### Illegal Crypto ATM Charges in London

**Habibur Rahman**, a 37-year-old individual, has been charged by **Kent Police** for operating an **illegal cryptocurrency ATM** at the **Gadcet mobile phone shop** in London. According to reports, he failed to register the machine with the **Financial Conduct Authority (FCA)**.

Authorities have also accused Rahman of **laundering approximately $394,950** in cash derived from criminal activities through this ATM. Notably, there are currently **no cryptocurrency ATMs** registered with the FCA in the UK.

The FCA has been on a **crackdown** against unregistered bitcoin ATMs since 2023, executing several raids and seizing multiple machines in the process.

Habibur Rahman, 37 has been charged by Kent Police of operating an illegal cryptocurrency ATM in London at the Gadcet mobile phone shop. He was charged with failing to register the machine with the Financial Conduct Authority, according to a…

Illegal Crypto ATM Operations in London: What You Need to Know

![Bhutan's Bitcoin Holdings](https://cryptoslate.com/wp-content/uploads/2024/09/bhutan-bitcoin-768x403.jpg)

The **Royal Government of Bhutan** holds **13,029 Bitcoin (BTC)**, valued at approximately **$755 million**. This substantial stash is linked to the country's **Bitcoin mining operations**, managed by the state-owned **Druk Holding & Investments**. 

### Bhutan's Position in the Crypto Landscape
According to data from **CoinGecko**, governments collectively held **2.2%** of Bitcoin’s supply as of August, with the **US** leading at **213,246 BTC**, followed by **China** with **190,000 BTC**. Bhutan ranks **fourth**, surpassing **El Salvador's** **5,800 BTC** but trailing behind the **UK's** **61,000 BTC**. Notably, Bhutan's holdings are attributed to its mining efforts rather than government seizures.

### A Brief History of Bhutan's Bitcoin Mining
Bhutan has been engaged in Bitcoin mining for several years, initially maintaining a **low profile**. In **2023**, the country expanded its mining operations across **four hydroelectric-powered sites**. On-chain data reveals that government wallets began accumulating BTC as early as **February 2021**.

In recent developments, **Bitdeer Technologies Group** partnered with Druk Holding to significantly increase Bhutan's mining capacity, aiming for a boost to **500 megawatts** by mid-2025. This expansion is expected to enhance Bhutan's role in the global Bitcoin mining ecosystem, especially as demand for Bitcoin rises.

### The Future of Bhutan's Bitcoin Mining
The collaboration with **Bitdeer** signifies a strategic move to leverage Bhutan's renewable energy resources for cryptocurrency mining. As the landscape of Bitcoin mining evolves, Bhutan's proactive approach could position it as a key player in the sector, attracting further investments and innovations in the field.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The 13,029 BTC stash tied to different wallets is believed to be related to the Himalayan kingdom's Bitcoin mining operations.

Bhutan Emerges as the Fourth Largest Bitcoin Holder with 13,029 BTC: Here's Why It Matters

Several WBTC alternatives have emerged to bring **Bitcoin liquidity** to **DeFi ecosystems** across the cryptoverse. This guide explores the most prominent ones.

## What Is Wrapped Bitcoin (WBTC)?
**Wrapped Bitcoin (WBTC)** is an **ERC-20 token** backed **1:1 by Bitcoin**. Launched to allow decentralized apps (dApps) on Ethereum to access Bitcoin, it adds liquidity to the Ethereum ecosystem, enabling BTC holders to engage with DeFi.

To convert BTC to WBTC, send it to a custodian or merchant who manages the minting and burning process. WBTC has expanded beyond Ethereum to several other blockchains, enhancing Bitcoin’s presence in the DeFi space.

