasury model now looks increasingly fragile because Bitcoin is down 30% from its October high and crypto markets have shed over $1 trillion in value.
Strategy’s January 15 inflection point
JPMorgan believes Strategy’s dramatic underperformance relative to BTC is now primarily driven by index-exclusion fears, not bitcoin weakness. If MSCI rules negatively, the company’s valuation could become almost fully tethered to its underlying BTC — with its mNAV ratio drifting closer to 1.0.
That would eliminate the reflexive premium that powered the last half-decade of Saylor’s strategy.
Earlier this year in an interview with Bitcoin Magazine earlier this year, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance.
He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral.
From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives.
He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/JPMorgan-Says-Saylors-Strategy-SBcAR8.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-20 21:57:132025-11-20 21:57:13JPMorgan Says Saylor’s Strategy Could See Billions in Outflows if MSCI Excludes MSTR
Billionaire investor Ray Dalio, founder of Bridgewater Associates, reiterated his cautious stance on Bitcoin this week, revealing that he holds only a small fraction of the cryptocurrency in his portfolio.
Speaking on CNBC’s Squawk Box, Dalio said, “I have a small percentage of Bitcoin… I’ve had it forever, like 1% of my portfolios,” underscoring his committed and limited exposure to the asset.
Dalio, long known for his macroeconomic insights and somewhat dubious Bitcoin takes, emphasized that Bitcoin faces structural challenges that hinder its adoption as a global reserve currency.
He pointed to Bitcoin’s transparency and traceability as major constraints, arguing that governments are unlikely to rely on a monetary system that is fully trackable.
“It’s not going to be a reserve currency for major countries because it can be tracked,” he said.
Bitcoin under threat?
In addition to regulatory hurdles, Dalio flagged potential long-term security risks. Advances in computing, particularly quantum technology, could one day threaten Bitcoin’s cryptographic foundation, Dalio contended.
“It could be conceivably, with quantum computing, controlled, hacked, and so on and so forth,” he warned.
Blockchain analytics firm Chainalysis estimates that quantum breakthroughs could jeopardize Bitcoin’s security within 10 to 15 years, highlighting the technical challenges the network faces.
Dalio has historically expressed skepticism about Bitcoin’s trajectory. In 2021, he cautioned that governments could intervene if the cryptocurrency became too widely adopted, saying, “If it becomes really successful, they will kill it. And they have ways of killing it.”
Yet he has also acknowledged Bitcoin’s durability, noting in later interviews that it has “proven itself… it hasn’t been hacked, it’s stood the test of time.”
Bridgewater Associates’ Q3 2025 filings with the SEC reveal a massive $25.53 billion U.S. equity portfolio spanning more than 1,000 positions.
While he has previously compared Bitcoin to digital gold, Dalio continues to advocate for traditional hedges such as gold, which he describes as an asset “you can hold, and you’re not dependent on someone to provide it.”
Dalio’s comments arrive amid market fear, as Bitcoin recently slipped below $86,000 following delayed U.S. employment data and broader macroeconomic pressures. Bitcoin recently hit all-time highs in October, but has since slipped 32%.
At the time of writing, bitcoin’s price is $86,521, per most recent Bitcoin Magazine Pro data.
For most of my life, the limiting factor in bringing my ideas to life has been code. I’ve always had a clear vision for the tools I wanted to build, but the execution gap was real. The ideas stayed on whiteboards, in notebooks, or in half-finished PhotoShop mockups.
That barrier no longer exists. AI has collapsed it.
In just 9 days, I built two fully functioning consumer applications designed to equip shareholders with the leverage they’ve never had: the ability to advocate—cleanly, credibly, and at scale, for Bitcoin on the corporate balance sheet.
These tools weren’t commissioned. No one told me to build them. They are not fancy, intricate, or technically complicated. They came from a simple observation: 1) corporations control the majority of global capital, and 2) shareholders deserve a frictionless way to push those corporations toward strategic, long-term Bitcoin adoption.
1. The Bitcoin Treasury Simulator
The Bitcoin Treasury Simulator answers a question that should be trivial but wasn’t: How would a company have performed if it had allocated even a portion of its treasury to Bitcoin?
For the first time, shareholders have a factual, data-driven tool they can bring to boards, IR teams, and fellow investors to show exactly what’s at stake.
Shareholder activism has always been powerful, but it’s been inaccessible to most investors. The rules are complex. The legalese is intimidating. The entire process feels like a wall you only get past if you’re a lawyer or a billion-dollar fund.
So I built a generator that removes all of that friction.
The Bitcoin Treasury Shareholder Activism Kit walks any verified shareholder—step by step—through generating a legitimate, SEC-compliant proposal asking a company to evaluate or adopt a Bitcoin treasury strategy. It produces the documentation, the language, the filing structure, and the instructions needed to get the proposal included in the company’s proxy.
Something that once felt like it required attorneys and institutional resources can now be completed in 2 minutes.
Corporate Bitcoin adoption does not happen by accident. It happens because someone—inside or outside the company—pushes for it with clarity, precision, and persistence.
These tools are built for the people willing to make that push.
They give shareholders:
Clear data.
A credible filing pathway.
A structured way to change corporate behavior.
And the confidence to take action without needing permission.
If you understand the value of compute, you should understand #Bitcoin.
This is just the beginning. Both tools will evolve, expand, and integrate more deeply into the broader Bitcoin For Corporations ecosystem. But the important part is this: AI has made technical hurdles of these projects much easier to overcome.
And if enough people decide to build the future they want—one tool at a time—we accelerate corporate Bitcoin adoption far faster than anyone expects.
Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase or subscribe for securities.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/These-New-Tools-Make-Bitcoin-Activism-Easy-to-Launch-and-Hard-to-Ignore-YW7phY.webp13132500Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-20 13:38:412025-11-20 13:38:41These New Shareholder Tools Make Bitcoin Activism Easy to Launch and Hard to Ignore
The Abu Dhabi Investment Council (ADIC) expanded its exposure to Bitcoin ahead of the cryptocurrency’s sharp downturn, more than tripling its stake in BlackRock’s iShares Bitcoin Trust (IBIT) during the third quarter, regulatory filings show.
ADIC — an independently run investment unit within Mubadala Investment Co. — increased its holdings to nearly 8 million IBIT shares as of Sept. 30.
The position was valued at about $518 million at the time, up from 2.4 million shares three months earlier, according to Bloomberg reporting.
The accumulation by the Abu Dhabi council came just weeks before Bitcoin surged to a record high in early October and then slid below $92,000 as leveraged bets unwound across the market.
The Abu Dhabi council says the move is part of a broader, long-term diversification strategy. A spokesperson described Bitcoin as a digital counterpart to gold and said the allocation is intended to sit alongside the fund’s traditional store-of-value assets.
The buying wasn’t isolated. Mubadala separately reported holding 8.7 million IBIT shares valued at $567 million at the end of the third quarter, unchanged from the prior filing.
Other major institutions, including Harvard, also added to IBIT positions in the same period.
Still, investor appetite has cooled since the October selloff. U.S. spot Bitcoin ETFs have seen roughly $3.1 billion in outflows so far in November, according to Bloomberg data.
IBIT alone suffered a single-day record of $523 million in redemptions after Bitcoin broke below a key price level that left many ETF investors underwater.
ADIC’s increased allocation is notable given Abu Dhabi’s financial reach and its growing ambition to establish itself as a global crypto hub. The emirate’s wealth funds collectively oversee more than $1.7 trillion, and Mubadala has already been a major player in the region’s digital-asset expansion.
Earlier this year, MGX — a tech investment firm backed by Mubadala — acquired a $2 billion stake in Binance using a stablecoin tied to the family of U.S. President Donald Trump.
Inside ADIC, the push into Bitcoin aligns with a broader shift toward global expansion. The council, initially created in 2007 and later folded under Mubadala’s structure, continues to operate with its own mandate and investment strategy.
It has recently strengthened its leadership team, adding executives such as Alain Carrier, former head of international business at Canada Pension Plan Investment Board, and Ben Samild, previously the investment chief at Australia’s sovereign wealth fund, according to Bloomberg.
While crypto’s volatility remains a concern for global investors, Abu Dhabi’s stance underscores a different calculus: large sovereign funds are increasingly comfortable treating Bitcoin as a long-term strategic asset.
Other governments are moving in the same direction. El Salvador added more than $100 million in Bitcoin this week, the Czech central bank disclosed its first crypto purchase, and Kazakhstan is building a national cryptocurrency reserve fund that could reach $1 billion.
Bitcoin’s price is currently at the $90,300 range.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Abu-Dhabi-Tripled-Its-Bitcoin-Bet-Before-the-Market-Plunged-7DDi4S.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-19 21:52:162025-11-19 21:52:16Abu Dhabi Tripled Its Bitcoin Bet In Q3 Before the Crypto Market Crash
Bitcoin’s recent decline is being driven by mid-cycle holders, not long-term whales, according to new on-chain research from VanEck analysts.
The firm noted in a recent report that long-term holders continue to accumulate while short-term futures markets show deeply oversold conditions following tariff-driven liquidations.
Despite widespread speculation that early Bitcoin whales triggered the selloff, on-chain data shows that coins held for five years or more continue to rise.
These older cohorts increased their holdings by roughly 278,000 BTC over the past two years, signaling limited turnover among wallets with the longest histories.
In contrast, supply among wallets that last moved their coins three to five years ago has dropped for every measurement window. Over the past two years, this tranche fell by 32% as coins were transferred to new addresses.
The VanEck analysts view these sellers as cycle-driven traders rather than long-term investors.
“Weak hands” set early pressure: VanEck
The past month delivered a −13% drawdown, driven in part by outflows from bitcoin ETPs. Since October 10, bitcoin ETP balances have fallen by 49,300 BTC — about 2% of total AUM — as recent buyers exited positions during rate-cut uncertainty and shifting AI-market sentiment.
Sentiment indicators also show rising fear among retail participants. Bitcoin’s fear-and-greed index fell to its lowest reading since March, aligning with the onset of tariff-related volatility.
Whale holdings are shifting in a more nuanced pattern than outright distribution, VanEck noted. Large holders with 10,000–100,000 BTC have reduced supply over the longer term — down 6% over six months and 11% over 12 months — while mid-sized holders in the 100–1,000 BTC range absorbed this supply and increased their balances by 9% and 23% over the same periods.
More recently, some large cohorts have turned into net buyers. The 10,000–100,000 BTC group increased holdings over the past 30, 60, and 90 days, coinciding with a sharp drop in futures market open interest during tariff-driven liquidations.
While the analysts stop short of making directional predictions, the data shows that the longest-term bitcoin holders remain largely in place, mid-cycle traders are driving selling, and futures markets have undergone a significant reset.
After a month of pronounced liquidations, the analysts characterize current conditions as aligned with prior periods of tactical re-entry for some investors.
Mid-cycle Bitcoin holders show the most selling
When analyzing coins by age rather than wallet size, selling pressure is most concentrated among holders who last moved their bitcoin within the past six months to five years. These groups saw significant outflows over the past month.
Holders in the 6-month to 2-year band have rotated into the market as sellers, while the 3- to 5-year cohort continues to shrink across all periods reviewed. Analysts connect this behavior to traders who entered during prior down cycles and are now exiting on price weakness.
By comparison, coins that last moved more than five years ago show minimal churn, reinforcing the idea that long-term holders are not driving the selloff.
Bitcoin’s futures markets reset as funding and open interest collapse
The futures market saw a rapid unwinding of speculative positioning. Open interest in bitcoin perpetual futures dropped roughly 19% in 12 hours during the selloff and is down 20% in BTC terms since October.
Funding rates — a key measure of futures optimism — also fell to their lowest levels since late 2023.
VanEck analysts noted that large basis-trading operations, including structured products and funds using long-spot/short-perp strategies, may be suppressing funding signals.
At the time of writing, Bitcoin is near $88,500 — its lowest level in seven months — as crypto markets extend their retreat and major crypto stocks sell off sharply. Bitcoin is down 4% in 24 hours, trading near the bottom of its weekly range with a $71 billion daily volume and a $1.78 trillion market cap.
NEW YORK, NY — November 18, 2025 — Today marks the release of Bitcoin Is for Everyone: Why Our Financial System Is Broken and Bitcoin Is the Solution, in which award-winning journalist and educator Natalie Brunell offers clarity and hope to readers navigating rising prices, inflation, and economic uncertainty.
Brunell helps readers understand why life feels increasingly unaffordable—and how Bitcoin can empower them to regain control and confidence. As housing, education, and everyday essentials rise faster than wages, Bitcoin Is for Everyone exposes the root cause: a broken monetary system.
“It’s an invitation to think differently about the financial system we’ve inherited, and an introduction to the one we can now, for the first time in human history, build together.” –Natalie Brunell
With clear, accessible storytelling, she explains how inflation and monetary manipulation have reshaped daily life and positions Bitcoin not as a trend, but as an innovation grounded in fairness and trust.
A Clear Path to Understanding What’s Broken—and How to Fix It
Key themes include:
Inclusivity: Bitcoin is for everyone—regardless of income, gender, or background.
Hopefulness: By understanding how the system works, readers gain the power to change their relationship with money.
Timeliness: Amid uncertainty, this book provides grounding clarity about money, work, and meaning.
The Human Story: Bitcoin might look technical, but its impact is deeply human. Instead of exhausting ourselves chasing depreciating dollars, Bitcoin lets our work hold its value so we can focus on what truly matters.
Time-preferences: This book reframes how we think about time. As Annie Dillard said, “How we spend our days is how we spend our lives.” Understanding sound money helps us think long-term and build lasting value.
Released at a pivotal moment, Bitcoin Is for Everyone offers a clear, hopeful guide to today’s changing financial landscape.
Advance Praise
“A deeply personal and accessible introduction to the most important financial innovation of our time.”
—Michael Saylor
“A go-to resource to understand why things aren’t working and why Bitcoin offers hope.”
—Lyn Alden, author of Broken Money
“Clear, engaging, and essential for anyone wanting to grasp the profound implications of the transition the world is going through.”
—Jeff Booth, author of The Price of Tomorrow
About the Author
Natalie Brunell is the host of Coin Stories, one of the top business-news podcasts in the United States. A first-generation immigrant and former investigative journalist, Brunell is known for her powerful interviews, storytelling, and ability to make complex financial topics accessible.
Her work has been featured on Fox Business, ABC News, and Forbes. Brunell holds a Master’s degree in Journalism from Northwestern University and has taught advanced video storytelling at the University of Southern California.
Disclaimer: This is a sponsored press release. Readers are encouraged to perform their own due diligence before acting on any information presented in this article.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/bitcoin-is-for-everyone-I3gRa4.png523935Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-18 21:50:052025-11-18 21:50:05When the American Dream Feels Unaffordable, Bitcoin Is For Everyone Reveals Why—and How Bitcoin Offers a Hopeful Path forward
Bitcoin price hovered near $93,000 on Tuesday as the market continued to reel from thin liquidity, cascading leverage, and growing bearish conviction across key technical levels.
The Bitcoin price traded near $94,000 at midday, up 1% in the past 24 hours, with a hefty $111 billion in trading volume. The asset now sits 1% below its weekly high of $93,669 and 4% above its weekly low of $89,368.
Bitcoin’s circulating supply stands at 19,950,440 BTC, inching closer to its 21 million hard cap, while its global market cap ticked 1% higher to $1.85 trillion, according to Bitcoin Magazine Pro data.
But sentiment is anything but buoyant. With volatility rising and liquidity thinning, even modest flows are pushing the market around.
“Markets are still feeling the impact of the October 10 liquidation event,” Nicolai Søndergaard, Research Analyst at Nansen, wrote to Bitcoin Magazine. “Market depth has fallen by roughly 30% since then, which means even modest selling pressure can move prices sharply. That’s essentially why Bitcoin slipped below $90,000 today. When liquidity is this thin, it takes far less capital to push the market in either direction, and when you layer leverage on top, volatility becomes inevitable.”
What Søndergaard is pointing to is the wave of liquidations triggered after a fresh bout of trade jitters set off a historic rush to unwind bitcoin long positions. Investors shed roughly $19 billion in leveraged bets across major exchanges in less than a day — with some estimates putting the total closer to $30 billion.
On that day, the bitcoin price dropped over 10%. It marked the largest bitcoin liquidation event on record.
Søndergaard added that options data shows a “non-negligible” probability of a dip toward the mid-$80,000 range, though a bounce or stabilization near current levels appears more likely.
Some long-term investors see opportunity in the chaos: “If your objective is to save in the hardest money humanity has ever known, you can stack 25% more bitcoin than you were able to just a month ago,” wrote Timot Lamarre, Director of Market Research at Unchained, to Bitcoin Magazine.
Bitcoin price: Bearish structure dominates
The broader market mood turned sharply negative after Bitcoin price’s decisive break below $96,000, a level analysts at Feral Analysis and Juan Galt had flagged for weeks as critical weekly support. Analysts warn that “with the price closing so low, we should not expect much of a bounce at this level, if any.” Resistance above $94,000 is “thick now,” they said, with sellers waiting at every major price shelf.
A heavy-volume support zone sits at $83,000–$84,000. Another key area sits at $69,000–$72,000, marking the top of the 2024 consolidation range. A slide into the mid-$80Ks is also becoming more plausible if volatility spikes again.
Upside scenarios remain challenging. Even a surprise short squeeze, they wrote, would face “the equivalent of a brick wall” between the bitcoin price of $106,000 and $109,000. Only a weekly close above $116,000 would force a reconsideration of the bear trend — an outcome they call unlikely.
The bitcoin price has now fallen more than 25% from its October peak. That decline has triggered fresh debate over whether the 2025 cycle top is already behind us. Historically, the September–December window hosts major cycle highs. This year’s structure fits the pattern — but with a twist: the top may have arrived early and with less force than expected.
A late-cycle peak in Q1 2026 remains possible. With equities showing early signs of fatigue and liquidity draining from risk markets more broadly, they argue that “little hope remains for any meaningful rally or new highs” in the near term.
At the time of writing, the bitcoin price is 92,916. It’s 24-hour lows is $89,183 according to BM Pro data.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Bitcoin-Price-Teeters-at-93000-as-Bears-Press-Their-Advantage-Eg6hh3.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-18 21:01:412025-11-18 21:01:41Bitcoin Price Teeters at $93,000 as Bears Press Their Advantage
I spent the past week in El Salvador for the third time in one year, and it’s clear the country is undergoing a real transformation. Not theoretical, not surface-level — a shift in how people live, think, build, and imagine their future. And the moment that crystallized this transformation came at the end of the week, during a private dinner with President Nayib Bukele, which I was privileged to take part in.
I’ve followed his work for a few years. I’ve interviewed nine Salvadorans and expats living in the country on my podcast — as well as merchants, builders, grassroots organizers, and everyday citizens. A year ago, I tweeted that my dream was to meet him one day.
Dreams do come true!
1 year ago I made a wish (see below): meeting President Bukele. I’ve learnt a lot about El Salvador’s path from my 3 visits, multiple interviews with locals and lots of research. Last night my dream came true. I met a visionary, kind, grounded & based… https://t.co/4dShr8jSuEpic.twitter.com/98nGGqCCQy
I didn’t expect that when I approached him at the end of the dinner to take a photo and said, “Hi, I’m Efrat,” he would answer immediately, before I could explain who I am: “I know you, I’ve seen your podcast.”
It was one of those moments you don’t forget, because it made the entire week feel connected to something larger unfolding in this country.
The Three Layers of a Nation in Motion
Three events took place during the week — Reclaiming Health, Adopting Bitcoin, and Bitcoin Histórico — each revealing a different layer of El Salvador’s trajectory.
“Reclaiming Health Symposium” led by Salvadoran Dr. Kenneth Fernández-Taylor, explored the intersection of sound health and sound money. Some of the conversations centered on how unsound money and high-time preference shape stress, uncertainty, and long-term health. In a country that has reclaimed public safety and is now reclaiming economic freedom, the connection between health and money didn’t feel abstract, it was intuitive. Four years ago, when the world was gradually going insane during an “end of the world pandemic”, a health symposium with truth-seeking, freedom-loving doctors, healers, and experts felt like a distant dream. But in El Salvador, dreams are coming true.
GM 5 Bitcoiners orange pilling a whole conference room, bare feet. We talked about reclaiming health through sound money and drew the parallels & links between having agency & power over your assets, and over your health. Thanks champions – @bitcoin_hotel… pic.twitter.com/waajaBAfll
At “Adopting Bitcoin”, I saw the grassroots engine of this transformation. Circular economies like Bitcoin Beach (El Zonte) Berlin in El Salvador, and MurphLife, are real-life demonstrations of what happens when people earn, spend and save in sats. Communities like “Bitcoin Babies”, “Les Femmes Orange” or the Argentinian “La Crypta” emphesize that bitcoin is for everyone. Merchants accept Bitcoin naturally. Kids are growing up around it. “My First Bitcoin” announced its next chapter: supporting 70+ projects across 40 countries with materials, frameworks, and guidance for community-led Bitcoin education. The startup floor was filled with founders who have opened offices here and are building from El Salvador. The common theme I kept hearing was simple: you can do things here.
Photo: Michael Hollomon Jr. | https://x.com/unkle_skunkle/status/1989823319093240030/photo/1
Historic Moment For Bitcoin & El Salvador
But the highlight of the week, the moment that framed everything else, was “Bitcoin Histórico”. It was the first government-led Bitcoin conference in the world, organized by the government’s Bitcoin Office, a world-first led by Stacy Herbert and team, and held inside the National Palace and the National Theater. These are two very symbolic landmarks, and the decision to host a Bitcoin conference in such royal setting said more than any speech could. The halls were filled with ministers, entreperneurs, and international speakers; voices from the U.S., Europe, Latin America, and Africa. Guests received booklets titled “El Salvador is Bitcoin Country” with Bukele’s photo on the cover, and it is clear that Bitcoin is not a side project here, it is a national direction.
Photo: Efrat Fenigson
Outside, in Plaza Gerardo Barrios, the conference spilled into public space; the sessions were screened with Spanish translation to the locals: families, students, elders. Shops and stalls accepted sats. Bitcoin was in its natural habitat, part of everyday life in the city, and the public was part of the conference.
Several announcements underscored the country’s trajectory: The Ministry of Agriculture signed a cooperation agreement with The Beef Initiative to strengthen local cattle production. Steak ’n Shake announced its targeting El Salvador as first Latin American location, accepting Bitcoin from day one.
Photo: Translating El Salvador | https://x.com/TranslatingES/status/1989744516228673658/photo/4
The government unveiled the purchase of Nvidia B300 chips, compute powerful enough to train and run advanced AI models locally, with the support of Hydra Host. It’s a step toward sovereign compute infrastructure that reduces reliance on Big Tech data centers and positions El Salvador to build its own AI capabilities inside the country. Mempool announced it is incorporating in El Salvador, following a recent $17m investment. And with support from Lina Seiche and the Bitcoin Office, 500 classrooms will be renovated for Bitcoin and financial education as part of the country’s wider “Two Schools a Day” initiative to modernize and expand educational infrastructure at scale. Together, these moves form a consistent pattern: a country building its future across multiple layers at once.
