Bitcoin Magazine

Bitcoin Price Jumps to $103,000 After Tumultuous Week 

Bitcoin price reached $103,500 today after a week of tumultuous trading. Bitcoin started the day down close to $100,000 but rebounded throughout market trading to highs of $103,859 today. 

Earlier this week, Bitcoin plunged below $100,000 for the first time since June on November 4. 

The slump came amid macro pressures, political headlines, and fading risk appetite, pushing bitcoin down to $99,070 and more than 20% off its October high of $126,000, technically entering a bear phase. 

The sell-off follows October’s massive liquidation events, a series of hacks, and trade tensions with China. 

The Federal Reserve’s hawkish tone, including a modest rate cut and signals that further cuts may not come, weighed on sentiment. 

During the Fed’s most recent press conference, Jerome Powell said that December’s rate cuts aren’t guaranteed, Bitcoin’s price immediately reacted — plunging to $109,000 on the day. Since then, the price continued bleeding into this week. The broader crypto market reacted similarly. 

Powell said that inflation excluding the impact of tariffs is “not so far” from the central bank’s 2% target, but emphasized that policymakers have “not made a decision about December.” Powell noted that officials held “strongly differing views” during today’s meeting.

A stronger U.S. dollar added pressure. Technical charts show Bitcoin struggling around its 200-day moving average, with support near $96,000, according to Bitcoin Magazine Pro data.  

Despite this, some bulls, including Michael Saylor’s firm, continue buying the dip, signaling cautious confidence.

Bitcoin price technical analysis

Despite the volatility, major institutions like JPMorgan remain bullish, forecasting a potential rise to $170,000 within 6–12 months, citing undervaluation relative to gold and the conclusion of heavy deleveraging.

Technical indicators offer mixed signals. Up to today, Bitcoin has been trading in a tight $100,000 –$102,000 support corridor, facing resistance at $106K–$114K. 

Short-term buyers have exhausted momentum, while on-chain data highlights friction between capitulating short-term holders at $107K–$110K and long-term holders defending $95K–$96K. 

Institutional flows show tentative accumulation: after six days of withdrawals totaling $2.05 billion, U.S. spot Bitcoin ETFs recorded $240 million in inflows, led by BlackRock and Fidelity. 

Whale activity indicates profit-taking rather than panic, with over 319,000 BTC reactivated in the past month, mostly held six to twelve months.

Recently, Cathie Wood lowered ARK Invest’s 2030 Bitcoin forecast from $1.5 million to $1.2 million, citing stablecoins increasingly taking on Bitcoin’s transactional role while reaffirming its long-term “digital gold” potential. 

Galaxy Digital also cut its year-end Bitcoin target from $185,000 to $120,000, pointing to whale selling, rotations into other assets, and leveraged liquidations, while describing the market as entering a “maturity era.” 

This post Bitcoin Price Jumps to $103,000 After Tumultuous Week  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

My First Bitcoin Goes Global, Will Empower Educators Worldwide

Founded in 2021, My First Bitcoin began with a single class of four students. Over the next four years, it grew rapidly, teaching more than 27,000 students, creating the world’s first Bitcoin Diploma in public schools, hosting educators’ unconferences, and building a Node Network now spanning 50 projects in 27 countries.

Now, My First Bitcoin is shifting from local classrooms to a global movement. Founder John Dennehy says the focus is on empowering educators, not running programs directly.

“We want to help others succeed in their own communities and link them together,” Dennehy said in a note to Bitcoin Magazine.

The project is also embracing a fully remote structure, closing its office in El Salvador. Local meetups will now be run by independent collectives, using open-source blueprints developed by My First Bitcoin. 

The organization will continue developing curricula, creating digital platforms, and fostering connections among educators worldwide.

“Our mission remains the same,” Dennehy adds. “Independent, impartial Bitcoin education gives people agency, encourages critical thought, and builds long-term freedom. Bitcoin is the tool, education is the pathway.”

