Bitcoin 2 - The Latremie Post

Bitfarms to exit Bitcoin mining and go all-in on AI by 2027

Bitfarms to Transition Bitcoin Mining Operations to AI-Focused High-Performance Computing Data Centers

Bitfarms has announced plans to shut down its Bitcoin mining operations over the next two years and gradually convert its facilities into AI-focused high-performance computing data centers. The company will begin this strategic transition with its site in Washington, repurposing the facility to support a new generation of compute-intensive workloads, according to a statement released on November 13.

The Washington facility, an 18-megawatt Bitcoin mining site, is expected to complete its transformation by December 2026. It will feature state-of-the-art infrastructure powered by Nvidia’s flagship GPUs. This setup will be capable of handling workloads of up to 190 kilowatts per rack, enhanced by advanced liquid cooling systems to ensure optimal performance.

As part of the conversion plan, a partner will supply all critical IT hardware and building materials needed to complete the transition. Bitfarms CEO Ben Gagnon emphasized the potential benefits of this pivot: “We believe there are compelling reasons to consider pursuing a GPU-as-a-Service or Cloud monetization strategy, specifically at Washington. Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining.”

Gagnon further expects that the Washington site’s conversion will establish “a strong cashflow foundation” for the company. This foundation will support the wind-down of Bitfarms’ Bitcoin mining business by 2026 and 2027.

### Industry Shift: Bitcoin Miners Pivoting to AI

The Bitcoin mining industry has become increasingly competitive, with shrinking profit margins and expensive upkeep costs. Crypto miners, however, already benefit from having readily available infrastructure and power contracts, giving them an edge over traditional data center operators.

As a result, many Bitcoin mining companies are dismantling their rigs and shifting their focus to AI and high-performance computing workloads, especially after the 2024 Bitcoin halving event, which reduced block rewards and tightened mining economics.

Bitfarms’ mining revenue had already shown signs of strain in the first half of 2025, marked by compressed gross margins and rising production costs. With the AI sector promising stronger recurring revenue streams and increased enterprise demand, Bitfarms is positioning itself to capitalize on this growing opportunity—following the lead of many publicly traded competitors.

### Shareholder Support and Financial Performance

Shareholders have supported Bitfarms’ strategic pivot, which is reflected in the company’s strong share performance throughout much of 2025. By doubling down on its transition into compute infrastructure, Bitfarms has successfully leveraged the booming AI wave.

The move is also motivated by recent financial challenges. In its latest quarter, Bitfarms posted a net loss of $46 million, or 8 cents per share, which fell short of analyst expectations forecasting a 2-cent loss per share. This occurred despite a 156% year-over-year increase in revenue, which reached $69 million.

—

Bitfarms’ shift from Bitcoin mining to AI-powered computing infrastructure underscores the evolving landscape of the crypto and tech industries. With the Washington facility serving as the first step in this transition, the company aims to build a sustainable and profitable future in the rapidly expanding AI market.
https://crypto.news/bitfarms-to-exit-bitcoin-mining-and-go-all-in-on-ai-by-2027/

$300M in crypto longs liquidated in the past hour as Bitcoin falls to $97K

**Crypto Market Sees $300 Million Liquidated Amid Sudden Selloff**

Crypto markets experienced a sharp wave of liquidations today, with approximately $300 million in leveraged long positions wiped out in the last 60 minutes. This sudden selloff was triggered as Bitcoin’s price quickly pulled back from near $99,000 to $97,000, sparking widespread selling pressure across digital assets.

**Key Developments:**

– **Long Position Liquidations:** Leveraged long positions—bets on rising prices—became highly vulnerable during the rapid downturn. Forced closures occurred across major exchanges as traders’ accounts hit liquidation thresholds.
– **Market-Wide Impact:** The selloff was not limited to Bitcoin. Digital asset traders saw widespread forced exits across platforms, as real-time liquidation heatmaps displayed intense activity during the market correction.
– **Technical Levels:** Bitcoin’s drop below key technical support levels amplified the liquidation wave, causing similar events to previous market corrections in 2024.

