### Bitcoin's Rising Hashrate

Bitcoin's hashrate has recently **surged to an impressive 692 EH/s**, nearing the significant **700 EH/s milestone**. This remarkable achievement follows a record-breaking performance on **September 7, 2024**, where the hashrate surpassed previous records set on **July 25, 2024**.

The hashrate is a critical indicator of the network's security and overall strength, reflecting the total computational power used by miners to validate transactions. An increase in hashrate typically suggests growing confidence in Bitcoin's stability and potential for future growth.

As miners continue to invest in more powerful hardware and innovative technologies, the trend indicates a **bullish sentiment** in the Bitcoin community. This upward trajectory not only highlights the resilience of the Bitcoin network but also its capacity to adapt to increasing demands and challenges.

![Bitcoin Hashrate Graph](https://example.com/bitcoin-hashrate-graph.jpg)

After breaking the July 25, 2024 record on Saturday, Sept. 7, Bitcoin's hashrate has kept climbing, now reaching an impressive 692 EH/s.

Bitcoin's Hashrate Soars to 692 EH/s: What This Means for the Future

### Bitcoin Price Edges Down After New All-Time High

**Bitcoin (BTC)** price has slightly declined during the Asian session on Wednesday, following a stunning new all-time high of **$108,353** the previous day. The technical indicators suggest a potential **short-term correction** for Bitcoin and its counterparts.

### Bitcoin Bulls Show Signs of Exhaustion

After a **3.32%** rally last week, Bitcoin reached its peak at **$108,353** but is now trading down around **$105,019**. If the price closes below the **$101,109** support level, it could further decline towards **$90,000**. The **Relative Strength Index (RSI)** currently reads **66**, indicating a decrease in bullish momentum and potential for a sharper price drop if it falls below **50**.

![BTC/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/BTCUSDT_2024-12-18_09-06-36-638700914525464771.png)

*BTC/USDT daily chart*

If BTC can break above its ATH of **$108,353**, it could target a new ATH of **$119,510**, aligned with the **Fibonacci extension** from the previous highs.

### Ethereum Faces Resistance at $4,000

**Ethereum (ETH)** has experienced a rejection at the **$4,000** level, trading down around **$3,858** after a **2.34%** decline. Continued resistance at **$4,000** may lead ETH to retest its weekly support at **$3,522**. The **RSI** reads **57**, indicating early signs of bearish momentum.

![ETH/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/ETHUSDT_2024-12-18_09-01-50-638700915015117818.png)

*ETH/USDT daily chart*

A break above **$4,000** could see ETH rally up to its previous high of **$4,488**.

### Ripple Shows Indecisiveness

**Ripple (XRP)**, having found support around **$1.96**, rallied **16%** but faces slight rejection near the **$2.66** level, currently trading around **$2.53**. If this resistance continues, XRP could decline to retest **$2.21**. The **RSI** at **65** suggests indecisiveness among traders.

![XRP/USDT daily chart](https://editorial.fxsstatic.com/miscelaneous/XRPUSDT_2024-12-18_09-26-03-638700915517915991.png)

*XRP/USDT daily chart*

Should XRP break above **$2.66**, it could target the significant level of **$3.00**.

### FAQs on Bitcoin and Altcoins

- **Bitcoin** is the largest cryptocurrency, functioning as a decentralized form of currency.
- **Altcoins** refer to any cryptocurrency other than Bitcoin, with Ethereum often considered a leading alternative.
- **Stablecoins** are designed to maintain a stable value, usually pegged to fiat currencies like the USD.
- **Bitcoin dominance** indicates Bitcoin's market share relative to other cryptocurrencies, often increasing during bull runs.

*The information presented here is for informational purposes only and does not constitute investment advice.*

Bitcoin (BTC) price edges slightly down during the Asian session on Wednesday. 

Is a Bitcoin, Ethereum, and Ripple Correction Imminent? Insights on BTC, ETH, and XRP Trends

### Google Unveils ‘Willow’ Quantum Chip

Technology giant **Google** has announced a groundbreaking **quantum chip** named **Willow**, aimed at revolutionizing **quantum computing**. This chip is expected to eliminate typical errors found in quantum computations while enhancing performance significantly.

According to Google, Willow can effectively reduce errors by half even as the number of **qubits** increases. This remarkable achievement is referred to as being **“below threshold”**, meaning it can drive down errors while scaling up qubits.

