BitcoinBites: 5 BTC stories you should know – November 17th, 2021
Bitcoin price struggles close to $60,000 after falling to multiweek low
Bitcoin prices have experienced some interesting fluctuations today, dropping to their lowest since October and then fighting to recoup their losses.
The world’s most prominent digital currency fell to $58,673.84 today, according to CoinDesk data.
At this point, the cryptocurrency was trading at its lowest since October 28, additional CoinDesk figures reveal.
Bitcoin's Taproot upgrades provides bulls with optimism
The highly-anticipated Taproot upgrade went live on Sunday and brought several changes to the network. Here is a detailed look at what the upgrade means and why Bitcoin bulls are optimistic following the activation.
Taproot comes as the first Bitcoin upgrade in four years succeeding the controversial ‘last civil war’ from 2017. Bitwise’s Katherine Dowling described the upgrade as a combination of three different proposals based on the advantages it packs.
Latest Bitcoin ETF rallies in 2nd day as asset class soars in popularity
VanEck's Bitcoin Strategy exchange-traded fund (ETF), the third Bitcoin-based futures fund to hit the market recently, rallied in its second day of trading as the volatile but booming cryptocurrency market draws in more investors.
Launched on Tuesday with the Chicago Board Options Exchange (CBOE), the product (XBTF) will own Bitcoin futures contracts. While not as hotly anticipated as the spot Bitcoin ETF the firm has doggedly pursued for years, XBTF carries competitive cost and tax advantages that may turn it into a hit for financial advisors, as well as smaller investors seeking exposure to the hot crypto market.
The first Bitcoin ETF issued by Proshares (BITO) launched on October 19. BITO's total assets under management (AUM) swelled to above $1 billion in less than two days, and coincided with Bitcoin's spot price setting a fresh record — making for a tough follow-up act.
Identity of Bitcoin creator 'Satoshi Nakamoto' could be revealed in Florida court case
The identity of Satoshi Nakamoto — a pseudonym for the legendary, still-unidentified creator of Bitcoin — could soon be revealed in a court case in Florida, according to a report.
The family of deceased computer scientist David Kleiman contends he created the cryptocurrency along with Craig Wright under the Satoshi Nakamoto name. And Kleiman’s heirs are suing to get their half of a Bitcoin stash worth nearly $70 billion that’s under the famous pseudonym, according to a Wall Street Journal report.
Zimbabwe could adopt Bitcoin as legal tender following El Salvador
The adoption of Bitcoin by El Salvador has opened the door for more adoption. However, the first country to achieve it didn’t find it easy. There were lots of doubts and criticisms targeting El Salvadorian President Nayib Bukele.
Some people stated that he influenced the legislature to approve the move. Other critical financial analysts even predicted a negative influence on the country’s economic situation following his actions.
The country has completed the move and is now using Bitcoin for financial transactions. Also, the President keeps accumulating BTC whenever there is a dip in price.
BONUS BITE: Square to focus on BTC only and not other cryptos
Square is fully committed to remaining Bitcoin focused Q&A from yesterday's call:
Q:"Are you looking to expand into crypto beyond Bitcoin like buy & sell other cryptocurrencies?"
Jack: "No, we're not. Our focus is on helping Bitcoin become the native currency of the internet."
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