Over the past 24 hours, more than 235,644 traders have been affected, with total liquidations amounting to $1 billion across the crypto market. Notably, HTX experienced the largest single liquidation, with a BTC-USDT position worth over $44 million.

As extreme volatility continues in the crypto sector, traders are reminded to exercise caution with leveraged positions, especially during rapid price movements and uncertain market conditions.
https://bitcoinethereumnews.com/bitcoin/300m-in-crypto-longs-liquidated-in-the-past-hour-as-bitcoin-falls-to-97k/

Top 8 cloud mining platforms in November 2025

Cloud mining is an innovative method that allows individuals to participate in crypto mining without owning or managing physical mining equipment. Users can simply rent “hash power” from a reliable cloud mining platform, while the platform handles all operational and technical aspects within their data centers.

This approach is democratizing access to the crypto space, enabling anyone interested to join and potentially earn passive income—regardless of their technical expertise or investment capacity. However, with numerous platforms available, finding a trustworthy and safe provider that delivers reliable returns can be challenging.

Below, we present some of the top cloud mining platforms to consider:

### 1. Hashmart
Hashmart is a user-friendly cloud mining platform offering clear and transparent information. Users don’t need to purchase any equipment or pay maintenance fees. There is zero downtime for equipment, with mining commencing immediately after payment. Hashmart provides cloud mining plans for Bitcoin and Ethereum, catering to different user preferences.

### 2. GMiner
GMiner boasts over 617,000 daily active users and more than 586,000 crypto payouts, making it a leading platform in mining cryptocurrencies such as Ethereum Classic, Cortex, Bitcoin Gold, Beam, and Grin. Recently, GMiner added support for Ethash, KAWPOW, and ProgPoW algorithms. Users can choose from various contract options, including start, professional, smart, and VIP contracts. The platform emphasizes security with strict measures and guarantees safe, fast withdrawals.

### 3. Bitdeer
Headquartered in Singapore, Bitdeer is a prominent cloud mining platform with data centers worldwide. It enables users to rent computing power without worrying about hardware purchases or maintenance. Bitdeer offers flexible mining plans based on budget and preferred cryptocurrencies. Its simple and intuitive interface enhances user experience, and the platform is committed to transitioning to carbon-free energy sources.

### 4. HEXminer
Founded in 2020, HEXminer focuses on delivering a simple, stable, and mobile-friendly cloud mining experience. The platform prioritizes user security with features like cold wallet storage, two-factor authentication, and smart contract locking. Users receive daily mining reports and earnings updates, allowing easy tracking of passive income. HEXminer operates with no hidden fees and offers flexible contract options.

### 5. IQMining
IQMining provides a variety of cloud mining contracts developed and backed by industry experts. Users can get started quickly by signing up and purchasing hashrate contracts without needing special hardware or software. The platform makes daily payouts for all contracts, and its cloud mining income calculator allows users to estimate their expected daily returns.

### 6. BSVCloud
Founded in 2017, BSVCloud is one of the oldest and most dependable cloud mining platforms, serving over 500,000 miners globally. Accessible via phones or laptops, BSVCloud stands out for powering its mining centers with solar energy, promoting sustainability and cost-efficiency. It offers multiple mining plans suitable for users of varying expertise levels.

### 7. F2Hash
Established in Cyprus in 2021, F2Hash caters to both individual and institutional investors with a variety of mining packages. The platform features state-of-the-art hardware powered by renewable energy sources. Withdrawal requests are processed automatically, with funds securely stored in cold wallets protected by Kaspersky security solutions.

### 8. BeMine
BeMine offers an easy sign-up process and 11 days of free mining for new users. Users can select their preferred ASIC miners and receive daily payouts directly to their accounts. Unlike many other platforms, BeMine allows users to buy shares of real ASIC mining equipment, either fully or partially, providing a unique investment opportunity.

