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- ⏰ BTC Moves Towards Halving
First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.
Today we’re covering:
ECB cuts rates and all eyes move to Fed,
Bitcoin security advice from Jameson Lopp,
Bitcoin decouples from gold,
And everything else you need to know.
—Jordan
Check out the latest adds to Bitbo’s Bitcoin store!
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WHAT WE’RE WATCHING
💶 The European Central Bank cut its deposit rate from 3.75% to 3.5% as inflation dropped to 2.2% in August. The move aims to support growth, but further rate cuts may be limited. ECB President Christine Lagarde emphasized a cautious, data-driven approach to future decisions. All eyes are now on the U.S. Federal Reserve’s September meeting.
🪙 Despite Bitcoin’s association with ransomware, fiat is still the preferred currency for 99.67% of cybercrime, according to the U.S. Treasury’s 2024 report. Ransomware, which favors Bitcoin, accounts for just 0.33% of cybercrime, contributing an estimated $20 billion in damages. Most losses stem from data breaches and financial fraud.
🛡️ Duress wallets, designed to trick attackers by offering a small portion of your Bitcoin, are unreliable and could backfire, according to Jameson Lopp. Criminals may become suspicious or more violent if they suspect deception. The best defense is strong privacy and operational security to avoid becoming a target.
📈 Bitwise CIO Matt Hougan predicts a strong Bitcoin rally by Q4 2024 as macroeconomic uncertainty subsides. He bases this on things like U.S. election concerns and Federal Reserve actions. While September has historically seen a 4.5% decline in Bitcoin prices, Hougan expects a rebound during “Uptober.”
⛏️ Bitcoin mining difficulty hit a record 92.7 trillion, rising by 3.6%. This follows a surge in the network's hash rate to 694 EH/s. Despite reduced block rewards from the April halving, larger miners have upgraded equipment, pushing less efficient operators out of the market.
📉 Bitcoin has decoupled from gold, which hit record highs above $2,500, while Bitcoin remains over 20% below its all-time high. Bitcoin has been in a bearish phase since August 27, with the MVRV ratio suggesting further price corrections amid broader investor risk aversion.
🏀 NBA legend Scottie Pippen excited his 670,000 X followers with a bullish tweet on Bitcoin, saying “Bullish on Bitcoin” with the hashtag #BeLikeSatoshi. Fans, including Kraken, responded eagerly. Pippen also humorously questioned Michael Saylor’s $13 million Bitcoin prediction, referencing Satoshi Nakamoto in a dream.
IN THE LOOP
A Manhattan spa heats its pools using excess energy from Bitcoin mining, sparking both praise and criticism.
The UK introduced a bill to clarify the legal status of digital assets like Bitcoin.
Bitcoin mining CEOs predict Bitcoin could reach $250,000 by the 2028 halving.
Indodax, the leading Indonesian crypto exchange, temporarily shut down after a $22 million hack.
The North Carolina Senate overrode the governor’s veto to pass a bill banning CBDCs.
Standard Chartered launched a digital asset custody service in the UAE, with Brevan Howard Digital as its first client.
POLL
Do you think duress wallets are a reliable way to protect your Bitcoin in a high-risk situation? |
TUESDAY’S POLL RESULTS
Do you believe Bitcoin's role in national security, as suggested by Fred Thiel, is growing?
👍 Yes - 47.7%
👎 No - 33.3%
Unsure - 19.0
👍 Yes - “If deployed correctly, BTC will potentially represent the new auditable Fort Knox” - Chris
VIDEO
Matthew Kratter explores the real threats to Bitcoin wallet security. He claims that more people lose their bitcoin due to ignorance or small mistakes, rather than large hacks.
CHARTS & DATA
Bitcoin Halving - Bitcoin is now 10% through this halving cycle. The chart above shows how the price behaved around similar time periods.
Bitcoin Halving - It feels as if the halving just happened yesterday. But we’re already 10% through this cycle, and the next halving is estimated for March or April 2028.
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Halving Clock: Track the countdown to the Bitcoin halving with our Bitcoin halving clock.