Ricardo Salinas’ presence at Histórico added weight to the moment. In his remarks, he said “El Salvador is on the right side of history,” and pointed to the dramatic improvement in public safety: “You have better security than in Japan. I wish my country could be like this.” Coming from one of Latin America’s most influential entrepreneurs, his words echoed what many visitors felt this week.
Photo: Efrat Fenigson
The Presidential Dinner
But the clearest window into that future came at the dinner.
Photo: The Bitcoin Office El Salvador
Bukele is nothing like his international caricature. He’s sharp, fast, funny, and completely fluent in the culture of Bitcoin. As he sat down to the dinner table, he joked, “Guys, it’s over, Bitcoin’s done,” because the price had dipped under $100k that day. He’s not a politician trying to sound relatable or quote scripted talking points; he actually understands the room and gets bitcoin.
When the conversation turned to Bitcoin’s long-term trajectory, he said something that stayed with me: “Bitcoin should be a currency.”
Not an investment, not an asset class, a currency. He sees the end state clearly. And he sees the steps that lead there. He talked about circular economies – El Zonte, Berlin – as a practical mechanism for adoption. Communities that use Bitcoin daily are the ones that will carry it from an idea into a functioning monetary system.
His wit revealed just as much as his analysis. Giacomo Zucco, Director of Plan B Network, was introduced as an anarcho-capitalist, and Bukele immediately replied, “It’s fine, I’m also friends with Milei,” then called him “the anarchist” throughout dinner. After Wiz gifted him a katana (a Japanese sword) and Giacomo gifted him a bottle of rum named “Dictador” (a light jab at the media narrative) someone noted that Bukele doesn’t drink. He answered instantly: “It’s fine, I don’t often fight with swords either.”
As the evening ended, Giacomo thanked him, and Bukele smiled and said something that summed up his entire approach to governance: “I’m sorry if I run a government. But it’s a very small one.”
I kid you not, @nayibbukele is not only Bitcoin-smart, but has one of the quickest wits I’ve ever witnessed!
When @stacyherbert explained to him about my politics, he commented “it’s fine, I’m friend with Milei!”, and proceeded to call me “the anarchist” thorough the dinner.… pic.twitter.com/dMFBU4NQJd
— Giacomo Distributed-Authoritarian Plebslop Zucco (@giacomozucco) November 14, 2025
Happy People Whistle
I’ve spent time in many countries that are drifting toward a darker trajectory; more surveillance, more centralization, more control, more violence. What’s happening in El Salvador feels like the opposite: safety without oppression, structure without suffocation, freedom with responsibility. After decades of oppression by violent gangs, Salvadorans feel liberated. You can see it in their faces, they’re kind, relaxed and grateful. On a previous trip, I saw a 75-year-old man cycling through El Zonte at sunrise, whistling. “When do people whistle?” I asked myself. “Happy people whistle. People whistle when they feel safe”. That simple moment became my quiet metaphor for this place.
Yes, the country still interfaces with global institutions such as the IMF. The recent repeal of bitcoin as a legal tender was unfortunate, but after peeking under the hood, it feels like one step back, four steps forward. Indeed progress is uneven. But the direction is unmistakable: a push toward monetary sovereignty, digital sovereignty, educational sovereignty, and civic sovereignty, all moving in the same direction.
This week gifted me with a glimpse into a nation rebuilding itself.
While most other nations struggle with their economy, security, frail social fabric under the influence of global agendas, El Salvador is transforming its reality, moving into a new timeline. And meeting Bukele didn’t feel like meeting a president.
It felt like meeting the architect of a country determined to liberate itself and lead the way.
This is a guest post by Efrat Fenigson. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/elsalvador-fotor-2025111814130-2nlWAU.webp6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-18 20:04:152025-11-18 20:04:15El Salvador: The Making of a Sovereign Nation
Well, the hopes and dreams of the bulls have been dashed this week after Bitcoin closed the week out at $94.290, below the key $96,000 weekly support level. In the weeks ahead, we should expect more bearish price action as key support levels have been lost. Bounces back up may come, but they are unlikely to result in recapturing any meaningful price levels.
Key Support and Resistance Levels Now
Bitcoin price closed below the $96,000 support level identified in this article in prior weeks. Closing near the lows below this level provides very little chance, if any, for the price to recover and resume a bull market anytime soon. Looking lower, we have our next major support level below at the 0.382 Fibonacci Retracement from the 2022 bottom to October 2025 high, and another high volume node sitting in the $83,000 to $84,000 area. Below here, we would look to the highs of the 2024 consolidation zone between $69,000 and $72,000.
Resistance above $94,000 is thick now. With the price closing so low, we should not expect much of a bounce at this level, if any. If price does see any kind of bounce this week, we will look to the $98,000 level to hold as resistance. A short squeeze may be able to push the price past here to $101,000. Above this level, we have the equivalent of a brick wall in the $106,000 to $109,000 zone. Beyond the wall lies $114,000 as significant resistance, and $116,000 as a final reinforcement for the bears. If price closes above $116,000, if bulls can bash all the way up there, we would need to re-examine the market structure as it could flip bullish up there.
Outlook For This Week
Do you believe in miracles? You will need to know if you expect the bitcoin price to see any kind of meaningful rally this week. There is a tiny bit of hopium for the bulls in that the broadening wedge pattern has not definitively broken bearish. If we stretch it out as low as it can go (adjusted from prior weeks), the price is barely supported at the bottom at current lows. It’s a tall task for bulls, though, to make any meaningful gains with all the resistance levels outlined above. The best that bulls should expect is a bounce to $106,000, with the price likely to roll over to new lows from anywhere South of there. More likely, the broadening wedge will break to the downside at some point this week as bears are clearly in full control.
Market mood: Extremely Bearish – The bulls are down and out. Sitting at around $94,000, bitcoin has fallen over 25% from the October highs. Little hope remains for any meaningful rally or new highs after losing major support levels.
The next few weeks Examining all angles of the 4-year bitcoin cycle theory, the high has most likely already taken place. Timing for this was expected to take place sometime between September and December 2025, but with the price so low and so much resistance overhead, it is highly unlikely any kind of rally will sustain enough strength to bring the price to new highs before the end of this year. Is the 4-year cycle over? Well, seemingly not, since the price made a high in early October and has essentially gone straight down from there. Could we see a late 4-year cycle high in Q1 2026? Well, sure, it’s possible, but still highly improbable given bitcoin’s lack of strength in recent weeks, while the stock market has remained strong. With the traditional stock market appearing to have a bearish outlook for the foreseeable future, it is unlikely that bitcoin will see any meaningful rally during this period as well.
Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
Volume Profile: An indicator that displays the total volume of buys and sells at specific price levels. The point of control (or POC) is a horizontal line on this indicator that shows us the price level at which the highest volume of transactions occurred.
Broadening Wedge: A chart pattern consisting of an upper trend line acting as resistance and a lower trend line acting as support. These trend lines must diverge away from each other in order to validate the pattern. This pattern is a result of expanding price volatility, typically resulting in higher highs and lower lows.
Bitcoin price has tumbled to its lowest level in six months, trading from below $92,000 to the $95,000s range today, only less than six weeks from hitting a record highs near $126,000 in early October.
The roughly 30% decline comes as traders grapple with renewed uncertainty over whether the Federal Reserve will cut interest rates at its December meeting.
At the time of publishing, the lowest Bitcoin price recorded today was $91,158, per Bitcoin Magazine data.
Missing economic data from last month’s 43-day government shutdown has left policymakers in a cautious stance, with Fed Chair Jerome Powell noting that “a further reduction in the policy rate…is not a foregone conclusion.”
Boston Fed President Susan Collins echoed the sentiment, suggesting it may be “appropriate to keep policy rates at the current level for some time” to balance inflation and employment risks.
Analysts say a sharp shift in market sentiment is driving the latest crypto downturn. Henry Allen of Deutsche Bank warned that investors shouldn’t “underestimate the impact” of the Fed’s increasingly hawkish stance, which has often lined up with broad market sell-offs.
Big institutions are pulling back too: crypto ETFs saw $1.8 billion in outflows last week, including a hefty $870 million pulled from Bitcoin products on Thursday alone.
Bitcoin price is also losing steam as excitement over Donald Trump’s pro-crypto agenda fades. The massive November 2024 rally — driven by hopes for friendly regulation and even a proposed Bitcoin treasury — reversed after Trump floated 100% tariffs on Chinese imports.
That shock triggered one of the largest liquidation events in crypto history, erasing about half a trillion dollars in hours and leaving major assets struggling to regain momentum.
Technical indicators aren’t helping sentiment. Bitcoin price flashed a “death cross” on Sunday, a bearish chart pattern where short-term averages slip below long-term trends. Still, analysts like Benjamin Cowen note that past death crosses often appeared near market bottoms, hinting a rebound may not be far off.
Altcoins are sliding alongside the Bitcoin price. Ethereum dropped below $3,000 today and Solana each dropped roughly a third since early October, feeding into a broader $1 trillion wipeout across the crypto market.
The market’s next key catalyst will likely be the Federal Open Market Committee’s December rate decision, which could determine whether Bitcoin price sees further losses or a potential “Santa rally” in the coming weeks.
Bitcoin price and crypto stocks continue slumping
Crypto-linked stocks are facing significant losses amid broader market turbulence and declining cryptocurrency prices. At the time of writing, Coinbase Global Inc (NASDAQ: COIN) is trading at $260.26 USD, down $23.74 (‑8.36%) today, reflecting reduced trading activity and lower fee revenue as the Bitcoin price struggles.
Strategy Inc Class A (NASDAQ: MSTR) sits at $191.59 USD, down $8.16 (‑4.09%), showing strong correlation with Bitcoin’s recent pullback. Miners are also under pressure, with MARA Holdings Inc (NASDAQ: MARA) down $0.85 (‑7.10%) at $11.14 USD and Riot Platforms Inc (NASDAQ: RIOT) down $0.49 (‑3.55%) at $13.46 USD.
Strategy recently made its largest Bitcoin purchase since mid-summer, acquiring 8,178 BTC last week for approximately $835.6 million. According to an SEC filing and a post by Michael Saylor on X, the purchases were made at an average price of $102,171 per bitcoin. This brings the company’s total holdings to 649,870 BTC, with a cumulative cost of roughly $48.37 billion and an average price of $74,433 per coin. Strategy reports that its Bitcoin yield has reached 27.8% year-to-date.
At the time of the announcement, Bitcoin price was trading near $94,000, while Strategy’s stock ($MSTR) was down about 2% in premarket trading, at $195.86. The recent acquisition was primarily funded through the issuance of preferred stock.
Earlier this month, the company raised around $715 million via its new euro-denominated preferred series, STRE (“Steam”), which was aimed at expanding its high-yield offerings to European investors. This move highlights Strategy’s continued commitment to building its Bitcoin exposure while leveraging financial instruments to support large-scale purchases.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Bitcoin-Price-Continues-Freefall-Down-to-910000-TzZ9TT.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-17 20:27:362025-11-17 20:27:36Bitcoin Price Freefalls Down to $91,0000 and New Lows
Harvard University’s endowment has been quietly and massively increasing its Bitcoin holdings.
The university bought more than 6.8 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of September 30. The investment is valued at $442.8 million.
This marks a 257% increase from Harvard’s previous holding of 1.9 million shares, worth $116.6 million. The move makes IBIT Harvard’s largest publicly disclosed position. It is also the biggest single-quarter increase in its holdings, according the the filing.
Harvard Management Company runs the university’s $57 billion endowment. The Bitcoin ETF now represents just under 1% of total endowment assets.
Bloomberg ETF analyst Eric Balchunas said it is “super rare” for a university to invest in an ETF. He added that the stake is “as good a validation as an ETF can get.”
FUN FACT: Harvard University holds more in Bitcoin ETFs than it holds shares in Microsoft. pic.twitter.com/Lzblc1gjcP
Despite Bitcoin’s recent price drop below $93,000, the move signals growing institutional acceptance. IBIT remains the world’s largest spot Bitcoin ETF, with nearly $75 billion in net assets.
Harvard also increased its gold exposure. The endowment nearly doubled its holding in SPDR Gold Shares (GLD) to 661,391 shares, worth $235.1 million.
Other major holdings remain in U.S. tech companies, including Amazon, Microsoft, Meta, and Alphabet. The endowment also added positions in Klarna ($16.8 million) and Taiwan Semiconductor ($59.1 million).
The increase in Bitcoin and gold allocations highlights Harvard’s focus on portfolio diversification. Analysts see this as part of a wider institutional trend. Bitwise analyst Ryan Rasmussen said the stake may grow to 1% or even 5% as peer institutions follow.
Institutions other then Harvard are buying Bitcoin
Other institutions are also increasing Bitcoin ETF exposure. Emory University disclosed a 91% increase in its Grayscale Bitcoin Mini Trust ETF holdings, totaling over $42 million.
An Abu Dhabi sovereign wealth fund, Al Warda Investments, reported a 230% increase in IBIT holdings, now valued at $517.6 million.
Harvard’s Bitcoin move is rare but significant. Institutional investors traditionally avoid ETFs, preferring private equity, real estate, or direct investments.
The university’s entry could encourage similar strategies across other endowments, pension funds, and sovereign wealth funds.
At the time of writing, Bitcoin’s price is nearing $92,000, putting it almost 30% below its all-time high near $126,000 — a level referenced in earlier market coverage. The drop follows weeks of sharp selling, with BTC sliding from the mid-110,000s — where it was trading when panic hit and rumors swirled about large institutional outflows — to its current lows.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Harvard-Endowments-Biggest-Public-Position-Is-Now-Bitcoin-nOLrZe.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-17 19:23:092025-11-17 19:23:09Harvard Triples Bitcoin ETF Stake, Makes It Largest Public Holding
Bitcoin price slid to fresh six-month lows on Friday, breaking decisively below the psychological $100,000 mark and intensifying a sell-off that has wiped out nearly a quarter of its value in just over a month.
By midday, the bitcoin price was trading between $94,000 and $97,000, its weakest level since early May and a steep fall from October’s $126,296 all-time high, according to Bitcoin Magazine Pro data.
At the time of writing, the bitcoin price is at $94,850 but it bounced off of levels at $94,000.
The drop caps off a chaotic week across global markets, where risk assets, from tech giants to crypto stocks, have tumbled amid collapsing expectations for a Federal Reserve rate cut in December.
Just two weeks ago, traders were pricing in a near-certain 97% chance of easing. Today, that probability has plunged to roughly 50%, triggering deleveraging across equities and digital assets alike.
Why is the Bitcoin price dropping?
The macro pressures are only part of the story. The Bitcoin price is facing internal market dynamics that have amplified the decline. According to new data from CryptoQuant, long-term holders have sold an estimated 815,000 BTC in the past 30 days— the largest such exodus since early 2024.
Spot demand has weakened at the worst possible moment, and U.S.-listed spot Bitcoin ETFs have recorded hundreds of millions in daily outflows, draining liquidity while fueling downside momentum.
The turmoil extends beyond crypto. Risk-sensitive equities—including Nvidia, Tesla, Palantir, Coinbase, and Bitcoin miners—were hammered in this week’s sessions as investors fled speculative assets.
Rising concerns over an AI bubble, combined with uncertainty surrounding delayed U.S. economic data following the 43-day government shutdown, have pushed the VIX to its highest reading since mid-October.
Institutional buying has fallen below the daily supply issued by miners, adding steady sell pressure at a time when liquidity is thinning.
Bitcoin price is teetering at tricky levels
Bitcoin price is now hovering near its closely watched 365-day moving average around the $100,000, a level analysts say could determine whether the current pullback turns into a sharper correction, according to Bitcoin Magazine Pro.
Researchers at Bitfinex noted to Bitcoin Magazine that the drawdown from October’s peak is tracking closely with typical mid-cycle retracements, matching the roughly 22% pullbacks seen throughout the 2023–2025 bull market.
Despite the slide below a bitcoin price of $100,000, they estimate that about 72% of all circulating bitcoin remains in profit — an indication that long-term holders are still sitting on gains even as sentiment weakens.
Other analysts see signs that the market may be nearing a floor. JPMorgan estimates bitcoin’s current production cost — driven higher by rising network difficulty — sits around $94,000, a level that has historically acted as a strong downside anchor.
With the price now approaching that threshold, the bank argues that bitcoin’s price-to-cost ratio is back near historical lows and maintains a bullish 6–12 month outlook targeting roughly $170,000.
Still, the forces shaping this correction are far larger than retail traders. Whales, institutions, and leveraged market structures now dictate most major moves. Single transfers from wallets holding thousands of BTC can shift sentiment across exchanges.
But bitcoin’s recent wave of whale selling isn’t a sign of panic but typical late-cycle behavior, according to Glassnode.
Glassnode says long-term holders are steadily realizing profits, with monthly spending rising from 12,000 BTC per day in July to about 26,000 — consistent with normal bull-market distribution rather than an “OG whale exodus.”
The broader backdrop isn’t helping. The U.S. government has reopened after a record 43-day shutdown, the longest in American history, following President Trump’s late-Wednesday approval of a temporary funding measure.
Under the bill, federal agencies are funded only through Jan. 30, meaning uncertainty will continue to hang over markets even as operations slowly resume.
At press time, bitcoin price is trading at $95,670, hovering near production-cost levels and testing key technical support.
American Bitcoin (NASDAQ: ABTC), the cryptocurrency mining firm backed by Eric Trump and Donald Trump Jr., reported a strong third quarter.
American Bitcoin posted revenue of $64.2 million, a 453% year-over-year increase, while net income soared to $3.47 million, reversing a $576,000 loss in the same period last year.
The Miami-based miner, which became a standalone public entity after spinning out from Hut 8 and merging with Gryphon Digital Mining, has aggressively scaled its operations.
During Q3, American Bitcoin expanded its mining capacity roughly 2.5 times to 25 exahash per second (EH/s), with its fleet achieving an efficiency of 16.3 joules per terahash (J/TH).
The company’s scalable, “asset-light” mining approach allowed it to generate bitcoin below market prices, while disciplined at-market purchases contributed to wider profit margins.
On the treasury front, American Bitcoin accumulated over 3,000 BTC during the quarter, ending Q3 with 3,418 BTC. As of this month, the company’s holdings grew to 4,004 BTC, equivalent to 432 satoshis per share.
Eric Trump emphasized that the firm’s strategy focuses on both production and accumulation, reinforcing long-term value creation as market conditions fluctuate.
Eric Trump shared some of the results on X with the short message “Just getting started! @ABTC”.
Despite strong fundamentals, ABTC shares fell more than 13% in pre-market trading Friday, reflecting a broader crypto market pullback as bitcoin dipped below $95,000.
Nevertheless, the company’s high-profile backing and strategic expansion have drawn investor attention, positioning American Bitcoin as a noteworthy player in the digital asset ecosystem.
With a combination of growing mining output, efficient operations, and a rapidly expanding bitcoin treasury, American Bitcoin is staking a claim as one of the more institutionally oriented, growth-focused bitcoin miners in the market, even amid ongoing price turbulence.
American Bitcoin merger details
Back in September, American Bitcoin Corp., completed a stock-for-stock merger with Gryphon Digital Mining, creating a Nasdaq-listed Bitcoin accumulation platform. The company, majority-owned by Hut 8, combined mining operations with strategic Bitcoin purchases to gain a structural cost advantage.
At the time, Eric Trump highlighted ABTC as a public vehicle giving investors direct exposure to Bitcoin while advancing U.S. leadership in the global crypto economy. The Trump family emphasized alignment with American values and leveraging public markets to scale operations efficiently.
Amid a wave of panic in crypto markets, rumors surfaced Friday that Strategy (MSTR) was selling its bitcoin holdings as both BTC and MSTR stock tumbled.
Executive Chairman Michael Saylor quickly dismissed the chatter, telling CNBC, “We are buying bitcoin,” and promising that the company’s next purchases will be reported Monday. He added that Strategy is “accelerating [its] purchases” and suggested investors could be “pleasantly surprised” by recent activity.
The rumors stemmed from on-chain movements showing BTC leaving company-controlled wallets, coinciding with a brief drop in bitcoin below $95,000, its lowest level in roughly six months.
Saylor, however, maintained confidence, saying, “There is no truth to this rumor.”
MSTR shares fell under $200 in pre-market and early trading, down nearly 35% year-to-date, prompting concerns that the company might liquidate bitcoin to stabilize its balance sheet.
Saylor advised investors to maintain perspective amid the volatility. “Zoom out,” he said, noting that bitcoin was trading in the $55,000-$65,000 range just over a year ago. Even after recent declines, BTC at $95,000 “is still showing a pretty great return.”
JUST IN: Michael Saylor dismisses rumors of Strategy selling Bitcoin: “We are ₿uying.” pic.twitter.com/RC4PVA2E6F
He added that Strategy has “put in a pretty strong base of support around here” and expressed comfort that bitcoin could rally from current levels.
Strategy now holds more than 641,000 BTC, valued at roughly $22.5 billion, with an average purchase price of around $74,000 per coin. The company’s market capitalization has fallen below the value of its bitcoin holdings, pushing its market-to-net-asset value (mNAV) below 1, a metric often cited as evidence that the stock may be undervalued.
Despite these numbers, Saylor emphasized that Strategy’s balance sheet is “pretty stable” and only fractionally levered, with no imminent debt trigger points.
Bitcoin is always a good investment
On long-term prospects, Saylor remained bullish, stating, “Bitcoin is always a good investment,” provided investors are prepared for volatility and hold a time horizon of at least four years.
He compared BTC’s performance to traditional assets, noting that bitcoin has averaged roughly 50% annual growth over the past five years, outperforming gold and the S&P.
He also contrasted investment approaches, suggesting that those seeking exposure to digital credit instruments might prefer other products, while investors aiming for long-term ownership of “digital capital” should focus on bitcoin.
Even as market jitters continue and institutional outflows impact prices, Strategy is doubling down. “We’re always buying,” Saylor said, signaling that the firm intends to use market dips to expand its bitcoin holdings rather than sell.
Saylor: Trillions in Bitcoin
In a wide-ranging interview with Bitcoin Magazine earlier this year, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance.
He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral.
From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives.
He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin.
Earlier this week, Strategy bought 487 BTC for about $49.9 million. At the time of announcement, Bitcoin’s price was near $106,000. The purchases, made between November 3 and 9 at an average of $102,557 per BTC, bring Strategy’s total holdings to 641,692 BTC, acquired for roughly $47.54 billion at an average price of $74,079 each, underscoring the company’s ongoing commitment to its Bitcoin treasury strategy.
At the time of writing, Bitcoin is trading at $96,815, with lows recorded near $94,000.
Lendasat, a Bitcoin-native peer-to-peer lending platform, announced today the launch of Lendaswap, an atomic swap exchange enabling instant, non-custodial trades between Bitcoin and stablecoins across Ethereum and leading EVM-compatible chains.
Powered by the Arkade protocol, Lendaswap uses HTLC-based atomic swaps — a technology similar to that of the Lightning Network — to deliver a seamless experience for anyone looking to swap BTC and stablecoins “without giving up self-custody, creating accounts, or relying on wrapped tokens,” according to a press release shared with Bitcoin Magazine.
Lendaswap will support Ethereum and Polygon at launch, with planned expansion to Base, Solana, Binance Smart Chain, Arbitrum, and Optimism. Swaps are executed via Arkade, the new implementation of the Ark protocol, which should deliver “instant execution” on the Bitcoin side. Trades are also expected to be possible in both directions, so users will be able to swap BTC for stablecoins and vice versa.
