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Vancouver City Council has approved Mayor Ken Sim's motion to explore Bitcoin integration in the city's financial operations, including a potential Bitcoin strategic reserve. While six councilors supported the motion, concerns were raised about environmental impacts and the risk of money laundering. Sim emphasized Bitcoin's potential as an inflation hedge, promising a $10,000 donation in Bitcoin to the city.
Vancouver City Council has approved a motion to explore becoming a "Bitcoin-friendly city," aiming to integrate Bitcoin into its financial operations, including a potential reserve and payment options. Mayor Ken Sim highlighted the need to address inflation and affordability challenges, while some councilors raised concerns about illicit activities and the environmental impact of Bitcoin mining. A report on the feasibility and risks of this strategy is expected by the end of Q1 2025.
Ripple's XRP is poised for a potential rally to $4.75, despite $800 million in profit-taking by investors. Ethereum (ETH) has gained 6%, supported by bullish sentiment from institutional investors, while Bitcoin (BTC) has surged past $100K following favorable US CPI data, with expectations of a Federal Reserve rate cut.
Bitcoin struggles to maintain momentum above the $100,000 mark amid significant market liquidations, with support levels at $94,000 and $85,000 potentially aiding recovery. Meanwhile, Dogecoin has dropped below $0.40, facing bearish pressure, while Shiba Inu has breached critical support at $0.00002700, raising concerns of further declines. Both assets highlight the volatility and speculative nature of the current cryptocurrency market.
A Russian lawmaker has proposed creating a national Bitcoin reserve to counter economic sanctions and enhance financial stability. Anton Tkachev's plan, which follows positive remarks from President Putin about Bitcoin, aims to leverage digital assets amid restricted access to global financial systems. This initiative could position Russia as a leader in adopting cryptocurrencies for national financial strategy, potentially inspiring other sanctioned nations to explore similar options.
Dogecoin (DOGE) fell 11.60% to $0.3957, following a peak of $0.484, amid a broader cryptocurrency market decline as Bitcoin slipped below $100,000. This drop was exacerbated by significant liquidations in the futures market, where traders faced forced sell-offs due to overly optimistic positions. Additionally, bearish divergence signals indicated weakening bullish momentum, prompting profit-taking and further sell-offs, with potential declines toward $0.410 and $0.391 in the near term.
Iran is shifting from restricting to regulating cryptocurrencies to mitigate the economic impacts of U.S. sanctions. The Central Bank of Iran will oversee the new regulatory framework, which includes licensing for crypto brokers and aims to enhance economic benefits while ensuring compliance with anti-money laundering and tax laws. This move aligns with a global trend, as other sanctioned nations like Russia also adopt crypto regulations for international trade.
Bitcoin experienced a brief decline of nearly 7%, dropping to a low of $92,144 after a historic surge past $100,000. The digital asset stabilized at $97,325 in Singapore, reflecting increased volatility across the crypto market amid a pause in the rally spurred by President-elect Donald Trump's support for the sector.
Bitcoin has reached a significant milestone, hitting the $100,000 mark. This achievement marks a notable moment in the cryptocurrency's journey, reflecting its growing influence and adoption in the financial landscape. Investors and enthusiasts are closely watching its next moves.
Bitcoin has surged past the $100,000 mark, reaching a new all-time high above $102,000, following a solid base above $90,000. However, the price faces significant resistance at $102,000, and bulls must maintain momentum above this level to avoid potential corrections, with key support at $90,500. If successful, Bitcoin could target $108,000 and beyond, potentially reaching $155,000.
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