Bulgaria’s oldest football club, Botev Plovdiv FC, has taken a significant step towards cryptocurrency adoption by integrating Bitcoin (BTC) and the Lightning Network into its payment systems, as well as joining the decentralized protocol, Nostr.
This move aims to enhance fan engagement and bring the benefits of digital currencies to the world of sports.
Starting immediately, fans can make peer-to-peer payments using Bitcoin at Botev Plovdiv FC’s fan shops and stands during matches in the top-flight Bulgarian Parva Liga.
The club also has plans to expand Bitcoin payments for ticketing and its online store, making it easier for supporters to interact with the club.
Anton Zingarevich, the club’s president, expressed his excitement about the integration and the potential of the Lightning Network, stating that they envision Bitcoin payments becoming as commonplace as the internet in daily life.
He believes this initiative aligns with the club’s vision and offers unparalleled convenience to fans and stakeholders.
The adoption of Bitcoin was made possible through a partnership with BTCPay Server, a reputable Bitcoin payment processor known for its open-source architecture, secure infrastructure, and low merchant fees.
CryptoDesk.bg, in collaboration with Bitcoinize.com, provided the necessary payment hardware and point-of-sale devices.
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George Manolov, Bitcoin director at Botev Plovdiv FC, emphasized the vast opportunities that Bitcoin offers in terms of technology, social impact, and finance. He expressed enthusiasm for leading innovative initiatives in sports and elevating the club’s stature.
In addition to integrating Bitcoin, the club has revamped its online presence, updating its official website and expanding its English social media channels.
Furthermore, Botev Plovdiv FC has joined Nostr, a decentralized protocol that offers censorship-resistant social media, strengthening its commitment to decentralized technologies.
This move towards Bitcoin and decentralized technologies echoes the pioneering efforts of Real Bedford, a UK-based football club that was the world’s first to adopt Bitcoin.
Peter McCormack, chairman of Real Bedford, commended Botev Plovdiv FC’s decision, emphasizing how Bitcoin adoption can bring success to clubs while raising awareness about the cryptocurrency.
McCormack, who integrated Bitcoin at Real Bedford in 2021, believes that Bitcoin’s unique characteristics act as a “cheat code for life.”
He anticipates more football and sports teams to follow suit and adopt the “cheat code” strategy to build their clubs on solid financial foundations.
To celebrate their cryptocurrency adoption, Botev Plovdiv FC allowed fans attending their home game against Lokomotiv Plovdiv to pay using Bitcoin and the Lightning Network.
This announcement, made on Bitcoin white paper day, further underscores the club’s support for Bitcoin and its commitment to embracing innovation in the world of sports.
According to Mark Nuvelstijn, the CEO of Bitvavo, the looming Bitcoin mining reward halving in 2024 may not necessarily trigger a supply shock in the market due to the dynamics of supply and demand.
Nuvelstijn, who co-founded the Netherlands-based cryptocurrency exchange, shared his insights on the state of the Bitcoin market during the European Blockchain Convention in Barcelona.
Nuvelstijn’s perspective is grounded in the idea that as demand for Bitcoin grows, so does its price. He noted that this price increase will continue until it reaches equilibrium with demand.
Consequently, he is optimistic that exchanges like Bitvavo will be able to meet the demands of traders, as they act as intermediaries matching buy and sell orders.
In discussing Bitcoin exchange-traded fund (ETF) applications filed in the United States, Nuvelstijn highlighted the increasing attention and interest in the cryptocurrency market.
He pointed out that the recent substantial surge in the Bitcoin price, up by 20% to 30% over two weeks, is indicative of this growing interest. Bitvavo has also witnessed a surge in web traffic, customer visits, and app usage, resulting in an influx of new customers.
Nevertheless, the CEO emphasized that this is still a pre-event, as the ETF approvals have not materialized yet.
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Bitvavo, primarily focused on the Netherlands and Belgium, has plans for expansion into other European jurisdictions such as France, Spain, and Italy.
Nuvelstijn anticipates that the European Union’s Markets in Crypto-Assets (MiCA) regulation will play a pivotal role in advancing market maturity and facilitating cross-border business operations.
MiCA is expected to harmonize regulations across European countries, simplifying the licensing process and promoting a more conducive environment for crypto and financial services.
Additionally, Nuvelstijn sees MiCA as a catalyst for greater integration between traditional financial services and cryptocurrency companies, predicting a blending of business models in the financial sector.