“Bitcoin self-custody needs more than passive holding, it needs infrastructure,” said Philipp Hoenisch, co-founder of Lendasat, adding that “Lendaswap is a major step in unlocking more utility for BTC, and marks the first step for BitcoinFi. For the first time, anyone can move between Bitcoin and stablecoins without trusting a custodian, without wrapping, and without asking permission. This is what Bitcoin-native finance should look like.”
The startup demonstrates the power and potential of the Bitcoin scripting language, which had for years been dismissed as inferior to that of Ethereum-era blockchains. The Ark protocol used to make Lendaswap possible is an increasingly popular technology among Bitcoin enthusiasts and entrepreneurs.
None of the Lendaswap tech stack is open source yet, but the company told Bitcoin Magazine it is in their short-term roadmap. Lendaswap is now live at https://swap.lendasat.com/
Bitcoin price fell sharply today, sliding from an intraday high of $104,000 to $98,113, wiping out earlier gains and marking a decisive breakdown in price action.
Starting in morning trading, the Bitcoin price consistently bled down from the upper $102,000s to lows of $97,870.
According to Bitcoin Magazine Pro data, the last time Bitcoin price was near these levels (sub $98,000) was in early May — roughly May 8 depending on time zone. Bitcoin price vaulted above $100,000 for over 40 days after that before dipping back to $98,000 in late June.
One possible reason why the bitcoin price is long-term holders that are unloading at record levels. Data from CryptoQuant shows they’ve sold about 815,000 BTC in 30 days — the most since early 2024 — while spot and ETF demand weaken. Profit-taking dominates, with $3 billion in realized gains on Nov. 7 alone.
Institutional buying has also dropped below daily mining supply, intensifying sell pressure. Prices hover near the crucial 365-day moving average around $102,000, and failure to hold it could trigger deeper losses, according to Bitcoin Magazine Pro analysis.
Analysts at Bitfinex say the current bitcoin pullback mirrors past mid-cycle retracements, with the drop from October’s high matching the typical 22% drawdown seen throughout the 2023–2025 bull market.
“It is important to note too, that even at the $100,000 level, approximately 72 percent of the total BTC supply remains in profit,” Bitfinex analysts wrote to Bitcoin Magazine. They believe a short relief rally is likely but that a sustained recovery will require fresh demand.
According to The Block, JPMorgan analysts say bitcoin price’s current estimated production cost of $94,000 acts as a historical price floor, suggesting limited downside.
The analysts believe that rising network difficulty has pushed production costs higher, keeping bitcoin’s price-to-cost ratio near historical lows. The analysts maintain a bold 6–12 month upside projection of about $170,000.
All this comes as the U.S. government has reopened after a record 43-day shutdown, the longest in history, following President Trump’s signing of a funding bill late Wednesday.
While federal operations are resuming, recovery will be slow. Federal workers still await backpay, and air travel delays may persist.
Timot Lamarre, director of market research at Unchained, described bitcoin to Bitcoin Magazine as a “canary-in-the-coal-mine for liquidity drying up in the market.” He notes that the recent government shutdown caused the Treasury General Account to swell, absorbing liquidity, and adds that with the government reopening, “more liquidity injected into the system will benefit bitcoin’s dollar price in the near term.”
Agencies like the IRS face major backlogs, and national parks struggle to recover lost revenue. The short-term funding measure only extends through January 30, leaving the threat of another shutdown looming.
The return to normalcy will take time as the effects of the prolonged closure continue to ripple through the economy and public services.
Bitcoin price roared into October as the government shutdown began, surging to new all-time highs above $126,000. But the excitement quickly gave way to turbulence — the bitcoin price swung wildly through the rest of October and into November.
At the time of writing, Bitcoin’s price is at $98,470.
Despite an overall bullish mood in the market, the bitcoin price has continued to slide deeper into the month.
Bitcoin price and Nasdaq is the correlation that only hurts: Wintermute
Bitcoin is still closely tied to the Nasdaq, but it’s showing an unusual pattern: it reacts more strongly to stock market drops than it does to gains, according to a recent report from Wintermute.
This “negative skew”—falling harder on bad equity days than rising on good ones—is typically seen in bear markets, not when BTC is near all-time highs. It suggests that investors are somewhat fatigued, not euphoric.
Two main factors are driving this. First, attention and capital have shifted toward equities in 2025. Big tech and Nasdaq growth stocks are soaking up much of the risk appetite that might have flowed into crypto. Bitcoin moves with the market when things go wrong but doesn’t get the same lift when optimism returns, acting like a high-beta tail of macro risk.
Second, liquidity in crypto is thinner than before. Stablecoin issuance has stalled, ETF inflows have slowed, and exchange depth hasn’t fully recovered. This makes downside moves more pronounced and widens the performance gap.
That said, BTC is holding up remarkably well, according to Wintermute. Even with this persistent downside bias, it’s less than 20% below its all-time high. The pattern is unusual near tops — it usually shows up near bottoms — but it also reflects Bitcoin’s growing maturity as a macro asset.
Bitfarms, one of North America’s largest Bitcoin miners, announced it will gradually wind down its mining operations over the next two years.
The company plans to shift its focus to high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
The move reflects a broader trend among crypto miners. Falling Bitcoin prices and shrinking profit margins are pushing operators to explore more stable revenue streams. Bitfarms’ Toronto-based operations will increasingly target GPU-as-a-Service offerings and cloud computing solutions.
The company’s Washington State facility will be its first fully converted site. The 18 MW mining farm will be retrofitted to support Nvidia GB300 GPUs with advanced liquid cooling.
Bitfarms has secured a fully funded, $128 million deal with a major U.S.-based data center partner to supply all necessary equipment and building materials. Completion is targeted for December 2026.
“Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining, providing the Company with a strong cashflow foundation that could fund opex, G&A, and debt service and contribute to capex as we wind down our Bitcoin mining business in 2026 and 2027,” CEO Ben Gagnon said.
Bitfarms and other Bitcoin miners pivoting to AI
Other miners are making similar bets. Companies such as Cipher and Terawulf have partnered with investors like SoftBank and Google to develop AI-ready data centers.
These ventures are attracting billions in projected revenue and unlocking additional capital through debt financing.
Bitfarms’ pivot comes amid financial pressures. The company reported a $46 million third-quarter loss on $68 million in revenue. Shares fell about 5.7% in early trading, though the stock has still doubled this year.
The Washington site will feature modular infrastructure for scalable deployment and high-efficiency power management.
The company aims to monetize the facility through both colocation and cloud services, positioning itself as a provider of AI compute rather than just cryptocurrency infrastructure.
Bitfarms’ broader energy portfolio totals 2.1 GW across North America. Its sites are clustered in regions with robust access to power and fiber, making the shift from Bitcoin mining to AI workloads a natural extension of its existing infrastructure.
While the company emphasizes the potential of HPC/AI, it faces execution risks. Projects could face delays, equipment may not meet performance targets, or the economics of GPU-as-a-Service could underperform expectations.
Cash App is making bitcoin more usable for everyday payments. Starting today, the app will let you pay with Bitcoin instantly — even if you don’t hold any — by automatically converting your USD balance on the app into bitcoin for the merchant.
In a series of app features announced today, the app will now spend bitcoin locally, pay in USD over the Lightning Network, and send or receive stablecoins. All these updates are part of Cash Releases, the platform’s first bundled launch of new features, the company shared with Bitcoin Magazine.
With the new ‘Bitcoin Payments with USD’ feature, users can make instant bitcoin payments even if they don’t hold BTC. Cash App will automatically convert USD from a user’s balance into bitcoin for the merchant.
In other words, this makes Bitcoin payments accessible to all 58 million monthly users of Cash App without taxable events or decreasing their Bitcoin holdings.
Square merchants benefit too, with no fees or chargebacks, and the network operates without middlemen. Users can choose any payment path — USD to USD, BTC to BTC, BTC to USD, or USD to BTC — all powered by the open Bitcoin network. It will encourage merchants to ask customers to pay in bitcoin to avoid card fees.
The system works wherever bitcoin is accepted, connecting millions more users to fast, low-cost, borderless payments.
On top of this bitcoin payments feature, Cash App rolled out a Bitcoin Map. Following Square’s bitcoin payments launch, the map shows where local merchants accepting BTC are located, letting customers pay instantly via Lightning QR codes.
About 20% of Americans are open to using bitcoin for daily transactions, the company said, and Cash App wants to make that transition seamless for both consumers and businesses.
In addition to all this, Cash App is introducing stablecoin support. Customers can now send and receive digital dollars globally.
Stablecoins maintain a one-to-one value with the U.S. dollar while enabling near-instant transfers. Cash App will automatically convert received stablecoins into USD.
“Bitcoin was created to be peer-to-peer cash, and Cash App is building tools to make it work as intended — fast, open, and borderless,” said Miles Suter, Bitcoin Product Lead at Block.
When asked about stablecoins and whether they might compete with Bitcoin, Suter told Bitcoin Magazine that “legacy fiat systems are Money 1.0: slow, expensive, closed systems with banking hours and borders. Bitcoin is Money 2.0, the ultimate goal: truly decentralized, open, and permissionless. Stablecoins are Money 1.5, a pragmatic tool and a meaningful improvement from traditional financial rails, but we don’t see them as a competitor to bitcoin.”
Cash App will also enhance their Auto Invest feature, the company said. Scheduled bitcoin purchases now carry no fees or spreads, making it easier and more affordable for users to invest regularly.
“Standard one-time purchases have fees and spreads,” Suter said, “but we’ve built an entire ecosystem of ways to stack sats for free, like Auto Invest, Paid In Bitcoin, and Round Ups. The goal is giving customers multiple options to build their bitcoin position affordably.”
Since 2018, Cash App has helped over 24 million active users buy bitcoin, with features like Paid In Bitcoin enabling automated conversion of direct deposits into BTC.
Bitcoin payments via Square
Earlier this week, Square rolled out Bitcoin payments for U.S. sellers, allowing roughly 4 million merchants to accept BTC through their terminals with no processing fees until 2027.
The system enabled instant transactions via the Lightning Network, first piloted at Compass Coffee in Washington, D.C. Merchants could receive Bitcoin, convert it to USD, or automatically convert part of daily sales into BTC.
When asked about criticism that platforms like Square or Cash App might be centralizing Bitcoin, Suter said, “If you want access to the fiat banking system today, you need a centralized provider. The end goal is self-custody, which is why we built Bitkey. We’re building auto-sweeps to self-custody that will roll out later, and deep Bitkey integration with Square is coming in 2026 for self-custody of funds you receive as payments or convert from daily card sales.”
Through subsidiaries like Cash App, Bitkey, Proto, Spiral, and Tidal, Block is driving Bitcoin adoption across both consumer and developer ecosystems.
The company holds over 8,780 BTC and continues to deepen its integration with Bitcoin, aligning its business strategy with the network’s long-term growth.
According to Suter, the company envisions Bitcoin becoming everyday money and a universal financial infrastructure enabling truly global commerce.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Cash-Apps-New-Feature-Lets-Users-Pay-Instantly-with-Bitcoin-E28094-Even-Without-Owning-Any-BNLp2T.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-13 11:00:002025-11-13 11:00:00Cash App’s New Feature Lets People Pay with Bitcoin — Even If They Don’t Own Any
Hesperides University today announced the launch of the Master in Bitcoin, the world’s first English-language higher education program dedicated solely to Bitcoin studies, according to a note shared with Bitcoin Magazine.
The program marks a milestone in the academic recognition of Bitcoin as a serious field of study.
Unlike most universities, which group Bitcoin under broader “crypto” or “blockchain” programs, Hesperides has created a curriculum focused entirely on just Bitcoin — its technology, economics, and societal impact. The program is aimed at professionals, entrepreneurs, and researchers seeking a deeper understanding of Bitcoin and its global ecosystem.
“Bitcoin deserves its academic space,” said Kristýna Mazánková, Director of the Master in Bitcoin. ““For years, universities have treated Bitcoin as a side topic, lumped together with speculation and short-lived trends. This program stands apart — it’s a declaration that Bitcoin deserves serious academic attention, as both a revolutionary technology and a tool for human freedom.”
The curriculum combines academic rigor with practical experience. Students will explore Bitcoin from multiple angles, including monetary theory, philosophy, journalism, energy, cryptography, and economics. Courses will be taught by a global faculty of educators and active professionals in the Bitcoin world.
“The Master in Bitcoin embodies our vision of independent education rooted in intellectual freedom,” said Gabriel Calzada Álvarez, Rector of Hesperides University. “We want to create a space where open minds can research, question, and collaborate on Bitcoin without ideological bias.”
Hesperides’ Master in Bitcoin begins in 2026
The program is fully online and designed to accommodate working professionals. Enrollment opens in January 2026, with early access available through the university website.
Hesperides is also inviting educators and Bitcoin experts to join the program as faculty, mentors, and guest lecturers. Candidates with experience in economics, finance, journalism, mining, security, and cryptography can apply online.
By creating a formal academic framework for Bitcoin, Hesperides aims to bridge professional practice and scholarly understanding.
Mazánková will serve as the Director of the Master in Bitcoin. Before joining the Bitcoin industry in 2019, she built a career in technology and corporate communications, later leading communications at SatoshiLabs and heading PR at BTC Inc, according to a note shared with Bitcoin Magazine.
At Hesperides University, she is helping create a new kind of higher education that treats Bitcoin as a transformative social, technological, and economic phenomenon.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Hesperides-University-Launches-Worlds-First-Global-Master-in-Bitcoin-YgOv1L.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-13 09:00:002025-11-13 09:00:00Hesperides University Launches World’s First Global Master in Bitcoin
Oviato, a chain-agnostic wallet infrastructure company, unveiled today at Bitcoin Amsterdam its passkey native embedded wallet SDK for Bitcoin.
The platform allows developers to create self-custodial wallets that users can access in seconds.
The SDK integrates a secure, embedded wallet experience directly into apps or platforms. Users can create and access wallets instantly using Face ID, Touch ID, or passkeys—no browser extensions or complex setups required.
The solution brings WebAuthn authentication to Bitcoin, combining strong cryptographic security with a modern, user-friendly experience.
Oviato positions itself as one of the first infrastructure providers to make passkey-native self custody on Bitcoin developer-friendly and production-ready. The company aims to remove friction from Web3 onboarding, enabling developers to focus on user experience rather than wallet maintenance or key management.
The startup is backed by Draper VC, Boost VC, CoinGecko, and Etherscan. Its team includes engineers and founders with experience in regulated custody platforms, wallet infrastructure, and high-growth consumer products supported by Adobe and Microsoft Ventures.
This launch represents Oviato’s first public step toward a cross-chain developer platform focused on open authentication and embedded self-custody experiences.
Bitcoin price fell sharply to the $102,000s range on Tuesday, extending losses from a 24-hour high of above $107,000.
Throughout the day, Bitcoin price bled down as traditional markets saw significant gains. Bitcoin initially rallied on the news of government reopening and a potential tariff check but quickly reversed as broader risk sentiment turned mixed.
At the time of writing, Bitcoin’s price is around $102,636, hovering near key psychological support at $99,000.
The Bitcoin price came amid President Donald Trump’s unveiling of a proposed $2,000 “tariff dividend” check for Americans — a populist rebate funded by record tariff revenues. Announced Sunday on Truth Social, the plan promises to return “trillions of dollars” collected from global trade duties and help pay down the nation’s $37 trillion debt.
Markets, however, saw it differently. Investors viewed the proposal as a de facto stimulus program — one that could reintroduce pandemic-style liquidity into an economy already showing signs of overheating.
Meanwhile, Washington inched closer to reopening. Senate Democrats joined Republicans in a 60–40 vote late Monday to approve a stopgap funding bill, ending a 41-day federal shutdown. The deal — expected to be signed by President Trump — restores pay to federal workers and reopens key services but has stirred debate within the Democratic caucus over the loss of health subsidy extensions.
Technical picture: Bitcoin price caught between bulls and bears
Bitcoin’s price structure remains finely poised between support and resistance. The $99,000 level, reinforced by the 55-week exponential moving average, continues to act as a crucial floor. On the upside, Fibonacci resistance stands near $109,400, with stronger selling pressure anticipated at $111,000.
A decisive breakout above $116,000 could re-ignite a rally toward $129,000, the upper boundary of Bitcoin price’s broadening wedge pattern.
Institutional buying remains resilient. Strategy, the largest corporate Bitcoin holder, disclosed a $49.9 million purchase of 487 BTC last week, bringing its holdings to more than 641,000 coins valued near $47.5 billion.
Macro optimism tied to the government reopening has supported equities, spilling modestly into crypto markets. However, analysts warn that renewed fiscal wrangling or slower ETF inflows could reignite volatility, sending the Bitcoin price back toward $96,000 or even $93,000.
Despite the near-term uncertainty, long-term indicators remain constructive. Rising production costs and a swelling base of long-term holders continue to tighten supply — a setup that has historically preceded major cyclical upturns. With just 5% of total Bitcoin supply left to mine before the 2028 halving, scarcity is once again becoming a dominant narrative.
Bitcoin price picture: From $100,000 to $1 million?
Over the past decade, Bitcoin price’s ascent from a few hundred dollars to over $100,000 has reshaped global finance, creating one of the most dramatic wealth transfers in modern history. The question now: can this exponential growth continue — perhaps even into seven figures?
While models like Stock-to-Flow have lost credibility, their central idea still holds: scarcity drives value. A more grounded approach is to track Bitcoin’s production cost — the average energy expense to mine one BTC — which has historically acted as a structural floor.
By 2028, after the next halving, Bitcoin price could reach $175,000 per BTC. If Bitcoin continues trading above its cost basis, its fair valuation could approach $200,000. By 2032, mining costs may rise to $675,000, implying a potential peak near $1 million if price-to-cost ratios follow historical patterns, according to Matt Crosby and Bitcoin Magazine Pro data.
Bitcoin’s compounded annual growth rate has slowed but remains robust. Regression-based models suggest a price between $2 million and $10 million by 2040 — though such projections are backward-looking and should be treated cautiously.
Ultimately, Bitcoin’s price will depend on macro liquidity, real yields, and adoption. As issuance declines and demand persists, production costs and capital rotation from traditional assets will likely anchor the next phase of growth.
If history rhymes, the mid-2030s could mark Bitcoin’s approach to a seven-figure era — though, as always, models guide expectations, not destiny.
For many people, their first sense of Bitcoin is that it is magic internet money—something easily ignored and certainly not worth the time needed to understand it. Many of the people I talk to about Bitcoin say that their “plan” is just to ignore it until it goes away. As we will learn throughout this book, that isn’t really an option. Most people also laugh when presented with their first opportunity to exchange “real money” for bitcoin. But bitcoin is real money; better money than any of us have had in our lifetimes—and it is so much more.
Both Bitcoin the network and bitcoin the digital token can be hard to define because they don’t just replace one thing and make it better. Bitcoin is the new, better version of gold from the ground and the paper dollar bill. Bitcoin is also the new, better version of your savings account and your checking account and your credit card. It is also the new, better way to send money internationally and to buy a cup of coffee down the block. Bitcoin doesn’t just replace the hard asset money and the currency, but also the payment rails, the political monetary policy, and even the central bank—all in one fell swoop. It is a completely new thing.
To truly understand Bitcoin, you must understand the thing it aims to replace: money. What is money? Oddly enough, despite its centrality to almost everything we do, we rarely pause to consider the question. But we have to if we really want to understand what Bitcoin actually is.
In the most fundamental form, money is any object that is used for some combination of the following purposes:
1. A medium of exchange (folks can buy stuff with it);
2. A unit of account (folks can reliably use it to price stuff); and
3. A store of value (folks can buy stuff with it later).
Over the years, many different objects have been used as money: sea shells, salt, large stones, gold, and the $20 Federal Reserve Note currently in your wallet. If you’re reading this book in prison, you might use cigarettes or packets of ramen as money. I encourage you to reflect on how and why people naturally converge on forms of money based on the time and circumstances they find themselves in and how technology has always played a role in the development of new money. Some things make better money than others. As we will see, the paper money and its digital copy you use every day is the latest form of money, but it isn’t the best—in fact it is far from the ideal.
To be considered a good form of money—something that accomplishes the three purposes listed above well—an object must have some combination of the following fairly intuitive properties:
1. Durability (It has to last, not spoil or deteriorate);
2. Portability (You have to be able to move it around);
3. Divisibility and Aggregability (You need to be able to buy little things and big things too);
4. Fungibility (The units need to be uniform);
5. Scarcity (If there’s a lot of something, it won’t maintain value);
6. Acceptability (People have to want it for you to use it); and
7. Verifiability (You don’t want a lot of counterfeit money).
You or I may have other properties that we think should be added to the list. For example, I think good money should be created fairly. But this is the list that economists have used for generations. In fact, the Federal Reserve Bank of St. Louis lists these properties in the teachers’ resources section of their website12 and uses them to argue—correctly—that US dollars are better money than a cow. A cow seems like a low bar, but maybe they only want to make the arguments they can win.
Each of these properties economists use to decide how good something is as money is measured on a scale; none of them is a binary “yes” or “no.” If an object fulfills many of these properties, it would make for a good form of money. From this list, it is trivial to see what your intuition already tells you. Bananas would make a horrible form of money and coins made of gold would probably serve the purpose well. But what about the $20 bill in your wallet? What about bitcoin?
In a head-to-head competition, the $20 bill easily beats bitcoin in category #6: Acceptability. But acceptability can change and has many times throughout history, and the gap is narrowing every year as more establishments accept bitcoin. It’s not too hard to imagine that gap closing substantially over time. On a technicality, the dollar also has a slight edge in category #4: Fungibility. But this is only a small difference that most people would not notice, and technological methods already exist that close this gap completely.
As we will see as the rest of this section unfolds, Bitcoin walks away with the lead over dollars in all of the other categories. It’s not even close. Bitcoin is not just a little but a lot more Durable, Portable, Divisible/Aggregable, Scarce, and Verifiable. These aren’t properties I cherry-picked because they make Bitcoin look good. These are the old textbook properties economists have used for “good money” forever. We can add to this list the fact that since Bitcoin is natively digital and programmable, it seems like a better form of money right now and for the future. Nor is Bitcoin just better than the dollar: when comparing Bitcoin to other forms of money (e.g., gold) it still demolishes the competition across most or all of the categories. It’s simply the best money that humans have ever created.
Before I explain why that is true, I want to pause and make sure we also understand what money isn’t. You will notice that the properties listed above for something to serve as good money do not require the item to have a physical form you can hold in your hand. Nor do the properties suggest that something used as money needs to have some other intrinsic value. Nor do the properties suggest that money must be issued by a government. All three of these things are often cited as reasons why Bitcoin cannot be real money, yet none of them really have anything to do with the actual definition of money. These are things people reference because they are important to their experience with money, but they aren’t intrinsic to that experience. Just like how what has served as money has changed over time, so too has our experience with money.
For example: It is not necessary for money to have a physical form that can be touched or held. Indeed, you have never held most of the dollars you have earned, spent, and saved in the last 20 years. They have just been numbers on a screen. Digital money, dollars or otherwise, is perfectly functional as money. And the same is true of Bitcoin; just because you can’t touch it doesn’t mean it’s not real either. Hopefully this is reassuring, since this is typically the very first argument offered by well-meaning folks when they first start to grapple with Bitcoin. But the simple fact is that you don’t need to be able to touch something for it to be a good form of money.
