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2024-08-21 | How AI Can Revolutionize Bitcoin Mining: VanEck’s Matthew Sigel Explains
2024-08-21
In a recent interview with CNBC’s "Fast Money", Matthew Sigel, Head of Digital Assets Research at VanEck, discussed how artificial intelligence (AI) could transform the Bitcoin mining industry, particularly in 2024, where miners have struggled to keep pace with Bitcoin's performance. Sigel highlighted the potential for AI to boost profitability for miners and outlined the broader market dynamics affecting Bitcoin, according to Cryptoglobe
.
Sigel noted that while Bitcoin has surged by 35% this year, mining companies like Marathon Digital and Riot Platforms have underperformed. This divergence, he explained, challenges the traditional view of miners as high-beta plays, which should offer greater volatility and returns compared to Bitcoin itself. The underperformance has raised questions about the future of the industry.
AI, however, could be a game-changer. Several Bitcoin miners have already secured billion-dollar deals by repurposing their energy resources to power AI operations. Unlike central processing units (CPUs), AI relies heavily on graphics processing units (GPUs), which require more energy. Bitcoin miners, with their existing energy infrastructure, are well-positioned to support AI workloads with minimal additional investment. Sigel suggested that by reallocating just 20% of their energy capacity to AI, miners could potentially double their stock prices, even without changes in their Bitcoin mining operations.
Financially, many Bitcoin miners are struggling with debt and equity reliance. However, AI could help them secure more sustainable financing by lowering their cost of capital. This shift, Sigel argued, presents a significant opportunity for miners to enhance profitability and market positioning.
The broader market has also influenced Bitcoin's recent performance. Despite Bitcoin's struggles to keep up with gold, Sigel attributed this to several factors, including its correlation with the NASDAQ, forced selling by large holders, and seasonal patterns following the April 2024 halving event. However, he remains optimistic, predicting a recovery as the market adjusts to fiscal policies ahead of the U.S. presidential election.
Sigel also highlighted the stark valuation difference between data centers
and Bitcoin miners. Data centers, essential for AI, trade at over $30 million per megawatt of electrical capacity, compared to just $3 million per megawatt for Bitcoin miners. This valuation gap, he argued, presents an enormous arbitrage opportunity for miners willing to pivot toward AI.
Companies like Core Scientific
, TeraWulf, and Iris Energy have already outperformed by aggressively moving into AI. As more miners follow suit, Sigel believes their stocks are poised to see significant gains, positioning AI as a crucial factor in the future of Bitcoin mining. |
2024-08-21 | Bitcoin May Drop to $54,000 as Mt. Gox Moves $860 mln in BTC
2024-08-21
The post Bitcoin May Drop to $54,000 as Mt. Gox Moves $860 mln in BTC
appeared first on Coinpedia Fintech News
On August 21, 2024, the defunct and oldest crypto exchange, Mt. Gox, moved a significant over 14,530 Bitcoin (BTC) worth $860 million in the last 24 hours, as the on-chain analytic firm Spotonchain reported. Following these transactions, the overall cryptocurrency market experienced massive selling pressure.
Mt. Gox $860 Million BTC Transfer
With the recent transfer, Mt. Gox now holds a massive 32,898 BTC worth $1.95 billion across 28 wallets.
Since July 5, 2024, Mt. Gox. has transferred a substantial 107,958 BTC worth $6.81 billion to various centralized exchanges including Bitstamp, SBIVC, Kraken, OKX, and Binance for creditor repayment. However, these billions worth of Bitcoin are still in the hands of these exchanges as creditor repayment has yet to begin.
Mt. Gox just deposited 1,265 $BTC
($75M) to #Bitstamp
30 minutes ago.
Since July 5, 2024, Mt. Gox has transferred out a total of 107,958 $BTC
($6.81B), including:
• 62,935 $BTC
($4.12B) to #Bitstamp
, #SBIVC
, #Kraken
, #OKX
, and #Binance
for creditor repayments;
• 45,023… pic.twitter.com/9GfFELGNlA
— Spot On Chain (@spotonchain) August 21, 2024
Expert Comments for Mt. Gox’s Creditors
However, concerns remain about what will happen once these creditors receive their BTC and potentially start selling it off. Over this concern, Maria Carola, the CEO of StealthEX a cryptocurrency exchange, made a statement that creditors are opting to hold their currencies due to the potential of BTC and its rapid evolution and significant adoption.
