Top 5 Crypto News of the Week! (11 - 17 November)
Dear PointPay Family,
The week is wrapping up, and it's time to highlight our top 5 standout events! From groundbreaking updates to essential insights, we've gathered the most notable happenings.
El Salvador’s Bitcoin Success Brings $263 Million Profit
El Salvador's Bitcoin holdings have surged to $531 million, marking an impressive $263 million in unrealized gains. President Nayib Bukele highlighted this achievement with a confident "I told you so," reinforcing his commitment to Bitcoin as a cornerstone of the country's economic strategy. In addition to its Bitcoin investment, El Salvador has launched energy-efficient mining initiatives powered by volcanic geothermal energy, furthering the nation’s goals in sustainable crypto innovation. Through these efforts, the country has strengthened its position as a global advocate for cryptocurrency adoption.
Proposed US BITCOIN Act Aims for 1 Million BTC Reserve
The US government is considering a major Bitcoin reserve strategy under the BITCOIN Act, introduced by Senator Cynthia Lummis. The proposed legislation would authorize annual purchases of up to 200,000 Bitcoin over five years, with the aim of accumulating a 1-million-Bitcoin reserve to be held for at least 20 years. While the bill faces political hurdles, bipartisan support could see it prioritized if Republicans gain control of Congress. This initiative could mark a strategic shift in how the US views digital assets and their role in national financial security.
Italy Considers Reducing Crypto Tax Hike to Remain Competitive
In a move to make Italy more attractive to crypto investors, the government is reviewing a proposal to limit a planned tax increase on crypto trading from 42% to 28%. Following significant feedback from the crypto sector, Italy's ruling coalition is seeking a more balanced approach. This tax adjustment proposal is part of broader efforts to align with upcoming EU crypto regulations, while balancing national fiscal challenges. The Italian government’s decision could shape the future of Italy's crypto market as it navigates EU regulations and investor interest.
Bitcoin Outpaces Gold, Surges to Record $92K
Bitcoin has now exceeded the value of one kilogram of gold, reaching a milestone of $92,000. With daily trading volumes hitting $38 billion, Bitcoin’s rapid growth has sparked speculation that it may reach $100,000 within the month. This bullish trend has positioned Bitcoin as the eighth largest asset by market capitalization, overtaking silver and nearing Saudi Aramco's valuation. Bitcoin’s strong performance underscores the ongoing momentum in the crypto market, fueled by rising interest in BTC ETFs and the broader crypto sector.
Coinbase Introduces Coin50 Index as Crypto Benchmark
Coinbase has launched the Coin50 Index, a new tool designed to provide a broad view of the crypto market similar to the S&P 500. Available to eligible traders outside the US, Coin50 offers an accessible benchmark of the market's performance and diversity. By offering this index, Coinbase aims to help investors gain a clearer understanding of crypto market trends, promoting its growth as a mainstream investment. The Coin50 Index could become a key reference for crypto investments as the sector continues to mature and attract institutional attention.
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