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Binance Founder Changpeng Zhao: US Bitcoin Reserve ‘Pretty Much Confirmed’

Sen. Cynthia Lummis (R-WY) chairs the US Senate panel on crypto assets. She has promised some big changes in government policy for the sector. A Bitcoin sovereign wealth fund Republicans are calling a “strategic national reserve” is only one of Lummis’ promises for blockchain. But markets are thrilling with bullish activity on that prospect alone. Over the weekend, Bitcoin whales were insatiable in their accumulation. After Republicans retook control of Congress following November’s election, the US Senate Banking Committee opened its first subcommittee panel on cryptocurrencies Thursday. Binance Founder: Strategic Bitcoin Reserve Alert! US Strategic Bitcoin Reserve, pretty much confirmed. Crypto moving at crypto speed again. https://t.co/8qWlt65ARE — CZ BNB (@cz_binance) January 23, 2025 The idea of a national Bitcoin reserve is so popular at the moment among US policymakers that several states are considering establishing state reserves. Congress Convenes First Subcommittee on Crypto The Senate Banking digital asset subcommittee will: Pass legislation promoting responsible innovation and consumer protection Eradicate Operation Chokepoint 2.0 Make America the bitcoin and digital asset capital of the world — Senator Cynthia Lummis (@SenLummis) January 23, 2025 The new Senate subcommittee on digital assets has a host of issues to tackle with normalizing US government policy over blockchain. In an X post on Thursday afternoon, Sen. Lummis promised a three-point crypto agenda in 2025: Pass legislation promoting responsible innovation and consumer protection Eradicate Operation Chokepoint 2.0 Make America the bitcoin and digital asset capital of the world Popular crypto markets analyst Crypto Beast replied, “we’re going much higher.” The strategic Bitcoin reserve has backing from President Trump, according to recent reports and the fact that he signed the documents. In addition, it has a strong group of pro-crypto delegates to Congress in the new subcommittee. That includes Sen. Ruben Gallego (D-AZ), who received strong backing from the pro-crypto Fairshake PAC. Plus, there’s Sen. Bernie Moreno (R-OH), a freshman senator who prevailed in the ballot count over the Banking Committee’s previous chair, Sen. Sherrod Brown (D-OH). Bitcoin’s price had a somewhat unexpected reaction to the aforementioned news. The asset started to lose value after the document’s signing and dropped to $102,400 before it recovered some ground to nearly $105,000 now. The post Binance Founder Changpeng Zhao: US Bitcoin Reserve ‘Pretty Much Confirmed’ appeared first on CryptoPotato .

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Bitcoin Whales in ‘Accumulation Phase’ After Trump Inauguration: CryptoQuant

Large bitcoin (BTC) holders, commonly known as whales, are back purchasing more of the asset after a lull period in early January and a bout of profit-taking, CryptoQuant data shows. The monthly percentage growth of the bitcoin holdings of large investors has accelerated from -0.25% on January 14 to +2% on January 17, the highest monthly rate since mid-December. Such growth comes on the back of Donald Trump becoming U.S. president, where traders expect him to introduce pro-crypto policies and build a strategic bitcoin reserve, both events that may fuel institutional capital into the asset in the near term.Large bitcoin holders are a key driver of BTC demand and price. Prominent recent buyers include Bitcoin development company MicroStrategy and energy management systems firm KULR . As such, selling pressure for Bitcoin has been reduced greatly after realizing daily profits as high as $10 billion as the asset approached $100,000 in December. Long-term bitcoin holders, seen as "smart money," have sold more than 1 million BTC since September, and the behavior appears to have bottomed, as a CoinDesk analysis noted on Wednesday. Meanwhile, the unrealized profit margins for traders are now close to zero. In crypto terms, this often acts like a price floor during a bull market, suggesting we might be at a stable point before the next move. However, retail spot demand for bitcoin appears to be cooling off, per CryptoQuant. “Bitcoin’s apparent demand has continued in expansion territory (green area in the chart to the left). However, the rate of expansion has declined from 279K Bitcoin in early December 2024 to 75K Bitcoin today,” the firm said in its Friday report. Apparent demand is an on-chain metric used to gauge the balance between Bitcoin`s production (newly minted coins through mining) and changes in its inventory (coins that have been inactive for over a year). “Demand growth must accelerate again for prices to rally significantly,” it added. Crypto Potato

Ross Ulbricht Hails Trump as “A Man of His Word” in Emotional Thanks

Ross Ulbricht, the founder of the Silk Road darknet marketplace, publicly expressed heartfelt gratitude to U.S. President Donald Trump after receiv... Crypto Potato