—

### Why Choose Cloud Mining?

Cloud mining presents an effective way for newcomers to enter the crypto space. It simplifies traditional mining by enabling users to lease hash power from data centers and earn passive income without the complexities of hardware management.

As crypto adoption grows, cloud mining is creating new opportunities for users to generate gains in this evolving landscape.

—

**Disclaimer:** Readers are encouraged to conduct their own research before engaging with any cloud mining platforms. Ambcrypto is not liable for any outcomes related to the use of the information, products, or services mentioned in this article. This content may include affiliate or partner links.
https://bitcoinethereumnews.com/tech/top-8-cloud-mining-platforms-in-november-2025/

China Accuses U.S. of Stealing $13B in Bitcoin in Explosive New Dispute

**China Accuses U.S. of Orchestrating Cyberattack to Steal Over $13 Billion in Bitcoin**

A new dispute has emerged between China and the United States over 127,426 Bitcoin, valued at more than $13 billion. China has accused the U.S. of orchestrating a cyberattack in 2020 that resulted in the theft of these Bitcoins from a Chinese mining pool called LuBian. This accusation has sparked a diplomatic conflict, intertwining cybersecurity, finance, and politics in one of the most intense controversies in the crypto market.

### The 2020 Bitcoin Theft from LuBian Mining Pool

In December 2020, a hack targeted LuBian, a prominent Chinese Bitcoin mining pool, leading to the theft of 127,426 BTC. At the time, the stolen Bitcoin was valued at approximately $3.5 billion. However, the identity of the culprit remained unknown for several years.

Blockchain experts initially suggested that a technical flaw in the mining pool’s system—such as a “weak-key” vulnerability—could have allowed the theft. Others speculated about the possibility of an insider being involved. Despite these theories, the true cause of the hack remained unclear for a long time.

### U.S. DOJ Seizes 127,271 BTC in 2025

In late 2025, the U.S. Department of Justice (DOJ) announced the seizure of 127,271 BTC, linking the assets to criminal activities conducted by the Cambodia-based Huione group. This seizure was described as the largest Bitcoin confiscation in history, with a value exceeding $13 billion.

The U.S. government did not provide detailed evidence revealing the origin of the hack or the precise nature of the associated criminal actions. Officials emphasized that the confiscation was part of a broader effort to combat online scams and cybercrime. They explained that the seized coins were connected to a series of illicit activities carried out by a criminal organization operating internationally.

### China Rejects U.S. Explanation

China swiftly rejected the U.S. government’s explanation for the Bitcoin seizure. The National Computer Virus Emergency Response Centre (CVERC) accused the U.S. of being the real hacker behind the 2020 breach.

According to CVERC, the hack was part of a U.S.-led cyber operation, and the subsequent seizure was an effort to legitimize stolen Bitcoin assets. These accusations suggest that the U.S. acted as a state-level hacker, intensifying the geopolitical tensions between the two countries.

### Impact on U.S. Bitcoin Reserves and Market

Following the seizure, the U.S. government’s Bitcoin holdings increased to approximately 325,000 BTC, valued around $36 billion. U.S. officials stated that the move was aimed at protecting investors from online fraud and reinforcing law enforcement against cybercrime.

However, this growing control over Bitcoin by the U.S. government has raised concerns globally about the role of governments in managing a currency traditionally designed to be decentralized. The expansion of U.S. Bitcoin reserves has sparked questions regarding the future of cryptocurrency regulations.

### Geopolitical and Market Repercussions

In China, the allegations against the U.S. have become a focal point in broader geopolitical discussions, adding strain to the already complex relationship between the two powers. The ongoing dispute has begun to affect the Bitcoin market, with tensions contributing to a slight price decline.

As of the latest reports, Bitcoin is trading around $105,000, down by 0.72% in the last 24 hours. This market fluctuation is partly attributed to fears that the diplomatic standoff could influence future crypto regulations and cross-border Bitcoin transfers.

