Cryptocurrency
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Even though many market analysts are sounding the alarm about Bitcoin being overbought, Matthew Sigel, head of digital asset research at VanEck, recently pointed out that this was also the case during previous market cycles.
Cryptocurrency mining
The new law, which came into effect on November 1, sets out the rights and obligations of crypto mining industry players in the country. It also permits Russian businesses and individual entrepreneurs who are officially registered with the Ministry of Digital Development to undertake crypto mining activities.
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Block rewards are reduced every 210,000 blocks mined, in a recurring event known as the Bitcoin Halving. The next halving is expected to take place in April 2024, and investors can keep track of this event with our Bitcoin halving countdown.
Blockchains like Bitcoin use proof of work (mining), which is a competition among participating miners to guess the correct password—or hash—and ultimately earn rewards (new native coins + transaction fees).
If a miner is able to successfully add a block to the blockchain, they will receive 3.125 bitcoins as a reward. The reward amount is cut in half roughly every four years, or every 210,000 blocks. As of early October 2024, Bitcoin traded at around $62,000, making 3.125 bitcoins worth $193,750.
A cryptocurrency wallet is a means of storing the public and private “keys” (address) or seed, which can be used to receive or spend the cryptocurrency. With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet.
Cryptocurrency trump
Many crypto fans supported Trump over Harris for several reasons. Trump spoke glowingly about crypto this year on the campaign trail, despite casting skepticism upon it for years. At the Bitcoin conference in Nashville in July, Trump floated the idea of establishing a federal Bitcoin reserve, and stressed the importance of bringing more Bitcoin mining operations to the U.S.
“The fact that the application was filed indicates there is significant discussion within the company about offering cryptocurrency related products and services,” said Josh Gerben, a trademark attorney based in Washington DC. who noticed the Trump Media trademark application. “The filing was specifically made to protect the idea of expanding the company’s Truth brand to the cryptocurrency world.”
It can be hard to make sense of the price of bitcoin, which has swung wildly throughout its history. But in the aftermath of Donald Trump’s presidential victory in the United States, it’s reached unprecedented highs.
In the last couple months, bettors wagered over $2 billion on the presidential election on Polymarket, according to Dune Analytics. It’s still unclear whether prediction markets are actually more accurate than polls on average. But their success in this election will likely make their presence in the political arena only increase in years to come.
It’s not clear how far along Trump Media is in evaluating a crypto payment service or whether the Trump-owned public company will ultimately launch such a platform. A move into crypto could be a way to diversify beyond social media.