Despite this significant transfer, BTC is trading near $59,720 and has experienced a price surge of over 1.5% in the last 24 hours. Meanwhile, its trading volume has dropped by 18% during the same period, indicating reduced participation from traders.
Bitcoin Technical Analysis and Key Levels
According to expert technical analysis, Bitcoin
(BTC) looks bearish as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it has been consolidating within a small range for the last 14 days.
Source: Trading View
If BTC breaks down this consolidation zone and the daily candle closes below the $57,880 level, there is a high possibility it could fall to the $54,000 level or even more.
As of now, market sentiment is extremely bearish. In addition to the Mt. Gox, gold has also reached its all-time high, which potentially creates a fear in the cryptocurrency landscape. |
2024-08-21 | Whale Profits from Ethereum Sales
2024-08-21
You can also read this news on BH NEWS: Whale Profits from Ethereum Sales
A significant event unfolded in the altcoin market as a prominent Ethereum (ETH) whale, recognized as a “diamond hand” for their long-term holding strategy, sold a sizable portion of their ETH assets. Blockchain analysis platform Lookonchain reported that this whale offloaded 15,000 ETH recently, marking a notable transaction.
What Led to the Whale’s Profit?
In September 2022, during a bear market, the whale acquired 96,639 ETH at $1,567 per coin, withdrawing these assets from Coinbase. Known for their steadfast investment approach, the whale held onto this substantial amount until the market conditions
shifted favorably. As the crypto market experienced a bull run starting in March 2024, ETH prices surged, prompting the whale to capitalize on their investment.
Bitcoin
reaching close to $74,000 and ETH surpassing $4,000 marked a profitable period for the whale. According to Lookonchain, the investor sold 55,000 ETH at $3,199 each, totaling $176 million. This strategic move resulted in a gross profit of around $132 million. Post-sale, the whale’s holdings now stand at 41,639 ETH, valued at approximately $107 million.
How Is Ethereum Performing Now?
Ethereum’s price has been volatile, recently recovering from the $2,500 support level but struggling to breach the $2,700 mark. Currently trading at $2,572, ETH has dropped 3.45% in the past 24 hours. If the downward trend persists, ETH could fall below $2,500, potentially reaching $2,309, where bulls may attempt to stabilize the price again.
Conversely, if buyers succeed in pushing ETH above $2,690, the price might climb to $2,850, encountering selling pressure. A breakthrough above the 50 and 200-day simple moving averages, at $3,000 and $3,246 respectively, could signal the onset of a new uptrend.
Investment Insights
– Short-term market fluctuations can present substantial profit opportunities.
– Monitoring whale activities can provide insights into market movements.
– Long-term holding strategies can be advantageous during extended bullish periods.
– Key support and resistance levels are critical for trading decisions.
In summary, the Ethereum whale’s strategic sell-off has not only realized significant profit but also sparked market discussions on ETH’s trajectory. Investors and traders will closely watch these developments to gauge future
market trends.
The post first appeared on BH NEWS:
Whale Profits from Ethereum Sales |
2024-08-21 | El Salvador Introduces Bitcoin Certification Program for 80,000 Civil Servants
2024-08-21
El Salvador, the first nation to adopt Bitcoin, has launched a Bitcoin certification program for 80,000 civil servants.
El Salvador’s bold adoption of Bitcoin has caught the attention of countries like Argentina, which want to follow suit.
El Salvador, the first nation to adopt Bitcoin as a legal tender, has
launched
a comprehensive Bitcoin certificate program for its civil servants. The initiative, spearheaded by the National Bitcoin Office (ONBTC), aims to equip 80,000 government employees with knowledge of Bitcoin and its application in public administration.
EL SALVADOR CONTINUES TO TRAILBLAZE!
El Salvador will soon begin providing #Bitcoin
instruction and certification to 80,000 public servants. https://t.co/gG9tMPvnPa
— The Bitcoin Office (@bitcoinofficesv) August 20, 2024
According to ONBTC, this training program, dubbed “Certification in Public Administration 1,” is a 160-hour virtual and Asynchronous course that will be used to
“strengthen the standard of excellence in governance and public administration in El Salvador.”