—

The unfolding situation underscores the increasingly intertwined nature of technology, finance, and international diplomacy in the world of cryptocurrencies. Both China and the U.S. remain key players whose actions will significantly impact the future of the crypto landscape.
https://coincentral.com/china-accuses-u-s-of-stealing-13b-in-bitcoin-in-explosive-new-dispute/

Bitcoin Short-Term Holders Increase Holdings Despite Losses

**Bitcoin Short-Term Holders Increase Holdings by 24.7% Since August Amid Market Turmoil**

CryptoQuant analyst Axel Adler Jr has reported a significant 24.7% increase in Bitcoin short-term holders’ assets since August, bringing their total holdings to 5.4 million BTC. This growth highlights persistent market entry by new investors despite ongoing unrealized losses in their portfolios.

An increase of approximately 1 million BTC in holdings among Bitcoin short-term holders since August underscores sustained investor interest amid prevailing market volatility. According to Adler Jr, this rise reflects continuous inflows from new market participants who are willing to accumulate Bitcoin even as the market faces challenges.

Despite these notable gains, short-term holders continue to experience realized losses, illustrating the risk environment they navigate. Market dynamics remain cautious, influenced further by substantial outflows from Bitcoin ETFs. Notably, over a billion dollars exited Bitcoin ETFs in a single day, signaling heightened risk aversion among institutional investors.

> “The latest data shows that short-term holders have increased their holdings substantially since August, even as they remain at a realized loss. This suggests persistent inflows from new market participants, despite the risk environment and recent price downturn.”
> — Axel Adler Jr, Analyst, CryptoQuant

### Market Caution and Potential Opportunities

Experts note that during recent periods of market volatility, the short-term holder segment saw its largest influx since previous capitulation events. Historically, such phases often attract patient investors who accumulate strategically, anticipating future gains.

According to CoinMarketCap data, Bitcoin (BTC) is currently priced at $105,250.05, with a market capitalization of approximately $2.099 trillion. Bitcoin dominates 59.24% of the cryptocurrency market. Over the last 24 hours, trading volume reached $70.49 billion, reflecting a 3.30% change. Despite the recent volatility, Bitcoin’s price has declined by 11.85% over the past 90 days.

This combination of increased short-term holder activity and significant ETF outflows paints a complex picture of cautious optimism amid ongoing market uncertainty. Investors and analysts will continue watching these dynamics for clues about Bitcoin’s near-term trajectory.
https://bitcoinethereumnews.com/bitcoin/bitcoin-short-term-holders-increase-holdings-despite-losses/

EU Bans Cash Payments Over €10,000 and Imposes ID Rules for Bitcoin Transactions by 2027

Public debate surged following claims about strict European Union regulations introducing cash payment limits and comprehensive identity checks for Bitcoin transactions. Initial reports suggested that the EU had agreed to ban cash payments exceeding €10,000 and would require identification for every Bitcoin payment starting in 2027. These claims sparked widespread concern over potential threats to financial privacy and drew comparisons to restrictions on personal freedom.

However, subsequent clarifications moderated these interpretations. A tweet from the crypto-focused account Simply Bitcoin, which originally sparked much of the discussion, later explained that the €10,000 cash limit is part of existing anti-money laundering (AML) regulations. Furthermore, the identification requirements apply specifically to crypto service providers and not to every individual Bitcoin transaction conducted on the blockchain.

Patrick Hansen, a respected crypto analyst, contributed to the conversation by correcting common misconceptions circulating online. Hansen emphasized that the relevant AML regulations do not prohibit self-custody or the use of personal wallets. Instead, these rules target service providers who handle transfers on behalf of users, focusing regulatory oversight where it can effectively combat illicit activity.