## WBTC Alternatives You Should Know
WBTC has paved the way for other **tokens backed 1:1 by BTC**, facilitating broader use cases for Bitcoin. Here’s a list of WBTC alternatives:

| Wrapped Bitcoin | Year of Launch | Founding Company | Minting Mechanism | Redemption Mechanism | Custodianship | Decentralization | Total Locked Value (TVL) |
|----------------|----------------|------------------|-------------------|---------------------|----------------|-----------------|--------------------------|
| WBTC           | 2019           | BitGo, Kyber, Ren| Mint and Lock      | Atomic swaps         | Institutional custody managed by BitGo | Centralization risks exist | $8.67 billion |
| tBTC           | 2020           | Threshold Company | Optimistic Minting  | Multi-step validation and burning | Community of nodes manage BTC custody | Achieves decentralization through nodes and staking | $193.51 million |
| renBTC         | 2020           | Ren               | Lock and Mint mechanism | Burning mechanism after release | Dark nodes | Cost of eligibility to run a dark node poses centralization risk | $23.48 million |
| dlcBTC         | 2024           | DLC.Link          | Self-locking and wrapping | Atomic swaps | Self custody | Highly decentralized | $2.19 million |
| 21BTC          | 2024           | 21Shares          | Proprietary minting via the Onyx platform | Proprietary redemption | Institutional-grade 3rd party custody | Relies on the decentralization of Onyx | $4.8 million |
| cbBTC          | 2024           | Coinbase          | Automatic minting and wrapping | Automatic redemption | Coinbase Exchange Custody | Centralization risks exist | $627,000 |

### tBTC
**tBTC**, launched by Threshold Network in 2020, is a permissionless BTC-pegged token. Unlike WBTC, tBTC uses a decentralized group of nodes called signers to manage BTC deposits. It has maintained its peg to Bitcoin since inception, with a TVL of **$193.51 million**.

### renBTC
**renBTC** is another ERC-20 token pegged 1:1 to Bitcoin, created on RenVM. It uses a lock and mint mechanism, allowing for trustless cross-asset transfers. Its current TVL is approximately **$23.48 million**.

### dlcBTC
**dlcBTC** utilizes discrete log contracts for a self-wrapped form of Bitcoin on Ethereum, ensuring security and control for users. Its TVL stands at **$2.19 million**.

### 21BTC
**21BTC**, launched by 21Shares, aims to unlock Bitcoin liquidity for DeFi users on Solana and Ethereum. It currently holds a TVL of **$4.8 million**.

### cbBTC
Coinbase's **cbBTC** operates on its Ethereum Layer 2 network, offering automatic minting and redemption, with a TVL of **$627,000** shortly after launch.

### Upcoming Wrapped Bitcoin Alternatives
Innovation continues with **sBTC on Stacks**, a 1:1 BTC-backed asset that aims to eliminate the need for centralized custodians.

Wrapped BTC tokens provide a way to deploy BTC across multiple blockchains, signaling the growing demand for Bitcoin in the DeFi market.

Discover a list of leading WBTC alternatives and learn how they help bridge Bitcoin and other blockchains' DeFi ecosystems.

Unlocking Bitcoin's Potential: The Best Wrapped Bitcoin Alternatives You Must Explore

## Senator Warren's Push for Rate Cuts

Senator **Elizabeth Warren** is urging the **Federal Reserve** to implement significant **interest rate cuts** this week. The outspoken critic of cryptocurrency believes that high borrowing costs have been detrimental to the U.S. economy for too long.  

In a recent **letter** addressed to **Fed Chair Jerome Powell**, which was also signed by Senators **John Hickenlooper** and **Sheldon Whitehouse**, Warren advocated for a **75-basis-point rate cut**. Traders, however, anticipate a smaller adjustment, with expectations of a **0.25% or 0.5%** cut from the current 23-year high.  

As discussions around rate cuts intensify, **Bitcoin's price** saw a rise as traders reacted to expectations of a potential rate decrease. Recent analyses suggest a **57% chance** for the Fed to lower rates by **50 basis points**, up from just **25% a month ago** according to the **CME Group's FedWatch Tool**.  

## Bullish Sentiment for Bitcoin

Rate cuts are generally viewed as **bullish** for risk assets, including stocks and cryptocurrencies. Warren and her colleagues are pushing for aggressive cuts, citing the **deteriorating labor market** and the need for rapid action as inflation shows signs of cooling. They highlighted a recent **jobs data revision**, indicating a loss of **818,000 positions**, and an uptick in the **unemployment rate** to **4.2%**—a stark contrast to last July's low of **3.5%**.  

The lawmakers argue that a cautious approach to rate cuts could jeopardize the economy, advocating instead for **front-loading** cuts to avert a potential crisis. They referenced Powell's previous comments indicating that the Fed does not welcome further cooling in labor market conditions.  