Nor is it necessary for money to have an intrinsic value. In fact, because money is used to communicate price information from one market participant to another, it is better that it not have other use cases. Money having intrinsic value would add “noise” to the signal and make every economic decision more difficult. Imagine having to weigh every purchase you make with your money against the value of its other uses. It would cause economic activity to grind to a halt as everyone debated whether to use the money they had for purchasing goods or this other use. Some people don’t realize that the numbers on their screens that represent the dollars in their bank account don’t have an intrinsic value either. Bitcoin’s lack of intrinsic value is another very common argument launched against it, when in fact that turns out to be a valuable feature and not a bug. The fact that Bitcoin doesn’t have some other intrinsic value means it is able to provide price information for economic decisions without noise or manipulation.
Finally, it is not necessary that money be issued by a government. For many centuries it wasn’t. People would use various media of exchange and stores of value without the government interceding in any way. It was only in the last couple of centuries that it made sense for governments to get into the money game when it was difficult to trust and verify the purity and weights of coinage. Stamping the king’s face onto a coin served a purpose at that point. Since then, the intertwining of government and money has been so complete that most folks have a hard time imagining that money can be something separate from the government. This misunderstanding has repeatedly been manipulated for the sole benefit of the government that controls the issuance of money. But despite our experience, there is no need for money to be issued by the state to be valid. Bitcoin is the best hope humanity has of severing the ties between government and money.
At the very least it will serve as a check on how the governments discharge their responsibility as stewards of monetary policy.
The good news is that people understand the seven properties of good money listed above on an intuitive level. In other words, people do not need to read an economic textbook to recognize “good” money. They just start gravitating toward it over time. People won’t need to know why Bitcoin is better to know that it is better. Our recent monetary experiment with unbacked paper money is only 50 years old, and paper money owes most of its success to the privileged legal status paper money enjoys through the governments that issue it. But absent coercion people will always choose a better form of money, as shown by the fact that they did for thousands of years by using gold. Before Bitcoin had been invented, Jörg Guido Hülsmann explained, in his book The Ethics of Money Production, that in the case of “gold and silver—and whatever else free men might discover and develop for monetary services . . . there is a natural tendency in the market to spread the use of the most useful monies over the entire world.”13 Bitcoin is better money and because of that, Bitcoin adoption is very likely to grow and spread for the foreseeable future.
This article is an excerpt fromA Progressive’s Case for Bitcoin: New Revised Updated Edition, available now for pre-order at a discounted price of $21 through November 15, 2025.
12 Federal Reserve Bank of St. Louis, “Functions of Money,” Economic Lowdown Podcast, https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money.
13 Jörg Guido Hülsmann, The Ethics of Money Production (Auburn, Ala.: Ludwig von Mises Institute, 2008), 197.
A Chinese woman who orchestrated a multibillion-dollar Ponzi scheme and laundered much of the proceeds into cryptocurrency was jailed in the United Kingdom on Tuesday for 11 years and eight months, according to Reuters reporting.
Zhimin Qian, 47, nicknamed the “goddess of wealth,” admitted to two charges of acquiring and possessing criminal property.
Qian ran the Lantian Gerui investment company between 2014 and 2017, defrauding around 128,000 investors in China of roughly 40 billion renminbi ($5.62 billion). Prosecutors said about 6 billion renminbi ($845 million) was siphoned off and converted into bitcoin.
During the course of a multiyear investigation, British authorities seized over 61,000 bitcoin—worth more than $6 billion today—marking one of the largest cryptocurrency seizures ever recorded in Europe.
Bitcoin fraud details
The court heard that Qian fled China in 2017, traveling through Myanmar, Thailand, Laos, and Malaysia, before arriving in the UK on a St Kitts and Nevis passport.
She attempted to convert the bitcoin into cash, often using accomplices to purchase luxury goods, including jewelry and watches, while staying in high-end hotels across Europe. British authorities first encountered Qian in 2018 during a property purchase in London, but she evaded capture for six years.
She was eventually arrested in York, northern England, in April 2024 following a police investigation into her accomplice Ling Seng Hok, who had been transferring bitcoin linked to the scheme.
Qian’s accomplices were also sentenced. Wen Jian, who helped convert the bitcoin into cash and luxury goods, was jailed last year, while Ling received nearly five years in prison after pleading guilty to money laundering.
Prosecutors said the case ranks as one of the largest money-laundering cases in UK history by value and involves the largest confirmed seizure of criminal assets in Europe.
At sentencing, Judge Sally-Ann Hales described Qian as the “architect” of the scheme, driven by “pure greed.” Prosecutors highlighted that some victims lost their life savings, homes, and even marriages.
While criminal proceedings are complete, a civil recovery process in London’s High Court is ongoing, exploring compensation for more than 1,300 victims who have come forward.
Qian’s lawyers argued that she never intended to defraud anyone and that bitcoin’s massive appreciation—rising from around $3,600 in 2018 to roughly $100,000 today—could allow restitution to exceed the original losses. A spokesperson for London police confirmed that British and Chinese authorities are cooperating on cross-border fugitive and asset recovery.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Chinese-E28098Bitcoin-Queen-Ponzi-Mastermind-Jailed-in-UK-for-Over-11-Years-UhBP9J.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-11 17:57:112025-11-11 17:57:11Chinese ‘Bitcoin Queen’ Ponzi Mastermind Jailed in UK for Over 11 Years
Bitcoin price surged above $106,000 on Monday, reclaiming ground lost during a volatile weekend that saw brief dips below $100,000 on Friday.
Despite early-week bearish pressure, buyers stepped in repeatedly at key support levels. Bitcoin price was up 1% in 24 hours throughout the day.
Over the past week, Bitcoin price flirted with the $100,000 threshold multiple times, dipping slightly below on Tuesday, Wednesday, and Friday. However, bulls quickly defended these levels, ensuring no daily close occurred under $100,000.
The 55-week exponential moving average (EMA) at $99,000 repeatedly acted as a reliable support floor, providing a strong foundation for the current rebound.
Technical analysts now point to $109,400 as the next Fibonacci resistance, with $111,000 serving as a more substantial barrier if Bitcoin can maintain its momentum. Beyond these levels, $116,000 is viewed as a decisive threshold that could shift market sentiment firmly in favor of bulls.
Institutional activity played a significant role in the recent rally. Strategy, the world’s largest corporate Bitcoin holder, disclosed a $49.9 million acquisition of 487 BTC last week, bringing its total holdings to 641,692 BTC, valued at over $47.5 billion.
This purchase, funded through multiple preferred stock offerings, represents Strategy’s largest acquisition since September and underscores the continued confidence of institutional players in Bitcoin as a treasury reserve asset.
Strategy’s innovative use of preferred stock series — including its STRC “Stretch” shares — demonstrates a sustainable and systematic approach to corporate Bitcoin accumulation, providing a blueprint for other firms entering the space.
Market sentiment has been further influenced by broader macroeconomic conditions. Rumors surrounding a potential end to the U.S. federal government shutdown have bolstered investor confidence, suggesting that Nasdaq gains could translate into renewed buying pressure for Bitcoin.
However, analysts caution that any macroeconomic turbulence or prolonged government dysfunction could dampen momentum, potentially pushing Bitcoin price toward lower support levels near $96,000, or even $93,000 in extreme scenarios.
Bitcoin price technical models
Data-driven models also indicate that Bitcoin price’s next bear market may be shallower than previous cycles. Metrics such as the MVRV ratio and the rising cost of production suggest structural support in the $55,000–$70,000 range, providing confidence that retracements may be less severe than in past cycles. While cyclical patterns persist, institutional adoption and market maturity are gradually reshaping volatility dynamics.
Looking ahead, traders and investors will be watching key resistance levels closely. Short-term gains may encounter hurdles at $109,400 and $111,000, but a sustained push above $116,000 could unlock a broader bullish trend toward the top of the broadening wedge pattern around $129,000.
President Donald Trump announced Sunday that his administration wants to send Americans a $2,000 “tariff dividend” check, citing record revenues from trade tariffs and a booming U.S. economy.
In a post on Truth Social, Trump wrote, “People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price.”
The president said that “a dividend of at least $2,000 a person (not including high-income people!) will be paid to everyone,” describing the payout as a benefit from the trillions of dollars collected through tariffs.
This is not the first time Trump has floated the idea of sharing tariff revenues directly with Americans.
Trump’s announcement comes as the Supreme Court considers whether his administration’s wide-ranging tariffs were legally imposed. Justices reportedly sounded skeptical of his authority during last week’s oral arguments.
Earlier today, Trump posted “All money left over from the $2000 payments made to low and middle income USA Citizens, from the massive Tariff Income pouring into our Country from foreign countries, which will be substantial, will be used to SUBSTANTIALLY PAY DOWN NATIONAL DEBT.”
Despite the legal uncertainty, Trump doubled down on his trade policy, touting record stock prices, all-time-high 401(k)s, and what he called “a manufacturing boom across the country.”
Trump stimulus checks into Bitcoin?
The move has drawn comparisons to the pandemic-era stimulus checks — and the incredible returns those payments would have generated for anyone who invested them in Bitcoin.
If you bought Bitcoin with your $1,200 stimulus check in April 2020, you’d now be sitting on roughly $18,940 — a gain of more than 1,400%. Back then, Bitcoin traded around $6,600. Today, the price is hovering above $105,000.
NEW: President Trump announced he will send Americans a $2,000 tariff revenue check
For those who received all three rounds of stimulus — $1,200 in 2020, $600 in January 2021, and $1,400 in March 2021 — and invested the total $3,200, the holdings would now exceed $50,000, depending on the timing and sale (if needed) of each purchase.
While we can’t predict the future, it’s safe to assume that buying $2000 worth of Bitcoin will lead to higher profits in the future. The comparison underscores the long-term performance of Bitcoin as a hedge against government spending and inflation — themes that have remained central to Trump’s economic rhetoric.
While details on eligibility and payment timelines for the new “tariff checks” remain unclear, Trump’s post signals a populist economic push aimed at rewarding Americans directly amid record federal revenues.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Trump-Floats-2000-Tariff-Checks-for-Americans-UqKGQy.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-10 17:34:372025-11-10 17:34:37Trump Floats $2,000 Tariff Checks for Americans — 2020 Stimulus in Bitcoin Would Now Be Worth $18,900
While the bears dominated price action early last week, the bulls managed to show strong support below $100,000. Bitcoin price dropped briefly below $100,000 on Tuesday, Wednesday, and Friday, but buyers stepped in each of those days to push the price back above $100,000, avoiding a daily close below this key level. A small weekend rally allowed the bitcoin price to reclaim the $104,000 support, closing at $104,700. Heading into this week, look for the $109,400 resistance level to keep a lid on things, with $111,000 looking like strong resistance if the price can go beyond there.
Key Support and Resistance Levels Now
The weekly 55 EMA at $99,000 provided strong support each time the price lost $100,000 last week. Bulls stepped up at this level, front-running the $96,000 bull market support level. Going forward, bulls will look for the 55 EMA to hold as support after such a large move off of this level last week.
As the bulls attempt to barge onward, the 0.382 Fibonacci retracement at $109,400 should provide some resistance. Above here, bears will look for the daily point of control at $111,000 on the volume profile to hold back the bulls. Beyond this level, $116,000 sits as a gatekeeper for the bears, as closing above this level will flip bias back over to the bulls. Market structure looks decisively more bullish if the 0.618 Fibonacci retracement at $116,000 can be converted to support. Bulls may see a little resistance at $129,000 at the top of the broadening wedge pattern if they manage to reclaim $116,000 as support, but I would not expect $129,000 to hold for long if price does indeed reach it.
Outlook For This Week
Rumours of the US federal government shutdown ending this week are prevalent. If both parties can manage to sort out the filibuster, markets may get a boost this week. Bulls will look for the 0.146 Fibonacci retracement at $102,900 to hold as support on the daily chart early this week, to maintain upward movement. The daily chart may struggle to close above the 0.382 Fibonacci retracement at $109,400 even if it gains some more momentum. Losing $100,000 this week would be very bearish and likely lead to a test of $96,000 at minimum, with potential for the price to crash even lower to $93,000 and possibly even $84,000 below that.
Market mood: Bearish – Despite the strength shown by the bulls last week, the outlook is still bearish if we are being honest here. A large red weekly candle close is still bearish.
The next few weeks The broadening wedge pattern we have been watching for weeks here is not broken yet. So there’s still a chance the bulls can bring the price back to the top trend line around $129,000. Bias is still in favor of the bears here, though, as currently, this pattern is still likely to break to the downside. $116,000 is the key level bulls need to re-establish as support to get the price moving back to new highs. While the government shutdown was not overly bearish on markets initially, the long duration of it is starting to take a toll. If the US federal government can indeed get back to work soon, it should provide a boost to the Nasdaq, and in turn, this should help provide supportive conditions for the bitcoin price to reclaim some key resistance levels. Any major macro bearish events incoming likely put an end to bitcoin’s bull market, so overall conditions need to remain stable to foster more upside.
Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
EMA: Exponential Moving Average. A moving average that applies more weight to recent prices than earlier prices, reducing the lag of the moving average.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
Volume Profile: An indicator that displays the total volume of buys and sells at specific price levels. The point of control (or POC) is a horizontal line on this indicator that shows us the price level at which the highest volume of transactions occurred.
Broadening Wedge: A chart pattern consisting of an upper trend line acting as resistance and a lower trend line acting as support. These trend lines must diverge away from each other in order to validate the pattern. This pattern is a result of expanding price volatility, typically resulting in higher highs and lower lows.
While many are still focused on how high the bitcoin price could go during this current bull market (although given current price action, maybe not!), it’s equally important to prepare for what comes next. Here we’ll look at the data and mathematics that can help us estimate where Bitcoin’s next bear market low could occur — not as a prediction, but as a framework based on prior cycles, on-chain valuation metrics, and even the fundamental valuations of BTC.
One of the most consistently accurate models for identifying Bitcoin’s cyclical bottoms is what we refer to as the Bitcoin Cycle Master chart, which collates a number of on-chain metrics to create bands around price with certain valuation levels.
Figure 1: The Cycle Lows line on the Bitcoin Cycle Master chart has accurately aligned with bear cycle lows.View Live Chart
Historically, this green “Cycle Lows” line has pinpointed Bitcoin’s macro bottoms with near perfection. From $160 in 2015 to $3,200 in 2018, and again at $15,500 in late 2022. As of today, this band sits around $43,000 and rising daily, which provides a useful baseline to estimate how far Bitcoin could decline in the next full cycle.
Diminishing Drawdowns: Why Each Bitcoin Price Bear Market Hurts Less
Alongside this, we can look at the raw MVRV Ratio, which measures Bitcoin’s market price versus its realized price (the average cost basis of all coins). Historically, during deep bear markets, Bitcoin tends to fall to 0.75x of its realized price, meaning the market price trades about 25% below the network’s aggregate cost basis.
Figure 2: Historically, bear market lows have occurred when the MVRV Ratio drops to 0.75.View Live Chart
This repeatability gives us a powerful anchor for estimating potential downside when combined with the trend of diminishing drawdowns. While Bitcoin’s earliest cycles saw declines as deep as 88%, that figure has been steadily compressing, to 80% in 2018 and 75% in 2022. Projecting that same trend forward, a continuation of diminishing volatility would imply that the next bear market could bring a ~70% retracement from cycle highs.
Figure 3: The trend of diminishing bear cycle drawdowns suggests that the next retracement from the cycle high wouldn’t exceed 70%
Forecasting the Next Bitcoin Price Top and Bottom
Before we estimate the next low, we need a reasonable assumption for where this bull market could peak. Based on historical MVRV multiples and slope-trended realized price growth, Bitcoin has recently tended to top at roughly 2.5x its realized price. If that relationship holds and the realized price continues trending upward, it suggests a potential top somewhere near $180,000 per BTC in late 2025.
Figure 4: Applying MVRV multiples and realized price projections, we could see a cycle top in the region of $180k, followed by bear cycle lows in the $55k-60k region in 2027.
If that’s the case, and Bitcoin were to follow its historical one-year bear market lag into 2027, a 70% retracement from that level would bring the next major cycle low to approximately $55,000–$60,000, based on the current realized price trajectory at that time. These prices also align nicely with Bitcoin’s choppy consolidation range from last year to give some technical confluence.
Bitcoin Price and the Rising Cost of Production
One of the most reliable long-term valuation metrics for Bitcoin is its production cost, the estimated electrical expense to mine one BTC. This metric has historically aligned closely with Bitcoin’s deepest bear market lows. After every halving, the production cost doubles, forming a rising structural floor under the price over time.
Figure 5: The estimated electrical cost to produce 1 BTC of approximately $70k acts as a strong price action floor.
When Bitcoin trades below its production cost, it signals miner stress and typically coincides with generational accumulation opportunities. As of the April 2024 halving, the new cost basis rose sharply, and each time Bitcoin has dipped near or slightly below it since, it has marked local bottoms and subsequent sharp reversals. This value currently sits at ~$70,000 but fluctuates daily.
Conclusion: The Next Bitcoin Price Cycle Will Likely Be Shallower
Every Bitcoin cycle has been accompanied by a wave of euphoria claiming, “This time is different.” But the data continues to show otherwise. While institutional adoption and broader financial integration have indeed changed Bitcoin’s structure, they haven’t erased its cyclicality.
The data suggests the next bear market will likely be shallower, reflecting a more mature and liquidity-driven environment. A retracement toward the $55,000–$70,000 zone would not signal collapse, but it would mark the continuation of Bitcoin’s historical rhythm of expansion and reset.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
Bitcoin price reached $103,500 today after a week of tumultuous trading. Bitcoin started the day down close to $100,000 but rebounded throughout market trading to highs of $103,859 today.
Earlier this week, Bitcoin plunged below $100,000 for the first time since June on November 4.
The slump came amid macro pressures, political headlines, and fading risk appetite, pushing bitcoin down to $99,070 and more than 20% off its October high of $126,000, technically entering a bear phase.
The sell-off follows October’s massive liquidation events, a series of hacks, and trade tensions with China.
The Federal Reserve’s hawkish tone, including a modest rate cut and signals that further cuts may not come, weighed on sentiment.
During the Fed’s most recent press conference, Jerome Powell said that December’s rate cuts aren’t guaranteed, Bitcoin’s price immediately reacted — plunging to $109,000 on the day. Since then, the price continued bleeding into this week. The broader crypto market reacted similarly.
Powell said that inflation excluding the impact of tariffs is “not so far” from the central bank’s 2% target, but emphasized that policymakers have “not made a decision about December.” Powell noted that officials held “strongly differing views” during today’s meeting.
A stronger U.S. dollar added pressure. Technical charts show Bitcoin struggling around its 200-day moving average, with support near $96,000, according to Bitcoin Magazine Pro data.
Despite this, some bulls, including Michael Saylor’s firm, continue buying the dip, signaling cautious confidence.
Bitcoin price technical analysis
Despite the volatility, major institutions like JPMorgan remain bullish, forecasting a potential rise to $170,000 within 6–12 months, citing undervaluation relative to gold and the conclusion of heavy deleveraging.
Technical indicators offer mixed signals. Up to today, Bitcoin has been trading in a tight $100,000 –$102,000 support corridor, facing resistance at $106K–$114K.
Short-term buyers have exhausted momentum, while on-chain data highlights friction between capitulating short-term holders at $107K–$110K and long-term holders defending $95K–$96K.
Institutional flows show tentative accumulation: after six days of withdrawals totaling $2.05 billion, U.S. spot Bitcoin ETFs recorded $240 million in inflows, led by BlackRock and Fidelity.
Whale activity indicates profit-taking rather than panic, with over 319,000 BTC reactivated in the past month, mostly held six to twelve months.
Recently, Cathie Wood lowered ARK Invest’s 2030 Bitcoin forecast from $1.5 million to $1.2 million, citing stablecoins increasingly taking on Bitcoin’s transactional role while reaffirming its long-term “digital gold” potential.
Galaxy Digital also cut its year-end Bitcoin target from $185,000 to $120,000, pointing to whale selling, rotations into other assets, and leveraged liquidations, while describing the market as entering a “maturity era.”
Founded in 2021, My First Bitcoin began with a single class of four students. Over the next four years, it grew rapidly, teaching more than 27,000 students, creating the world’s first Bitcoin Diploma in public schools, hosting educators’ unconferences, and building a Node Network now spanning 50 projects in 27 countries.
Now, My First Bitcoin is shifting from local classrooms to a global movement. Founder John Dennehy says the focus is on empowering educators, not running programs directly.
“We want to help others succeed in their own communities and link them together,” Dennehy said in a note to Bitcoin Magazine.
The project is also embracing a fully remote structure, closing its office in El Salvador. Local meetups will now be run by independent collectives, using open-source blueprints developed by My First Bitcoin.
The organization will continue developing curricula, creating digital platforms, and fostering connections among educators worldwide.
“Our mission remains the same,” Dennehy adds. “Independent, impartial Bitcoin education gives people agency, encourages critical thought, and builds long-term freedom. Bitcoin is the tool, education is the pathway.”
The move represents a new phase for the initiative. By training teachers, sharing resources openly, and supporting community-led projects, My First Bitcoin aims to ignite a global movement. The team invites educators, organizers, and Bitcoin advocates to join the network and help expand access to knowledge everywhere.
My First Bitcoin background
Founded in August 2021 by John Dennehy, Mi Primer Bitcoin (My First Bitcoin) began as a small, community-led project in El Salvador with a mission to empower individuals through Bitcoin education. Dennehy, a soft-spoken and introspective thinker, saw education as a means to restore personal agency and sovereignty, especially in a world where people often feel powerless.
The idea took root during the COVID-19 pandemic, when Dennehy spent long walks in New York contemplating society’s challenges. Concluding that the solution lay in education, he initially traveled to Ecuador to teach friends about Bitcoin.
However, pandemic restrictions made in-person engagement difficult. Shortly afterward, Dennehy learned of El Salvador’s historic adoption of Bitcoin as legal tender and relocated there to support the country’s efforts.
Landing in El Salvador, Dennehy drafted the organization’s mission and lesson plans, recruiting both students and local teachers. He made community leadership a core principle, ensuring that all instructors were Salvadoran to better relate to students. The first class had just one attendee, held in a yoga studio, but the initiative grew steadily. By the end of the first month, five students were regularly participating.
In 2022, Dennehy and his team formalized their curriculum into the “Bitcoin Diploma” program. The diploma includes ten lessons covering monetary systems, Bitcoin fundamentals, wallets, nodes, mining, security, the Lightning Network, and Bitcoin’s future. By the end of that year, 38 high school students in El Salvador had earned their diplomas.
The organization’s impact has since expanded globally. In 2023, Mi Primer Bitcoin launched the Independent Bitcoin Educators Node Network, now encompassing over 65 projects across 35 countries. These initiatives range from circular economies to local meetups, united by six core principles: independent, impartial, community-led, Bitcoin-only, high-quality education focused on empowerment rather than profit.
In May 2025, the nonprofit received a $1 million grant from Jack Dorsey’s Start Small to scale its global efforts, including enhancing the Bitcoin Diploma, intro courses, teacher workshops, and its Online School and Community Hub.