### Regulatory Structure Under MiCA

The Markets in Crypto-Assets Regulation (MiCA), officially Regulation (EU) 2023/1114, was approved on May 31, 2023. This legislation establishes a unified regulatory framework for companies issuing or providing services related to crypto assets within the European Union. It covers payments made via tokens, including Bitcoin, and mandates that service providers obtain licenses to operate legally within EU member states.

MiCA’s introduction aims to harmonize rules across the Union and enhance consumer protections. On October 6, 2025, the European Banking Authority, European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority issued guidance cautioning consumers that investing in crypto-assets remains inherently risky—even when dealing with regulated service providers. They highlighted the potential for sudden value fluctuations and operational risks linked to various industry actors.

Alongside MiCA, Regulation (EU) 2023/1113—known as the Transfer of Funds Regulation (TFR)—applies specifically to crypto-asset service providers. Under TFR, these providers must collect sender and recipient information for crypto transfers. This measure is designed to prevent money laundering and the financing of harmful networks through digital assets.

### Service Provider Oversight Within the EU

MiCA requires all service outlets offering payment or storage services involving tokens intended for exchange or to hold value to obtain proper authorization. Companies operating within the Union must comply with requirements around consumer disclosures, conflict-of-interest management, and transparency. This framework seeks to establish uniform conditions for crypto service providers catering to EU buyers.

To prevent regulatory arbitrage, the regulations apply regardless of a company’s location. Any service provider serving clients inside the EU must adhere to Union rules. This approach helps close gaps caused by jurisdictional differences while ensuring legal clarity for consumer-facing crypto services.

Under the new rules, regulators will impose strict compliance obligations on providers handling cryptocurrency funds, including those facilitating Bitcoin payments. These providers are mandated to verify customer identities, collect necessary information, and file relevant reports. Collectively, these measures aim to increase transparency, track money flows, and curb illegal financial activities involving digital assets.

—

The evolving regulatory landscape underscores the EU’s commitment to balancing innovation with security, striving to protect consumers while fostering a trustworthy environment for crypto-asset markets.
https://www.crypto-news-flash.com/eu-imposes-id-rules-for-bitcoin-by-2027/

Trump Proposes $2,000 Tariff Dividend as Crypto Markets Rally

**President Trump Announces $2,000 Tariff Dividend for Most Americans**

President Donald Trump announced on Sunday that most Americans will receive a $2,000 dividend funded by tariff revenue. The announcement was made via his Truth Social platform, where he stated that the payments would help reduce the national debt while providing direct financial benefits to citizens. “A dividend of at least $2,000 a person, not including high income people, will be paid to everyone,” Trump wrote in his post, defending his tariff policies amid ongoing legal challenges.

—

**Cryptocurrency Markets React Positively**

Following the announcement, the cryptocurrency market responded with gains. Bitcoin rose by 1.93% over 24 hours, trading above $103,000. Ethereum climbed 4.75% to surpass $3,500, and Solana increased by 2.49% to top $160. The CoinDesk 20 index also saw a rise of more than 1.5%.

This rally comes after a difficult week for crypto markets, during which the CD20 index had fallen nearly 15%. Despite the recent recovery, Bitcoin remains down 5.7% for the week, while Ethereum is still down 7.5%.

—

**Legal and Financial Hurdles Ahead**

The Supreme Court is currently hearing arguments regarding the legality of Trump’s tariff policies. Prediction markets indicate low confidence in court approval, with Kalshi traders assigning just a 23% chance and Polymarket traders slightly lower at 21%.

Beyond legal challenges, implementation of the dividend faces significant hurdles. Andy Constan, CEO of Damped Spring Advisors, emphasized that the President cannot authorize such payments unilaterally. Federal spending requires Congressional approval, meaning any plan to distribute tariff revenues must pass through the legislative branch.

—

**Funding Gap Raises Concerns**

Financial calculations present another major obstacle. Erica York, Vice President of Federal Tax Policy, estimated that if the income cutoff is set at $100,000, about 150 million adults would qualify. This translates to an approximate cost of $300 billion. If children are included in the payments, the cost would be even higher.