Despite the Fed's initial cautious stance, some experts, including **Wharton Business School Professor Jeremy Siegal**, have recently called for an immediate **75-basis-point cut**, suggesting that such a move could lead to a significant market rally.  

## Warren's Controversial Stance on Crypto

Warren is known for her **skepticism** towards the crypto industry, having called for stricter regulations and labeling crypto developers as **“shadowy super-coders.”** Despite her critical views, her advocacy for rate cuts aligns her with some interests in the crypto sector, at least in terms of favoring aggressive monetary policy.  

As she faces opposition from **crypto advocates** like John Deaton, who is campaigning for her Senate seat, the push for a **75-basis-point cut** may mark an unexpected moment of unity between Warren and the industry she often criticizes.  

*Edited by Andrew Hayward*

Interest rate cuts are typically bullish for Bitcoin, but Senator Elizabeth Warren wrote that they could prevent an economic crisis.

Senator Warren Calls for Bold Rate Cuts: What It Means for Bitcoin's Future

## Velar Artha: A Game-Changer in Bitcoin Trading

Velar, a trailblazer in the **Bitcoin trading** sphere, has successfully launched the beta version of **Velar Artha**, marking it as the **world's first Bitcoin-native decentralized exchange** (PerpDex) tailored for **perpetual swaps**. This innovative platform is built on the **BOB (Build on Bitcoin)** layer-2 network, setting a new standard for decentralized trading.

![Velar Artha Launch](https://ik.imagekit.io/blockster/1a65cf96-df3f-4a8a-9924-62f33ec8eac6.jpg)

### Key Features of Velar Artha
- **Decentralized Nature**: Unlike traditional exchanges, Velar Artha operates without a central authority, giving users complete control over their funds.
- **Perpetual Swaps**: This feature allows traders to speculate on Bitcoin price movements without an expiration date, providing flexibility and strategic opportunities.
- **Built on BOB**: Leveraging the BOB layer-2 network enhances transaction speeds and reduces fees, making it an attractive option for traders.

Velar Artha aims to empower traders by providing a **secure**, **transparent**, and **efficient trading environment**. With the rise of decentralized finance (DeFi), this platform is poised to attract a significant user base eager to engage in perpetual trading.

As the cryptocurrency landscape continues to evolve, innovations like Velar Artha are crucial for fostering growth and adoption in the Bitcoin ecosystem.

Velar, a pioneering Bitcoin trading protocol, has launched the beta version of Velar Artha, the world's first Bitcoin-native decentralized exchange (PerpDex) for perpetual swaps, built on the BOB (Build on Bitcoin) layer-2 network.

Introducing Velar Artha: The Revolutionary Bitcoin Perpetual Swaps DEX You Can't Miss!

### Bitcoin Mining Profitability at Record Lows

According to **JPMorgan**, current **Bitcoin mining profitability** is facing unprecedented challenges. As **Bitcoin prices** continue to decline, miners are struggling to maintain their operations. The **hashrate**, which measures the total computational power used to mine Bitcoin, has been on the rise, further complicating profitability for miners.

### Key Factors Affecting Mining Profitability
- **Decreasing Bitcoin Prices**: The downturn in Bitcoin's value is putting significant pressure on mining operations.
- **Increasing Hashrate**: More miners entering the market has led to a higher hashrate, meaning that the competition to mine Bitcoin is fiercer than ever.

These factors combined create a challenging environment for miners, leading to the current state of **historic low profitability**. As the market evolves, stakeholders are closely monitoring these dynamics to anticipate future impacts on the **Bitcoin ecosystem**.

Comprehensive up-to-date news coverage, aggregated from sources all over the world by Google News.

JPMorgan Warns: Bitcoin Mining Profits Hit Record Lows Amid Price Drops and Rising Hashrate

### El Salvador's Vision for 2025

In a groundbreaking announcement, **President Nayib Bukele** of El Salvador is set to present a **debt-free budget for the year 2025**. This unprecedented approach aims to reshape the nation's fiscal landscape, potentially setting a new standard for economic management in the region.

### What Does a Debt-Free Budget Mean?

A **debt-free budget** signifies that the government plans to operate without accruing new debt, focusing instead on balancing its expenditures with its revenues. This strategy could foster **economic stability** and **financial independence**, especially in a country that has faced significant economic challenges in the past.