Furthermore, a report from a Standard Chartered analyst in July 2023 suggests that the rising institutional demand for Bitcoin may drive its price to approximately $120,000 by the end of the year.
This increase is attributed to enhanced mining profitability, reducing the necessity to sell newly mined coins.
As Bitcoin’s ecosystem continues to evolve, the industry remains dynamic, with market participants like Bitvavo adapting to meet the evolving demands of the crypto market.
Salvadoran President Nayib Bukele has taken the bold step of filing paperwork for his reelection bid in the upcoming 2024 presidential election, slated for February.
Bukele, known for his advocacy of Bitcoin, garnered strong public support when his party officially nominated him for a second term on October 26.
Addressing a large gathering of Salvadorans, he declared, “Five more [years], five more and not one step back. We need five years to continue improving our country.”
Bukele ascended to power in 2019, marking a historic shift away from the two-party dominance that had lasted for three decades between the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front.
However, despite his popularity among the local populace, critics, including Salvadoran lawyer Alfonso Fajardo, argue that the country’s constitution forbids consecutive presidential terms.
Fajardo pointed out, “Nayib Bukele is running for reelection in El Salvador despite the fact that it’s prohibited in 7 articles of the constitution.
The constitution was drafted after our peace accords, after our bloody civil war. This is unconstitutional.”
Notably, in September 2021, El Salvador’s Supreme Court ruled in favor of presidential consecutive reelections, thereby clearing the way for Bukele’s candidacy. Bukele’s party, New Ideas, boasts the support of a significant 70% of the country’s voting population, dwarfing its closest competitor, which only received 4% of the total votes.
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Despite opposition, including a lawsuit from one of New Ideas’ competitors, FMNLB, alleging the unconstitutionality of Bukele’s Bitcoin adoption program, the initiative proceeded as planned.
El Salvador officially made Bitcoin legal tender three months later in September 2021.
The Bukele administration has also embraced tech-friendly policies, such as the elimination of taxes on technological innovations, aimed at bolstering the nation’s economy.
Gabor Gurbacs, a strategy advisor at VanEck, even speculated that El Salvador has the potential to become the “Singapore of the Americas.”
Bukele’s popularity has been bolstered by his resolute crackdown on MS-13, a transnational gang that had contributed to El Salvador’s status as the country with the highest homicide rates in the world six years ago.
Thanks to these efforts, El Salvador’s homicide rate has plummeted by a remarkable 92.6% since its peak of 106 per 100,000 inhabitants in 2015, now standing at just 7.8 in 2022.
The nation now boasts one of the lowest crime rates in Latin America.
However, it’s crucial to note that Bukele’s approach has not been without controversy, as the United Nations and other critics argue that El Salvador violated human rights laws by imprisoning 65,000 individuals without affording them legal rights to defend themselves.
With the presidential election scheduled for February 4, 2024, El Salvador is poised for a pivotal moment in its political landscape as Nayib Bukele seeks to continue his transformative leadership.
Institutional interest in Bitcoin investment vehicles has surged amid growing anticipation of potential regulatory changes in the United States.
Data from sources such as Bloomberg reveals that Bitcoin exchange-traded funds (ETFs) and similar instruments are experiencing near-record weekly inflows.
The prospect of the United States permitting a Bitcoin spot price-based ETF has not only influenced the price of Bitcoin but has also positively impacted the broader cryptocurrency ecosystem.
Alongside cryptocurrency exchanges and mining companies, institutional investment options that have faced challenges in recent times are witnessing a resurgence in demand.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, at least two well-known investment options experienced significant trading volume during the week ending October 27.
One of them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to receive regulatory approval in the U.S. in 2021.
BITO saw a trading volume of $1.7 billion during the week, marking its second-highest weekly volume since its launch.
Another noteworthy performer was the Grayscale Bitcoin Trust (GBTC), which saw a trading volume of $800 million.
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This increased activity helped narrow the discount of GBTC shares to the Bitcoin spot price, reaching its lowest level in two years.
William Clemente, co-founder of crypto research firm Reflexivity, commented that ETF trading is now “back in full steam,” highlighting the renewed interest in these investment vehicles.
GBTC has experienced a remarkable resurgence in recent months, even before Bitcoin’s 15% price increase in the previous week. Legal victories in the journey towards converting GBTC into a spot ETF provided momentum for this revival.
Currently, Grayscale’s product trades with an implied share price that is just 13.1% below the BTC spot price, according to data from CoinGlass.
Despite the optimism surrounding GBTC, investment management firm ARK Invest has reduced its holdings of GBTC in line with its share price gains.