However, tariffs have only generated $120 billion in revenue so far, creating a sizeable funding gap.

York also explained that economic effects reduce net tariff revenue further. For every dollar raised by tariffs, approximately 24 cents of income and payroll tax collections are offset. After accounting for these offsets, net tariff revenue stands at about $90 billion—far below the $300 billion needed to fund the proposed dividend program.

—

**Expert Opinions and Market Predictions**

Investment analysts at The Kobeissi Letter estimate that around 85% of U.S. adults would receive these stimulus checks based on COVID-era distribution data.

Bitcoin analyst Simon Dixon suggested that recipients should consider investing the dividend payments in assets to protect against inflation. Similarly, investor Anthony Pompliano noted that stocks and Bitcoin typically rise following stimulus announcements.

Traders appear to be pricing in the possibility of increased inflows into the crypto market if the dividend funds reach recipients.

—

**Summary**

While President Trump’s $2,000 tariff dividend proposal has generated optimism in cryptocurrency markets, legal and financial challenges remain significant. Congressional approval is required, and current tariff revenues fall substantially short of the amount needed to fund the payments. The Supreme Court’s upcoming decision on tariff legality will play a crucial role in determining the proposal’s viability.
https://coincentral.com/trump-proposes-2000-tariff-dividend-as-crypto-markets-rally/

Coinidol Weekly Crypto News Digest: Market Plunge, BTC vs Gold, and Kazakhstan National Crypto

**Top 5 Most Impactful Cryptocurrency News Stories of the Week**

This week in the cryptocurrency world was marked by a massive market correction that erased most of the year’s gains. However, amidst the volatility, pivotal regulatory and institutional developments highlighted the industry’s ongoing maturation and long-term potential. Here is a review of the top five most impactful crypto news stories from Coinidol.com.

—

### 1. Market Plunge Wipes Out $400 Billion

The defining event of the week was a severe market downturn that wiped nearly $400 billion from the total crypto market capitalization between November 1st and November 8th. Bitcoin (BTC) briefly dipped below the significant $100,000 mark on November 4th, retreating over 20% from its early October highs and officially entering “bear market” territory.

This slump was driven by a continuation of the liquidation cascade that began in late October, where leveraged long positions were aggressively closed, severely shaking investor confidence. As a result, the total crypto market value fell to approximately $3.45 trillion.

However, by the weekend of November 8th, the market began showing signs of a strong technical rebound. Altcoins such as Ethereum (ETH) and XRP led the recovery, indicating that the worst of the deleveraging could be over.

—

### 2. JPMorgan Views Bitcoin as “Cheaper Than Gold”

In contrast to the short-term volatility, major institutional players reinforced Bitcoin’s long-term value. On November 6th, JPMorgan analysts published a report stating that Bitcoin now appears “mechanically cheaper than gold” on a volatility-adjusted basis following the recent price crash.

The report emphasized that Bitcoin has “significant upside” potential and suggested that it would need to trade closer to $170,000 to be valued on par with gold’s private sector investment. This assessment strongly supports Bitcoin’s narrative as digital gold and highlights a compelling buying opportunity for investors.

—

### 3. Central Bank of Ireland Fines Coinbase €21.5 Million

Regulatory enforcement made headlines when the Central Bank of Ireland (CBI) fined Coinbase Europe Limited €21.5 million on November 6th. The penalty resulted from serious failures in the exchange’s Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) controls.

Specifically, Coinbase’s transaction-monitoring system failed to properly oversee over 30 million transactions valued at more than €176 billion over an extended period. This landmark fine — the CBI’s first against a major crypto-services provider — sends a clear message to all European crypto firms: compliance and robust monitoring systems are mandatory and will be strictly enforced under the incoming MiCA regulatory framework.

—

### 4. Kazakhstan Aims to Launch National Crypto Fund

In a notable move towards integrating digital assets into sovereign finance, Kazakhstan announced plans to establish a national Cryptocurrency Reserve Fund valued between $500 million and $1 billion.

