Bitcoin News: Analyst Akademik Predicts Further Crash in Bitcoin Price

Crypto analyst Akademik, known for accurately predicting the recent Bitcoin price crash, has made a new prediction, suggesting a possible further decline in BTC's value.

Bitcoin Price Predicted to Experience Further Crash by Analyst Akademik

Crypto analyst Akademik, who accurately predicted the recent Bitcoin price crash, has revealed his latest predictions for the flagship crypto's trajectory. According to his analysis, BTC is set to experience a further crash, potentially sending its price to as low as $80,000. Akademik shared his insights in a TradingView post, outlining a possible pullback to the $80,000 range or even a drop to $60,000. He also discussed his short trading strategy for BTC, expecting the downtrend to continue.

Utah’s Bitcoin Reserve Bill Moves Forward

Utah’s Bitcoin reserve bill, HB 230, has moved closer to approval. The bill, proposed by Utah Representative Jordan Teuscher, authorizes a 5% allocation of public funds to digital assets, including stablecoins or cryptocurrencies with a market cap above $500 billion. The state of Utah has been quick to push the bill forward, potentially becoming the first state to introduce such legislation. The bill passed to the Senate on February 7 and has since moved to the Senate standing committee.

Bitwise Donates $150,000 to Support Bitcoin Open-Source Development

Bitwise has donated $150,000 to support Bitcoin open-source developers, fulfilling its earlier pledge to contribute 10% of the gross profits from its Bitwise Bitcoin exchange-traded funds (ETF) BITB annually. The donation, which is the first annual contribution based on that commitment, aims to support the tireless work of the open-source developers who secure and maintain the Bitcoin network. Bitwise thanked investors of its Bitcoin ETF product, noting that the donation was possible thanks to their choice of BITB over other available Bitcoin ETFs. BITB remains one of the top Bitcoin ETFs by assets, with $3.962 billion in assets under management.

Czech National Bank Chief Advocates for Studying Bitcoin

The Czech National Bank (CNB) is considering studying Bitcoin (BTC) as part of its reserve management strategy, according to the bank’s governor Aleš Michl. Central banks should analyze Bitcoin's underlying technology and potential role in financial reserves, rather than dismissing it outright, he stated. Michl clarified that this initiative is not an endorsement of Bitcoin as a primary reserve asset, but rather an exploratory step.

Howard Lutnick Confirmed as US Secretary of Commerce

Howard Lutnick, former CEO of Cantor Fitzgerald and a known Bitcoin proponent, has been confirmed as the United States Secretary of Commerce. The Senate voted 51-45 in his favor, putting him in charge of key economic areas like trade, economic data, and industry regulation. His appointment is expected to align with President Trump's views on trade and tariffs. Lutnick will oversee a department with 50,000 staff, influencing areas such as census management and weather tracking, with his most significant impact anticipated in trade policy.