Additionally, the course is divided into seven modules that offer detailed concepts like law, skills, and management practices related to the use case of Bitcoin as a legal tender.
The program isn’t just teaching government employees how to navigate the new money system but is laying the groundwork for a bigger revolution. This was emphasized by Stacy Herbert, the director of ONBTC, who believes that by training civil servants, the country will create a “compounding effect” that will further bolster El Salvador’s economy. Herbart has shown great confidence that the program will contribute to the Central American nation’s
success in Its Bitcoin and technology roadmap. Herbert said:
These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy,
The Higher School of Innovation in Public Administration is responsible for conducting this educative program. It is also worth noting that this is the same place where El Salvador’s pro-Bitcoin president, Nayib Bukele, was inaugurated in August 2021.
Argentina and El Salvador in Talks Over Bitcoin Adoption
El Salvador’s enthusiastic move towards Bitcoin hasn’t gone unnoticed; their crypto crusade has attracted international attention. Argentina, an economically- ailing country, has reached out to El Salvador to learn from their experience. Having a diplomatic relationship that stems from history books, representatives from Argentina’s National Securities Commission (CNV) met with their counterparts at El Salvador’s National Commission of Digital Assets (CNAD) to discuss Bitcoin adoption and crypto regulation.
Roberto Silva, the president of Argentina’s CNV, showed great interest in the idea of building ties with El Salvador, noticing the potential benefits of such a partnership.
We want to strengthen ties with the Republic of El Salvador, and therefore, we are going to explore the possibility of signing collaboration agreements with them. Silva stated.
Argentina’s interest in the new asset class has grown significantly, especially after Bitcoin-friendly president Javier Milei entered office in 2023. Already walking the talk, As CNF earlier reported
, Argentina underwent a few regulatory changes
that would accommodate cryptocurrency. True to its words, late July saw Argentina register its first cryptocurrency-funded company. |
2024-08-21 | El Salvador Launches Bitcoin Certification Program For Civil Servants
2024-08-21
El Salvador’s government aims to upskill 80,000 employees through a comprehensive Bitcoin certification program, emphasizing strategic management and public policy.
The National Bitcoin Office (ONBTC) of El Salvador will train and provide Bitcoin instruction and certifications to 80,000 government employees.
The Bitcoin (BTC) friendly Central American nation of El Salvador launched a training program for public servants to impart knowledge about the strategic management and public policies around Bitcoin.
The 160-hour virtual and asynchronous training session — Certification in Public Administration 1 — is divided into seven modules, each detailing several concepts, laws, skills and management related to the use of Bitcoin as legal tender.
EL SALVADOR CONTINUES TO TRAILBLAZE!
El Salvador will soon begin providing #Bitcoin
instruction and certification to 80,000 public servants. https://t.co/gG9tMPvnPa
— The Bitcoin Office (@bitcoinofficesv) August 20, 2024
Creating A Bitcoin-Ready National Workforce
Stacy Herbert, director of
ONBTC
, expects that training civil servants will have a
“compounding effect”
on El Salvador’s Bitcoin-driven economy. In believing so, she plans to announce more educational initiatives. She said:
“These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy.”
The Bitcoin certification drive is conducted by the Higher School of Innovation in Public Administration (ESIAP), which President Nayib Bukele inaugurated in August 2021.
According to ONBTC, also known as the Bitcoin office, the curriculum is designed specifically
“to strengthen the standard of excellence in governance and public administration in El Salvador.”
Argentina Learns From El Salvador’s Bitcoin adoption
El Salvador’s financial success with Bitcoin adoption caught the attention of other hyper-inflated economies.
In May, the government of Argentina began working with El Salvador to learn from its experience of Bitcoin adoption and other cryptocurrency activities.
Argentina’s securities regulator, the National Securities Commission (CNV), met with El Salvador’s National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation in the two countries.
During the meeting, CNV president Silva said:
“We want to strengthen ties with the Republic of El Salvador, and therefore, we are going to explore the possibility of signing collaboration agreements with them.”