The move represents a new phase for the initiative. By training teachers, sharing resources openly, and supporting community-led projects, My First Bitcoin aims to ignite a global movement. The team invites educators, organizers, and Bitcoin advocates to join the network and help expand access to knowledge everywhere.

My First Bitcoin background

Founded in August 2021 by John Dennehy, Mi Primer Bitcoin (My First Bitcoin) began as a small, community-led project in El Salvador with a mission to empower individuals through Bitcoin education. Dennehy, a soft-spoken and introspective thinker, saw education as a means to restore personal agency and sovereignty, especially in a world where people often feel powerless.

The idea took root during the COVID-19 pandemic, when Dennehy spent long walks in New York contemplating society’s challenges. Concluding that the solution lay in education, he initially traveled to Ecuador to teach friends about Bitcoin. 

However, pandemic restrictions made in-person engagement difficult. Shortly afterward, Dennehy learned of El Salvador’s historic adoption of Bitcoin as legal tender and relocated there to support the country’s efforts.

Landing in El Salvador, Dennehy drafted the organization’s mission and lesson plans, recruiting both students and local teachers. He made community leadership a core principle, ensuring that all instructors were Salvadoran to better relate to students. The first class had just one attendee, held in a yoga studio, but the initiative grew steadily. By the end of the first month, five students were regularly participating.

In 2022, Dennehy and his team formalized their curriculum into the “Bitcoin Diploma” program. The diploma includes ten lessons covering monetary systems, Bitcoin fundamentals, wallets, nodes, mining, security, the Lightning Network, and Bitcoin’s future. By the end of that year, 38 high school students in El Salvador had earned their diplomas.

The organization’s impact has since expanded globally. In 2023, Mi Primer Bitcoin launched the Independent Bitcoin Educators Node Network, now encompassing over 65 projects across 35 countries. These initiatives range from circular economies to local meetups, united by six core principles: independent, impartial, community-led, Bitcoin-only, high-quality education focused on empowerment rather than profit.

In May 2025, the nonprofit received a $1 million grant from Jack Dorsey’s Start Small to scale its global efforts, including enhancing the Bitcoin Diploma, intro courses, teacher workshops, and its Online School and Community Hub. 

Despite the funding, Dennehy emphasized that the nonprofit will never accept government funding and carefully vets other sources to preserve independence.

This post My First Bitcoin Goes Global, Will Empower Educators Worldwide first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

JPMorgan Just Boosted its Bitcoin ETF Holdings by 64%

JPMorgan disclosed a sharp increase in its holdings of the Bitcoin ETF IBIT, signaling rising institutional interest in cryptocurrency exposure. 

According to 13F filings, the bank reported holding 5,284,190 shares of IBIT, valued at $343 million as of September 30. 

This marks a 64% increase from its previous disclosure of 3,217,056 shares as of June.

The filing also revealed that JPMorgan holds IBIT options, including $68 million in call options and $133 million in puts. 13F filings aggregate holdings across all bank divisions, including high-net-worth clients, meaning these positions may not be limited to the bank’s own balance sheet.

JUST IN: JP Morgan reported holding 5,284,190 shares of #Bitcoin ETF IBIT worth $343 million, a 64% increase from the previous disclosure. pic.twitter.com/nccPXk0krX

— Bitcoin Magazine (@BitcoinMagazine) November 7, 2025

Bitcoin itself has remained volatile in recent months, hovering just above $100,000, but institutional flows like JPMorgan’s ETF holdings underscore confidence in its long-term prospects. 

The bank’s sizable purchase also coincides with renewed interest in regulated investment vehicles, such as ETFs.

JPMorgan’s bitcoin embrace

JPMorgan analysts recently said that Bitcoin now appears undervalued relative to gold after a sharp October sell-off pushed its price down more than 20% from its recent record high of $126,000. 