ARK Invest is also planning to launch a Bitcoin spot ETF, and GBTC currently accounts for 10.24% of its ARK Next Generation Internet ETF—a notable change since November 2022.
In conclusion, the potential for regulatory changes in the United States regarding Bitcoin investment vehicles has sparked a surge in institutional interest and trading activity.
This trend, along with the narrowing discount of GBTC shares to the Bitcoin spot price, suggests a growing confidence in cryptocurrency investment options among institutional investors.
Bitcoin (BTC) has achieved remarkable milestones by reaching all-time highs against several inflation-ridden fiat currencies in a span of just 30 hours from October 23 to 24.
Notably, these currencies include the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound.
It’s important to emphasize that this surge in Bitcoin’s value is primarily attributed to the continuous devaluation of these national currencies, which has been further exacerbated by Bitcoin’s recent 16% price surge.
The situation for the naira and lira is particularly dire, as they plummeted to their lowest exchange rates against the United States dollar on October 24 and 25, respectively.
The Argentine peso is also not faring well, currently resting at a mere 0.85% above its all-time low against the U.S. dollar.
According to data from the International Monetary Fund (IMF), the Venezuelan bolivar leads the world with an alarming annual inflation rate of 360%, followed closely by the Zimbabwean dollar at 314%, the Sudanese pound at 256%, and the Argentine peso at 122%.
The Turkish lira and Nigerian naira also feature on this distressing list, ranking sixth and fifteenth, respectively, with annual inflation rates of 51% and 25%.
Cryptocurrency enthusiasts have long considered digital assets like Bitcoin and stablecoins as effective hedges against rampant inflation, and the recent data only strengthens this narrative.
Notably, Nigeria, Turkey, and Argentina are among the countries with high cryptocurrency adoption rates globally, as per a September 12 report by Chainalysis.
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However, it’s worth mentioning that these countries’ governments have not always been aligned with the cryptocurrency industry.
Nigeria, for instance, initially banned local banks from providing services to cryptocurrency exchanges in February 2021.
Yet, progress has been made, with Nigeria signaling its intention in December 2022 to pass a bill recognizing cryptocurrencies as “capital for investment,” citing the need to align with global practices.
In Turkey, despite a strong interest in cryptocurrencies among the populace, the central bank banned the use of cryptocurrencies for payments of goods and services in April 2021.
Simultaneously, they have been actively exploring the creation of a central bank digital currency (CBDC) to digitize the Turkish lira.
Meanwhile, Argentina’s inflation crisis remains a key concern, with a presidential election scheduled for November. The presidential candidates, Javier Milei and Sergi Massa, have differing approaches.
Massa, currently the country’s minister of economy, aims to launch a CBDC swiftly to address the persistent inflation problem and intends to keep the U.S. dollar away from Argentinians.
In contrast, Milei advocates for adopting the U.S. dollar and abolishing Argentina’s central bank as part of his vision for economic reform. The election outcome will likely shape the country’s economic trajectory significantly.
According to on-chain analytics firm Glassnode, Bitcoin is poised to conclude 2023 much as it began the year, with significant gains in October.
The latest issue of their weekly newsletter, “The Week On-Chain,” released on October 24, highlighted that the past week has set the stage for a potential uptrend in BTC’s price.
Bitcoin’s price surged to $35,200 during the week, surpassing several crucial trendlines that had previously acted as support for months.
These included various moving averages (MAs), notably the 200-week simple MA at $28,400, which is often considered a critical support level during bear markets.
Glassnode pointed out, “A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October.”
However, the recent market strength allowed Bitcoin to break through the 111-day, 200-day, and 200-week averages convincingly.
This breakthrough had a positive impact on the profitability of various investor groups, including speculators and newcomers, whose cost basis was around $28,000.
The Short-Term Holder (STH) cost basis also reached $28k, resulting in an average profit of approximately +20%.
Glassnode presented a chart of the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which measures the profitability of STH coins.
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They noted that even before the October surge, there was no significant capitulation behavior among STH holders.
In contrast to previous years when STH-MVRV experienced deep corrections of -20% or more, the August sell-off only reached -10%, suggesting robust support and potentially paving the way for the recent rally.
Despite facing their own profitability challenges, long-term holders (LTHs) now own over 75% of the available BTC supply for the first time.
Their cost basis is lower, closer to $20,000, and while some believe Bitcoin could return to that level, Glassnode remains optimistic about the year-end outlook.