Despite the funding, Dennehy emphasized that the nonprofit will never accept government funding and carefully vets other sources to preserve independence.
San Diego, CA, Nov. 06, 2025 — Roundtable and RYVYL Inc. (NASDAQ: RVYL) today announced that legendary Web3 investor Aly Madhavji has agreed to join the soon-to-be-merged company as Chief Financial Officer (CFO), bridging his unique background of traditional finance credentials with deep relationships and experience managing over 200 blockchain infrastructure technology investments.
As CFO, Madhavji will help guide Roundtable’s continued rise through the merger process and NASDAQ listing, while connecting the dynamic blockchain investment community with Roundtable. Current RYVYL CFO George Oliva upon completion of the merger will transition to the role of Chief Accounting Officer for the merged entity.
Madhavji’s financial credentials are as impeccable as his in-depth knowledge of the Web3 sector, bringing relationships with over 500 blockchain co-investors from every continent, including his home base in Singapore.
Roundtable CEO James Heckman praised Madhavji’s leadership and expertise, stating, “In over 30 years of financing and operating technology companies, I’ve not met someone with more intensity and thoroughness as a board member and investor, which is consistent with his technical and financial acumen. His contribution has been so impressive, we invited him to join this once-in-a-lifetime opportunity to transform an entire industry. Aly has the unique ability to translate the vision of our revolutionary platform to both traditional and blockchain-focused investment communities.”
Madhavji is a licensed Chartered Accountant (CA, CPA, CMA, CIM) with a Master’s in Global Affairs from Tsinghua University (清华大学), an MBA from INSEAD (Singapore/France) where he was a Blockchain Fellow, and a BA in Commerce with Distinction from the University of Toronto, where he serves on the Governing Council. An international award-winning author and featured speaker at major Web3 conferences, Aly is also a contributing analyst for leading crypto publications and the acclaimed lead on Amazon Prime Video’s series Crypto Knights. His Roundtable board seat will mark his second NASDAQ service, following his position with Soluna Holdings.
Aly Madhavji pictured in a portrait session.
Madhavji commented, “I’m joining Roundtable as CFO because Roundtable has turned the media industry’s long-aspired Web3 vision into practical reality. The RYVYL merger brings bank-grade payments and public-market discipline; our platform gives publishers what they’ve wanted for years: real-time revenue, transparent reporting, and control of their data, audiences, and IP, only possible with Web3. After diligencing and investing in hundreds of blockchain infrastructure teams, this is the one that stands apart; and why Blockchain Founders Fund made Roundtable our largest investment, and so I’m stepping in to lead our NASDAQ journey and align Roundtable with both traditional and Crypto focused investors.”
Madhavji joins a veteran executive team led by digital media entrepreneur James Heckman and blockchain pioneer Eyal Hertzog. Hertzog, co-founder and architect of Roundtable’s “DeWeb” platform, is widely recognized as the technical inventor of decentralized finance (DeFi), including automated market-making and the liquidity pool mechanisms that underpin the transformative industry – and brought it to market, as the lead architect and founder of Bancor. He also co-founded the first social video platform, MetaCafe, whose recommendation algorithm helped shape the foundation of social media.
Heckman, a serial founder and former senior executive at Yahoo, Google, and News Corp, has built and scaled more than a dozen technology platforms, including Arena Group, which powered digital media for over 300 global brands. He is joined by long-time technology collaborator and co-founder Bill Sornsin as COO, a former senior product leader at Microsoft and co-architect of several global-scale platforms with Heckman.
Together, this leadership team developed Roundtable, the first large-scale, Enterprise-level, Web3-powered media platform integrating decentralized payments, transparent real-time reporting, and on-chain audience and data control, creating next-generation infrastructure for professional publishers and media networks worldwide. Heckman’s prior company, Arena, became a nine-figure public enterprise powering publishing and monetization for global media brands including Sports Illustrated, Maxim, History.com, and TheStreet. His past roles include Head of Global Media Strategy at Yahoo!, Chief Strategy Officer at Fox Interactive, and architect of the $1 billion ad alliance between MySpace, Google, led the team that architected Hulu’s original business model and created the first “Premium Marketplace,” partnered with AOL, Yahoo!, MSN and the top dozen major media corporations..
Altogether Heckman has created and taken public and/or sold to major digital media, ten large-scale ventures, including Rivals.com (acquired by Yahoo!), Scout.com (acquired by Fox), 5to1.com (public, acquired by Yahoo!), NFL Exclusive, and Arena. Remarkably, every business he founded succeeded in sustainability and major industry scale.
Visionary Partners and Board Members
Roundtable co-founders and strategic partners include incoming Chair Walton Comer, XBTO co-founder, Lucid Holdings co-founder, which sold to CINT for nearly $1 billion, and founding investor of Deribit, recently sold to Coinbase for over $3 billion; Aly Madhavji, Managing Partner of Blockchain Founders Fund; David Bailey, CEO of Nakamoto, Bitcoin Conference and Bitcoin Magazine; Mike Alexander, former CEO of Jefferies Asia and CEO of Bullish’s EOS Venture Capital Fund; W. Graeme Roustan, Roundtable co-founder, former Chairman of Bauer Hockey, True Sports CEO, and CEO of The Hockey News, the first major network to publish on-chain with Roundtable; and Brock Pierce, Tether co-founder and early Bitcoin visionary.
Merger Details
A definitive agreement has been signed between RYVYL (NASDAQ: RVYL) and Roundtable. Closing remains subject to shareholder approval and standard regulatory review. Upon closing of the merger:
James Heckman will become CEO
Walton Comer will become Chairman, leading a seven-membered board
Aly Madhavji will remain CFO (from Roundtable), in the merged companies
George Oliva will remain as EVP/Finance and Chief Accounting Officer, reporting to Heckman
The company will change its name to RTB Digital, Inc., doing business as “Roundtable”
Six directors will be appointed by RTB, and RYVYL independent director Brett Moyer retained; all other incumbent directors of RYVYL will step down.
About Roundtable (RTB Digital, Inc.)
Roundtable is a Web3, digital media SaaS platform company, providing white-label, full stack distribution, community, publishing and monetization for professional media brands and journalists – fortified and powered by a digital liquidity pool integrated into the platform. Visit RTB.io.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) operates a digital payment processing business enabling transactions around the globe, including payment solutions for underserved markets. RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. www.ryvyl.com
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.
By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. These forward-looking statements include, but are not limited to, statements regarding the proposed merger between the Company and the target (the “Parties”), the expected closing of the proposed merger and the timing thereof and as adjusted descriptions of the post-transaction company and its operations, strategies and plans, including the management team and board of directors of the Company following the consummation of the merger (the “Combined Company”). There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this press release. These include: the risk that the Parties’ businesses will not be integrated successfully and the risk that cost savings, synergies and growth from the proposed merger may not be fully realized or may take longer to realize than expected; the possibility that stockholders of the Company may not approve the issuance of new shares of Company common stock in the merger or that stockholders of the Company may not approve the merger; the risk that a condition to the closing of the merger may not be satisfied, that either party may terminate the definitive agreement or that the closing of the merger might be delayed or may not occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger; the risk that the parties do not receive regulatory or other approvals of the merger; the occurrence of any other event, change, or other circumstances that could give rise to the termination of the merger agreement or changes to the transactions; the risk that changes in the Company’s capital structure and governance could have adverse effects on the market value of its securities; the ability of the Parties to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on the Parties’ operating results and business generally; the risk the merger could distract the respective managements of the Parties from ongoing business operations or cause the Parties to incur substantial costs; impacts on the Parties’ plans for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other corporations in similar business strategies, technological and market trends, future financial condition and performance and expected financial impacts of the merger; the risk that the Parties may be unable to reduce expenses or access financing or liquidity; the impact of any economic downturn; the risk of changes in governmental regulations or enforcement practices; and other important factors that could cause actual results to differ materially from those projected and those risk factors discussed in documents of the Company filed, or to be filed, with the SEC that are or will be available on the Company’s website at www.ryvyl.com and on the website of the SEC at www.sec.gov.
RYVYL IR Contact: Richard Land, Alliance Advisors Investor Relations 973-873-7686 [email protected]
Roundtable PR Contact: Mehab Qureshi, RTB Digital Inc. +91 90289 77198, [email protected]
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Roundtable-Announces-New-CFO-Aly-Madhavji-To-Lead-RYVYL-Merger-NASDAQ-Listing-RdyiK6.png351624Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-06 22:15:022025-11-06 22:15:02Roundtable Announces New CFO, Aly Madhavji To Lead RYVYL Merger NASDAQ Listing
Bitcoin price slipped below $100,000 this week for the first time since June, down more than 20% from its all-time highs above $120,000 last month.
The decline comes after weeks of steady spot-market selling, profit-taking by long-term holders, and a cautious macro environment. ETF outflows, a stronger dollar, and broader risk-off sentiment have added to pressure.
Bitcoin traded back above $102,000 today, showing some resilience, but volatility remains elevated, according to Bitcoin Magazine Pro.
Analysts point to ongoing accumulation by new buyers, though long-time holders are reactivating coins at a notable pace.
Vetle Lunde of K33 Research noted that over 319,000 Bitcoin held for six to twelve months have moved in recent weeks, much of it real selling.
Markus Thielen of 10x Research said mega whales — entities holding between 1,000 and 10,000 BTC — have been offloading significant amounts, while mid-size holders have largely stopped buying.
He estimates that roughly 400,000 Bitcoin, about $45 billion, has exited the market in the last month.
Rebel money to institutional asset
Bitcoin’s rise over the past decade and a half has been punctuated and marked by identity shifts. In the early years, enthusiasts felt part of a secret movement to build better money for a better world.
Critics were loud but often misinformed, and debates over privacy, environmental impact, and financial sovereignty energized the community. The vibes were high, and the project felt meaningful beyond mere price.
Now, according to Troy Cross, With the entry of Wall Street and ETFs, Bitcoin’s brand evolved. It became a hedge, a retirement asset, a component in treasury strategies. Its revolutionary appeal — as a tool to bank the unbanked and resist centralized control — is still technically intact, but the narrative has shifted.
The focus moved from being a rebellion against fiat to being a corporate- and finance-friendly instrument.
Michael Saylor and other institutional adopters have accelerated this trend. Bitcoin now shares the limelight with gold and equities, often framed in risk-adjusted portfolios rather than as a movement for financial empowerment.
Despite this, the core of Bitcoin remains unchanged. It is still global, permissionless, and censorship-resistant. Anyone can participate. Transactions remain verifiable and final.
Bitcoin price action over the past month
Price action highlights this duality, as seen over the past month. On October 10, U.S. President Trump’s threat to impose a 100% tariff on Chinese imports triggered widespread panic, sparking the largest single-day liquidation in cryptocurrency history — over $19 billion in leveraged positions were wiped out within 24 hours.
Some traders anticipate a retest of $92,000, tied to CME futures gaps, while others see support around $98,000–$100,000. Other analysts expect a push to $170,000.
History suggests that these pauses are not the end of Bitcoin’s story. Each cycle has included phases of distribution, consolidation, and renewed growth. What is changing is not the network itself but the surrounding culture — the shift from a secret movement to an accepted, institutional asset.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Bitcoin-Price-Dances-with-100000-as-Crypto-Industry-Waits-to-See-Whats-Next-Jq4uAe.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-06 20:41:562025-11-06 20:41:56Bitcoin Price Dances with $100,000 as Crypto Industry Waits to See What’s Next
ARK Invest CEO Cathie Wood has adjusted her long-term Bitcoin forecast, citing the rise of stablecoins as a force in the crypto space.
Speaking on CNBC’s Squawk Box Thursday, Wood said that stablecoins are increasingly serving as digital dollars for payments and remittances — functions she previously expected Bitcoin to fulfill.
“Stablecoins are usurping part of the role that we thought Bitcoin would play,” Wood said. “Given what’s happening with stablecoins, we could take maybe $300,000 off that bullish case.”
The adjustment reduces ARK Invest’s 2030 Bitcoin price target from $1.5 million to $1.2 million, although Wood emphasized that the cryptocurrency’s long-term potential as “digital gold” remains intact.
Wood noted that this stablecoin trend reflects broader adoption and signals that Bitcoin’s role is evolving more toward a store-of-value function rather than a transactional one.
“Bitcoin is still strengthening its role as a global store of value, but in the payment area stablecoins are becoming a more practical means,” Wood said.
She also touched on Bitcoin’s decentralized network and limited supply as key drivers of its long-term economic momentum.
Galaxy Digital also drops Bitcoin target
Galaxy Digital recently lowered its year-end target to $120,000, down from $185,000, citing large-scale selling by whales, rotations into assets like gold and AI, and leveraged liquidations.
Alex Thorn, Galaxy’s head of research, described this period as a “maturity era,” in which lower volatility and institutional absorption dominate the market.
Despite the temporary pullbacks, JPMorgan analysts remain bullish on Bitcoin, projecting prices could climb to $170,000 over the next six to twelve months as leverage in futures markets resets.
Bitcoin itself has faced a turbulent month. Following an all-time high above $126,000 in early October, the cryptocurrency has fallen roughly 19%, dipping below $100,000 for the first time in four months amid panic selling and cascading liquidations. At the time of writing, Bitcoin is at $101,950.
While some analysts argue that a decline of 20% or more signals a bear market, others maintain that such corrections remain typical within crypto cycles.
Despite all this volatility, Wood reaffirmed ARK Invest’s long-term bullish stance. “Bitcoin is a technology, a global monetary system, and a new asset class all wrapped in one,” she said. “We have just started, so we have a long way to go.”
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Cathie-Wood-Lowers-Bitcoin-2030-Target-To-1.2-Million-as-Stablecoins-Gain-Popularity-wDuxe1.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-06 18:56:212025-11-06 18:56:21Cathie Wood Lowers Bitcoin 2030 Target To $1.2 Million as Stablecoins Gain Popularity
Miami Mayor Francis Suarez says he’s sitting on major gains from his Bitcoin paychecks, telling Fox Business he’s “up 300%” since taking his salary in bitcoin.
“I got paid at $30,000,” Suarez said, noting that Bitcoin had even been up 400% when it hit $120,000 earlier this year. Despite recent market volatility — with Bitcoin slipping below $100,000 this week — Suarez said he isn’t worried about short-term price swings.
[The volatility of bitcoin] “really doesn’t bother me,” he told host Stuart Varney. “I’m more concerned with the macro impact of having a store of value that people have faith in, that has a money creation system known through the code.”
Suarez, who famously became one of the first U.S. politicians to take his pay in Bitcoin, said the focus should be on how decentralized finance and crypto are evolving alongside AI. “What’s more interesting is this evolution of where decentralized finance is going, where crypto is going, where AI is going,” he said.
Speaking at the American Business Forum in Miami, Suarez also highlighted the city’s rise as a financial hub. He said Miami’s pro-capitalist ethos stands in “diametric opposition” to cities like New York, predicting a surge in real estate and business interest as a result.
Back in 2021, Suarez said the city will soon give bitcoin to its citizens as part of a plan to build a full Bitcoin economy. Suarez said he envisions a future where “the Satoshi system” is used for payments, including city taxes.
He added that increasing Bitcoin’s utility will drive further value and adoption. Suarez also said he wants city employees paid in BTC and residents to pay fees in the cryptocurrency.
Miami’s current mayoral race is heading to a Dec. 9 runoff between Democrat Eileen Higgins and Republican Emilio Gonzalez. Suarez was term-limited, and couldn’t run for mayor again.
Celebrities getting paid in Bitcoin
Recently, NFL star Odell Beckham Jr. vindicated his decision to take his 2021 Los Angeles Rams salary in Bitcoin. Beckham had converted his $750,000 base salary to BTC through a Cash App deal when Bitcoin traded around $60,000.
Critics mocked the move as Bitcoin later crashed nearly 80%, but by July 2025, the asset had surged to record highs above $120,000.
“Safe to say we still happy with our decision,” Beckham posted on X as Bitcoin hit new all-time highs.
At $118,000 per BTC, his original payout was worth about $1.47 million — nearly double its 2021 value. Even after a combined 49.3% tax rate, Beckham would have taken home roughly $1.1 million, almost triple what he’d have earned in cash.
Other notable athletes who have taken their earnings in Bitcoin include Russell Okung, who received half of his $13 million Panthers salary in BTC, and Saquon Barkley, who opted to take $10 million in endorsements in Bitcoin.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Miami-Mayor-Francis-Suarez-Says-His-Bitcoin-Paycheck-Is-Up-300-lRKjfQ.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-05 20:17:322025-11-05 20:17:32Miami Mayor Francis Suarez Says His Bitcoin Paycheck Is Up 300%
Bitwise CIO Matt Hougan says the crypto market may be nearing a turning point as retail exhaustion deepens and institutional demand quietly builds.
Appearing on CNBC, Hougan — who oversees $12 billion in assets at Bitwise — said retail sentiment is at “maximum desperation” following months of liquidations, leverage blowouts, and yield protocol failures.
“It’s hard to find a crypto native investor who still has much enthusiasm,” he said. “That market is close to a bottom.”
JUST IN: $12 billion Bitwise CIO Matt Hougan on CNBC: “I am optimistic that we are going to rally at the end of the year.” pic.twitter.com/QsEOKaeKBS
In contrast, Hougan noted that institutional investors remain upbeat.
“When I speak to financial advisors, they’re still excited to allocate to an asset class that’s delivered strong long-term returns,” he said, adding that he expects a year-end rally as institutional capital begins to take the lead.
“So I’m optimistic, but we do have to finish this wash out of retail sentiment,” Hougan said.
Meanwhile, on Capitol Hill, Senator Cynthia Lummis reaffirmed her support for digital asset integration within the U.S. banking system.
Addressing tensions over stablecoin regulation, Lummis said she wants community banks to be able to custody and manage both fiat and digital assets.
“This is the 21st-century economy,” Lummis said on X. “Digital assets are the future, and we need to make sure community banks embrace the opportunity.”
She noted that Louisiana, Virginia, and Wyoming already allow banks to custody crypto — and expects more states to follow as new legislation advances.
Bitcoin price rebound
Bitcoin and the broader crypto market has seen a turbulent month, dipping below $100,000 on Tuesday — its lowest level since June — before rebounding above $103,000 today.
The slide was driven by heavy selling pressure, nearly $1.8 billion in ETF outflows, and a stronger U.S. dollar following Federal Reserve Chair Jerome Powell’s hawkish tone, signaling that interest rates could stay higher for longer.
The sell-off traces back to October 10, when President Trump announced 100% tariffs and export controls on China, sparking a broad crypto liquidation. Bitcoin fell roughly 20–25% from early October highs, while altcoins like Ethereum and Solana dropped as much as 40%. Crypto-linked stocks, including MicroStrategy, Coinbase, and Robinhood, also slid.
Open interest in Bitcoin futures fell around 30%, reflecting a pullback from leveraged traders, and the crypto fear and greed index reached “extreme fear.”
But, as retail investors capitulate, Matt Hougan’s comments suggest institutional demand could soon take the lead in crypto accumulation.
Bitcoin price has bounced back to over $103,000 today after plunging below $100,000 on Tuesday — its lowest level since June — as extreme fear gripped the market.
Earlier this week, investors pulled nearly $1.8 billion from Bitcoin and other crypto ETFs, while crypto-linked stocks like Strategy and Coinbase also declined.
Adding to the pressure, Federal Reserve Chair Jerome Powell signaled that interest rates could stay higher for longer, strengthening the U.S. dollar and weighing on non-yielding assets like Bitcoin.
Despite the turmoil, some investors are seeing opportunity. Michael Saylor’s firm, Strategy, recently bought 397 BTC at an average of $114,771, signaling confidence in bitcoin price’s long-term trajectory.
While sentiment remains cautious and “extreme fear” dominates, Bitcoin’s rebound above $103,000 shows resilience.
The entire crypto market was rattled on October 10, when bitcoin and the broader market witnessed a drastic and sharp sell-off as President Trump announced sweeping 100% tariffs and export controls in response to China’s new restrictions on nearly all products starting November 1, 2025.
The news triggered a sharp crypto sell-off, with bitcoin briefly down 12% and other major cryptocurrencies falling as much as 40%.
Since then, bitcoin price and other crypto have failed to recover from those levels. Bitcoin specifically has shown resilience to the other altcoins, dropping only 20-25% from early October levels.
Bitcoin price bull run may be closer than it looks
Bitcoin’s recent price slump might actually be the setup for its next big rally. While BTC has struggled to keep pace with record-breaking moves in Gold and the S&P 500, market patterns suggest a familiar rotation is unfolding — one that has historically preceded major Bitcoin bull runs.
Each time Gold rallies hard, it eventually cools, and capital rotates into riskier assets like equities and Bitcoin. This cycle has repeated across multiple eras — 2012, 2016, 2020 — and the setup looks eerily similar today.
Gold recently hit new highs but has started to lose steam, while stocks are pushing higher. That shift typically signals renewed risk appetite — prime conditions for Bitcoin.
Yet when measured against other assets rather than the dollar, Bitcoin still has room to run. A return to its prior relative highs versus equities or Gold would imply BTC prices near $150,000 – $160,000.
This month, a remarkable Bitcoin-focused artwork will grace one of the art world’s most prestigious stages. Block 1 from Robert Alice’s Portraits of a Mind series is set to be auctioned in Sotheby’s Now & Contemporary Evening Sale on November 18, carrying an estimate of $600,000 to $800,000.
Robert Alice, Portraits of a Mind, 2019. Credit: Theo Cristelis
This event is where marquee works by renowned artists like Yves Klein or Jean-Michel Basquiat appear, so the inclusion of Block 1 signals an important moment for Bitcoin’s cultural presence. The auction will be held at The Breuer Building — once the home of the Whitney Museum of American Art and now Sotheby’s new worldwide headquarter in New York. It marks the first time a physical artifact of Bitcoin’s history stands alongside blue-chip artworks in such a high-profile sale.
In preparing this text, I spoke with Tad Smith, the former CEO of Sotheby’s and a thoughtful Bitcoiner, about the upcoming sale and what it means for Bitcoin’s cultural standing. Speaking as an archivist and art historian, I found our conversation becoming a meditation on value: how art and Bitcoin both rely on scarcity, story, and shared belief rather than financial metrics alone. Some of his remarks are included throughout this piece. His own path –– from auction house executive to Bitcoiner –– reflects the shift he describes: from assigning value within institutions to seeing value take shape through collective consensus.
Why does this matter? For years, Bitcoin has been understood primarily as a monetary revolution or a technical breakthrough. But Bitcoin is also an emerging cultural phenomenon, lacking obvious forums for recognition in mainstream culture. When a work like Block 10 (52.5243° N, -0.4362° E) from Alice’s series enters major collections like the Centre Pompidou –– one of Europe’s foremost museums of modern art –– it externalizes Bitcoin’s cultural value by translating intangible ethos into the language of art. I will return to this later. It is a clear sign that Bitcoin’s story is seeping into broader cultural memory, validated by institutions that historically canonize what matters in art and culture.
Block 1: The Code That Became Art
Formally and conceptually, Block 1 is steeped in Bitcoin’s origin story. Robert Alice’s Portraits of a Mind series took the original Bitcoin codebase (version 0.1.0) — arguably one of the most consequential texts of the 21st century — and dispersed it into 40 large-format paintings. In doing so, the project formed a decentralized, physical archive of Satoshi Nakamoto’s code with hundreds of thousands of hexadecimal digits distributed across the series.
