Bitcoin News and Finance: What You Need to Know

Federal Reserve Chairman Jerome Powell has acknowledged that cryptocurrency appears to have staying power as an asset class in the U.S. economy. In addition, he stated that the central bank views payment stablecoins as a form of money, emphasizing that it would be appropriate to have a robust federal role in what happens in stablecoin regulations going forward. Powell on Crypto’s Staying Power Federal Reserve Chairman Jerome Powell answered some questions about cryptocurrency and stablecoins during his testimony before the House Financial Services Committee on Wednesday. Congressman Warren Davidson (R-OH) stated that crypto currently has a market cap of about $1.1 trillion. He then asked Powell: “Do you acknowledge that this asset class has staying power in the U.S. economy?” The Fed chairman replied: It appears to have some staying power. Powell then noted that a year ago the market cap of the crypto market was a lot higher. Rep. Davidson promptly explained that the crypto ma...

Cleanspark, a publicly listed bitcoin miner, has announced that it has entered into definitive agreements to acquire two turnkey bitcoin facilities in Dalton, Georgia. The deal will be an all-cash payment of $9.3 million and is expected to increase Cleanspark’s current operations by just under 1 exahash per second (EH/s). Cleanspark Secures Georgia Bitcoin Facilities Cleanspark (Nasdaq: CLSK ) announced on Wednesday that it has entered into definitive agreements to acquire two turnkey bitcoin mining campuses. The facilities, situated in Dalton, Georgia, are expected to accommodate 6,000 Antminer S19 XPs and S19J Pro+s, according to Cleanspark. Cleanspark revealed that it has expanded its operations this year by acquiring a total of 77,500 application-specific integrated circuit (ASIC) mining rigs since February of last year. “This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s,” Zach Bradford, the CEO of Cleanspark state...

Central banks, particularly those in emerging economies, are ramping up their gold reserves in preparation for a new monetary regime, signaling a potential loss of reserve currency status for the U.S. dollar, according to the investment management firm Goehring & Rozencwajg. The company’s managing partner Leigh Goehring explained in a recent interview that gold will play a crucial role as a settlement mechanism. Goehring & Rozencwajg Predicts Gold ‘Will Blow Through’ $2K Thanks to Central Bank Demand On Wednesday, June 21, 2023, digital currency markets have risen by 6.98% over the last 24 hours, but precious metal markets have been lackluster. Gold is hovering just above the $1,930 range, while silver is coasting along under $23. Leigh Goehring, a partner from the investment management firm Goehring & Rozencwajg, believes gold could reach the $2,100 per unit range this year. Goehring shared his forecast with Kitco News, explaining that a new monetary regime is formin...

Bitcoin rallied to a six-week high on Wednesday, as price moved to the cusp of a breakout above the $29,000 level. Today’s surge sees bulls recover almost all of the losses that came after the Security and Exchange Commission (SEC) sued Binance and Coinbase. Ethereum also climbed higher, rising above $1,800. Bitcoin Bitcoin ( BTC ) raced to a six-week high in today’s session, as bulls moved to recover all losses that came as a result of the SEC suing Binance and Coinbase BTC /USD hit an intraday peak of $28,975.62 earlier in the day, which comes less than 24 hours after trading at a low of $26,668.79. Today’s move sent the cryptocurrency to its strongest point since May 6, when price traded at $29,850. Bitcoin chart by TradingView Another catalyst for Wednesday’s surge was a breakout which took place on the relative strength index (RSI). As of writing, price strength has moved beyond a ceiling at 58.00, and is currently tracking at 65.63. In addition, the 10-day (red) movin...

A member of the eurozone is amending its constitution in order to guarantee citizens the right to cash payments. The move comes amid growing fears that a digital version of the common European currency may eventually become the only means of payment in the eurozone, despite currently being touted as merely an alternative. Lawmakers in Slovakia Approve Constitutional Provision Preserving Cash Payments Slovaks will have the right to buy goods and services with cash guaranteed under an amendment to their constitution approved by a sizable majority in the nation’s parliament. According to a report by the Euractiv news portal, 111 out of 150 members of the legislature backed the respective draft law. The legislation aims to protect physical payments in case that the use of the digital euro becomes mandatory in the eurozone, of which Slovakia is a member. The digital version of the euro area’s single currency is still under development led by the European Central Bank (ECB). The amendme...