Two U.S. presidential prospects now accept bitcoin for campaign contributions. RobertKennedyJr VivekGRamaswamy
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GOP presidential candidate Vivek Ramaswamy bets big on Bitcoin in 2024 raceRamaswamy will be accepting campaign donations in the digital currency, he told CBS News before the Bitcoin 2023 Conference in Miami.
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Microbt Unveils New Whatsminer Bitcoin Mining Rig With 320 TH/s, Setting New Standard for Hashpower – Mining Bitcoin NewsAt the Bitcoin 2023 conference, Microbt introduced three distinct ASIC bitcoin mining devices. One Whatsminer rig produces up to 320 TH/s, according to the specs.
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Marathon and Brink Join Forces to Raise $1 Million for Bitcoin Core Developers – Bitcoin NewsBitcoin miner Marathon pledged to match all contributions toward this cause, totaling a maximum of $500,000 through 2023.
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Bitcoin Voucher Provider Azteco Secures $6 Million Funding Round Led by Jack Dorsey – Bitcoin NewsAzteco, a firm offering minute bitcoin (BTC) portions through a voucher system, announced raising $6 million in seed funding.
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Bitcoin Transaction Backlog Shrinks, but Over 289,000 Still Await Confirmation – Bitcoin NewsCurrently, statistics indicate that a high-priority Bitcoin network fee stands at $1.81 per transaction, while a medium-priority fee costs $1.62.
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What Information Variables Predict Bitcoin Returns? A Dimension-Reduction ApproachThis article investigates the determinants of Bitcoin returns. The authors consider a comprehensive set of information variables under five categories: macroeconomics, blockchain technology, other assets, stress level, and investor sentiment. Their approach toward this large dataset is built upon dimension-reduction models such as Backward Elimination, least absolute shrinkage and selection operator (LASSO), principal component regression (PCR), and three-pass regression filter (3PRF). The empirical results show that blockchain technology, stress level, and investor sentiment have positive, negative, and positive predicting power on Bitcoin returns, respectively. Macroeconomic variables exhibit insignificant impacts on Bitcoin returns. Other asset variables show little predicting power until 2019, but some become a significant predictor during the COVID-19 pandemic. Overall, the authors caution against using Bitcoin as a risk-hedging device in financial portfolios. They also find that, consistent with other financial assets such as equities, Bitcoin shows increased predictability with a longer return horizon. Due to their empirical results, they also advocate the use of 3PRF; relative to other dimension-reduction methods under consideration, they observe superior performance of 3PRF in predicting both the level and the direction of future Bitcoin returns across all return horizons.
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