### Bitcoin Price Analysis

**Bitcoin price consolidates between $62,000 and $64,700** key levels, suggesting a phase of uncertainty among traders. As of Wednesday, it trades at **$64,360**. If Bitcoin breaks above this range around **$64,700**, it could retest its daily resistance at **$65,379**, with a potential rally extending to **$70,079**.

![BTC/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-09-25_08-32-43-638628350747910694.png)

*BTC/USDT daily chart*

Conversely, if it breaks below **$62,000**, a decline to **$57,610** could occur.

### Ethereum Price Outlook

**Ethereum price eyes an upswing** after surpassing its resistance barrier. It broke above a descending trendline on **September 19**, leading to a **3.9%** rise, trading now around **$2,643**. If the support around **$2,461** holds, Ethereum could rise another **6.6%** to retest its **$2,820** high.

![ETH/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/ETHUSDT_2024-09-25_08-43-50-638628351363345682.png)

*ETH/USDT daily chart*

If Ethereum closes below **$2,461**, it may decline to **$2,152**.

### Ripple Price Insights

**Ripple price consolidates** between **$0.560 and $0.613** for over **11 days**, currently trading at **$0.592**. A breakout above **$0.613** could lead to a rise to **$0.626** and potentially **$0.658**.

![XRP/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/XRPUSDT_2024-09-25_09-11-53-638628352081083949.png)

*XRP/USDT daily chart*

However, if Ripple breaks below **$0.560**, it could retest **$0.502**.


 Bitcoin (BTC) and Ripple (XRP) are consolidating between their key levels, reflecting a period of indecision among traders. 

Bitcoin's Path to $70,000: Key Price Predictions for BTC, ETH, and XRP Revealed

## The Government's Insatiable Hunger for Your Money

The **government wants your money**—it will do anything to get it. From wasteful spending and cronyism to military expenses and secret agencies, taxpayers are footing the bill for a system that benefits the corporate elite while leaving many struggling to make ends meet.

### The Digital Dollar: A New Tool for Control

Enter the **digital dollar**. Whether it's the **central bank digital currency** backed by President Biden or the cryptocurrency promoted by former President Trump, both are designed to facilitate government control over finances. This digital currency will enable the government to **track, control, and punish** citizens more effectively.

### Surveillance and the War on Cash

The push for a digital currency is part of a broader **war on cash**, framed as a fight against crime and evasion. Economists like **Steve Forbes** argue that this is a **power grab** by the government, reducing privacy and allowing for greater surveillance of individual transactions.

### The Risks of a Cashless Society

Transitioning to a **cashless society** means that every transaction can be monitored and controlled, making it easier for the government to crack down on activities it disapproves of. The potential for **hacking**, **manipulation**, and even **confiscation** of funds poses serious risks to individual freedoms.

### The Reality of Digital Authoritarianism

With the rise of digital currency comes the potential for **digital authoritarianism**, where government control over finances translates to control over personal freedoms. Citizens face vulnerabilities not only from hackers but also from government agents who may misuse their access to digital wallets.

### The Need for Protection

To combat these threats, we need **stricter laws on data privacy** and a proposed **Electronic Bill of Rights** to safeguard citizens against invasive surveillance practices. This is essential to ensure that our rights and freedoms are not compromised in the name of convenience and security.

Is the Government's Digital Currency a Recipe for Control and Surveillance?

### Sean ‘Diddy’ Combs in Custody

Music mogul **Sean ‘Diddy’ Combs** is currently detained at the **Metropolitan Detention Center (M.D.C.)** in Brooklyn, sharing a communal-style room with **Sam Bankman-Fried**, the notorious cryptocurrency entrepreneur convicted of fraud.

![Sean Diddy Combs in detention](https://www.hindustantimes.com/ht-img/img/2024/09/25/550x309/11_1727232534665_1727232539107.png)
*Music mogul Sean 'Diddy' Combs is detained at M.D.C. in Brooklyn, facing serious charges including racketeering and sexual assault. (Reuters)*

Combs has been arrested for nearly a week following a federal indictment that charges him with **racketeering conspiracy**, **sexual assault**, and **sex trafficking**. The indictment alleges a **decades-long pattern of physical and sexual violence**.