### Performance Highlights

Willow shows extraordinary capabilities, performing advanced computations in under five minutes, a feat that would take the fastest **supercomputers** **10 septillion years**. It excels in **random circuit sampling** (RCS), which is considered the standard for quantum computer testing.

### Commercialization Prospects

Google is optimistic about the **commercial use** of quantum computers, suggesting that businesses could integrate this technology as early as **2028**. The company emphasizes its focus on practical applications that go beyond classical computing.

### Quantum Threat to Bitcoin

With the excitement surrounding Willow, concerns have arisen regarding its potential threat to **Bitcoin**. However, analysts from **Bernstein** have downplayed these fears, stating that the direct threat to Bitcoin remains **decades away**. They noted that Willow’s 105 qubits are insufficient to breach Bitcoin's **Elliptic Curve Digital Signature Algorithm** (**ECDSA**).

### Looking Ahead

Bernstein analysts believe that breaching ECDSA would require millions of qubits, far exceeding Willow’s capabilities. They advise Bitcoin contributors to prepare for the future but assert that practical threats are not imminent. Transitioning to **quantum-resistant signatures** is suggested as a possible solution, although it poses challenges for the Bitcoin community, potentially leading to a **hard fork**.

In conclusion, while the **quantum computing** landscape is evolving rapidly, the immediate implications for **Bitcoin** security remain manageable, with significant developments still years away.

Google claims that Willow can eliminate common errors associated with quantum computing, while Bernstein analysts noted that Willow’s 105 qubits cannot breach Bitcoin’s ECDSA.

Google's Quantum Leap: Willow Chip and Its Impact on Bitcoin's Future

### Ohio Bitcoin Reserve Act

Ohio State Representative **Derek Merrin** has introduced **House Bill 703**, the **Ohio Bitcoin Reserve Act**, aiming to allow the state treasury to invest public funds in **Bitcoin**. This bill proposes the establishment of a dedicated Bitcoin fund within the state treasury, granting the State Treasurer the authority to purchase the cryptocurrency at their discretion.

Merrin emphasized the need for this initiative, stating, "The **U.S. Dollar** is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in **Bitcoin** when determining proper asset allocation." He believes that **Ohio must embrace technology** to protect tax dollars from eroding.

### Legislative Details

The bill amends section 2981.12 and enacts section 135.146 of Ohio's Revised Code. Importantly, it does not mandate specific Bitcoin purchases or portfolio allocations. Merrin argued that Bitcoin could serve as a vehicle to preserve public funds from losing value, allowing the state to harness its potential to strengthen finances.

### Future Outlook

Looking ahead, Merrin anticipates that the incoming **Trump administration** will pursue a national Bitcoin reserve program, referencing a proposal by **Senator Cynthia Lummis** of Wyoming. The bill's introduction comes as the current legislative session approaches its end, with Merrin expecting it to serve as a framework for future discussions in the 2025 session.

### A Growing Trend

Ohio joins a list of states, including **Pennsylvania** and **Texas**, that have proposed similar legislation to create strategic Bitcoin reserves as a hedge against inflation. This trend reflects a broader movement among U.S. states to incorporate cryptocurrency into their financial strategies. For instance, Pennsylvania's bill allows for investing up to 10% of the state’s treasury reserves into Bitcoin, while Texas aims to create a reserve funded through donations and accept Bitcoin for state payments.

**Edited by [Sebastian Sinclair](https://decrypt.co/author/sebastian)**

House Bill 703, the Ohio Bitcoin Reserve Act, proposes creating a state Bitcoin fund and granting the treasurer authority to buy the crypto.

Ohio Takes a Bold Step: Bill Introduced to Create State Bitcoin Reserve

French Member of the European Parliament (MEP) **Sarah Knafo** has taken the stage to advocate for the European Union (EU) to implement a **'Strategic Bitcoin Reserve'**. This initiative aims to enhance **financial autonomy** and address **inflationary pressures** affecting member states.

### Who is Sarah Knafo?
Knafo is a French magistrate and member of the **Cour des Comptes**, with a background in public service and political advising. Since her election to the European Parliament in **2024**, her influence has grown significantly.

### Why The EU Needs A Strategic Bitcoin Reserve
In her compelling address, Knafo highlighted **global examples** such as **El Salvador**, which has embraced Bitcoin since 2021. She pointed out that this early adoption has led to **significant capital gains** for the country, which have been used to enhance its security and sovereignty. Knafo criticized the EU's current financial strategies, claiming they render member states vulnerable in a rapidly evolving monetary landscape.