Moreover, Argentina recently passed registration requirements for crypto firms in April and has been actively experimenting with cryptocurrency since Bitcoin-friendly politician Javier Milei became Argentina’s president in late 2023. |
2024-08-21 | El Salvador’s National Bitcoin Office Announces Bitcoin Certification
2024-08-21
El Salvador’s National Bitcoin Office (ONBTC) has initiated a comprehensive training program to educate and certify 80,000 government employees on Bitcoin. The Bitcoin-friendly nation aims to equip public servants with essential knowledge on the strategic management and public policies surrounding Bitcoin.
This extensive 160-hour virtual and asynchronous training, known as Certification in Public Administration 1, is structured into seven modules. Each module covers various concepts, laws, skills, and management techniques related to the use of Bitcoin as legal tender.
Stacy Herbert, director of ONBTC, anticipates that educating civil servants will have a “compounding effect” on El Salvador’s Bitcoin-driven economy. She plans to introduce more educational initiatives, emphasizing the importance of these long-term commitments to the country’s success. “These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy,” Herbert stated.
The Bitcoin certification program is conducted by the Higher School of Innovation in Public Administration (ESIAP), an institution inaugurated by President Nayib Bukele in August 2021. According to ONBTC, also known as “The Bitcoin Office,” the curriculum is specifically designed “to strengthen the standard of excellence in governance and public administration in El Salvador.”
El Salvador’s success with Bitcoin adoption has attracted the attention of other nations, particularly those grappling with hyperinflation. In May, Argentina began collaborating with El Salvador to learn from its experience with Bitcoin adoption and other cryptocurrency activities.
Argentina’s securities regulator, the National Securities Commission (CNV), met with El Salvador’s National Commission of Digital Assets (CNAD) to discuss strategies for crypto adoption and regulation in both countries. |
2024-08-21 | Bitwise CIO: Bitcoin ETFs breaking records, gaining unprecedented institutional traction
2024-08-21
Bitcoin ETFs are breaking records as the fastest-growing ETFs in history, rapidly attracting institutional investors.
According to Bitwise CIO Matt Hougan, contrary to the popular belief that retail investors are driving the surge in Bitcoin (BTC
) ETF adoption, data shows that institutions contribute significantly
to this trend.
Since its launch
in January, Bitcoin ETFs have amassed a staggering $17.5 billion in net flows, outpacing previous records held by other ETFs.
For context with this sentiment, the Nasdaq-100 QQQs, the previous record holder, garnered
approximately $5 billion within its first year. Bitcoin ETFs are on track to eclipse this benchmark by a wide margin.
Last quarter, institutional ownership of U.S. spot Bitcoin ETFs increased to 24%
, up from 21.4% in the first quarter, despite a 13% decline in total assets under management due to falling Bitcoin prices.
Notable new institutional investors included Goldman Sachs
and Morgan Stanley, contributing to a significant inflow of $2.4 billion during the quarter. Investment advisors’ share of total holdings rose, while hedge fund holdings declined.
You might also like: Binance accused of acting as ‘get-away driver’ in new crypto laundering lawsuit
Bitcoin ETF Critics
Despite the phenomenal growth, Hougan says critics remain unconvinced. Critics argue that retail investors mainly drive Bitcoin ETFs with little institutional support. 13F filings show that as of Q2 2024, institutions only hold 21% of Bitcoin ETF assets, with retail investors holding the remaining 79%.
However, Hougan argues that the numbers don’t tell the whole story. By analyzing the top 10 fastest-growing ETFs in history, he highlights that Bitcoin ETFs have achieved unprecedented levels of institutional adoption in terms of the number of institutional holders and total institutional assets under management.
The Bitwise CIO noted
that the only ETF that comes close in comparison is the Nasdaq-100 QQQs, but even that comparison is skewed due to differences in historical data availability.
While the surge in retail interest is undeniable, institutional investors also clearly recognize the value of Bitcoin ETFs, contributing to their record-breaking growth.
What is a spot crypto ETF?
A spot crypto ETF
tracks the price of a specific crypto and invests portfolio funds into that crypto. These funds are traded on public exchanges but generally track a particular crypto. Like similar funds, crypto ETFs are on regular stock exchanges, and investors can keep them in their standard brokerage accounts.