### Legal Proceedings

Despite pleading **not guilty** to all charges, Combs's legal team proposed a **$50 million bail** with a security team for supervision. However, a US judge rejected this request due to fears that Combs might attempt to **tamper with witnesses**, leading to his placement in a special housing unit for high-profile inmates.

### Who is Sam Bankman-Fried?

**Sam Bankman-Fried**, founder of the **FTX cryptocurrency exchange**, has been at M.D.C. since his bail was revoked last year. His attorneys have criticized the jail conditions, claiming they hinder his ability to prepare a defense. He has been reported to live on **water, bread, and peanut butter** while awaiting appeal on a **25-year sentence** for his involvement in a large-scale fraud scheme.

### Concerns Over Jail Conditions

Combs's defense team has also raised concerns about the **“horrific” conditions** at M.D.C. However, his attorney, **Marc Agnifilo**, expressed gratitude towards the staff for their efforts in assisting with Combs's defense preparation, stating, “He’s strong, focused, and our meetings are very productive.” 

Currently, Combs's lawyers do not intend to request a transfer to another facility.

Arrested for racketeering and sexual assault, Sean 'Diddy' Combs pleads not guilty, while a bail proposal is rejected due to witness tampering concerns.

Sean ‘Diddy’ Combs: The Surprising Connection to a Cryptocurrency Mogul in Jail

### Hut 8 Partners with Bitmain for a Game-Changing ASIC Miner

Block reward miner **Hut 8** (NASDAQ: HUT) has joined forces with **Bitmain** to introduce a groundbreaking **BTC ASIC miner**. This partnership has evolved over the years, focusing on enhancing commercial and technical aspects to gain a competitive edge in a challenging market.

The **U3S21EXPH miner** is the first commercial ASIC miner from Bitmain to incorporate **direct liquid-to-chip (DLC) cooling**. This innovative cooling technique, frequently utilized in high-performance computing, circulates a liquid coolant through channels that directly contact hot components, significantly improving energy efficiency and enabling higher rack densities.

Hut 8's latest miner will predominantly use components commonly found in data centers, including advanced racks and cooling systems, which paves the way for better supply chain synchronization across **BTC mining** and **HPC data centers**.

Scheduled for deployment in **Q2 2025**, the U3S21EXPH aims for an initial hosting capacity of **15 exahash per second (EH/s)**, allowing Hut 8 to host the miners for Bitmain with an option to purchase them at a fixed price. This strategy helps Hut 8 mitigate capital expenses while testing the ASICs before final acquisition, as explained by CEO **Asher Genoot**.

Genoot highlighted the dual benefits of this structure: it safeguards against losses with a fixed-price hosting revenue stream while offering significant option value through a purchase option. This model is seen as a strategic approach to leverage the lucrative economics of next-generation machines while minimizing upfront investments, especially as Hut 8 continues to explore growth in **AI infrastructure**.

In a year marked by challenges in the BTC mining sector, the halving event has left miners grappling with reduced block rewards, now at **3.125 BTC**. The surge in energy prices has added to the financial strain, making it increasingly difficult for miners to achieve profitability. In contrast, **BSV transaction processors** benefit from both block rewards and transaction fees, presenting a more sustainable business model.

In the second quarter of 2024, Hut 8 reported a staggering **$72 million** net loss, a **3,600%** increase from the previous year. Competitors like **CleanSpark** and **Bitfarms** have also reported significant losses, underscoring the industry's struggles.

![Hut 8 Miner](https://108.181.9.39/810M78NJ9o?__cpo=aHR0cHM6Ly90LmNv)

### Watch: GorillaPool provides end to end solution for ASIC mining

<iframe src="https://108.181.9.39/embed/8KOMZOqlNSo?si=ycNGjfet-gkm68bg&amp;controls=0&amp;__cpo=aHR0cHM6Ly93d3cueW91dHViZS5jb20" frameborder="0" allowfullscreen="" title="YouTube video player"></iframe>

The U3S21EXPH miner will be the first to feature direct liquid-to-chip (DLC) cooling; Hut 8 is one of many BTC miners struggling for profits since the halving.