The decline was driven by leveraged liquidations in the futures market and market anxiety following a $128 million Balancer hack. 

According to analyst Nikolaos Panigirtzoglou of JPMorgan, the ratio of open interest in perpetual futures to Bitcoin’s market cap has since normalized, signaling that most excess leverage has been flushed out.

The bank’s analysis also shows Bitcoin is trading at a discount to gold when adjusting for volatility. As gold prices climbed above $4,000 per ounce, its volatility rose, while Bitcoin’s has eased. 

To reach parity with gold’s private-sector investment value on a risk-adjusted basis, analysts estimate Bitcoin would need to rise toward $170,000 — roughly two-thirds higher than recent levels.

JPMorgan forecasts “significant upside” over the next six to twelve months if current conditions persist, reinforcing the case for Bitcoin as an alternative or accomplice to gold as a risk-averse asset.

At the same time, JPMorgan is preparing to let institutional clients use Bitcoin as collateral for loans by the end of 2025, expanding beyond its current acceptance of crypto-linked ETFs. 

At the time of writing, Bitcoin is price near $100,000 at $101,290 per Bitcoin Magazine Pro data. Earlier this quarter in October, Bitcoin hit an all-time high above $126,000. The price is down roughly 20% from all-time highs.

This post JPMorgan Just Boosted its Bitcoin ETF Holdings by 64% first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Trump-backed American Bitcoin Corp Expands Holdings to 4,004 BTC, Boosts Satoshis Per Share Metric

American Bitcoin Corp. (Nasdaq: ABTC), a Bitcoin accumulation and infrastructure company, announced it has added 139 Bitcoin to its reserves since October 24, bringing its total holdings to 4,004 BTC as of November 5, 2025.

The company said the Bitcoin was acquired through a combination of mining operations and strategic market purchases.

According to a company release Friday, American Bitcoin’s “Satoshis Per Share” (SPS) — a transparency metric showing how much Bitcoin backs each share of stock — rose 3.35% over the past 12 days to 432 satoshis per share. 

The firm said this figure includes Bitcoin held in custody and coins pledged under a miner purchase agreement with Bitmain.

“We continue to expand our Bitcoin holdings rapidly and cost-effectively through a dual strategy that integrates scaled Bitcoin mining operations with disciplined at-market purchases,” said Eric Trump, co-founder and chief strategy officer of American Bitcoin.

The Miami-based company describes its goal as building “America’s Bitcoin infrastructure backbone,” combining industrial-scale mining with balance-sheet accumulation. 

American Bitcoin said it plans to continue providing regular SPS updates as part of its commitment to transparency and shareholder alignment with Bitcoin’s long-term growth.

JUST IN: Trump family-backed #Bitcoin mining company American Bitcoin acquires 139 BTC.

They now hold 4,004 BTC pic.twitter.com/jKxUzzMsY2

— Bitcoin Magazine (@BitcoinMagazine) November 7, 2025

American Bitcoin’s Nasdaq debut and the Gryphon merger

American Bitcoin Corp. (Nasdaq: ABTC) emerged on the public markets in September 2025. The company was created through a merger between Gryphon Digital Mining, Inc. and American Bitcoin Corp., a Trump family–backed subsidiary of Hut 8 Corp. (Nasdaq | TSX: HUT). 

The all-stock merger, finalized earlier this year, combined Gryphon’s mining technology and operational expertise with American Bitcoin’s capital resources and reserve-focused strategy. 

Under the terms of the deal, Gryphon shareholders retained roughly 2% of the new entity, while American Bitcoin stakeholders — including Hut 8, which contributed most of its mining ASICs — held approximately 98%.

Co-founded by Eric Trump and Donald Trump Jr., American Bitcoin positions itself as a patriotic Bitcoin accumulation vehicle aligned with what the Trump family describes as “American values of freedom, transparency, and independence.” 