### The Impact of Bitcoin

El Salvador has made headlines for adopting **Bitcoin as legal tender**, and this bold move has been met with mixed reactions. The integration of cryptocurrency into the economy is expected to play a crucial role in achieving this debt-free status, as it could enhance **financial inclusion** and attract foreign investment.

### A New Chapter for El Salvador

As the world watches, Bukele’s administration is paving the way for a **revolutionary economic model** that could inspire other nations. The focus on a debt-free budget aligns with the broader goals of enhancing economic resilience and fostering growth in a post-pandemic world.

Stay tuned for more updates on this developing story!

Nayib Bukele's Bold Move: El Salvador to Unveil a Debt-Free Budget for 2025!

### Bitcoin's Technical Analysis Signals Explosive Growth

Bitcoin’s **technical analysis** is indicating a potential **explosive move** above **$150,000**. Current price actions are revealing various **bullish patterns** across multiple timeframes, stirring excitement among analysts regarding the cryptocurrency’s future.

### The Bullish Pennant Formation

A significant **bullish pennant** pattern is observed on the **monthly timeframe**, suggesting Bitcoin could be gearing up for a **move towards $158,000**. This pattern, identified by crypto analyst **Titan of Crypto**, reflects a consolidation phase characterized by lower highs, forming a clear pennant shape.

### Momentum Building for a Breakout

The “pole” of this pattern was established through a **strong rally** in **Q4 2023**, culminating in a new all-time high in **March 2024**. If Bitcoin successfully breaks out of this pattern to the upside, it could lead to another **prolonged rally**. Titan of Crypto estimates that a breakout could push Bitcoin to **$158,000 by May 2025**, requiring a **170% increase** from current levels.

### Indicators of Bullish Sentiment

Recent analyses show that Bitcoin has reclaimed key indicators such as the **Tenkan and Kijun** in the **Ichimoku Cloud** system. The **Relative Strength Index (RSI)** has also broken through a multi-month resistance, indicating growing buying pressure. Currently, Bitcoin is trading at **$58,827**, having experienced a slight dip of **2.3%** in the last 24 hours.

### Current Market Status

Despite the recent downturn below the **$60,000** level, this price point remains crucial for Bitcoin's momentum. As the market watches closely, a confirmation of the breakout could lead to renewed bullish momentum in the coming days.

![Bitcoin price chart from Tradingview.com](https://www.tradingview.com/x/6TYfDd0U/)
*BTC price reclaims $59,000 | Source: [BTCUSD on Tradingview.com](http://Tradingview.com)*

Bitcoin's technical analysis is setting up the stage for an explosive move above $150,000 with price action flashing various patterns on the charts.

Illegal Crypto ATM Operations in London: What You Need to Know

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Illegal Crypto ATM Charges in London

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Other Latest News

Bhutan Emerges as the Fourth Largest Bitcoin Holder with 13,029 BTC: Here's Why It Matters

Unlocking Bitcoin's Potential: The Best Wrapped Bitcoin Alternatives You Must Explore

Senator Warren Calls for Bold Rate Cuts: What It Means for Bitcoin's Future

Introducing Velar Artha: The Revolutionary Bitcoin Perpetual Swaps DEX You Can't Miss!

JPMorgan Warns: Bitcoin Mining Profits Hit Record Lows Amid Price Drops and Rising Hashrate

Nayib Bukele's Bold Move: El Salvador to Unveil a Debt-Free Budget for 2025!

Is Bitcoin Ready to Soar? Analysts Predict a $158,000 Target with Bullish Patterns Emerging!

Other Latest News

Bhutan Emerges as the Fourth Largest Bitcoin Holder with 13,029 BTC: Here's Why It Matters

Unlocking Bitcoin's Potential: The Best Wrapped Bitcoin Alternatives You Must Explore

Senator Warren Calls for Bold Rate Cuts: What It Means for Bitcoin's Future

Introducing Velar Artha: The Revolutionary Bitcoin Perpetual Swaps DEX You Can't Miss!

JPMorgan Warns: Bitcoin Mining Profits Hit Record Lows Amid Price Drops and Rising Hashrate

Nayib Bukele's Bold Move: El Salvador to Unveil a Debt-Free Budget for 2025!

Is Bitcoin Ready to Soar? Analysts Predict a $158,000 Target with Bullish Patterns Emerging!