Glassnode concluded, “This sets the foundation for a resumption of the 2023 uptrend.
At the very least, the market has crossed over several key levels where aggregate investor psychology is likely to be anchored, making the weeks that follow important to keep an eye on.”
As per data from on-chain monitoring resource CoinGlass, BTC/USD has seen a 26% increase this month, which, by October standards, is considered relatively modest.
However, Glassnode’s analysis suggests a positive outlook for Bitcoin as it closes out the year.
Google searches for “buy Bitcoin” have experienced a global surge amidst a significant crypto rally, with the United Kingdom witnessing an astounding 826% increase in searches over the past week, according to research by Cryptogambling.tv.
This remarkable surge in the UK, coupled with the cryptocurrency’s resurgence, reflects the growing interest and potential impact of traditional financial institutions’ engagement in digital assets.
While the UK led the way in this search frenzy, a notable rise in Bitcoin-related queries was observed worldwide.
In the United States, searches for “should I buy Bitcoin now?” spiked by over 250%, and more niche inquiries like “can I buy Bitcoin on Fidelity?” saw an astonishing 3,100% surge in the past week.
A broader perspective reveals that the global search term “Is it a good time to buy Bitcoin?” witnessed a 110% increase.
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Concurrently, searches for “BlackRock Bitcoin ETF” soared by 250%, indicative of widespread enthusiasm for information related to BlackRock’s pending spot Bitcoin exchange-traded fund (ETF).
This sudden surge in interest coincides with a sharp increase in Bitcoin’s price over the past fortnight, briefly exceeding $35,000 on October 24, marking its first climb to such heights since May 2022.
This excitement appears closely tied to the anticipation of a spot Bitcoin ETF’s approval, a development that many experts believe will trigger a fresh wave of institutional buying.
Senior ETF analysts Eric Balchunas and James Seyffart have expressed confidence in a 90% probability of approval by January 10, 2024.
Notably, at the time of this report’s publication, Bitcoin has gained over 27% in value over the past two weeks, as per TradingView price data.
In conclusion, Google searches for “buy Bitcoin” have surged dramatically, highlighting the global interest in cryptocurrency, especially in the United Kingdom.
This fervor is intertwined with the recent uptick in Bitcoin’s price and the anticipation of a spot Bitcoin ETF’s approval, indicating a shifting landscape in the world of digital assets and traditional financial institutions’ increasing involvement.
ARK, the renowned investment firm led by the pro-Bitcoin advocate Cathie Wood, has recently made strategic moves in its portfolio, shedding Grayscale Bitcoin Trust (GBTC) shares worth $2.5 million.
This decision comes in the wake of a notable surge in the GBTC market, which has been stoked by the growing anticipation of a spot Bitcoin exchange-traded fund (ETF).
On October 23, ARK executed the sale of 100,739 GBTC shares, marking its first officially reported GBTC transaction since November 2022 when it acquired 450,272 GBTC shares valued at $4.5 million for its ARK Next Generation Internet ETF (ARKW).
The recent sale constitutes approximately 2% of GBTC’s total value in ARKW’s portfolio, equivalent to $122.6 million as of that date. Notably, GBTC is the flagship asset in ARKW’s holdings, representing 10.4% of the fund’s exposure, with Coinbase and Roku shares trailing at 9% and 7.4%, respectively.
The GBTC market has been on a remarkable ascent, hitting multi-month highs and breaching the $24.7 mark for the first time since May 2022.
TradingView data shows that GBTC has surged by over 200% year-to-date, with a nearly 30% increase in the past 30 days.
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One possible explanation for ARK’s move is the anticipation surrounding the decision of the United States Securities and Exchange Commission (SEC) regarding Grayscale’s registration statement for a Bitcoin-based ETF.
Grayscale filed this new BTC ETF registration statement with the SEC on October 19, shortly after ARK amended its own spot Bitcoin ETF filing on October 11.
Bitcoin advocate Samson Mow suggested that ARK’s GBTC sale aligns with the diminishing GBTC discount and their pending ETF filing.
Speculation has also arisen among online traders, suggesting that if ARK’s spot Bitcoin ETF gets approved, the firm might prioritize it as the primary holding in ARKW, potentially leading to the disposal of GBTC shares.
While ARK has not yet responded to requests for comment, the investment firm has also divested itself of 32,158 Coinbase shares from ARKW and 10,455 Coinbase shares from its ARK Fintech Innovation fund, totaling $3.4 million.
On a different note, ARK has increased its stake in Robinhood shares, adding 32,158 shares valued at $300,000 to ARKW’s portfolio on October 23.