“ETFs are wonderful, in that they can be held by institutions and retail investors alike,” Hougan posted
to X. “But don’t let the historic adoption of bitcoin ETFs by retail fool you. They are also gaining institutional traction faster than any other ETF in history.”
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2024-08-21 | New Big Bitcoin (BTC) Step Comes From El Salvador
2024-08-21
The National Bitcoin Office (ONBTC) of the Presidential Office of El Salvador has announced a new initiative that aims to provide Bitcoin (BTC) training and certification to 80,000 civil servants across the country.
This new initiative is part of a broader effort to integrate Bitcoin into the fabric of the country's economy and public administration.
The Bitcoin training module will be included in the curriculum of the School of Innovation in Public Administration (ESIAP), an institution established by President Nayib Bukele in 2021. ESIAP’s mission is to raise the standards of management and public administration in El Salvador.
Related News: BREAKING: McDonald's Made an Extremely Surprise Cryptocurrency Move! They Also Chose the Altcoin Network They Will Use
In addition to training civil servants, ONBTC plans to introduce open-source Bitcoin courses such as “Mi Primer Bitcoin” and “Node Nation” into public schools, further embedding cryptocurrency education into the national education system.
ONBTC Director Stacy Herbert highlighted the long-term vision behind this initiative. She expressed her belief that equipping civil servants with Bitcoin knowledge will have a “compounding effect” on the country’s economy. Herbert emphasized that these educational projects are designed as “short-term choice commitments” aimed at ensuring the long-term success of El Salvador’s Bitcoin and technology policies.
*This is not investment advice.
Continue Reading: New Big Bitcoin (BTC) Step Comes From El Salvador |
2024-08-21 | XRP Faces Major Resistance Level
2024-08-21
You can also read this news on BH NEWS: XRP Faces Major Resistance Level
Ripple’s XRP
has caught the eye of investors
due to its recent upward momentum, persistently testing the $0.60 resistance level. Bitcoin (BTC) currently trades at $59,378, while XRP also aims to break crucial resistance barriers. The emergence of a golden cross formation and market recovery provide a favorable backdrop for XRP’s price action.
What Does the Golden Cross Indicate?
XRP’s close approach to the $0.60 mark suggests it as a psychological resistance point, attracting investor interest. Current market indicators point to sufficient momentum that could push XRP beyond this significant level, with a slight increase in buying pressure possibly driving the altcoin higher. The golden cross formation, where the 50-day moving average surpasses the 200-day moving average, is typically seen as a bullish signal, often preceding notable price hikes.
Recently, XRP demonstrated a 6.7% gain after testing the 200-day exponential moving average at the $0.545 mark, now trading at $0.606. Indicators such as rising open interest and a favorable short/long ratio suggest a bullish trend. Should the 200-day EMA hold as support, XRP could target the $0.643 level. However, for a sustained upward trend, the Relative Strength Index (RSI) and Awesome Oscillator (AO) need to move above their neutral levels.
Which Scenarios Could Unfold for XRP?
Yesterday, XRP briefly surpassed $0.60, peaking at $0.61 before a minor pullback, indicating sufficient market interest and volume to exceed this level. Previous attempts to breach the $0.60 mark suggest that investors are positioning for another challenge.
Conversely, if XRP fails to maintain above this resistance level, it could retreat to around $0.56, trading within a tight range. The cryptocurrency’s next direction will hinge on its ability to break out of this current range.
Key Takeaways for Investors
• Monitoring the golden cross formation could provide early signals for potential price movements.
• Sustained interest and volume are crucial for XRP to break and maintain levels above $0.60.
• The RSI and AO indicators need to move above neutral levels for a continuous upward trend.
In conclusion, XRP’s current price action and technical indicators suggest a pivotal moment. While bullish signals offer optimism, critical resistance levels must be breached for sustained gains.
The post first appeared on BH NEWS:
XRP Faces Major Resistance Level |
2024-08-21 | XRP Approaches Key Resistance Level
2024-08-21
You can also read this news on COINTURK NEWS: XRP Approaches Key Resistance Level
Ripple
‘s XRP
has recently drawn attention with its upward price movement, continuing to challenge the $0.60 threshold as of today. The largest cryptocurrency Bitcoin (BTC) is trading at $59,378, while XRP is also trying to surpass its significant resistance levels. The recently emerged
golden cross formation
and the overall market recovery create a positive atmosphere for XRP.