> “**El Salvador's** move has yielded significant capital gains—resources that bolster both the security and sovereignty of the country,” Knafo stated. 

Knafo also referenced **Donald Trump**'s plans for a strategic Bitcoin reserve in the United States, suggesting that the EU is lagging behind in this regard.

### The Case Against Current Policies
Knafo expressed concerns about the **European Central Bank**'s approach to monetary policy, particularly regarding a potential **digital euro**. She warned against a future where bureaucrats could control financial transactions with ease, calling for a **rejection of totalitarian tendencies** in the EU's financial policies.

### Advocating for Bitcoin Mining
Knafo proposed that the EU should support a thriving **Bitcoin mining sector**, leveraging France's **nuclear energy infrastructure** to gain a competitive edge. She emphasized the need to adjust current **taxation policies** to support cryptocurrency holders, arguing that existing government deficits contribute to inflation and economic instability.

At press time, Bitcoin is trading at **$106,947**. 

![Bitcoin price](https://bitcoinist.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_13-45-33.png?resize=1024%2C473)  
*BTC price hovers around $107,000, 1-week chart | Source: [BTCUSDT on TradingView.com](https://www.tradingview.com/x/jJM3khpc/)*

French Member of the European Parliament (MEP) Sarah Knafo delivered a high-profile address, urging the European Union (EU) to adopt a “Strategic Bitcoin

EU's Bold Move: French MEP Proposes Strategic Bitcoin Reserve to Combat Inflation

Drew Mariani dives headfirst into the **Bitcoin conversation** on *The Drew Mariani Show* with guests **Bill Ulivieri** (crypto enthusiast and investment advisor) and **Chris Temple** (editor of *The National Investor*).

## What’s the Big Deal About Bitcoin ETFs?
Asset managers behind **Bitcoin ETFs** have become *the largest holders* of Bitcoin. These funds, launched in January, are a **milestone** for institutional adoption and now hold **5% of all Bitcoin**! Fun fact: They’ve even surpassed **Satoshi Nakamoto’s** rumored holdings.

## Bitcoin 101: Bill Ulivieri’s Take
Bill gives us the **big picture**:
- Bitcoin was designed as **digital cash**: a way to send value *person-to-person* without banks in the middle.
- It introduced **digital scarcity**, making it like “gold” but for the internet.
- Want to move money internationally? Bitcoin can do it for **next to no cost** and without all the red tape.

**Is it digital gold?** Bill says **YES**. It’s not just a store of value; it’s *a better store of value* than gold because **gold is clunky** and stuck in the past (try paying for gas with a gold coin!). Bitcoin is **secure, scarce, and global**.

## Chris Temple: The Skeptic’s View
Chris pushes back, saying Bitcoin is part of the **“greater fool theory”** (buy low, sell high, and hope someone else pays more). He compares it to **tulip mania** and the **dot-com bubble**, arguing people are mainly in it for profit. For him, Bitcoin isn’t the **“currency of the people”** like gold once was.

## Crypto & Politics: What’s Changing?
Politicians are warming up to Bitcoin: **Trump**, the **SEC**, and even **Jerome Powell** (Fed Chair) are recognizing its **legitimacy**. The crypto lobby has been flexing its muscles, and **85% of its endorsed candidates** won in the 2024 elections. Bill sees this as America finally embracing **blockchain technology**, putting the U.S. back in the driver’s seat of innovation.

## Catholic Perspective: Does Bitcoin Fit the Faith?
Bill ties Bitcoin to *Catholic social teaching*, quoting Pope Benedict XVI’s *Caritas in Veritate*: 
> “Economic dysfunction always involves human costs.”  
Here’s his argument: The **current system** (inflation, endless money printing) devalues *human labor*. Bitcoin is **honest money**: a hedge against inflation and corruption. Anyone, anywhere can use it. It’s about **freedom and dignity**, especially for the poor. Chris, however, remains unconvinced, arguing Bitcoin is too elitist and inaccessible for the average person (“Joe Six-Pack and Sally Soccer Mom”).