Robert Alice, Detail of Portraits of a Mind, 2019. Credit: Theo Cristelis
Each painting in the series carries a set of geographical coordinates that tie fragments of Bitcoin’s code to places of human culture and memory. Block 1 (24.9472° N, 118.5979° E) points to the Statue of Laozi in Quanzhou, a place where philosophy and exchange have quietly coexisted for centuries — near a city that once marked an important point along the Silk Road. The choice of site draws a subtle line between Taoist thought and the libertarian ethos that runs through Bitcoin: Laozi’s idea of wu wei –– governing through non-interference –– echoes the blockchain’s own preference for order without rulers.
Tad Smith has called the series a memorial to the foundations of digital sovereignty — a body of work that captures the moment Bitcoin began to take form.
A decentered form runs through the series, echoing rai stones and allusions to Japanese currency. The work engages with themes of decentralization, code as text, code as portrait and the nature of memory. Influenced by conceptual and minimalist art (artists like Roman Opalka and Jasper Johns come to mind), Portraits of a Mind treats the Bitcoin codebase as cultural heritage, as something to be preserved and contemplated. The series makes something hidden, visible: it translates the code –– the true first text of Bitcoin, written even before the whitepaper –– into material form. On November 9, 2008, Satoshi wrote to Hal Finney: “I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper”. And Alice asks us to see code not just as functional instruction but as a foundational human document.
Since its debut, Portraits of a Mind has traveled in ways that mirror the network it was born from. Parts of the series have been shown in London, Hong Kong, and New York, as well as at Sealand — the self-declared cypherpunk micronation, once an illegal data haven for irregulated internet traffic. Works from the series have also appeared in museums across the world in Zurich, Seoul, Beijing, Hanover and Linz. In 2023, the series was shown at Monnaie de Paris, the world’s oldest continually running mint, further extending its reach into the contemporary art world.
Robert Alice’s exhibition of Portraits of a Mind at Sealand, the former cypher punk data haven in the North Sea in 2021. Credit: Robert Alice
Major auction houses like Sotheby’s and Christie’s play a pivotal role in validating new artistic movements. For blockchain-based art, that validation began in 2020 when Portraits of a Mind first made waves: one of its panels, Block 21 (42.36433° N, -71.26189° E), was the first Bitcoin-focused artwork to sell at a premier auction house and laid the foundation for the crypto art explosion, pre-dating the Beeple NFT sensation by six months and back then reached around $130,000. With Block 1 joining Sotheby’s Contemporary Evening Auction in New York, Bitcoin art reaches a new level of visibility. “In the evening sale [this piece] will further increase the reputation” of the series, Tad Smith noted, emphasizing how Sotheby’s platform brings tremendous publicity and cultural cachet. Indeed, a high result at Sotheby’s would broadcast the message that Bitcoin’s codebase is now an important cultural fixture to the narrative of the 21st century, rather than a niche plaything for tech enthusiasts.
Bitcoin’s Cultural Maturation
What does Block 1 at Sotheby’s tell us about Bitcoin’s own cultural maturation? For one, it underscores that Bitcoin’s impact isn’t measured only in market cap or hash rate — it’s also measured in cultural capital. Bitcoin has spawned ideas, values, and aesthetics, yet the protocol itself can’t record those human elements. There’s a lack of on-chain metrics for culture: the blockchain timestamps transactions, but not, say, the moment a Bitcoin artwork hangs in a museum. Therefore we look to external signals. When the Centre Pompidou acquires Block 10 as mentioned earlier, or when artworld’s leading curators like Hans-Ulrich Obrist critically engage with it, those are flashes of recognition that Bitcoin has birthed something worthy of heritage status. These signals indicate that Bitcoin is evolving from a purely financial phenomenon into a broader cultural one. The acquisition of Block 10 marked the first time a fragment of Bitcoin’s code entered a national collection. In France, works that enter the national collection become part of the public domain and are legally inalienable –– they can never be sold or removed. In a country whose modern identity was forged in revolution, the gesture carries its own quiet irony: a technology built to resist authority now preserved by one of the oldest symbols of it. A part of Bitcoin’s genesis code now belongs, permanently, to the people of France –– archived under the same ideals that once demanded the rewriting of history itself. It’s hard to imagine a stronger validation that the Bitcoin narrative has broken out of its early techno-utopian niche and into the broader cultural conversation.
The Centre Pomidou in Paris. Home to the French National Collection of Contemporary Art, which now includes BLOCK 10 from the series, Portraits of a Mind.
Interestingly, this institutional recognition coincides with a growing awareness within the Bitcoin community itself — an appreciation that culture is not peripheral but central to its mission. As Smith observes, “Bitcoiners have something really powerful when it comes to art. They’re on a mission and they’re highly motivated. This isn’t a hobby or something you do on the side. It’s a deeply committed crowd, full of enthusiasm and driven by a genuine desire to make the world better”.
He adds that Bitcoiners are “very culturally and socially engaged and natural storytellers who understand memetics and communication in every possible way”. That, Smith notes, “is what art is about”. Indeed to be a Bitcoiner is to be a collector, not of art, but of UTXOs. The psychology of collecting and especially ownership, runs deeply through the psyche of Bitcoiners.
In short, Bitcoiners have been creating culture all along and the cultural work began long before its memes. The very first act in its history wasn’t financial but symbolic –– Satoshi’s embedding of The Times headline in the genesis block. It was a gesture of record and resistance, the first instance of Bitcoin declaring itself through culture.
Now, as significant wealth accumulates in this community, their taste in art is maturing as well. “Many of them, of course, tend to be younger”, Smith notes, “and younger people usually aren’t all that interested in the art of older generations. That’s nothing new; it’s been that way for centuries. The younger crowd always wants its own art. That’s why art and taste evolve every few generations”.
Over time, he predicts, “Bitcoiners’ growing financial capital will translate into cultural capital”. With Bitcoin’s market value climbing into the trillions and a massive wealth transfer to millennials and Gen Z on the horizon, the future of Bitcoin art indeed looks bright. “The future is very, very bright”, Smith says, “because the younger crowd has all the tailwinds” — referring both to financial means and cultural appetite.
In effect, a new collector base is rising — one that sees Bitcoin not just as an investment, but as a story and identity worth expressing through art.
Making Culture Visible
Because Bitcoin lacks formal cultural institutions of its own, artworks like Block 1 become crucial mirrors. They reflect and externalize the cultural values of the Bitcoin adoption in a form that the wider world can see and evaluate. The Sotheby’s sale forces questions about how we value such an object: Is it its materials and aesthetics, its backstory and conceptual depth, or its significance to a community? In practice, all of these converge to give Block 1 value. That value is cultural and contextual, not merely speculative. As Tad Smith learned during his years as CEO at Sotheby’s, a painting’s price can swing wildly based on intangibles: “a piece of canvas with a certain color of paint on it and a certain artist’s name and a certain year and a certain look, is worth $20 million, and then one right next to it could be worth $2”, a disparity that revealed to him “something inherently cultural that really drives the notion of value”. Bitcoin, often touted as digital gold, similarly derives its value from a cultural consensus, a shared belief in its significance. But that consensus can be hard to perceive directly. Art provides a tangible embodiment of those beliefs. When a Bitcoin-inspired artwork commands attention and a high price, it quantifies a bit of Bitcoin’s cultural impact in a language the art world understands.
Reflecting on this connection, Smith once compared Bitcoin’s evolution to the building of a pyramid — a new financial infrastructure, a new concept for money. “For the first time in human history”, he noted, “it’s digital capital. And to start building a pyramid, you start with a bunch of blocks. On the lower level, you make a great big square, and then you add a slightly smaller one on top, and another on top of that”. He described Portraits of a Mind as “memorials of the foundation layer of the creation of future and modern digital capital. It’s the foundation document, recording the charter of where it all began”. A century from now, he suggested, people will look back to these works to understand how Bitcoin started, “they paint a picture of a moment in time”.
Robert Alice’s exhibition of Portraits of a Mind at the Monnaie de Paris, 29 June to 22 October 2023. Credit: Monnaie de Paris.
Art teaches by being seen. It invites interpretation and dialogue; a work like Block 1 makes people ask questions — about Bitcoin’s earliest days, its philosophy, its community — and it does so beyond the usual venues of conferences or developer meetings. Those engaged in this space understand that securing Bitcoin’s place in history means telling and retelling its story in many forms. Visual art, especially works that can hang in galleries or be studied in art history classrooms, gives that story a tangible presence — externalizing Bitcoin’s narrative and weaving it into the broader fabric of contemporary culture.
Finally, the Sotheby’s event highlights a broader truth: Bitcoin’s maturation isn’t just about technological adoption or financial metrics, but about cultural integration. As Tad Smith puts it, “a life of success and wealth without culture is a pretty unexciting life”. He goes on to suggest that “the sooner you begin to experience culture and understand the beautiful qualities that make being human so incredible — literally a divine gift — the better”.
His point is simple but profound: Bitcoin’s promise lies not only in disrupting finance, but in enriching human experience. Engaging with art is part of that fulfillment. The presence of Block 1 in a venue like Sotheby’s signals that the Bitcoin community, consciously or not, is beginning to heed that message. Bitcoin is developing a cultural memory with artifacts like Block 1 acting as its external vessels.
Bitcoin is stepping out as a subject of cultural heritage, not just economic speculation. This single lot at Sotheby’s carries within it the story of Bitcoin’s birth — lines of code painstakingly inscribed in paint and gold — now acknowledged by some of the highest arbiters of cultural value, institutions whose validation both defines and depends on what culture chooses to recognize.
The sale will be closely watched, as the hammer price will say as much about belief as about value, and about how far Bitcoin’s cultural standing has come. You can’t exactly measure culture, but a number can make its value briefly visible. The fact that Block 1 now shares space with contemporary masters signals that Bitcoin’s presence in the world is no longer invisible to traditional gatekeepers. Emerging from a lineage of artistic experiments and cypherpunk culture, it has become a living, multifaceted phenomenon.
At the end, as a closing note and an invitation: the auction takes place on November 18 at Sotheby’s. You don’t have to bid, but you can look. It costs nothing to follow auctions, visit previews, or walk through museums. That’s how culture becomes understandable: by showing up to see it change.
This is a guest post by Steven Reiss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/PortaitsoftheMind-nC6SgC.webp6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-04 21:13:372025-11-04 21:13:37A Defining Moment for Bitcoin Art at Sotheby’s: Tad Smith on Bitcoin Culture and Robert Alice’s Block 1
Well, the bitcoin price bleeding just doesn’t stop. Bitcoin price just tumbled below $100,000 for the first time since June, marking a fresh low in a rough stretch for the world’s leading cryptocurrency.
Bitcoin’s price hit $99,913 but rebounded to $100,575 — at time of writing.
The bitcoin price slide comes as investors flee risk assets and macro headwinds mount.
The cryptocurrency dropped more than 5% early Tuesday, briefly testing levels not seen in months. Traders watched nervously as the coin broke below key technical support around $104,000. That move yesterday fueled concerns that further losses could be imminent.
Spot Bitcoin ETFs have seen a wave of withdrawals. Investors pulled more than $1.8 billion from Bitcoin and Ether products over the past few trading days.
Ethereum and Solana were hit harder, each falling over 5%, while crypto-linked stocks like MicroStrategy, Coinbase, and Robinhood slipped at least 3%.
“The crypto market today is facing multiple near-term headwinds,” said Derek Lim, head of research at Caladan, per Bloomberg. “This is hitting a market that is already fragile from October’s massive liquidation event and a string of hacks.”
All this bitcoin price resistance started when, on October 10, Bitcoin and the broader crypto market witnessed a drastic and sharp sell-off as President Trump announced sweeping 100% tariffs and export controls in response to China’s new restrictions.
Despite improved trade talks with China, bitcoin price has not recovered and has slumped much further than the sell-off lows.
Bitcoin price reacts to Fed’s hawkish tone
The Federal Reserve has also weighed on sentiment. Fed Chair Jerome Powell recently walked back expectations of a December rate cut, signaling that interest rates could remain higher for longer.
Powell said that additional rate cuts may not follow in December. The central bank reduced its benchmark interest rate by 0.25 percentage points to a target range of 3.75%–4%.
Powell said that inflation excluding the impact of tariffs is “not so far” from the central bank’s 2% target, but emphasized that policymakers have “not made a decision about December.” Powell noted that officials held “strongly differing views” during the meeting.
The cut — the Fed’s second of 2025 after a move in September — ended a long stretch of rate holds. The policy shift is intended to lower borrowing costs and support economic activity.
The stronger U.S. dollar has pressured non-yielding assets like Bitcoin, adding fuel to the sell-off.
Technical charts show Bitcoin price has struggled to hold its 200-day moving average, a key long-term indicator. Analysts say the next line of support sits near $96,000. On the upside, reclaiming $111,000 would be a first step toward regaining momentum.
Market sentiment reflects caution. The crypto fear and greed index shifted to “extreme fear” on Monday, a stark change from last week’s neutral readings.
Open interest in Bitcoin perpetual futures has fallen roughly 30% from October peaks, indicating that leveraged traders are stepping back, according to Bitcoin Magazine Pro.
Some bulls are still buying the dip. Strategy, the firm co-founded by Bitcoin evangelist Michael Saylor, purchased 397 BTC between Oct. 27 and Nov. 2 at an average price of $114,771. Their move is a small but notable vote of confidence amid the turbulence.
Investors now look ahead to the U.S. Consumer Price Index report due Nov. 13. Cooler inflation data could spark speculation of Fed easing, a potential boost for Bitcoin. Until then, sellers remain in control, and a sustained close below $100,000 could trigger deeper losses.
Despite the pullback, Bitcoin’s long-term story remains intact. It surged from $5,000 in March 2020 to over $126,000 in October 2025, highlighting the coin’s volatility and resilience.
But for now, traders are treading carefully, wary of further downside as the market digests October’s historic losses.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Bitcoin-Price-Plunges-Below-100000-As-Extreme-Fear-Hits-the-Market-HdyLlg.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-04 18:37:212025-11-04 18:37:21Bitcoin Price Plunges Below $100,000 As Extreme Fear Hits the Market
Sequans Communications S.A. (NYSE: SQNS) sold 970 Bitcoin to redeem 50% of its July convertible debt. The move reduced total debt from $189 million to $94.5 million.
The company’s Bitcoin treasury now stands at 2,264 BTC, worth about $240 million. This lowers Sequans’ debt-to-net-asset-value ratio from 55% to 39%. The sale frees up capital and boosts flexibility for the company’s ADS buyback program.
Sequans is the first publicly listed Bitcoin treasury company to offload a significant portion of its holdings. The transaction does not change the company’s long-term Bitcoin strategy, the company said.
The Paris-based IoT semiconductor provider will continue to pursue its Bitcoin treasury initiative while exploring capital markets opportunities. These include potential preferred-share issuance and yield generation on portions of its remaining Bitcoin.
Sequans’ stock traded near $6.25, down 13% after the announcement. Year-to-date, shares are down 82%.
The company maintains a current ratio of 1.83 and reported $8.1 million in Q2 revenue, with a net loss of $9.1 million. The debt reduction removes covenant constraints and provides additional strategic flexibility for its Bitcoin treasury management.
This move was slightly expected as analysts flagged the transfer last week after a wallet linked to Sequans moved bitcoin to a Coinbase address.
Back in July, the company announced that it had moved into Bitcoin through a treasury initiative backed by a $384 million private placement. The funding included $195 million in equity securities and $189 million in convertible secured notes.
Sequans planned to use this capital to build a Bitcoin position alongside its core IoT operations.
Bitcoin price slumps
Sequan’ sale comes as bitcoin continues to slide due to economic factors. Bitcoin’s price has slumped below $101,000, down from its early October all-time high above $126,000.
The decline has been driven by heavy outflows from crypto ETFs, with spot Bitcoin ETFs losing $1.3 billion and spot Ether ETFs nearly $500 million since October 29.
Technical factors added pressure, as Bitcoin briefly fell below its 200-day moving average, a key gauge of long-term momentum. Renewed strength in the U.S. dollar and lingering market fear following October’s “crypto Black Friday” liquidation event have further suppressed buying interest.
Bitcoin price has extended its losses, dipping to lows of $105,200 today, following a volatile start to November and ending a remarkable seven-year “Uptober” streak.
After closing October with a 4% decline — the first negative October since 2018 — Bitcoin price faces increased selling pressure amid tighter financial conditions, cautious institutional flows, and macroeconomic headwinds.
The recent correction follows an early-October flash crash that dragged Bitcoin down to $104,000, wiping out much of its Q3 momentum. Despite a partial recovery, BTC remains roughly 14% below its recent peak near $125,000.
At the time of writing, the Bitcoin price is at $106,234.
Bitcoin price analysis
Technical charts reveal that Bitcoin recently tested three support lows before sweeping liquidity beneath them.
On the daily timeframe, BTC held a key low within a demand area, which historically has been a strong support level. This zone previously trapped impatient sellers before a bounce, suggesting that BTC may once again find short-term support here.
Zooming into the 15-minute chart, a clean demand zone is forming where Bitcoin could react before making its next directional move, potentially targeting liquidity above current highs. Traders familiar with such setups note that markets often prepare for moves that leave panicking participants behind.
On-chain data offers further insight into Bitcoin’s current position. The Short-Term Holder (STH) Realized Price, which represents the average cost basis for recent buyers, sits around $113,000.
Historically, this level has acted as a dynamic support zone, providing a foundation for accumulation and future upward moves.
Holding above this line signals that short-term participants are at breakeven or slight profit, bolstering market confidence.
The STH Market Value to Realized Value (MVRV) Ratio also highlights potential upside. Multiplying the current STH Realized Price by historical MVRV thresholds projects resistance levels between $160,000 and $200,000, aligning with past cycle patterns.
Long-Term Holder (LTH) MVRV metrics reinforce this outlook, suggesting diminishing returns but potential peaks around $163,000–$165,000.
Rolling MVRV frameworks, including two-year and 100-day analyses, indicate that BTC is still in an accumulation-friendly range, capturing optimal points for entering the market ahead of the next bullish phase.
Bitcoin at $200,000 soon?
Earlier today, Fundstrat’s Tom Lee remained bullish on Bitcoin, predicting it could still surge to $150,000–$200,000 by the end of 2025 despite recent market turbulence.
He noted that the mid-October liquidation event — the largest in crypto history, even bigger than FTX — occurred just weeks ago.
Earlier today, Strategy announced they reinforced its aggressive Bitcoin accumulation approach, purchasing 397 BTC for about $45.6 million at an average price of $114,771 per BTC.
According to a November 3, 2025 SEC Form 8-K filing, Strategy now holds a total of 641,205 BTC, with an aggregate purchase cost of $47.49 billion and an average price of $74,057 per BTC, including fees and expenses.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Bitcoin-Price-Continues-Selling-Off-to-107000-ecXJTq.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-03 21:25:252025-11-03 21:25:25Bitcoin Price Crashes to $106,000 As Bulls Eye Strong November
President Trump’s Crypto and AI Czar, David Sacks, is making a bold case for America to reclaim leadership in digital innovation — calling crypto “the industry of the future.”
Speaking alongside a16z co-founders Marc Andreessen and Ben Horowitz, as well as entrepreneur Erik Torenberg, Sacks emphasized that the U.S. needs clear regulatory standards to keep crypto innovation onshore.
He criticized the Biden administration’s “regulation by enforcement” approach, arguing that under SEC Chair Gary Gensler, crypto entrepreneurs were prosecuted instead of given clear rules to follow.
“All the entrepreneurs I’ve talked to over the years say the same thing — just tell us what the rules are,” Sacks said. “During the Biden years, you had an SEC chairman who took an approach, which I guess has been called regulation through enforcement, which basically means you just get prosecuted. ”
JUST IN: President Trump’s Crypto Czar says that crypto is the “industry of the future.” pic.twitter.com/flFkgxSwsC
“Providing certainty means entrepreneurs can build here in America,” he added.
Last night on 60 Minutes, President Trump reinforced his support for crypto in the United States, saying “I only care about one thing: will we be number one in crypto.”
The discussion also touched on AI competition with China, the need for a federal crypto framework, and the role of abundant energy in powering future technologies.
Sacks positioned both crypto and AI as twin pillars of America’s technological leadership — sectors that, in his view, will define the next decade of global economic growth.
Last December, President Trump appointed David Sacks as the White House AI and Crypto Czar to shape policy in both sectors.
In his part-time role, Sacks was tasked to promote a pro-innovation, deregulatory approach to AI and develop a clear legal framework for the cryptocurrency industry.
Sacks was instrumental in crafting the U.S. Strategic Bitcoin Reserve. He pushed and clarified that the new federal Bitcoin reserve to be funded using BTC already owned by the U.S. government through asset forfeitures — meaning no taxpayer cost.
Sacks said the government will hold, not sell, these assets, describing the reserve as a “digital Fort Knox.”
He added that the policy aims to prevent past mistakes where premature Bitcoin sales cost taxpayers over $17 billion in unrealized gains.
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Trumps-Crypto-Czar-David-Sacks-Calls-Crypto-the-Industry-of-the-Future-ddcxKa.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-03 20:37:572025-11-03 20:37:57Trump’s Crypto Czar David Sacks Calls Crypto the “Industry of the Future”
Bitcoin development nonprofit Btrust has named Nigerian Bitcoin Core contributor Abubakar Nur Khalil as its new chief executive officer, the organization announced today.
Khalil had previously served as interim CEO while sitting on the board as a non-voting member. Khalil will step down from his board position and report directly to the organization’s directors in the full-time role.
His three-year term is renewable once.
Founded to support open-source Bitcoin development in the Global South, Btrust has expanded its footprint across Africa, Latin America, and India over the past year. The non-profit received initial funding from Jay-Z and Jack Dorsey.
During his interim leadership, the group increased partnerships with organizations including Bitshala, Vinteum and 2140, and reported record grant distribution.
Since mid-2024, Btrust says it has issued more than $1.7 million in funding, with over half going directly to developers.
Khalil co-founded Btrust Builders, an initiative focused on growing the open-source developer pipeline in emerging markets. He is recognized as a prominent advocate for Bitcoin development in Africa.
“I’m honored to have led Btrust as interim CEO over the past year,” Khalil said in a statement, adding that he aims to strengthen the organization’s systems and scale its impact in 2026 and beyond. “Ensuring that Bitcoin continues to be a money that works for everyone worldwide.”
Board member Obi Nwosu said Khalil is well-positioned to guide Btrust through its next phase as it builds out long-term programs and developer support infrastructure.
The organization said continuity will be a major focus as it transitions from early-stage growth to broader execution.
Btrust’s board launched the CEO search in July, citing the need for dedicated leadership as its programming expands globally. The organization said the appointment marks “a meaningful next chapter” in its mission to strengthen decentralized Bitcoin development.
Abubakar Nur Khalil will also be speaking at Bitcoin MENA, happening December 8–9, 2025, at the ADNEC Center in Abu Dhabi.
“BITCOIN IS MONEY.”