Golden Cross Formation as a Bullish Signal
XRP
‘s approach to the $0.60 level indicates a psychological resistance point. Such thresholds usually attract investor interest, increasing the likelihood of XRP surpassing this level. Current market conditions
suggest that there is enough momentum for XRP to cross this important threshold. A slight buying pressure could push the altcoin’s price above this level.
The golden cross formation seen in Ripple’s
altcoin
price chart is considered a significant bullish signal for investors. The formation occurs when the 50-day moving average crosses above the 200-day moving average and is historically known as a precursor to significant price increases. The presence of this formation in the XRP chart suggests that the altcoin may exhibit an upward movement in the near future
.
Recently, XRP’s price chart showed a 6.7% increase after testing the 200-day exponential moving average at the $0.545 level. Currently trading at $0.606, XRP is showing signs of a bullish trend with rising open interest and a favorable
short/long ratio
.
If the 200-day EMA is maintained as support, XRP could potentially rise to the $0.643 level. Indicators such as the
Relative Strength Index
(RSI) and the
Awesome Oscillator
(AO) are hovering near neutral levels, and these indicators need to move above their neutral levels for a sustainable rise to occur.
Potential Scenarios for XRP
Yesterday, XRP briefly surpassed the $0.60 level, rising to $0.61 before a slight pullback. This indicates that the market has the interest and volume needed to surpass this level. The altcoin’s previous tests and surpassing of the $0.60 level suggest that investors are preparing to challenge this level again.
Conversely, if XRP fails to surpass this level, the price is expected to decline and pull back to around $0.56. In this scenario, XRP will continue to trade within a narrow range, and its direction will depend on whether it breaks out of this range.
The post first appeared on COINTURK NEWS:
XRP Approaches Key Resistance Level
The post XRP Approaches Key Resistance Level
appeared first on COINTURK NEWS
. |
2024-08-21 | El Salvador and Argentina are United Around Bitcoin!
2024-08-21
El Salvador continues its Bitcoin revolution with an ambitious certification program for its officials, while Argentina is closely observing this pioneering experience. This unprecedented collaboration could redefine the economic future of Latin America.
El Salvador trains its officials in Bitcoin
In an unprecedented move, El Salvador
is launching a vast Bitcoin certification program for 80,000 officials. This initiative, led by the National Bitcoin Office (ONBTC), aims to fully integrate crypto into the machinery of the state.
The curriculum, named “Certification in Public Administration 1”, offers
160 hours of intensive training. Divided into seven modules, it covers a wide range of topics, from the legal framework of Bitcoin to its impact on public policies.
The Higher School of Innovation in Public Administration (ESIAP), created by President Nayib Bukele
, is responsible for delivering this extensive training.
Stacy Herbert, director of the ONBTC, highlights the strategic importance of this initiative: “
These educational projects are short-term commitments for the long-term success of El Salvador and its Bitcoin policy
“.
The goal is clear: to create a highly skilled workforce capable of propelling the country to the rank of a world leader in crypto adoption.
€20 bonus for registering on Bitvavo
This link uses an affiliate program.
Argentina draws inspiration from the Salvadoran model
The success of El Salvador in integrating Bitcoin
has generated significant interest beyond its borders, particularly in Argentina. Faced with major economic challenges, the South American nation is looking to learn from the Salvadoran experience.
In May 2024, Argentina’s National Securities Commission (CNV) began discussions with its Salvadoran counterpart, the National Commission for Digital Assets (CNAD). The objective is to explore possibilities for collaboration in crypto regulation and adoption.
Roberto Silva, President of the Argentine CNV, emphasized the importance of this cooperation during a bilateral meeting. He mentioned the possibility of collaboration agreements to benefit from Salvadoran expertise in Bitcoin adoption. This move thus reflects the growing interest in the potential role of cryptos in stabilizing economies facing hyperinflation.