This fund will strategically invest in ETFs and shares of publicly traded crypto-sector companies, primarily utilizing assets recovered from overseas rather than holding volatile cryptocurrencies directly. Kazakhstan’s initiative positions it among the first nations to officially incorporate digital assets into its sovereign wealth management strategy, leveraging cryptocurrency to diversify the national economy and manage wealth.

—

### 5. Ripple Labs Secures $500 Million Strategic Funding Round

Institutional investment confidence in crypto infrastructure was underscored by Ripple Labs’ announcement on November 5th of a $500 million strategic funding round. This investment tripled Ripple’s valuation to $40 billion and was backed by prominent Wall Street firms, including Citadel Securities, Fortress Investment Group, and Brevan Howard.

The capital will be used to expand RippleNet, the company’s global payment network, and accelerate the development of its stablecoin infrastructure. This substantial injection of traditional finance capital validates the growing trust in the long-term utility of payment solutions and stablecoins within the crypto ecosystem.

—

**Conclusion**

Despite a challenging week for cryptocurrency markets driven by a sharp correction, the sector continues to demonstrate resilience. Institutional endorsements, regulatory clarity, and innovative national strategies signal a maturing industry poised for sustained growth.

Stay tuned for more updates and in-depth analysis from Coinidol.com.
https://coinidol.com/digest-market-plunge-btc/

He Let Ohio Pay Taxes in BTC, Now He’s Lost $1.2 Million Trading

Former Ohio State Treasurer Josh Mandel, once hailed as an early political champion of Bitcoin, has revealed a personal loss of more than $1.2 million on call options tied to BlackRock’s iShares Bitcoin Trust (IBIT). The former state official’s gamble followed his bold prediction that Bitcoin would reach $444,000 by November 8—a forecast that has clearly not materialized.

Mandel shared details of his failed trade in a post on X (formerly Twitter), saying he had gone “all in” on IBIT call options, only to watch them expire worthless.

“Earlier in the cycle, I published a MSTR and MSTR-option-only portfolio. Initially, it was entirely long, then shifted to short with in-the-money covered call sales as I predicted Bitcoin would hit $84,000. These moves worked out well enough, but I grew impatient with my final call for $444,000, and as they say, you’re only as good as your last call,” he wrote.

Mandel added that his post was intended “to be transparent,” rejecting accusations that he misled investors or sought to profit through coin issuance.

### A Crypto Pioneer in Ohio’s Government

Long before retail Bitcoin speculation reached mainstream America, Josh Mandel helped Ohio “plant a flag” for crypto adoption. In November 2018, while serving as State Treasurer, he launched OhioCrypto.com—the first U.S. government platform allowing businesses to pay state taxes in Bitcoin.

The payments, processed through BitPay, were automatically converted into U.S. dollars for the state treasury. At the time, Mandel described Bitcoin as “a legitimate form of currency” and positioned Ohio as a leader in blockchain innovation.

“We’re looking to plant a flag for Ohio,” he told reporters, arguing that the move would modernize state finances and attract tech-forward businesses.

However, the program faced regulatory hurdles under his successor, Treasurer Robert Sprague, who suspended it in 2019 after determining that BitPay’s payment structure may have violated state procurement laws. Fewer than ten companies had used the service before it was shut down.

### Risks and Lessons From the Bitcoin ETF Options Market

Mandel’s high-stakes loss comes as interest in Bitcoin ETF options has surged since their launch in late 2024. According to Kaiko research, trading volumes in Bitcoin ETF options soared, with many traders favoring bullish positions.

Recently, however, Bitcoin ETFs have not been performing well, with outflows reaching levels last seen in May. They only recently recorded the first inflow after a $2.9 billion outflow streak.

Speculative long-term bets like Mandel’s remain outliers, highlighting the significant risks associated with options and the volatility of Bitcoin prices.

