Bitcoin Continues to Grow and Surpasses Its All-Time Highs – Market Info

Over the past two weeks, there has been a significant increase in market capitalization, with a growth of approximately 27%. The positive sentiment in the cryptocurrency market, driven by the results of the U.S. presidential elections, continues to persist. Bitcoin is currently trading around $97,500 (approximately €92,600), with its dominance in total market capitalization reaching 61%.

Source: coinmarketcap

Bitcoin Continues to Grow and Surpasses Its All-Time Highs

Bitcoin achieved a historic milestone on Wednesday, surpassing its record value of $94,800. This significant growth has continued since Donald Trump’s victory in the presidential elections two weeks ago, which triggered Bitcoin’s rise past its previous peak of $74,000. The surge has not only increased Bitcoin’s price by approximately 35% since election night but has also propelled its market capitalization to around $1.80 trillion, making it the 8th most valuable asset globally.

Source: thecryptobasic

With this achievement, Bitcoin has overtaken silver and major companies such as Meta Platforms and Tesla. This milestone highlights Bitcoin’s growing significance as an investment asset. It now ranks among traditional giants, trailing only gold, with a market cap of $17.6 trillion, and tech leaders like Nvidia, Apple, Microsoft, and Alphabet (Google).

Optimism surrounding Donald Trump’s pro-crypto stance and potential regulatory changes has greatly supported this growth. Reports that Trump Media & Technology Group is considering acquiring the crypto trading platform Bakkt, alongside strong activity in BlackRock’s iShares Bitcoin Trust ETF, have further bolstered confidence in cryptocurrency’s future. Source

Neel Kashkari Softens Stance on Bitcoin Following Trump’s Victory

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, surprised the crypto world by softening his criticism of Bitcoin. Kashkari, who previously labeled cryptocurrencies as “worthless,” “fraudulent,” and akin to a “giant trash dumpster,” has now expressed openness to reevaluating their potential.

“I’ll keep an open mind,” Kashkari told CoinDesk, signaling a significant shift in his perspective. However, he remains skeptical, asking, “Beyond being a speculative asset, what does Bitcoin actually do in the real economy?”

This change comes in the wake of Donald Trump’s victory, which brought a team of crypto-friendly advisors into his administration. Kashkari’s softened stance may indicate a broader shift in regulatory attitudes as Bitcoin and other cryptocurrencies gain increasing public attention. Source

Russia Proposes 15% Tax on Crypto Trading and Mining Revenues

The Russian government has approved a proposed amendment to tax laws on income from cryptocurrency trading and mining, according to the Interfax news agency. The new legislation, which classifies cryptocurrencies as property for tax purposes, introduces key measures to regulate and tax this growing sector.

Under the proposal, mining revenues will be taxed based on their market value at the time of receipt. Miners will also be able to deduct operational expenses from their taxable income. Cryptocurrency transactions will be exempt from VAT, while trading revenues will be taxed similarly to securities income, with a maximum personal income tax rate of 15%.

To ensure compliance, mining companies will be required to provide information on individuals utilizing their infrastructure. According to the Russian Ministry of Finance, taxing financial revenues from mining aims to balance the interests of businesses and the government.

Russia has been working on cryptocurrency taxation since 2020, with the first draft law introduced in 2021. Recently, the Federal Tax Service proposed taxing miners’ unrealized profits, while the government set energy consumption limits for unregistered individuals mining Bitcoin, capping monthly usage at 6,000 kilowatt-hours. Source

Screven County, Georgia, Secures Election Results Using Bitcoin Blockchain Technology

Screven County, Georgia, has made history as the first U.S. county to use the Bitcoin blockchain to secure election results. This initiative, launched on November 5, 2024, was carried out in collaboration with Simple Proof, a company specializing in securing digital records through blockchain.

Source: Forbes

The goal was to enhance voter trust and ensure election integrity. “We wanted voters to feel confident that their votes were accurately counted,” said Stacy Scott Mincey, Screven County’s election supervisor. Her team utilized Simple Proof’s cryptographic timestamping system to secure key documents, such as election summaries and voting records.

The first timestamped record was added to Bitcoin block 869,047 at 7:54 PM EST. The process was relatively simple, involving only the email submission of documents to Simple Proof, which then ensured their integration into the blockchain.

Carlos Toriello, an election leader at Simple Proof, believes the system has vast potential. “We’ve shown that this method is fast and affordable, making it suitable for all counties in Georgia and nationwide,” he explained.

While blockchain doesn’t directly verify vote validity, it guarantees the security and accuracy of records, providing an additional layer of transparency. Mincey envisions a future where this technology becomes a standard, offering modern solutions to challenges in U.S. election security. Source

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