We’re thrilled to announce Btrust CEO, Abubakar Nur Khalil, to speak at Bitcoin MENA! pic.twitter.com/1ozbQyNBoK
https://bitcoindevelopers.org/wp-content/uploads/2025/11/Abubakar-Nur-Khalil-tcxKwY.jpg12801174Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-11-03 19:00:002025-11-03 19:00:00Btrust Names Bitcoin Core Contributor Abubakar Nur Khalil as New CEO
Bitcoin price has rebounded slightly to $109,600 after yesterday’s dip to $106,000, ending what has been a tumultuous October for bitcoin.
Traders are now cautiously optimistic as the market transitions from the failed “Uptober” rally to the historically stronger month of November.
Yesterday, Bitcoin tumbled over 3% amid renewed risk-off sentiment sparked by Federal Reserve Chair Jerome Powell’s hawkish comments on future rate cuts and renewed U.S.–China trade tensions.
The dip extended a week-long decline that began after the Fed delivered a modest 25 basis point cut but signaled uncertainty for December’s meeting.
Bitcoin price had a disappointing October
Bitcoin entered October with high hopes for “Uptober,” a seasonal trend historically associated with double-digit gains.
Early in the month, Bitcoin briefly touched $125,000, only to give back much of those gains amid macroeconomic jitters and slow institutional activity. On October 10, the bitcoin price dropped sharply to the $108,000 range from $117,000 as the U.S.-China trade tensions and new tariffs triggered a market-wide sell-off.
At its lowest, Bitcoin fell about 10% on that day and other cryptocurrencies dropped 20–40%, though it later rebounded to around $113,000 amid high volatility.
Strategy (MSTR), one of the largest Bitcoin accumulators, bought just 778 BTC in October — down 78% from September — bringing its total holdings to over 640,000 BTC.
JUST IN: #Bitcoin is about to enter into it’s highest performing month on average
Altcoins mirrored Bitcoin’s struggle this month. At times, Ethereum fell below $3,790, while Solana dipped under $187. Despite the weakness, Bitcoin dominance remains steady at roughly 57%, suggesting the market is consolidating rather than capitulating.
Bitcoin price rebound in ‘Moonvember?’
Looking ahead, traders are turning their attention to next month, November — sometimes nicknamed “Moonvember” — which historically follows strong October performances.
Despite macroeconomic pressures, some analysts see potential for Bitcoin to retest all-time highs going into 2026, assuming stable Fed guidance, renewed inflows, and no new shocks.
That being said, bitcoin has traded in an unusually tight range between $106,000 and $123,000 for over four months, pushing volatility to record lows, a pattern that historically precedes major trending moves.
If past fractals repeat, Bitcoin could see significant gains toward $170,000–$180,000 by and through 2026, though sideways trading may persist until macro catalysts like Fed rate cuts or capital rotation spur renewed volatility.
Steak ’n Shake is making history as the first major restaurant to establish a Strategic Bitcoin Reserve.
All payments received in Bitcoin will now be added to their Strategic Bitcoin Reserve (SBR), marking a fun and major step into bitcoin adoption for the fast-food chain.
As part of the initiative, the company will donate 210 sats from every Bitcoin Meal sold to the Open Sats Initiative, Inc. over the next 12 months.
Customers who purchase and register their Bitcoin Steakburger through the Fold App will also receive $5 in free Bitcoin, with instructions provided on their receipts.
The move comes on the heels of a strong quarter, with same-store sales up 15% — outpacing all competitors — highlighting the growing impact of cryptocurrency engagement on the restaurant’s bottom line.
JUST IN: Fast food giant Steak ‘n Shake announces its created a Strategic #Bitcoin Reserve
Earlier today, the company and Fold Holdings launched a limited-time promotion at more than 1,200 Steak ’n Shake locations, letting customers earn $5 in bitcoin with their Bitcoin Meal or Bitcoin Steakburger.
Diners simply upload their receipt to bitcoinmealdeal.com, redeem a code through the Fold app, and instantly receive their reward.
The promotion marks the first U.S. restaurant menu item tied to bitcoin rewards, with the Bitcoin logo even stamped on the burger bun as a nod to mainstream adoption.
The campaign coincides with the 17th anniversary of the Bitcoin white paper and builds on Steak ’n Shake’s earlier adoption of Lightning Network payments.
At the Bitcoin 2025 Conference, Steak ‘n Shake executive Dan Edwards highlighted the company’s global adoption of Bitcoin payments via the Lightning Network.
He noted that Bitcoin transactions immediately exceeded expectations, with one in every 500 global Bitcoin transactions occurring at Steak ‘n Shake on launch day
Edwards said that accepting Bitcoin reduced processing fees by 50%, benefiting both the company and customers.
He stressed that the initiative was a genuine payment upgrade, not a marketing stunt, and reported that customer behavior had shifted positively since implementation.
Steak ‘n Shake reported that customer behavior has already shifted. “We’ve seen a sustained spike since adding Bitcoin,” Edwards noted.
Edwards also teased the company’s future plans, calling for more technical talent. “We’re not done. We’re investing in cyber chefs, autonomous drives, AI tech — and we need engineers to help us build it.”
In a 2-1 decision issued today, the Tenth Circuit affirmed the denial of a Federal Reserve master account to Custodia Bank, the Wyoming-chartered Special Purpose Depository Institution (SPDI) that has become the test case for crypto-native banking. The panel upheld the district court across the board and left Reserve Banks with broad (and potentially unreviewable, in the words of the dissent) discretion over access.
Master accounts are the keys to the fiat kingdom. They’re the ledger entries that let institutions clear and settle directly at the Fed; without one, a “bank” is functionally just a vault dependent on fickle intermediaries and third-party rails. That practical choke point (which has been abused by regulators before) gives any discretion over access extraordinary policy significance.
Wyoming created SPDIs to pair traditional (but fully reserved) dollar banking rails with segregated digital-asset services. Custodia, barred from making loans and required to keep dollar deposits 100% backed by high-quality liquid assets, applied for a master account in October 2020. Early signals from the Kansas City Fed were positive (“no showstoppers”), but after the Board finalized its 2022 access Guidelines, FRBKC treated Custodia as a Tier 3 applicant, the bucket that “generally receive[s] the strictest level of review,” and formally denied the account in January 2023. The Board, consulted beforehand, emailed it had “no concerns” with FRBKC communicating a denial.
The Majority Opinion
Writing for the court, Judge Ebel rejected Custodia’s statutory and administrative claims, and essentially granted the Federal Reserve broad, and potentially unbounded, discretion on this point. Reading the Federal Reserve Act’s § 342 (“may receive deposits”) together with the Monetary Control Act’s § 248a, the panel concluded that access decisions remain discretionary with the Reserve Banks; § 248a(c)(2)’s “shall be available” language concerns pricing and parity for services the Board prices, it doesn’t force the Banks to open an account for every eligible institution. The court also treated the 2022 “Toomey Amendment” (§ 248c) as transparency-oriented, not a mandate to approve applications.
On the APA front, the panel held the Board’s “no-concerns” email was not final agency action, the ultimate decision belonged to FRBKC under the Guidelines, so it carried no independent legal effect. That also undercut theories aimed at the Board itself. Finally, Judge Ebel dispenses with Custodia’s constitutional argument related to the Presidential appointment of inferior officers on a (in my opinion) flimsy technicality: that the argument was not properly preserved.
The Dissent
Judge Tymkovich dissented, reading § 248a(c)(2)’s “shall be available” as a substantive access guarantee, not mere pricing boilerplate. In his view, when Congress opened the Fed’s services to “nonmember depository institutions,” it made master-account access a duty enforceable, if necessary, through traditional tools like mandamus, rather than a roving veto lodged in unappointed Reserve Bank officers (a framework he warns invites constitutional headaches). He also emphasized that courts in related master-account litigation (e.g., Banco San Juan) recognize the centrality of § 342 but do not resolve away the MCA’s “shall” command.
We are bound by the ordinary language of the statute and, in my view, shall means shall. Section § 248a(c)(2) mandates access to the Fed’s payment services for all nonmember depository institutions. By denying Custodia a master account, the Kansas City Fed has unlawfully denied it access to those services which are vital to its business. That, it cannot do.
The Road Ahead
We need to see the result in PayServices (Ninth Circuit). If that court goes the other way, a circuit split would materially increase the odds of Supreme Court review. It’s interesting to note that Judge Tymkovich was also on that case. But, for now, the ball is firmly in Custodia’s court.
Today’s ruling cements Reserve Bank discretion at the access gate; the dissent, by contrast, reads the MCA as Congress’s promise of open access for state-chartered, deposit-taking institutions like Custodia’s SPDI. The stakes, for constitutional structure, state innovation, and Bitcoin-adjacent banking, couldn’t be clearer.
Disclosure: I authored an amicus brief on behalf of Wyoming’s Secretary of State supporting Custodia.
This is a guest post by Colin Crossman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Michael Saylor’s Strategy (NASDAQ: MSTR) released its third-quarter earnings after market close on Oct. 30, posting net income of $2.8 billion.
Diluted earnings per share (EPS) came in at $8.42, surpassing analyst expectations of $8.15. As of Oct. 26, 2025, Strategy held 640,808 BTC, acquired for a total of $47.44 billion at an average price of $74,032 per coin.
The company reported a year-to-date Bitcoin yield of 26%, generating $12.9 billion in gains amid the ongoing 2025 crypto bull market.
Looking forward, Strategy projects full-year 2025 operating income of $34 billion and net income of $24 billion, or $80 per share — highlighting its transformation from a business intelligence firm into a de facto corporate Bitcoin investment vehicle.
Total revenues for Q3 reached $128.7 million, up 10.9% year-over-year and above the $118.43 million analysts had forecast.
The firm’s Bitcoin holdings have already produced gains of 116,555 BTC in 2025, translating to $12.9 billion in dollar terms based on an average BTC price of roughly $110,600 as of Oct. 24, nearing its full-year target of $20 billion.
Michael Saylor is the epitome of a bitcoin bull
Michael Saylor said recently at Money 20/20, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.” He added that Bitcoin is currently at a “99% discount.”
NEW: Michael Saylor says, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.”
And Saylor’s public discourse towards bitcoin backs this belief up. Saylor reiterated his bullish outlook on Bitcoin, projecting $150,000 by the end of 2025 and up to $1 million within four to eight years.
He cited growing institutional adoption, driven by industry shifts, new investment products, and Strategy’s recent B-minus credit rating, as key catalysts.
Saylor highlighted Strategy’s digital credit instruments offering 8–12.5% yields, tax-efficient returns, and tailored risk profiles. He noted increasing acceptance of Bitcoin by major U.S. banks and praised supportive regulatory policies.
Strategy with a trillion-dollar Bitcoin balance sheet
In a recent interview with Bitcoin Magazine, Michael Saylor outlined his ambitious vision for Strategy: building a trillion-dollar Bitcoin balance sheet to transform global finance.
Saylor sees his firm — and potentially other Bitcoin treasury companies — accumulating massive Bitcoin holdings, leveraging the cryptocurrency’s historical 21% annual appreciation to supercharge capital growth.
Central to his plan is the creation of Bitcoin-backed credit markets offering yields significantly higher than traditional fiat debt. By over-collateralizing capital, Saylor argues the system could be safer than AAA corporate debt while providing healthier returns for investors.
This approach, he suggests, could revitalize credit markets worldwide, offering alternatives to low-yield bonds that dominate Europe and Japan.
Saylor also envisions Bitcoin becoming embedded across corporate, banking, and sovereign balance sheets, gradually turning traditional equity indexes into indirect Bitcoin vehicles.
This integration could boost public companies, redefine savings accounts and money market funds, and allow tech giants like Apple and Google to bring hundreds of millions into the digital economy.
Those interested in learning more about Strategy’s earnings report can watch in full detail here.
Coinbase reported stronger-than-expected third-quarter earnings Thursday, posting $1.9 billion in revenue — up 26% from the previous quarter — as renewed crypto market momentum boosted both trading and stablecoin income.
The San Francisco-based exchange notched $433 million in net profit, or $1.50 per share, surpassing Wall Street expectations of $1.10 per share on $1.8 billion in revenue.
Despite a sequential decline from its record $1.4 billion profit in Q2, Coinbase attributed the drop primarily to non-cash mark-to-market adjustments related to its holdings in Circle and its crypto portfolio.
Shares of Coinbase Global (COIN) jumped more than 4% in after-hours trading to $341 following the results.
The stock is up roughly 33% year-to-date after peaking above $440 in July.
Coinbase also bought almost $300 million in BTC in Q3. CEO Brian Armstrong confirmed via an X post that remains bullish on bitcoin, stating, “Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”
Coinbase trading activity surges due to crypto rally
The results came as Bitcoin hit fresh all-time highs during the quarter, fueling renewed retail and institutional activity after a quieter Q2 marked by macro headwinds.
Coinbase reported $1.0 billion in transaction revenue, up 37% from the prior quarter and 83% from a year earlier, on trading volumes of $295 billion.
Institutional volume rose 22% sequentially to $236 billion, driven in part by the August acquisition of Deribit, the world’s largest crypto options exchange.
Deribit contributed $52 million in revenue during Q3 as Coinbase expanded its derivatives business to include 24/7 perpetual futures trading in the U.S.
Retail activity also rebounded, with consumer trading volume climbing 37% to $59 billion. Coinbase said new listings and decentralized exchange (DEX) integrations helped boost activity among “advanced traders” the company said, while the company’s platform now supports trading for roughly 90% of all crypto assets by market capitalization.
Subscription and services strengthen
Coinbase continues to diversify beyond trading fees, with subscriptions and services revenue climbing 14% to $747 million.
Stablecoin revenue — largely derived from its role in distributing and managing Circle’s USDC — rose to $355 million, a 43% increase year-over-year. Average USDC balances held in Coinbase products reached a record $15 billion, supported by rising market capitalization and new institutional reward programs.
Blockchain rewards, including staking income, grew 28% quarter-over-quarter to $185 million, aided by surging prices for Ethereum and Solana.
Meanwhile, custodial fees and interest income both hit new highs as total assets on the platform reached $516 billion.
Building toward the “Everything Exchange”
Coinbase said it is progressing toward its vision of an “Everything Exchange” — a platform uniting spot, derivatives, and onchain services under one roof.
The exchange also highlighted ongoing development of Base, its Ethereum layer-2 network, which has become the leading L2 for stablecoin adoption with $4.6 billion in dollar-pegged assets.
CEO Brian Armstrong said Coinbase is scaling payments by ‘advancing stablecoin adoption’ and building the foundation of the future financial system.
Bitcoin price continued its slide through much of Thursday, dipping to as low as $106,290 as traders digested a wave of macro uncertainty — from Federal Reserve Chair Jerome Powell’s cautious tone on future rate cuts to renewed volatility following U.S.–China trade talks.
The bitcoin price fell over 3% in early trading before stabilizing slightly above $107,000. The drop extends a multi-day long decline that began after the Federal Reserve delivered a widely expected 25 basis point rate cut but signaled that December’s meeting may not bring another.
Powell’s remarks at the post-meeting press conference struck a notably hawkish tone. While acknowledging progress toward the Fed’s 2% inflation goal, he emphasized that the committee had “strongly differing views” and that no decision had been made about a December cut.
Traders quickly scaled back expectations — with futures now pricing roughly a 60% chance of another reduction, down from nearly full certainty just a day earlier.
“Powell’s comments created a bit of risk-off sentiment,” said Charlie Sherry, head of finance at BTC Markets, according to Bloomberg. “Add in the Trump–Xi meeting stirring markets today, and, unsurprisingly, you get some volatility. Some technology stocks are rallying, but crypto hasn’t followed — which shows some relative weakness and hesitation in digital assets right now.”
Treasury yields and the U.S. dollar climbed following Powell’s remarks, while risk assets broadly sold off. The two-year Treasury yield jumped nearly 10 basis points as traders reassessed the Fed’s trajectory.
Meanwhile, market attention also turned to Seoul, where U.S. President Donald Trump met with Chinese President Xi Jinping. Trump described the talks as “amazing” and announced a deal to halve tariffs on fentanyl-related goods, claiming the two sides were “pretty close” to a broader trade agreement involving rare earth materials and agricultural purchases.
While such developments have little direct impact on Bitcoin, risk sentiment tends to spill across markets — and Thursday’s pullback in equities appeared to drag digital assets with it.
SpaceX moves $471 million in Bitcoin
Amid the macro jitters, on-chain analysts also flagged large Bitcoin movements linked to Elon Musk’s SpaceX. Data from Arkham Intelligence shows the company moved 281 BTC (worth roughly $31 million) late on October 29 — its fifth transfer this month, totaling 4,337 BTC (about $472 million).
The transfers were routed through Coinbase Prime, suggesting institutional custody activity rather than market sales. Some believe SpaceX may be reorganizing its wallets from older Bitcoin address formats (“1”-prefix legacy types) to newer Taproot and SegWit formats.
Musk first confirmed SpaceX’s Bitcoin holdings in 2021, though the firm reportedly reduced its stack by about 70% during the 2022 market crash.
As of this month, Arkham tracks roughly 7,258 BTC (about $799 million) still linked to SpaceX addresses, though that figure could rise as recent transfers are reclassified.
Tesla, meanwhile, retains 11,509 BTC, worth about $1.3 billion, according to the same data.
Bitcoin price is waiting for clarity
With U.S. monetary policy in flux, trade negotiations uncertain, and major corporate holders quietly reshuffling coins, Bitcoin’s latest move reflects a broader narrative: investors waiting for direction.
The next major catalyst may arrive in December — either from a Fed rate cut or from markets losing faith that one is coming. Until then, Bitcoin remains in a holding pattern between macro optimism and monetary restraint.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Crashes-Down-to-106000-As-Red-Week-Continues-Tc4Lyc.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-30 20:14:482025-10-30 20:14:48Bitcoin Price Crashes Down to $106,000 As Red Week Continues
Bitcoin’s price fell to $109,000 Wednesday afternoon after Federal Reserve Chair Jerome Powell signaled that additional rate cuts may not follow in December. Since then, Bitcoin price has leveled near $111,000.
The cut — the Fed’s second of 2025 after a move in September — ended a long stretch of rate holds. The policy shift is intended to lower borrowing costs and support economic activity. But Powell’s comments that further cuts are not guaranteed this year sparked selling across risk assets.
Before the announcement, Bitcoin traded near $116,000 on Monday and briefly dipped below $111,000 early Tuesday. The price briefly bounced on the news before sliding again as Powell spoke. Bitcoin is currently trading near $111,200, according to Bitcoin Magazine Pro data.
During the press conference, as Jerome Powell said that December’s rate cuts aren’t guaranteed, Bitcoin’s price immediately reacted — plunging to $109,000 in a sharp red candle before quickly recovering. The broader crypto market reacted similarly.
Powell said that inflation excluding the impact of tariffs is “not so far” from the central bank’s 2% target, but emphasized that policymakers have “not made a decision about December.” Powell noted that officials held “strongly differing views” during today’s meeting.
Following his remarks, markets sharply trimmed expectations for another rate cut this year. Fed funds futures now price a 71% chance of a December cut, down from about 90% earlier in the day, according to CME data and on prediction markets like Kalshi and Polymarket.
The two-year Treasury yield jumped 9 basis points as traders reassessed the Fed’s near-term trajectory.
Historically, Bitcoin has reacted sharply to monetary-policy changes. After the Fed’s emergency cuts in March 2020, Bitcoin plunged nearly 39% before recovering. When the Fed cut in September 2025, market reaction was limited — suggesting expectations were already priced in.
Bitcoin price as Fed signals end of Quantitative Tightening
Powell also said the central bank is approaching the end of its Quantitative Tightening program, confirming the Fed expects to stop QT by December. This involves letting some holdings of Treasuries and mortgage securities run off the balance sheet as they mature, rather than reinvesting the principal.
QT reduces liquidity by shrinking the Fed’s balance sheet through allowing government bonds to mature without reinvestment or by selling them into the market.
The process has been underway since 2022, removing nearly $1 trillion in securities as part of efforts to fight inflation.
JUST IN: Federal Reserve announces it will stop shrinking it’s balance sheet on December 1 pic.twitter.com/1SYilnW1cA
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Crashes-to-109000-subQt7.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-29 20:38:572025-10-29 20:38:57Bitcoin Price Crashes to $109,000 Then Rebounds as Jerome Powell Stays Neutral on Future Cuts
The Federal Reserve cuts its benchmark interest rate by 0.25% today to 3.75%-4% The last time the Federal Reserve cut rates was in September 2025.
The cut in September was their first rate cut of the year, following a period of rate holds.
In general, the Fed lowers borrowing costs for consumers and businesses, aiming to stimulate spending and investment. At the same time, some feel that a rate cut signals underlying economic weakness.
Yesterday, Bitcoin was trading at $116,000 yesterday but since slumped down to under $111,000 earlier today. Bitcoin’s price slightly jumped to the high $111,000s as the news came out. It is currently trading at $111,470.
Historically, bitcoin responds to monetary‑policy shifts. For example, after the Fed’s emergency cuts in March 2020, Bitcoin plunged nearly 39 % before rebounding strongly.
More recently, when the Fed cut rates in September 2025, Bitcoin’s reaction was muted, suggesting markets may have priced in the move.
While Powell has previously flagged that the Fed is nearing this stage, uncertainty from the ongoing government shutdown complicated the outlook. With QT concluding, markets should respond positively.
JUST IN: Federal Reserve announces it will stop shrinking it’s balance sheet on December 1 pic.twitter.com/1SYilnW1cA
Quantitative Tightening is the Federal Reserve’s tool for shrinking its balance sheet and reducing liquidity in financial markets. It operates in contrast to Quantitative Easing (QE), which expands the Fed’s balance sheet to stimulate economic activity.
QT typically involves selling government bonds or allowing them to mature without reinvestment, actions that increase bond supply, push yields higher, and raise borrowing costs for consumers and businesses.
Higher interest rates generally reduce spending and borrowing, helping control inflation and prevent the economy from overheating.
A related process, tapering, slows the pace of QE asset purchases but does not actively shrink the balance sheet.
The Fed notably implemented QT in 2022, letting nearly $1 trillion in securities mature to curb inflation after prior QE programs had massively expanded the balance sheet. While effective at cooling inflation, QT carries risks, including market volatility and potential economic instability.
The end of QT halts the draining of liquidity from the market, which could free up capital to flow into risk-sensitive assets, like bitcoin and other crypto.
At Money 20/20 in Las Vegas, Michael Saylor gave a familiar, bullish sentiment for Bitcoin, predicting it could hit $150,000 by the end of 2025 and potentially reach $1 million within the next four to eight years.
Speaking to CNBC, Saylor outlined both the industry-wide shifts in digital assets and the evolving investment products his company is offering, framing them as key drivers for institutional adoption.
Saylor highlighted a milestone for Strategy: the company recently received its first credit rating from S&P — B-minus — making it the first Bitcoin-focused treasury company to be rated.
“It’s a very auspicious start because it represents institutional adoption of Bitcoin-backed credit,” he said, noting that this rating opens the door to hundreds of billions, if not trillions, of dollars in capital that previously would not invest in unrated instruments.
Strategy for different investor profiles
Strategy has a 70% chance of joining the S&P 500 before year-end, according to 10X Research. Its upcoming Q3 2025 earnings, expected Thursday, could show a $3.8 billion gain from fair-value Bitcoin accounting.