The company’s dual accumulation model aims to maintain a cost advantage by mining Bitcoin below market price while retaining the flexibility to add to reserves through spot purchases. 

Its partnership with Hut 8 also provides access to large-scale colocation infrastructure without requiring heavy capital expenditure on proprietary facilities — a structure meant to maximize efficiency, scale hash rate, and grow the company’s reserve base over time.

This post Trump-backed American Bitcoin Corp Expands Holdings to 4,004 BTC, Boosts Satoshis Per Share Metric first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Kazakhstan Plans $1 Billion National Bitcoin and Crypto Reserve Fund

Kazakhstan is preparing to establish a national cryptocurrency reserve fund worth between $500 million and $1 billion, a landmark step that could make the Central Asian nation one of the first to integrate digital assets into its sovereign wealth strategy.

The fund will be seeded with assets seized or repatriated from abroad, along with proceeds from state-backed bitcoin mining operations. 

Central bank governor Timur Suleimenov said in London this week that the fund will invest “very carefully” through regulated instruments such as exchange-traded funds (ETFs) and shares of companies involved in digital finance, rather than holding cryptocurrencies like bitcoin directly.

The initiative, slated for launch by early 2026, represents Kazakhstan’s most concrete move yet to institutionalize its crypto strategy after years of experimenting with mining and tightening control over private operators. 

Officials said the program will be managed under the Astana International Financial Centre (AIFC) — the country’s fintech hub — and may eventually include foreign investment partners.

JUST IN: Kazakhstan to launch $1 billion crypto reserve fund using seized assets by 2026: Bloomberg pic.twitter.com/Mg9ylWTtst

— Bitcoin Magazine (@BitcoinMagazine) November 7, 2025

Kazakhstan’s plan to turn seized assets into strategic capital

Plans for a state-run crypto fund first surfaced in 2024, when the country’s Agency for Financial Monitoring proposed consolidating confiscated wallets and mined tokens into a national reserve. 

The goal, according to officials, was to “repurpose illicitly obtained digital assets” to strengthen Kazakhstan’s economic sovereignty.

By transforming seized or idle crypto holdings into a structured investment pool, Kazakhstan aims to turn what was once a compliance challenge into a source of growth and diversification. 

The model echoes similar efforts in the U.S. and Europe, where seized crypto has increasingly been managed through regulated channels.

The U.S.’s crypto reserve, created under a March 2025 executive order, serves as a strategic stockpile of government-owned digital assets — mainly Bitcoin — acquired through forfeiture proceedings. 

Rather than purchasing new cryptocurrencies with taxpayer funds, the initiative focuses on managing these existing holdings to support national interests and strengthen America’s leadership in the digital asset space. 

A push beyond oil

For decades, Kazakhstan’s economy has relied heavily on oil exports, leaving it vulnerable to commodity cycles. President Kassym-Jomart Tokayev has championed economic reforms to reduce that dependence and push the nation toward technology, innovation, and digital finance.

The crypto reserve fund aligns with that vision. By focusing on ETFs and blockchain-linked equities, the central bank hopes to gain exposure to bitcoin’s upside while avoiding the custodial and volatility risks of holding tokens outright.

The fund also dovetails with broader ambitions to turn Kazakhstan into Central Asia’s leading fintech center. The government’s flagship “Alatau CryptoCity” project — envisioned as a testing ground for blockchain startups and crypto-based payments — will complement the reserve fund.

This post Kazakhstan Plans $1 Billion National Bitcoin and Crypto Reserve Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Dances with $100,000 as Crypto Industry Waits to See What’s Next

Bitcoin price slipped below $100,000 this week for the first time since June, down more than 20% from its all-time highs above $120,000 last month. 

The decline comes after weeks of steady spot-market selling, profit-taking by long-term holders, and a cautious macro environment. ETF outflows, a stronger dollar, and broader risk-off sentiment have added to pressure. 