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Monday’s dramatic surge in the price of Bitcoin has propelled Bitcoin-related stocks to unprecedented heights. Notable names like Coinbase and MicroStrategy have hit fresh multiweek highs, reflecting the growing enthusiasm around cryptocurrencies.
The surge in Bitcoin’s price has translated into significant gains for Bitcoin mining stocks. Riot Blockchain, a U.S.-listed company, saw its stock soar by 11.69%, while Marathon Digital Holdings witnessed a substantial 14.6% increase.
This impressive performance can partially be attributed to the upcoming Bitcoin halving event, which will reduce the mining reward from 6.25 BTC to 3.125 BTC per block, thereby increasing scarcity and potentially driving up demand.
In addition to outperforming Bitcoin in the recent price rally, Bitcoin mining stocks have also displayed remarkable year-to-date (YTD) gains.
For instance, Cipher Mining has seen an astounding YTD increase of 356%, far surpassing Bitcoin’s YTD gains of 86%.
Similarly, Riot Platforms has recorded a remarkable 163.10% YTD increase, and Northern Data, a Frankfurt-based general processing unit miner, has surged by an impressive 291.40%.
Other companies such as Hut 8 Mining, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies have all posted growth rates exceeding 100% in 2023.
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Apart from publicly traded Bitcoin mining companies, other Bitcoin-focused firms like Coinbase and MicroStrategy have also reached multiweek highs.
Coinbase’s stock showed a 3.42% increase at the time of writing, while MicroStrategy, a prominent holder of Bitcoin, registered a substantial 9% gain on the daily charts.
MicroStrategy’s investment in Bitcoin has experienced a roller-coaster ride in 2023.
Despite being in the red by as much as -50% during the bear market, the company has managed to bring its Bitcoin holdings back into profitability.
Currently holding 158,245 BTC, which were acquired for $4.68 billion at an average price of $29,582,
MicroStrategy’s investment is now valued at $5.5 billion, resulting in nearly $1 billion in unrealized gains.
On October 23, the price of Bitcoin surged past the $35,000 mark, reaching a one-year high, before retracing below $33,000.
Just a day later, on October 24, Bitcoin experienced another 5% surge, trading above $34,500 at the time of writing.
These price movements continue to captivate the attention of both investors and enthusiasts in the cryptocurrency space.
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On October 24th, major cryptocurrency exchanges experienced a noteworthy net outflow of funds, coinciding with Bitcoin (BTC) briefly reaching the $35,000 mark for the first time in a year.
This exodus of funds from exchanges is viewed as a positive sign in the crypto space, indicating that traders are transferring their assets to secure storage, anticipating an uptick in prices.
According to data shared by crypto analytics firm CoinGlass, the largest outflow was witnessed on Binance, with more than $500 million leaving the platform over the past 24 hours.
Following this, crypto.com recorded $49.4 million in outflows, and OKX saw $31 million departing its exchange. Most other exchanges reported outflows of less than $20 million.
Concerns reminiscent of a “bank run” surfaced after the collapse of FTX in November 2022, with investors fearing a similar scenario.
However, the recent outflows appear to be more aligned with trader sentiment rather than panic-induced withdrawals during the peak of the bear market.
Data from Glassnode corroborates this trend, showing that Bitcoin outflows from exchanges have increased in tandem with the surge in BTC’s price.
This price surge also resulted in the liquidation of approximately $400 million worth of short positions, with 94,755 traders witnessing their derivative positions being liquidated within the last 24 hours. The largest single liquidation order took place on Binance, amounting to $9.98 million.
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On-chain analysts drew attention to the market value to realized value (MVRV) ratio, a key metric comparing an asset’s market value to its realized value.
It is calculated by dividing a cryptocurrency’s market capitalization by its realized capitalization, which is based on the average price at which each coin or token was last moved on-chain.
The current MVRV ratio stands at 1.47, just shy of the 1.5 threshold that historically heralds the beginning of a bull market.
The crypto market as a whole has seen a remarkable 7.3% increase in its total market capitalization over the last 24 hours, reaching $1.25 trillion, its highest valuation since April.
This surge is believed to be fueled by speculation surrounding the imminent launch of a spot Bitcoin exchange-traded fund (ETF), further amplifying the bullish sentiment in the crypto ecosystem.
With the MVRV ratio inching closer to 1.5, many enthusiasts are optimistic about Bitcoin’s potential to reach $40,000 in the coming days.
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