Hut 8 and Bitmain Unveil Revolutionary BTC Miner with Liquid Cooling Technology

## Missouri Executes a Man for a 1998 Killing

In a controversial decision, **Missouri executed a man** convicted of murdering a woman in 1998, despite **pleas from the victim's family** to spare his life. The execution took place on September 24, 2024, in Bonne Terre, Missouri.

The family of the victim, who had long advocated against the death penalty, expressed their desire for clemency for the condemned man, citing **moral and ethical concerns** about capital punishment. However, the state proceeded with the execution, highlighting the **ongoing debate** about the death penalty in America.

This case raises **critical questions** regarding justice, the effectiveness of the death penalty, and the impact of such decisions on the families involved. As the nation continues to grapple with these issues, this execution serves as a stark reminder of the complexities surrounding **capital punishment**.

Missouri executes a man for the 1998 killing of a woman despite her family’s calls to spare his life

Missouri Executes Man Despite Family's Pleas: A Controversial Case from 1998

California, particularly **Silicon Valley**, is at the forefront of the **Cryptocurrency Revolution**, where **technological innovation** meets endless investment. Established firms and innovative startups are rapidly integrating **digital currencies** into daily transactions and various industries. As **venture capital** pours into the crypto space and **blockchain technology** advances, California is becoming a vibrant ecosystem for **decentralized finance**, **digital asset management**, and **NFTs**.

## Silicon Valley’s Role in the Crypto Ecosystem
Silicon Valley is a hotspot for **cryptocurrency innovation**. From startups to major tech players, the push for adoption and shaping the future of **decentralized finance** is progressing. With a tech-savvy population and close ties to venture capital, this region nurtures a flourishing environment for **blockchain companies**. Noteworthy companies like **Ripple** and **Coinbase** are headquartered here, solidifying Silicon Valley’s leadership in the sector.

In **Q2 2024**, global investments in the cryptocurrency sector hit **$2.7 billion**, with a significant portion centered in Silicon Valley. Startups are innovating in areas such as **decentralized applications** and **crypto payment solutions**.

## Cryptocurrency in Everyday Transactions
In California, **cryptocurrency** is finding a swift path into everyday life, with various industries adopting digital currency for payments. From groceries to luxury items, **crypto payments** are becoming increasingly prevalent, with Bitcoin ATMs popping up and retailers accepting Bitcoin and Ethereum.

A notable trend is the rise of **top no account casinos** that allow anonymous gambling with cryptocurrencies, appealing to users seeking speed and privacy in transactions.

## Startups Leading the Crypto Revolution
Emerging startups are also pivotal in establishing California as a cryptocurrency hub. Companies like **Kyro Digital** and **Mythos Studios** in Los Angeles are developing **Web3 applications** in **digital asset management** and **NFTs**. Kyro Digital enhances accessibility for crypto marketplaces, while Mythos Studios merges entertainment with blockchain, creating new monetization routes for creators.

**Block**, formerly known as Square, is another key player operating from LA, integrating crypto services through its **Cash App** to make cryptocurrency more mainstream.

## California’s Growing Crypto Infrastructure
California is rapidly developing its **cryptocurrency infrastructure**, with over **1,000 Bitcoin ATMs** across the state. Financial institutions are increasingly specializing in **blockchain technology** to offer crypto-related services. Various blockchain and cryptocurrency conferences, such as the **LA Blockchain Summit**, provide networking and educational opportunities, further solidifying California’s status as a **crypto-friendly state**.

## Looking Ahead to the Future of Cryptocurrency in California
The swift adoption of cryptocurrency in California shows no signs of slowing down. With advances in **blockchain technology**, **decentralized finance**, and **NFTs**, California’s tech centers are set to continue leading this evolution. **Venture capital-backed startups** and a growing user base will drive innovation and increase cryptocurrency applications in sectors like **healthcare**, **real estate**, and **entertainment**.