## Final Thoughts
Bill believes Bitcoin is the future: a global, inflation-proof solution. Chris remains skeptical, likening it to past financial bubbles. The takeaway? 🤷‍♂️ Bitcoin is either the **currency of freedom** or just another shiny object in a broken system. **What do you think?** 💭 

As always, Drew keeps the conversation **engaging and thought-provoking**, whether you’re #TeamBitcoin or not. 🚀

Bitcoin: Digital Gold or Fool's Gold? (The Drew Mariani Show) - Relevant Radio

Is Bitcoin the Future of Currency or Just a Passing Trend? Insights from The Drew Mariani Show

### **Crypto Sector Sees Major Growth**
The **cryptocurrency sector** valuation has skyrocketed by **$12.5 billion**, reaching a staggering **$3.73 trillion** on Tuesday. Notably, **Bitcoin** has achieved a new all-time high of **$108,135**, alongside significant gains for **Ethereum** and **Solana**.

![Crypto Market Capitalization, December 17](https://editorial.fxsstatic.com/miscelaneous/TOTAL_2024-12-17_22-48-53-638700699863325343.png)

### **Altcoin Market Updates**
As the **US Federal Open Market Committee (FOMC)** began its last meeting of the year, bullish traders made last-minute bets anticipating a third consecutive rate cut. The crypto sector expanded by **3.7%**, adding nearly **$130 billion** to its global market capitalization. 

- **Bitcoin (BTC)** reached a new all-time high of **$108,135**.
- **Litecoin (LTC)**, **Solana (SOL)**, and **Ripple (XRP)** also saw substantial gains.
- **Solana** surged **4%**, fueled by the popularity of the new memecoin **Fartcoin (FART)**, which surpassed a **$1 billion** market cap.
- **Privacy coins** like **Monero (XMR)** and **Litecoin** gained momentum after US authorities dismantled a North Korean crypto laundering network.

### **Market Sentiment and Trading Trends**
Traders are increasingly risk-averse in light of recent geopolitical tensions. The **Altcoin Season Index** has dipped from **75** to **65**, indicating a **13% decrease** in altcoin demand relative to Bitcoin since the market's downturn on December 9. Historically, in times of uncertainty, investors gravitate towards **Bitcoin**, favoring it over the more volatile altcoins.

![Altcoin Season Index, December 17](https://editorial.fxsstatic.com/miscelaneous/Screen%20Shot%202024-12-17%20at%2010.29.51%20PM-638700701238319433.png)

The upcoming **Fed interest rate decision** is highly anticipated, with expectations that a rate cut could rejuvenate investor interest in risk assets and drive capital back into altcoins.

### **Regulatory Developments**
- Bybit plans to **cease crypto services** in France by January 2025 due to regulatory pressures, impacting French users' ability to withdraw and custody their assets.
- **Eliza Labs** has partnered with **Stanford University** to explore the integration of **AI** in the cryptocurrency space, focusing on trust mechanisms and governance models.

Stay tuned for more updates as the market reacts to the Fed's decisions and regulatory changes.

As the US Federal Open Market Committee (FOMC) kicked off its last meeting of the year on Tuesday, bullish traders placed last minute bets in anticipation of a third consecutive rate cut decision. 

Bitcoin Surges to New Heights as Traders Anticipate Fed Rate Cut: What You Need to Know

### Nashville Police Alert Residents to Bitcoin Scam

The **Metro Nashville Police Department (MNPD)** is sounding the alarm about a **spoofing scam** that is currently circulating in Nashville. Scammers are impersonating MNPD personnel and are attempting to extract money from unsuspecting victims.

### How the Scam Works

The fraudsters pose as police officers, claiming that individuals owe money due to a **warrant**, **missed court date**, or **jury duty**. They demand immediate payment using **Bitcoin** or **gift cards**, which are common methods for scammers to receive funds without detection.

### Important Warning

MNPD has firmly stated, **“No member of the MNPD will ever call to ask you for immediate monetary payment under any circumstance.”** Residents are urged to be vigilant and **not engage** with these callers. If you receive such a call, it is crucial to report it to the authorities immediately.

“No member of the MNPD will ever call to ask you for immediate monetary payment under any circumstance.”

Bitcoin's Hashrate Soars to 692 EH/s: What This Means for the Future

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Bitcoin's Rising Hashrate

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EU's Bold Move: French MEP Proposes Strategic Bitcoin Reserve to Combat Inflation

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Stay Alert: Nashville Police Warn of New Bitcoin Scam Targeting Residents