The past weekend was a rollercoaster ride in the world of cryptocurrencies. Bitcoin celebrated its 17th anniversary with a bounce back to $109,000, while Riot Platforms Inc. CEO Jason Les revealed a new strategic direction for the company’s Bitcoin mining operations.
Meanwhile, a trader took a bold step by shorting $1 million in Ethereum, and Coinbase Global Inc. CEO Brian Armstrong shared his vision for the future of crypto payments. Lastly, Senator Elizabeth Warren expressed concern about President Donald Trump’s decision to introduce cryptocurrencies into 401(k) plans.
Bitcoin’s 17th Anniversary: A Trick Or A Treat?
On the 17th anniversary of the Bitcoin White Paper, Bitcoin bounced back to $109,000. The cryptocurrency, launched 17 years ago by Satoshi Nakamoto, has grown from a market cap of just $207,000 in 2010 to nearly $2 trillion today. Despite reaching a record $126,000, BTC has since cooled, consolidating as sentiment turns cautious.
Riot Platforms’ New Mining Strategy
Jason Les, CEO of Riot Platforms Inc., has labeled its Bitcoin mining business as a "means to an end," supporting its larger goal of data center development. The company intends to continue exploiting the opportunity Bitcoin mining offers to secure power and generate "strong cash flow."
See Also: Bitcoin Plunges Below $107,000 As Ethereum, XRP, Dogecoin Lose 6%
Trader Shorts $1 Million In Ethereum
Ethereum has dropped about 10% over the past month, sparking doubts about the sustainability of its rally. Crypto trader Taiki Maeda revealed he has opened a $1 million short position on Ethereum at $4,154, arguing that the long-anticipated Q4 altcoin rally “may never come,” adding he sees crypto already in a bear market.
Coinbase CEO’s Vision For Crypto Payments
Brian Armstrong, CEO of Coinbase Global Inc., expects payments to become the next significant use case for the cryptocurrency industry. He emphasized the high growth potential, citing the $40 trillion annual volume of cross-border payments, of which 75% is business-to-business, something he sees as an "early use case" for stablecoins.
Warren’s Concerns Over Crypto In 401(K) Plans
Senator Elizabeth Warren (D-Mass.) expressed her concerns over President Donald Trump's decision to allow cryptocurrencies in 401(k) plans. She alleged that these “shadowy markets lack strong guardrails to keep your money safe,” and warned against letting Wall Street gamble with Americans’ hard-earned savings.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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