However, challenges such as **regulatory uncertainty**, **scalability issues**, and **security concerns** must be addressed for sustained growth. Yet, California’s pioneering spirit and robust tech ecosystem position it to remain at the forefront of **cryptocurrency adoption**, influencing trends that may shape the global **digital economy**.

California, especially Silicon Valley is the epicenter of what could be termed as the Cryptocurrency Revolution, where technological innovation meets boundless investment. Established firms and innovative startups are driving the rapid integration of digital currencies...

Unveiling California's Cryptocurrency Revolution: The Tech Giants and Startups Leading the Charge

### Bitcoin: The Emerging Global Monetary Alternative

In a recent interview, **Robbie Mitchnick**, BlackRock Inc.’s head of digital assets, challenged the common perception of Bitcoin as a **risk-on asset**. While it has shown a high correlation with **US equities**, he argues that this characterization is misleading.

### Risk-On vs. Risk-Off Assets

Traditionally, **stocks**, **commodities**, and **high yield bonds** are classified as **risk-on assets**, performing well during market optimism. Conversely, **gold** is often favored during uncertain times. Mitchnick compares Bitcoin to gold, noting that while they may have temporary correlations, their long-term correlation tends to hover around **zero**.

### Bitcoin's Unique Characteristics

Mitchnick emphasizes that Bitcoin is:
- **Scarce**
- **Global**
- **Decentralized**
- A **non-sovereign asset** with no country-specific or counterparty risk.

This positions Bitcoin as a compelling alternative in the global monetary landscape, especially during economic uncertainty.

### Institutional Perspectives on Bitcoin and Ether

While many investors view Bitcoin as **digital gold**, the narrative for **Ether** is less clear among institutional clients. Ether serves various applications on the **Ethereum blockchain**, which adds complexity to its valuation.

### Performance Metrics

As of now, Bitcoin has surged **49%** this year, with Ether appreciating **15%**, largely fueled by the approval of **ETFs** that hold both cryptocurrencies. This highlights the growing institutional interest in digital assets.

![Bitcoin and Ether Performance](link-to-image)

*(Note: Image link should be replaced with an actual link to a relevant image.)*

(Bloomberg) -- Even though Bitcoin has been highly correlated as of late with the price moves of US equities, BlackRock Inc.’s head of digital assets says its a likely misnomer to call the cryptocurrency a “risk-on” asset. Most Read from BloombergEric Adams' Vanishing Promise to Fix NYC's 'Unfair' Property TaxesWaiting for the Miracle of Church-to-Housing DevelopmentUnlocking the Hidden Power of Zoning, for Good or BadNY’s MTA Warns Against Borrowing More Than $13 BillionExclusive Palo Alto Girl

Is Bitcoin the New Safe Haven Asset? Insights from BlackRock's Robbie Mitchnick

![Bitcoin: A Global Liquidity Barometer](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-feature.jpg)

*This research piece on the correlation between measures of liquidity and the price of Bitcoin was compiled and written by Sam Callahan, and commissioned and advised by Lyn Alden.*  
*Published: September 2024*  

## Executive Summary  
- **Bitcoin moves in the direction of global liquidity** 83% of the time in any given 12-month period, which is higher than any other major asset class, making it a strong barometer of liquidity conditions.  
- **Bitcoin’s correlation with global liquidity** is high but not immune to short-term deviations caused by idiosyncratic events or internal market dynamics, especially during periods of extreme valuation.  
- Combining global liquidity conditions with **Bitcoin on-chain valuation metrics** provides a more nuanced understanding of Bitcoin cycles, helping investors identify moments when internal market dynamics may temporarily decouple Bitcoin from liquidity trends.

![Directional Correlation with Liquidity](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-directional-correlation-chart.png)  

## Introduction  
Understanding how asset prices move in response to changes in **global liquidity** has become crucial for investors aiming to enhance returns and manage risk effectively. In today’s market, asset prices are increasingly shaped by central bank policies that directly affect liquidity conditions. Fundamentals alone are no longer the primary drivers of asset prices, especially since the **Global Financial Crisis (GFC)**.  

