Cryptocurrency

El Salvador Adds 11 Bitcoin to Reserves Despite IMF Pressure

Tuesday. January 21 at 8:00 AM

1 min. read

El Salvador recently increased its Bitcoin reserves by 11 BTC, worth over $1 million, despite pressure from the IMF to reduce its adoption. The country's Bitcoin Office announced the addition to its Strategic Bitcoin Reserve, following a promise made to the IMF to scale back BTC adoption in exchange for a loan. El Salvador's National Bitcoin Office head, Stacy Herbert, stated that the country would accelerate its BTC accumulation after the IMF deal. The IMF has repeatedly advised El Salvador to limit its Bitcoin adoption, expressing concerns about potential risks. Despite criticism, El Salvador legalized Bitcoin as a tender alongside the U.S. dollar in 2021. The IMF acknowledged that some risks of the Bitcoin experiment had not yet materialized but emphasized the need for transparency and risk mitigation. IMF spokesperson Julie Kozack reiterated the recommendation to limit public sector exposure to Bitcoin in October 2024.

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XRP Faces Downward Pressure Amidst Increased Profit-Taking Activity

Wednesday. January 22 at 2:00 AM

XRP has seen a 9% decline from its peak of $3.41 on January 16, due to a rise in profit-taking actions impacting its price. The trend suggests a potential continuation of downward movement in the short run. On-chain data from XRP's Network Realized Profit/Loss (NPL) indicates a surge in profit-taking, with positive values recorded over the past week. This metric reflects XRP holders selling for profit, measuring the difference between the asset's last transaction price and the current market value. A positive NPL signifies more selling for profit than loss, potentially increasing market supply and lowering prices. Additionally, the Exchange Flow Balance for XRP has surged by 105% since January 17, signaling increased token selloffs. This metric tracks asset movements in and out of exchanges, indicating market sentiment shifts. With XRP currently trading at $3.09, continued selloffs could drive its value towards $2.45, barring a reduction in profit-taking by investors.

Cryptocurrency

Coinbase Faces Criticism Over Solana Transaction Delays

Wednesday. January 22 at 1:00 AM

Coinbase, the leading US-based cryptocurrency exchange, is under fire from users due to significant delays in processing Solana (SOL) transactions. Reports indicate users waiting over 14 hours for SOL transactions, raising concerns about liquidity and operational efficiency. Frustrated users shared experiences of canceled or stuck transactions, with speculation that Coinbase may be staking SOL without consent to earn yield. Industry skepticism grows following FTX's collapse, highlighting mismanagement in centralized exchanges. Calls for Proof of Reserve audits and transparency in Coinbase's practices have emerged. The exchange attributed delays to technical issues, while developers point to internal infrastructure challenges. Questions about Coinbase's solvency and liquidity arise as large SOL transfers occur. This incident adds to previous scrutiny over Coinbase's custody practices, including demands for on-chain proof of Bitcoin purchases. Despite launching Bitcoin-backed loans, Coinbase faces scrutiny and calls for transparency in its operations.

Cryptocurrency

Dogecoin Price Surges Following US Government Efficiency Department Website Launch

Tuesday. January 21 at 9:00 PM

Dogecoin's price surged by 13% in just 15 minutes after the US Government Efficiency Department (DOGE) officially launched its website. The department, led by Elon Musk, aims to reduce government spending and streamline regulations. President Trump announced the establishment of this department during his inauguration speech. The rise in Dogecoin's value is seen as a result of its association with this government initiative. The use of Dogecoin's logo on the official government website has further legitimized the cryptocurrency. Social media reactions have also contributed to the viral spread of this news. Analysts predict a significant upward movement in Dogecoin's price, with a potential target of $1.61, marking a 340% increase. This article does not provide investment advice, and readers are advised to conduct their own research before making any financial decisions.

Cryptocurrency

Navigating Bitcoin Investment in South Africa

Tuesday. January 21 at 2:00 PM

Investing in Bitcoin for South Africans can be overwhelming due to various factors such as regulations, taxes, and security concerns. Despite Bitcoin not being legal tender in South Africa, the country has seen a significant rise in cryptocurrency adoption. With the government issuing operating licenses for crypto businesses and implementing regulatory frameworks, the environment for Bitcoin investment is favorable. However, investors need to be aware of tax implications, as profits from Bitcoin transactions are subject to capital gains or income tax. It is crucial to maintain detailed records of all crypto activities to comply with tax laws. Additionally, having a clear understanding of Bitcoin wallets and choosing reputable exchanges are essential for safe and successful Bitcoin trading in South Africa. By staying informed about regulations and risks, investors can confidently navigate the evolving landscape of Bitcoin in the country.

Cryptocurrency