Bitcoin traded back above $102,000 today, showing some resilience, but volatility remains elevated, according to Bitcoin Magazine Pro.

Analysts point to ongoing accumulation by new buyers, though long-time holders are reactivating coins at a notable pace. 

Vetle Lunde of K33 Research noted that over 319,000 Bitcoin held for six to twelve months have moved in recent weeks, much of it real selling. 

Markus Thielen of 10x Research said mega whales — entities holding between 1,000 and 10,000 BTC — have been offloading significant amounts, while mid-size holders have largely stopped buying. 

He estimates that roughly 400,000 Bitcoin, about $45 billion, has exited the market in the last month.

Rebel money to institutional asset

Bitcoin’s rise over the past decade and a half has been punctuated and marked by identity shifts. In the early years, enthusiasts felt part of a secret movement to build better money for a better world. 

Critics were loud but often misinformed, and debates over privacy, environmental impact, and financial sovereignty energized the community. The vibes were high, and the project felt meaningful beyond mere price.

Now, according to Troy Cross, With the entry of Wall Street and ETFs, Bitcoin’s brand evolved. It became a hedge, a retirement asset, a component in treasury strategies. Its revolutionary appeal — as a tool to bank the unbanked and resist centralized control — is still technically intact, but the narrative has shifted. 

The focus moved from being a rebellion against fiat to being a corporate- and finance-friendly instrument. 

Michael Saylor and other institutional adopters have accelerated this trend. Bitcoin now shares the limelight with gold and equities, often framed in risk-adjusted portfolios rather than as a movement for financial empowerment.

Despite this, the core of Bitcoin remains unchanged. It is still global, permissionless, and censorship-resistant. Anyone can participate. Transactions remain verifiable and final. 

Bitcoin price action over the past month

Price action highlights this duality, as seen over the past month. On October 10, U.S. President Trump’s threat to impose a 100% tariff on Chinese imports triggered widespread panic, sparking the largest single-day liquidation in cryptocurrency history — over $19 billion in leveraged positions were wiped out within 24 hours.

Some traders anticipate a retest of $92,000, tied to CME futures gaps, while others see support around $98,000–$100,000. Other analysts expect a push to $170,000. 

History suggests that these pauses are not the end of Bitcoin’s story. Each cycle has included phases of distribution, consolidation, and renewed growth. What is changing is not the network itself but the surrounding culture — the shift from a secret movement to an accepted, institutional asset.

This post Bitcoin Price Dances with $100,000 as Crypto Industry Waits to See What’s Next first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Cathie Wood Lowers Bitcoin 2030 Target To $1.2 Million as Stablecoins Gain Popularity 

ARK Invest CEO Cathie Wood has adjusted her long-term Bitcoin forecast, citing the rise of stablecoins as a force in the crypto space.

Speaking on CNBC’s Squawk Box Thursday, Wood said that stablecoins are increasingly serving as digital dollars for payments and remittances — functions she previously expected Bitcoin to fulfill.

“Stablecoins are usurping part of the role that we thought Bitcoin would play,” Wood said. “Given what’s happening with stablecoins, we could take maybe $300,000 off that bullish case.” 

The adjustment reduces ARK Invest’s 2030 Bitcoin price target from $1.5 million to $1.2 million, although Wood emphasized that the cryptocurrency’s long-term potential as “digital gold” remains intact.

Wood noted that this stablecoin trend reflects broader adoption and signals that Bitcoin’s role is evolving more toward a store-of-value function rather than a transactional one.

“Bitcoin is still strengthening its role as a global store of value, but in the payment area stablecoins are becoming a more practical means,” Wood said. 

She also touched on Bitcoin’s decentralized network and limited supply as key drivers of its long-term economic momentum.

Galaxy Digital also drops Bitcoin target

Galaxy Digital recently lowered its year-end target to $120,000, down from $185,000, citing large-scale selling by whales, rotations into assets like gold and AI, and leveraged liquidations. 

