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Crypto surge is underway as Bitcoin Dogs burns 100m tokens

Cryptocurrency prices staged a strong comeback on Thursday, helped by the recent Federal Reserve interest rate cuts and the flood of money from China. 

Bitcoin (BTC) surged to over $65,000 for the first time since July 1st. It has jumped by more than 20% from its lowest level this month, meaning that it has moved into a bull market.

Other popular cryptocurrencies also bounced back, with Shiba Inu, Ethena (ENA), Wormhole, and Pepe leading the way. This price action could trigger a Bitcoin Dogs (ODOG) comeback.

Cryptocurrencies rebound

A risk on sentiment has spread in the financial market. American stock indices like the Dow Jones, S&P 500, and Nasdaq 100 jumped to their record highs while the US dollar index (DXY) continued its downward trend.

This performance is happening as the market continued to reflect on last week’s Federal Reserve decision. In it, the bank decided to cut interest rates by 0.50% and hinted that more of these cuts were coming. Bitcoin and other risky assets do well when the Fed is dovish.

Technically, Bitcoin now sits above the 200-day and 50-day moving averages, pointing to more upside. Besides, the coin has avoided forming the highly dangerous death cross chart pattern.

Cryptocurrencies also surged after China pointed to more stimulus in a bid to hit the 5% growth target. The government will provide over $140 billion in stimulus. As a result, Chinese stocks have surged hard in the past few days, triggering a bull run globally.

There have been some more crypto-related news. For example, MicroStrategy has continued accumulating Bitcoin in the past few months and now holds over 233k coins. Also, Gary Gensler, the head of the Securities and Exchange Commission (SEC) said that Bitcoin was not a security. 

The other notable news was that Avalanche, a leading layer-1 network, launched a giant $40 million grant program to grow its ecosystem. 

Bitcoin Dogs could rebound

Bitcoin Dogs, the highly popular cryptocurrency that raised over $15 million in its token sale, has not done well. 

It dropped to the important support level at $0.01, much lower than the all-time high of $0.1224. 

This makes it one of the cheapest meme coins to invest in. Besides, most coins that dropped sharply have staged a strong comeback in the past few days. Some of these meme coins are MOTHER Iggy, which is linked to Iggy Azalia and Daddy Tate. 

Bitcoin Dogs has several catalysts ahead. For example, the developers have announced that they are working on a play-to-earn game, where players will be rewarded in the ODOG token. This launch will make the coin transition from being a mere meme coin into a token with utility.

Additionally, the developers have burned 100 million tokens, a move that is expected to make it rare. 

The post Crypto surge is underway as Bitcoin Dogs burns 100m tokens appeared first on CoinJournal.

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Mark Cuban voices interest in becoming the next SEC chair

  • Mark Cuban claims that Gensler is “awful” for crypto and all businesses
  • Cuban highlighted Harris’s promise to advance technologies such as AI and blockchain
  • Lawyer John Deaton said Cuban would be a “breath of fresh air” unlike the “lawlessness of Gary Gensler” as head of the SEC

Billionaire entrepreneur Mark Cuban has said he’d be interested in becoming the chair of the US Securities and Exchange Commission (SEC) if Kamala Harris becomes the next President of the White House.

Speaking on Fox News in an interview with Neil Caputo, the Dallas Mavericks owner was asked whether he’d be interested in positions such as the Treasury Secretary or the Commerce Secretary under a Harris administration.

The crypto friendly billionaire responded by saying:

“Head of the SEC. That’s the job I would take.”

He added that he’d be open to working as the head of the Department of Health and Human Services (HHS), “but somebody needs to replace Gary Gensler” who is the SEC’s chair.

Cuban continued by highlighting Harris’s promise to advance technologies such as artificial intelligence and blockchain. Earlier this week, Harris delivered – what are believed to be her first – crypto-positive remarks at a New York fundraiser.

During her speech, she said under her administration, she would “encourage innovative technologies like AI and digital assets.”

However, when pushed further by Caputo about potentially replacing Gensler, Cuban said “bottom line, he’s awful, particularly for crypto and for businesses in general.”

A blight on technology

Cuban hasn’t been one to shy away from criticizing Gensler and the SEC’s policies and regulatory approach to crypto companies.

Recently, the entrepreneur took to X, commenting on Rep. Richie Torres’s post, where the head of the SEC claimed that NFTs were securities.

In an earlier message on the social media site, Cuban argued that Gensler was “a blight on the technology community.”

For many, Gensler has taken a hard-line approach to crypto companies, often labeling them as securities and taking legal action against those that supposedly violate securities laws. It it this lack of clarity that is putting a damper on the industry’s growth in the US.

Some think that if Cuban were to replace Gensler, he’d be a “breath of fresh air” unlike the “lawlessness of Gary Gensler,” as stated by John Deaton, a lawyer and entrepreneur. To help advance the space with more regulatory clarity, many in the space will be waiting to see who will next be the head of the SEC.

The post Mark Cuban voices interest in becoming the next SEC chair appeared first on CoinJournal.

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Hut 8 eyes AI push with launch of GPU-as-a-service program

  • Hut 8 has laaunched its GPU-as-a-service business to tap into the AI growth potential.
  • The Bitcoin miner said it partnered with Hewlett Packard Enterprise and AdvizeX to launch the 1,000 Nvidia H100 GPUs cluster.
  • Hut 8 eyes revenue diversification and long term growth with this AI bet.

Hut 8, an energy infrastructure provider and top Bitcoin miner, has announced that its GPU-as-a-service vertical is live.

The GPU cluster, according to a Hut 8 announcement on Sept. 26, consists of several HPE supercomputers, all powered by 1,000 Nvidia H100 GPUs. The launch follows a partnership between Hewlett Packard Enterprise and information technology firm AdvizeX.

Hut 8 eyeing AI push

Per the press release, Hut 8 subsidiary Highrise AI will host the GPU-as-a-service business, with a 5-year deal in place for revenue sharing and infrastructure payments.

The arrangement sees Hut 8 diversify its operations further, and now includes a compute layer that spans artificial intelligence, Bitcoin mining and cloud services.

“Consistent with our commitment to disciplined capital allocation, we believe a thoughtfully structured AI compute business will be accretive both financially and strategically and drive topline growth, revenue diversification, and long-term value creation, “Hut 8 chief executive officer Asher Genoot said.

A new next-gen mining chip

Hut 8’s launch of the new business vertical comes a few days after the miner announced the launch of U3S21EXPH, a new ASIC miner with direct liquid-to-chip (DLC) cooling.

The miner partnered with leading crypto mining chip maker BITMAIN to develop this new ASIC mining chip. Hut 8 plans to deploy the new model in the second quarter of 2025 via an approximately 15 exahashes per second hosting deployment.

Initial deployment of the 15 EH/s will push Hut 8’s hashrate by about 81%, while the miner expects a possible 20 EH/s of self-mining.

The post Hut 8 eyes AI push with launch of GPU-as-a-service program appeared first on CoinJournal.