As central banks flood the system with fiat currency, **monetary inflation** fuels asset price inflation, including Bitcoin.  

## How to Measure Global Liquidity  
For this analysis, we’ll use **global M2**—a broad measure of money supply that includes physical currency, checking accounts, savings deposits, and money market securities. This measure is crucial for understanding liquidity conditions globally.  

## Why Bitcoin Could Be the Purest Liquidity Barometer  
Bitcoin exhibits a strong correlation with global liquidity; as liquidity expands, Bitcoin thrives, and vice versa. This dynamic has led to Bitcoin being referred to as a **“liquidity barometer.”**  

![BTC vs M2](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-btc-vs-m2.png)  

Generally speaking, risk assets are more correlated with liquidity conditions. However, Bitcoin’s lack of earnings or dividends means that it may have the **purest correlation** to global liquidity compared to other assets.  

## Quantifying the Correlation Between Bitcoin and Global Liquidity  
Analyzing data from May 2013 to July 2024 reveals Bitcoin’s strong sensitivity to liquidity, with a correlation of **0.94**. However, this correlation can weaken over shorter time frames.  

![BTC vs M2 Rolling Correlation](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-rolling-correlation.png)  

## Bitcoin’s Directional Alignment with Liquidity Sets it Apart  
Bitcoin has the highest correlation with the direction of global liquidity, moving in the same direction **83% of the time** over 12-month periods.  

![Directional Correlation Table](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-directional-correlation-table.png)  

## Identifying Breakdowns in Bitcoin’s Long-term Liquidity Relationship  
Despite Bitcoin’s overall strong correlation with global liquidity, it can diverge from liquidity trends during significant industry events or periods of extreme valuation, influenced by **idiosyncratic events**.  

![BTC Correlation Breakdowns](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-correlation-breakdowns.png)  

## How Supply-Side Dynamics Impact Bitcoin’s Liquidity Correlation  
Understanding supply-side dynamics, such as profit-taking behavior from long-term holders during price peaks, helps in predicting when Bitcoin might diverge from its long-term correlation with global liquidity.  

![HODL Wave](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-hodl-wave-refresh.png)  

## Conclusion  
Bitcoin’s strong correlation with global liquidity positions it as a valuable macroeconomic barometer for investors and traders. Monitoring liquidity trends alongside on-chain metrics like the **MVRV Z-score** can provide insights into Bitcoin’s price movements and market cycles.  

![Bitcoin MVRV](https://www.lynalden.com/wp-content/uploads/bitcoin-liquidity-mvrv.png)

This research piece on the correlation between measures of liquidity and the price of Bitcoin was compiled and written by Sam Callahan, and commissioned and advised by Lyn Alden. Published: September 2024 Executive Summary Bitcoin moves in the direction of global liquidity 83% of the time in any given 12-month period, which is higher than […]

Bitcoin's Path to $70,000: Key Price Predictions for BTC, ETH, and XRP Revealed

Summary:

Bitcoin Price Analysis

Ethereum Price Outlook

Ripple Price Insights

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Is the Government's Digital Currency a Recipe for Control and Surveillance?

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Hut 8 and Bitmain Unveil Revolutionary BTC Miner with Liquid Cooling Technology

Missouri Executes Man Despite Family's Pleas: A Controversial Case from 1998

Unveiling California's Cryptocurrency Revolution: The Tech Giants and Startups Leading the Charge

Is Bitcoin the New Safe Haven Asset? Insights from BlackRock's Robbie Mitchnick

Unlocking Bitcoin's Secrets: How Global Liquidity Drives Its Price

Other Latest News

Is the Government's Digital Currency a Recipe for Control and Surveillance?

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Missouri Executes Man Despite Family's Pleas: A Controversial Case from 1998

Unveiling California's Cryptocurrency Revolution: The Tech Giants and Startups Leading the Charge

Is Bitcoin the New Safe Haven Asset? Insights from BlackRock's Robbie Mitchnick

Unlocking Bitcoin's Secrets: How Global Liquidity Drives Its Price