Bitcoin has become a $2 trillion asset in the 17 years since Satoshi Nakamoto published the white paper, but it faces its first red October since 2018. Update Oct. 31, 6:31 p.m. UTC: This article has been updated to include comments from Narek Gevorgyan, the founder and CEO of CoinStats. Bitcoin’s foundational document turned 17, marking the journey of the world’s first decentralized digital currency from a niche financial experiment to a $2 trillion global asset held by governments and institutions. Bitcoin creator Satoshi Nakamoto first shared the Bitcoin white paper 17 years ago today, on Oct. 31, 2008, in response to the global financial crisis. Read more
Canaan will supply 4.5 megawatts of water-cooled Bitcoin mining ASICs to a Japanese engineering firm for real-time grid balancing and energy optimization. Mining hardware producer Canaan won a contract to supply 4.5 megawatts (MW) of Bitcoin mining application-specific integrated circuits (ASICs) for a project designed to help stabilize Japan’s electric grid. According to a Thursday announcement, the company will supply an electrical engineering solutions provider Bitcoin mining ASICs with a capacity of 4.5 MW. The project will deploy Canaan’s new Avalon A1566HA-488T water-cooled mining ASICs for “real-time grid balancing and energy-efficiency optimization,” Canaan said. The mining operation will run continuously and utilize controlled overclocking and underclocking, adjusting power consumption to stabilize the regional grid load. Canaan’s proprietary control systems will dynamically adjust frequency, voltage and hashrate to match power supply and demand. Read more
Zcash defied the crypto market downturn with a 45% rally this week, making it the most valuable privacy-focused cryptocurrency, following Hayes’ call for a $10,000 price target. Some of the leading privacy coins are defying the gravity of the digital asset market, signaling growing investor demand for privacy-focused cryptocurrencies. Zcash (ZEC) surged to an over eight-year high of $388 on Friday after rising 7.6% in the last 24 hours, according to data aggregator CoinMarketCap. With a $6.2 billion market capitalization at the time of writing, ZEC flipped Monero (XMR) to become the most valuable privacy-focused cryptocurrency. ZEC’s 45% weekly rise bucked the broader crypto market downturn, which continued its consolidation after a much-awaited tariff deal between the US and China failed to materialize on Thursday. Read more
Zcash’s rally faces a test as a rising wedge pattern signals a possible 30% pullback toward the $260–$270 support zone in November. Key Takeaways: ZEC’s 500% October rally is fueled by celebrity endorsements and short liquidations. A rising wedge pattern now warns of a potential 30% correction toward the $260–$270 support zone in November. Read more