Alex Thorn, Galaxy’s head of research, described this period as a “maturity era,” in which lower volatility and institutional absorption dominate the market.

Despite the temporary pullbacks, JPMorgan analysts remain bullish on Bitcoin, projecting prices could climb to $170,000 over the next six to twelve months as leverage in futures markets resets. 

Bitcoin itself has faced a turbulent month. Following an all-time high above $126,000 in early October, the cryptocurrency has fallen roughly 19%, dipping below $100,000 for the first time in four months amid panic selling and cascading liquidations. At the time of writing, Bitcoin is at $101,950.

While some analysts argue that a decline of 20% or more signals a bear market, others maintain that such corrections remain typical within crypto cycles.

Despite all this volatility, Wood reaffirmed ARK Invest’s long-term bullish stance. “Bitcoin is a technology, a global monetary system, and a new asset class all wrapped in one,” she said. “We have just started, so we have a long way to go.” 

This post Cathie Wood Lowers Bitcoin 2030 Target To $1.2 Million as Stablecoins Gain Popularity  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Samourai Wallet CEO Sentenced to Five Years for Operating Unlicensed Bitcoin Mixing Service

A Samourai Wallet developer was sentenced Thursday to five years in prison for operating a crypto mixing service prosecutors say laundered $237 million in illicit funds. 

Keonne Rodriguez, the CEO of Samourai Wallet, received the statutory maximum from U.S. District Judge Denise Cote of the Southern District of New York, following an hour-long hearing in Manhattan, according to journalist Frank Corva.  

Fellow developer William Lonergan Hill, the company’s CTO, is scheduled to be sentenced Friday.

Rodriguez and Hill were arrested in April 2024 and charged with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business. After over a year of litigation, both pled guilty to the lesser unlicensed money transmitting charge in exchange for prosecutors dropping the more serious money laundering conspiracy charge, which carries a maximum of 20 years in prison.

Samourai Wallet allegedly hid criminal activity  

Prosecutors said the pair operated Samourai Wallet’s crypto mixing services, Whirlpool and Ricochet, to obscure the origins of criminal proceeds from drug trafficking, darknet marketplaces, cyber intrusions, fraud schemes, and murder-for-hire operations. 

Whirlpool coordinated batches of Bitcoin exchanges between users, while Ricochet introduced multiple intermediate transactions, or “hops,” to make tracing funds more difficult. From Ricochet’s 2017 launch and Whirlpool’s 2019 inception, more than 80,000 Bitcoin—  valued at over $2 billion at the time — passed through the services, generating over $6 million in fees.

Court documents reveal that Rodriguez and Hill actively encouraged criminal use of Samourai Wallet. In WhatsApp messages, Rodriguez described the service as “money laundering for bitcoin,” and Hill promoted Whirlpool on Dread, a darknet forum, as a tool to make illicit funds “untraceable.” 

Following a 2020 social media hack, the pair tracked stolen funds in real time and publicly urged hackers to launder the proceeds through Samourai Wallet.

The Department of Justice framed the case as part of a broader crackdown on cryptocurrency mixing services, following the August conviction of Tornado Cash co-founder Roman Storm for operating an unlicensed money transmitting business. 

Special agents from the IRS-Criminal Investigation and the FBI emphasized that Rodriguez and Hill not only facilitated but actively promoted laundering of illicit proceeds, undermining public trust in digital assets.

Rodriguez, 35, had requested a sentence of one year and a day, while Hill sought time served. Prosecutors had asked for the full five-year statutory maximum for both defendants, which Judge Cote imposed on Rodriguez. 

Hill’s sentencing is set for Friday at 11 a.m. ET.

This post Samourai Wallet CEO Sentenced to Five Years for Operating Unlicensed Bitcoin Mixing Service first appeared on Bitcoin Magazine and is written by Micah Zimmerman.