Strike, Strife, Stride, and Stretch offer combinations of principal protection, dividends, and yields from roughly 8% to 12.5%, each tailored to different investor profiles — from those seeking amplified Bitcoin exposure to conservative investors needing low-volatility returns.
Uniquely, these instruments generate tax-free dividends structured as a return of capital, giving investors an effective yield comparable to 16–20% on a tax-equivalent basis. “A treasury company built on Bitcoin is the most tax-efficient fixed income generator in the world,” Saylor said.
Saylor also underscored the growing acceptance of Bitcoin within traditional finance. Major U.S. banks, including JP Morgan, Bank of America, and BNY Mellon, are now beginning to offer loans collateralized by Bitcoin, while some are moving toward custodying Bitcoin outright.
“The train has left the station,” Saylor said. “Everybody’s moving forward.”
He argued that the evolving infrastructure, supported by pro-crypto policies from the White House, Treasury, SEC, and CFTC, has created “probably the best 12 months in the history of the industry.”
Saylor sees Bitcoin at $150,000 by EOY
Looking at the broader digital economy, Saylor emphasized the dual role of Bitcoin and digital assets. Bitcoin serves as a long-term store of value — digital capital — while stablecoins and other tokenized currencies act as medium-of-exchange instruments in an increasingly AI-driven financial landscape.
Regarding market trends, Saylor acknowledged the volatility in Bitcoin has moderated as the industry matures, offering more derivatives and hedging instruments.
Analysts covering Strategy and the Bitcoin sector, he said, largely expect the cryptocurrency to reach $150,000 by year-end, with longer-term potential for $1 million per coin.
Over the next two decades, Saylor forecasts Bitcoin could appreciate by roughly 30% annually.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/MSTRs-Michael-Saylor-Predicts-Bitcoin-Will-Hit-150000-by-Year-End-aOKytd.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-29 16:57:202025-10-29 16:57:20MSTR’s Michael Saylor Predicts Bitcoin Will Hit $150,000 by Year-End, Expects $1 Million Within 8 Years
In computing, a denial-of-service attack (DoS attack; UK: /dɒs/ doss US: /dɑːs/ daas[1]) is a cyberattack in which the perpetrator seeks to make a machine or network resource unavailable to its intended users by temporarily or indefinitely disrupting services of a host connected to a network. -The Wikipedia definition of denial-of-service attack.
This is a very basic concept. Someone makes use of their own resources to disrupt the functioning of other machines on a network.
DoS attacks have been an issue for as long as the internet existed. One of the commonly argued “first Distributed Denial-of-service (DDoS) attacks” was against the Internet Service Provider (ISP) Panix in the mid-90s. There were of course many prior technical examples on older internet services, but this was one of, if not the, first major examples of such an attack on the modern World Wide Web.
This attack had numerous computers start to initiate a Transmission Control Protocol (TCP) connection with the ISPs servers, but never finishing the handshake protocol that finalized the connection. This consumes the server’s resources for managing network connections and prevents honest users from accessing the internet through the ISP’s servers.
Ever since this “initial” DDoS attack, they have been as common on the internet as storms are in nature, a regular occurrence that massive pieces of internet infrastructure have been built to defend against.
The Blockchain
The blockchain is one of the core components of Bitcoin, and a required dependency for Bitcoin’s functionality as a distributed ledger. I am sure many people in this space would call so-called “spam” transactions a DoS attack on the Bitcoin blockchain. In order to call it that, you would have to define the “service” that the blockchain is offering as a system, and explain how spam transactions are denying that service to others in a way not intended by the design of the system.
I’d wager a bet that most people who believe spam is a DoS attack would say something like “the service the blockchain offers is processing financial transactions, and spam takes space away from people trying to do that.” The problem is, that is not specifically the service the blockchain offers.
The service it actually offers is the confirmation of any consensus valid transaction through a real-time auction that periodically settles whenever a miner finds a block. If your transaction is consensus valid, and you have bid a high enough fee for a miner to include your transaction in a block, you are using the service the blockchain provides exactly as designed.
This was a conscious design decision made over years during the “Block Size Wars” and finalized in the activation of Segregated Witness and the rejection of the Segwit2x blocksize increase through a hard fork pushed by major companies at the time. The blockchain would function by prioritizing the highest bidding fee transactions, and users would be free to compete in that auction. This is how blockspace would be allocated, with a global restriction to protect verifiability and a free market pricing mechanism.
Nothing about a transaction some arbitrarily define as “spam” winning in this open auction is a DoS of the blockchain. It is a user making use of that resource in the way they are supposed to, participating in the auction with everyone else.
The Relay Network
Many, if not most, Bitcoin nodes offer transaction relay as a service to the rest of the network. If you broadcast your transactions to your peers on the network, they will forward them on to their peers, and so on. Because the peering logic deciding which nodes to peer with maintains wide connectivity, this service allows transactions to propagate across the network very quickly, and specifically allows them to propagate to all mining nodes.
Another service is block relay, propagating valid blocks as they are found in the same manner. This has been highly optimized over the years, to the point where most of the time an entire block is never actually relayed, just a shorthand “sketch” of the blockheader and the transactions included in it so you can reconstruct them from your own mempool. In other words, optimizations in block relay depend on a transaction relay functioning properly and propagating all valid and likely to be mined transactions.
When nodes do not have transactions in a block already in their mempool, they must request them from neighboring nodes, taking more time to validate the block in the process. They also explicitly forward those transactions along with the block sketch to other peers in case they are missing them, wasting bandwidth. The more nodes filtering transactions they classify as spam, the longer it takes blocks including those filtered transactions to propagate across the network.
Transaction filtering actively seeks to disrupt both of these services, in the case of transaction relay failing miserably to prevent them from propagating to miners, and in the case of block propagation having a marginal but noticeable performance degradation the more nodes on the network are filtering transactions.
These node policies have the explicit purpose of degrading the network service of propagating transactions to miners and the rest of the network, and view the degradation of block propagation as a penalty to miners who choose to include valid transactions they are filtering. They seek to create a degradation of service as a goal, and view the degradation of another service resulting from that attempt as a positive.
This actually is a DoS attack, in that it actually is degrading a network service contrary to the design of the system.
Where From Here?
The entire saga of Knotz vs. Core, or “Spammers” vs. “Filterers”, has been nothing more than a miserably ineffective and failed DoS attack on the Bitcoin network. Filters do absolutely nothing to prevent filtered transactions from being included in blocks. The goal of disrupting transaction propagation to miners has had no success whatsoever, and the degradation of block relay has been marginal enough to not be a disincentive to miners.
I see this as a huge demonstration of Bitcoin’s robustness and resilience against attempted censorship and disruption on the level of the Bitcoin Network itself.
So now what?
A BIP by an anonymous author has been put forward to enact a temporary softfork that would expire after roughly a year making numerous ways to include “spam” in Bitcoin transactions consensus invalid through that time period. After realizing the DoS attack on the peer-to-peer network has been a total failure, filter supporters have moved to consensus changes, as many of them were told would be necessary over two years ago.
Will this actually solve the problem? No, it won’t. It will simply force people who wish to submit “spam” to this forked network, if they actually follow through on implementing it, to use fake ScriptPubKeys to encode their data in unspendable outputs that will bloat the UTXO set.
So even if this fork was met with resounding support, activated successfully, and did not result in a chainsplit, it would still not achieve the stated goal and leave “spammers” no option but to “spam” in the most damaging way to the network possible.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Knots-DoS-Attack-s9gzrX.webp6301200Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-28 21:56:312025-10-28 21:56:31Bitcoin Knots Has Been Nothing More Than A Denial-of-Service Attack On Bitcoin
Bitcoin price continued its semi-green week for a bit today trading above $115,000 today and briefly reaching $116,077. Since then, bitcoin’s price has dumped to the mid $112,000s, according to Bitcoin Magazine Pro data.
This bitcoin price movement comes as traders weigh the Federal Reserve’s upcoming interest-rate decision and renewed optimism in the U.S.-China trade relations.
Data from Bitcoin Magazine Pro showed a 1.6% daily gain for BTC before the dump in late afternoon.
Despite historical trends of Bitcoin pulling back ahead of major U.S. economic events, the cryptocurrency held steady ahead of Wednesday’s Federal Open Market Committee (FOMC) meeting, where a 25-basis-point rate cut is widely expected.
Traders remain divided on near-term price targets. Some believe the market may be bottoming and an uptrend could follow for the rest of the week, while others believe $117,000 as a potential pre-Fed local top before BTC revisits the CME futures gap near $111,000.
The broader macro backdrop also supported risk-on assets. Gold fell to under $4,000 per ounce, its lowest since Oct. 6, helping fuel gains in Bitcoin and altcoins.
Bitcoin price enters tight range
Bitcoin’s price has entered one of its tightest trading ranges in history, moving between $106,000 and $123,000 for over four months. This extended calm has driven volatility to record lows on six-month metrics — levels that have historically preceded major directional moves. The weekly Bollinger Band Width, a key volatility indicator, has reached its lowest reading ever, suggesting that a large expansion in volatility could be imminent.
In past cycles, similar compression periods have led to price surges exceeding 65% within 100 days.
Applying those historical patterns implies a potential target of $170,000–$180,000 by 2026 if Bitcoin follows a comparable trajectory. However, these low-volatility phases can persist for months before breaking out, meaning Bitcoin may continue trading sideways into early 2026.
Corporate crypto buying
Corporate and institutional crypto activity is also making headlines. Japanese hotelier-turned-Bitcoin treasury Metaplanet Inc. announced a $500 million share buyback, while Cathie Wood and Ark Invest increased its holdings in Block Inc. by $30.9 million across three ETFs.
Wood, known for her $1.5 million Bitcoin prediction, is one of the most bullish investors in crypto. Through ARK Invest, she has consistently invested millions in major crypto-related stocks.
Her firm held positions in Circle Internet Group, Coinbase, Robinhood, and Bitmine Immersion Technologies.
Recently, ARK expanded its crypto exposure by purchasing about $31 million worth of Block Inc. shares. The ARK Innovation ETF bought 210,916 shares, the ARK Next Generation Internet ETF added 59,827 shares, and the ARK Fintech Innovation ETF acquired 114,842 shares.
U.S. Congressman Ro Khanna (D-CA) is introducing legislation that would prohibit the U.S. President, members of Congress, and their immediate families from owning, trading, or creating cryptocurrencies while in office, according to MSNBC reporting.
Khanna’s bill would mark the first major attempt to separate digital assets from political power.
Early details indicate the measure will bar elected officials and their families from holding or issuing cryptocurrencies and from accepting foreign-backed crypto investments.
The California lawmaker said the initiative aims to rebuild public trust and prevent policymakers from profiting off the very technologies they regulate.
Trump’s Changpeng Zhao pardon
The proposal follows President Donald Trump’s pardon of Binance founder Changpeng Zhao and seeks to eliminate what Khanna calls “blatant corruption” at the intersection of politics and crypto.
“The pardon of Zhao is corrupt,” Khanna said on MSNBC. “You’ve got a foreign billionaire engaged in money laundering and financing terrorism, who supports the president’s son’s cryptocurrency firm, and then the president pardons him. This is corruption in plain sight.”
Zhao, the co-founder and former CEO of Binance, served four months in prison after pleading guilty to violating U.S. banking laws.
His company was accused of allowing illicit money flows linked to child exploitation, drug trafficking, and terrorism. Soon after Zhao’s financial backing of World Liberty Financial — the crypto project founded by Donald Trump Jr. and Eric Trump — was revealed, Trump granted him a pardon.
Khanna’s proposal directly targets that entanglement. By banning crypto ownership and trading among officials, he hopes to draw a clear boundary between public service and private gain.
The measure mirrors previous calls to ban stock trading by lawmakers and follows Senator Adam Schiff’s COIN Act, which specifically sought to limit the Trump family’s crypto activities.
Insider trading in Congress
Lawmakers have long and repeatedly introduced legislation in hopes to curb insider trading among members of Congress.
The STOCK Act, passed in 2012 with broad bipartisan support, was designed to require members to disclose stock trades within 30 days and penalize those who used insider information for personal gain.
Earlier this year, The Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act (S.1498) was proposed in the U.S. Senate by Senator Josh Hawley (R-MO).
The bill addresses concerns about conflicts of interest and potential insider trading among Members of Congress by prohibiting them and their spouses from holding, purchasing, or selling most individual stocks, security futures, commodities, and similar financial instruments while in office.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/House-Democrat-Targets-President-Trump-With-Bill-to-Ban-Lawmakers-From-Owning-Crypto-0QWrYi.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-28 20:04:242025-10-28 20:04:24House Democrat Targets President Trump With Bill to Ban Lawmakers From Owning Crypto
Bitcoin price surged to $115,000 on Monday, rising more than 1% in 24 hours, as optimism over easing U.S.–China trade tensions and renewed investor appetite for risk assets lifted global markets.
According to Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, Bitcoin price may “never fall below $100,000 again” if this week’s macro tailwinds continue.
In a note to clients, Kendrick said that improving trade relations between Washington and Beijing have flipped last week’s market fear into “hope.”
U.S. Treasury Secretary Scott Bessent’s weekend statement that restrictions on China’s rare earth exports could be postponed for a year, combined with reports that Beijing plans to buy large quantities of U.S. soybeans, sparked a relief rally across equities, commodities, and crypto.
China, U.S trade deals and FOMC rate cuts
The agreement, expected to be finalized after the upcoming Trump–Xi summit in South Korea, has renewed risk appetite and pushed the bitcoin-to-gold ratio back above pre-October 10 levels — the date when 100% tariff threats sent markets tumbling.
Kendrick pointed to fresh inflows into spot bitcoin ETFs as another key signal of strength. Over $2 billion exited U.S. gold ETFs late last week, and if even half of that re-enters bitcoin funds, he said, it would mark a major vote of confidence.
The analyst also highlighted macro tailwinds, including expectations for a 25-basis-point rate cut at Wednesday’s Federal Open Market Committee (FOMC) meeting — a move widely seen as bullish for bitcoin.
Meanwhile, investors are watching a packed earnings calendar from both tech and crypto heavyweights. Microsoft, Meta, and Google are set to report on Wednesday, followed by Apple, Amazon, Coinbase, and Strategy (formerly MicroStrategy) later in the week.
“If this week goes well — bitcoin may never fall below $100,000 again,” Kendrick said.
Bitcoin price outlook
While bulls have made modest progress with Bitcoin, stronger resistance remains overhead at $117,600 and $122,000, leaving bears largely in control.
If Bitcoin manages to surpass $122,000, professionals note the next target could be the upper boundary of a broadening wedge pattern at $128,000.
Support levels remain critical for maintaining bullish momentum. The key short-term support at $106,900 held throughout last week, helping stabilize the market.
Falling below this level could open the path toward the $105,000–$102,000 support zone, which has already been tested twice, with a third test raising the likelihood of a breakdown.
Beyond that, $96,000 represents a crucial long-term support level for the broader bull market, acting as a do-or-die floor if prices decline further.
As of press time, bitcoin was trading at $115,041, up 1.22% over the past 24 hours.
https://bitcoindevelopers.org/wp-content/uploads/2025/10/Bitcoin-Price-Jumps-to-115000-FETEkU.jpg10801920Bitcoin Developerhttps://bitcoindevelopers.org/wp-content/uploads/2024/08/loho_hor_1-300x108.pngBitcoin Developer2025-10-27 20:19:132025-10-27 20:19:13Bitcoin Price Jumps to $115,000 As Analyst Says It May Never Fall Below $100K Again
For the first time in financial history, a major credit rating agency has formally evaluated a company built on a bitcoin-backed credit model. In news covered by Bitcoin Magazine, the S&P Global Ratings has assigned Strategy Inc (MSTR) a ‘B-’ Issuer Credit Rating with a Stable outlook, recognizing not just the company, but the emergence of Bitcoin as collateral inside the credit system. This marks a watershed moment for corporate finance.Bitcoin-backed credit is no longer theoretical. It is now a rated financial reality.
Why This Moment Matters
Until now, Bitcoin had been accepted by equity markets, ETFs, and corporate treasury conversations — but credit markets remained untouched. Credit markets are where legitimacy is ultimately decided because they determine who can borrow, at what cost, and against which assets.
By rating Strategy Inc, S&P has implicitly acknowledged:
Bitcoin can underpin structured debt and preferred equity.
A bitcoin-backed credit strategy can be modeled, rated, and priced using traditional frameworks.
Bitcoin is shifting from speculative asset to recognized collateral within corporate capital structures.
This is not a marketing milestone — it is a structural one. Bitcoin has entered the language of risk-adjusted return, yield, and covenants.
How S&P Interpreted Strategy’s Bitcoin-Backed Capital Model
The rating is speculative grade, but the Stable outlook is critical. It signals S&P’s belief that Strategy can continue to service obligations and access capital markets without selling its Bitcoin reserves — a foundational principle of bitcoin-backed credit.
S&P’s analysis mentions several possible weaknesses:
High concentration of assets in Bitcoin
Low U.S. dollar liquidity and negative risk-adjusted capital under S&P’s methodology
Currency mismatch: long Bitcoin, short U.S. dollar debt obligations
However, they also credited Strategy with unique structural strengths:
No near-term debt maturities before 2027–2028
Proven access to capital markets — both equity and debt
A capital stack purpose-built to accumulate Bitcoin without diluting shareholders
Active liability management via convertible debt and preferred stock instruments
In short, S&P is signaling that bitcoin-backed credit can function — if managed with discipline.
Implications for the S&P 500 and Institutional Legitimacy
Strategy Inc met the S&P 500 inclusion criteria in profitability and market capitalization but was passed over in 2024, widely believed to be due to its Bitcoin-heavy balance sheet. That decision now appears less defensible.
With a formal credit rating, the company shifts from “unrated anomaly” to “rated issuer.” For institutional capital, that distinction matters.
Index committees can now reference a risk rating — not just a narrative.
Treasury teams and insurers can benchmark exposure to bitcoin-backed credit against traditional corporate debt.
This increases (not guarantees) the probability of future index inclusion and passive capital flows.
Bitcoin entering equity indices begins with Bitcoin entering the credit models behind them.
Bitcoin-Backed Credit: The Ideal State of Treasury Strategy
This rating does more than validate Strategy — it validates the architecture of bitcoin-backed credit as the superior evolution of corporate treasury management.
Phase 1 was equity-funded Bitcoin accumulation — high growth but shareholder dilution. Phase 2 introduced convertible debt and preferred equity — allowing companies to acquire Bitcoin through capital markets rather than operating earnings. Phase 3, now underway, is full institutional recognition of bitcoin-backed credit — rated, benchmarked, and capable of scaling.
This is the endgame:
Use capital markets to borrow in fiat
Use proceeds to acquire Bitcoin
Service liabilities without selling reserves
Increase Bitcoin-per-share over time, without issuing new common stock
With S&P formally rating Strategy’s issuer credit, this model moves from innovation to infrastructure.
Why Corporate Finance Leaders Need to Pay Attention
This rating does not compel companies to adopt Bitcoin. But it removes the claim that Bitcoin cannot be integrated into traditional credit systems.
From now on:
Bitcoin can be factored into risk-weighted capital models and treasury policy.
Credit and liquidity committees must understand how bitcoin-backed credit affects financing costs, refinancing risk, and balance sheet leverage.
Investors can now compare Bitcoin-based capital structures against other high-yield or hybrid debt strategies.
Boards can no longer dismiss Bitcoin as “unratable” or “unclassified.”
A New Chapter for Corporate Finance and Capital Markets
What makes this moment different isn’t that another institution “acknowledged” Bitcoin. That’s happened before with ETFs, GAAP accounting changes, and treasury allocations.
What’s different is where the recognition has now occurred: Not in equity markets. Not in payment networks. But in credit — the foundation of corporate finance and monetary systems.
When a credit rating agency like S&P evaluates a company built on Bitcoin, it does three things that have never happened before:
It forces Bitcoin into risk models normally reserved for banks, sovereigns, and investment-grade corporations.
It legitimizes bitcoin-backed credit as a structure that can be analyzed, refinanced, and scaled — not dismissed as speculative.
It signals to other corporates and lenders that they must now understand Bitcoin not as an investment, but as collateral.
This rating does not mean the model is risk-free. It means the model is real enough to underwrite, stress test, and lend against.
That is the real inflection point — not that S&P approved of Bitcoin, but that they were forced to measure it.
Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase or subscribe for securities.
Bitcoin’s price action was rather subdued last week, keeping traders guessing whether or not we would see another large drop in price entering the weekend. Price held above the lows, however, slowly plodding a little bit higher to close out the week at $114,530. Bulls should not be overly disappointed with this price action, as they did reclaim the $112,200 resistance level, and are now closing in on conquering the next resistance level at $115,500. The bears are still sitting comfortably in control, though, with stronger resistance levels hanging overhead that the bulls have yet to challenge. This may be an interesting and volatile week ahead, with the FOMC meeting on Wednesday and a slough of large companies reporting third-quarter earnings.
Key Support and Resistance Levels Now
Nothing has materially changed from last week’s resistance levels as the bulls have made little progress. Heavy resistance is still sitting at $117,600 and $122,000 above there, so the bears aren’t feeling any real pressure yet. If by chance this week gets above $122,000, we will look to the upper boundary of our broadening wedge pattern at $128,000.
Holding above the prior week’s low is a positive sign for the bulls, while they managed to maintain price above the key short-term support of $106,900 last week as well. This level must hold going forward, as closing below $106,900 opens the door back down to the $105,000 to $102,000 support zone that has already been tested twice. A third test of this support zone would be more likely to break it than to hold it. $96,000 is the long-term bull market support below here, a do-or-die support level if the price were to slide down and test it.
Outlook For This Week
Expect significant volatility this week, especially on Wednesday, as we have the Federal Reserve’s interest rate decision and ensuing Powell speech, followed by major earnings reports from Microsoft, Meta, and Google after market close. Bulls will look to hold $109,000 as a floor into this week, as doing so would position them to maintain upward momentum. Looking at the Momentum Reversal Indicator, we are currently sitting on an 8-count entering Monday. This is a warning candle that we may see momentum begin to fade. Tuesday should bring the 9-count at which point we should expect at least a pause on upward momentum and a 1 to 4 day correction in price. So if bulls can push price up to the 0.618 Fibonacci Retracement at $117,600 by Monday night or Tuesday morning, we should expect to see a rejection ther,e and we can re-assess after Wednesday’s FOMC and earnings reports play out.
Market mood: Bearish – While the bulls gained some ground last week, the bears remain stoic and strong. The bulls must push the price past $122,000 to take back control.
The next few weeks If bulls can manage to survive through this week, there are still some potential headwinds on the horizon. The US-China tariff dispute may or may not be resolved by the end of next week; a negative outcome will likely send all markets lower. Additionally, the US courts’ ruling on the legality of Trump’s tariffs is expected by November 5th. If these tariffs are reinstated, we should expect markets to head lower to price this impact in.
Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
Broadening Wedge: A chart pattern consisting of an upper trend line acting as resistance and a lower trend line acting as support. These trend lines must diverge away from each other in order to validate the pattern. This pattern is a result of expanding price volatility, typically resulting in higher highs and lower lows.
Momentum Reversal Indicator (MRI): A proprietary indicator created by Tone Vays. The MRI indicator tracks buyer and seller momentum and exhaustion, providing signals to indicate when to expect momentum to fade and accelerate.
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