Bitcoin Nears $85K as Pakistan Backs Mining, DOJ Recovers $7M in Crypto Scam
Bitcoin is trading at $84,108, up 0.35%, as bullish sentiment returns amid global developments. Pakistan’s Crypto Council has proposed using surplus energy for Bitcoin mining, signaling a clear policy shift toward crypto adoption.
The council’s CEO, Bilal Bin Saqib, highlighted the opportunity to attract foreign investment and establish Pakistan as a regional crypto hub. This follows Pakistan’s move to legalize cryptocurrency as tender starting November 4, 2024, aligning with recent U.S. policy changes. Under the Trump administration, executive orders blocked a central bank digital currency (CBDC) and created a Bitcoin strategic reserve—a step that mirrors El Salvador’s pro-Bitcoin stance.
By repurposing idle energy into BTC mining, Pakistan could reduce mining costs and boost energy efficiency. The move could also enhance the country’s financial inclusion while bolstering Bitcoin’s case as a tool for national innovation.
Gold-Backed Stablecoins vs. USD
As governments and institutions seek alternatives to the U.S. dollar, gold-backed stablecoins are gaining traction. Bitcoin advocate Max Keiser argues that gold’s historical reliability makes it a superior collateral option for stable assets. He predicts nations like China and Russia, with over 50,000 tonnes of gold combined, may soon favor gold-pegged tokens over USD-based ones.
Tether has already introduced Alloy (aUSD)—a gold-backed stablecoin collateralized by its XAU token. Former VanEck executive Gabor Gurbacs compared the XAU-backed system to the pre-1971 gold standard and highlighted its impressive 15.7% year-to-date gains.
Key Developments:
- Alloy (aUSD) gains traction as gold-backed stablecoin
- XAU tokens see 15.7% YTD performance
- Trump administration pushes USD stablecoins to counter gold threats
If confidence in dollar-based tokens declines, Bitcoin may benefit as a decentralized, non-sovereign alternative—especially for countries seeking to bypass traditional financial systems.
DOJ Recovers $7M from Crypto Scam, Urges Claims
The U.S. Department of Justice (DOJ) announced it had recovered $7 million linked to a crypto fraud scheme involving shell companies and fake investment platforms. Victims are now being asked to file claims to recover lost funds.
The scam misled investors by showing fake profits and pressuring them to deposit more funds. The operation moved money through over 75 bank accounts and laundered it overseas. The U.S. Secret Service seized the assets in June 2023, and the recovery followed a settlement with a foreign bank.
This recovery underscores a growing regulatory push to crack down on crypto fraud. While tighter oversight may introduce short-term volatility, it also helps build long-term investor confidence—especially in assets like Bitcoin, which benefit from a more secure and transparent ecosystem.
Bitcoin Eyes $85K Breakout, But Faces Resistance
Bitcoin (BTC/USD) is consolidating just under $84,500, with its price action tightening within a symmetrical triangle pattern, with the $84,000 zone acting as a key support-turn-resistance level. BTC is now testing both the upper trendline of the triangle and the 50-period Exponential Moving Average (EMA), which currently sits at $84,058. A decisive break above $85,800 would confirm bullish momentum, potentially driving prices toward $87,400 and $89,000. However, multiple rejections at this level suggest caution.
On the downside, $81,500 remains critical support, followed by $80,000 and $78,400. Volume continues to remain low, indicating that traders are still waiting for a strong directional move.
Technical Summary:
- Resistance: $85,800, $87,400, $89,000
- Support: $81,500, $80,000, $78,400
- 50 EMA: $84,058
Bitcoin is at a pivotal technical and geopolitical intersection. Between growing adoption, stablecoin competition, and regulatory enforcement, the next breakout could set the tone for the weeks ahead.
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