By making his investment loss public, Mandel offers a reminder that experienced public figures and crypto pioneers can also misjudge timing or risk in digital assets.

As regulated crypto derivatives expand and attract more investors, Mandel’s experience demonstrates that market predictions, even when widely shared, come with no guarantee of success.
https://bitcoinethereumnews.com/bitcoin/he-let-ohio-pay-taxes-in-btc-now-hes-lost-1-2-million-trading/

Bitcoin Weekly Close Could Decide the Fate of Its Bull Market

Bitcoin Faces Crucial Weekly Close as Key Price Levels Hang in the Balance

Bitcoin (BTC) is approaching an important weekly close, with several critical price levels on the line that could determine the future trajectory of the bull market. Market participants are watching closely amid sustained whale selling and mixed signals from technical indicators.

BTC Price Inches Within Narrow Range Ahead of Weekly Close

Data from Cointelegraph Markets Pro and TradingView revealed a period of price inertia over the weekend, with Bitcoin trading in a tight range. Volatility was subdued, but traders remained focused on how the weekly candle would ultimately close, given the implications for market sentiment.

Trader Titan of Crypto highlighted a “key level of the week” at $103,500, referencing Fibonacci retracement levels as the basis for its importance. He noted, “A weekly close below isn’t dramatic, but a confirmed breakdown next week would signal the bull market is likely over. Not there yet.”

Meanwhile, some analysts emphasized the importance of BTC closing above the 50-week exponential moving average (EMA), which currently sits at approximately $100,940. Trader Max Crypto cautioned, “We don’t want a weekly close below this at any cost,” citing the EMA as a critical support threshold.

Death Cross Risk Draws Attention

Another focal point for traders is the looming risk of a “death cross” on the daily chart, where the 50-period simple moving average (SMA) could cross below the 200-period SMA. Trader SuperBro commented on this development, stating, “The 4th ‘death cross’ of the bull cycle is approaching. Each time we’ve seen reversion to the mean and a sustained bottom.”

He added that so far, reactions around the 365 SMA have been lukewarm but remained optimistic: “Let’s see if bulls can get it together and reclaim the Q3 low for the weekly close.”

US Government Shutdown and Trade Tariff Developments Could Impact Markets

Beyond technical analysis, crypto markets are closely watching political developments in the United States that could affect risk assets like Bitcoin. Optimism is growing around a potential resolution to the ongoing US government shutdown, which has been a drag on economic confidence.

Additionally, expectations for a Supreme Court decision that could strike down international trade tariffs are building. Such a ruling might provide an immediate boost to the broader stock market and risk-on assets.

Cas Abbe, contributor to on-chain analytics platform CryptoQuant, summarized the sentiment: “If the US government shutdown ends, we could see an expansion soon.” He also suggested that ending the shutdown might mark the conclusion of a “manipulation” phase in BTC price action, referencing a chart he shared on social media.

Mixed Sentiment Among Investors Amid Whale Selling

Despite hopes for positive news, some remain cautious. Crypto investor and entrepreneur Ted Pillows noted, “BTC is still consolidating around the $102,000 level. The markets were expecting the end of the government shutdown this weekend, but it didn’t happen.”

Pillows also warned that Bitcoin’s price could decline further due to waning institutional demand and ongoing selling pressure from long-term whale holders. Cointelegraph has previously reported on sustained whale selling throughout 2025, adding downward pressure on the market.

Final Thoughts

As Bitcoin approaches this crucial weekly close, the market faces a pivotal moment. Key technical levels like $103,500 and the 50-week EMA around $100,940 will play significant roles in shaping sentiment and potential price direction. Meanwhile, external factors such as the US government shutdown and trade tariff rulings could either bolster or hinder risk appetite.

Investors are advised to exercise caution. This article does not constitute investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own thorough research before taking any action.
https://bitcoinethereumnews.com/bitcoin/bitcoin-weekly-close-could-decide-the-fate-of-its-bull-market/