In summary, the initiative of El Salvador and the interest of Argentina mark a turning point in the crypto adoption
in Latin America. This collaboration could thus pave the way for a new economic era, where Bitcoin would play a central role in the modernization of institutions and financial stability in the region. |
2024-08-21 | Discover the top cloud mining sites of 2024
2024-08-21
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Discover the top 6 cloud mining platforms of 2024 and choose secure, user-friendly options to start generating passive income from cryptocurrency mining.
In 2024, cloud mining is evolving, offering unprecedented access to profitability for both seasoned investors and curious newcomers.
For all the newcomers out there: Cloud mining allows individuals to mine cryptocurrencies by renting mining power from companies that own and operate the required equipment. Instead of investing in expensive hardware and managing it themselves, users pay a fee to use the company’s resources. When the rented equipment successfully mines a block, the reward is shared between the user and the provider.
This guide highlights the six leading cloud mining platforms, crafted to enhance users’ investment strategy.
1. MasHash: A user-friendly solution
MasHash
has quickly become a favorite in the cloud mining community due to its efficient and straightforward approach. Founded in 2019, it utilizes cutting-edge ASIC miners and GPU rigs to maximize profitability, ensuring users receive optimal returns. The platform features an intuitive interface that simplifies the mining process, making it accessible for both beginners and experienced miners.
In addition to its focus on user experience, MasHash emphasizes security by storing most funds in offline cold wallets. Users can conveniently deposit their earnings through various crypto payment options
, streamlining the investment process. With automated mining and daily payouts, MasHash truly exemplifies a modern solution for cryptocurrency investors.
Key features
Feature
Description
Year Founded
2019
Supported Coins
Bitcoin, Bitcoin Cash, Ethereum
Minimum Investment
$200
Payout Frequency
Daily
Fraud Risk
Low
Pros
Advanced mining technology
: Utilizes state-of-the-art ASIC and GPU rigs, ensuring high efficiency and performance for better returns.
Robust security measures
: Funds are safeguarded in offline cold wallets, giving users peace of mind.
Automated earnings
: Daily payouts guarantee a steady income stream for users without ongoing management.
Eco-friendly operations
: Operations are powered by solar energy, contributing to sustainability.
Cons
High minimum deposit/withdrawal amount ($200).
Fees based on blockchain transaction costs may affect overall profitability.
2. ECOS: Complete cloud mining solution
ECOS is a highly reliable and transparent cloud mining platform based in Armenia, boasting a growing user base of over 550,000 satisfied customers. The platform offers a range of customizable plans tailored to accommodate various budgets and financial goals, making it an ideal choice for both beginners and experienced miners. Users appreciate the flexibility to start mining with minimal investment, with options as low as $50, allowing easy access to cryptocurrency opportunities.
What sets ECOS apart is its commitment to user experience, featuring an intuitive interface and a dedicated mobile app that enables seamless monitoring of mining activities and earnings. Additionally, ECOS prioritizes security and compliance, ensuring that user funds are safely stored and operations are transparent. By leveraging an extensive suite of integrated tools, including wallets and exchanges, ECOS empowers users to effortlessly manage their digital assets and optimize their mining performance.
Key features
Feature
Description
Year Founded
2017
Supported Coins
Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin
Minimum Investment
$50
Payout Frequency
Daily
Fraud Risk
Low
Pros
Flexible mining options
: Start cloud mining Bitcoin with plans as low as $50.
Integrated financial tools
: Offers an app for easy tracking of mining progress.
Active community engagement
: Consistent updates and communication foster trust.
Free demo available
: Users can test the platform with a 0.3 TH output demo.
Cons
Limited to Bitcoin mining.
High withdrawal fees during peak network times.
3. StormGain: A comprehensive platform
StormGain serves over five million users and is recognized for its robust infrastructure that caters to both beginners and seasoned investors in the cryptocurrency space. The platform offers a multitude of services, including cloud mining, cryptocurrency trading, and an integrated exchange, making it a one-stop solution for all your crypto needs.
What distinguishes StormGain is its user-centric design, which includes real-time mining statistics and rewards displayed directly in user wallets. This transparency enhances the overall user experience, allowing miners to track their progress effortlessly. Additionally, StormGain provides unique trading signals, helping users make informed decisions about market movements.
The platform is also known for its high-level security measures and commitment to user data protection, instilling confidence in millions of users globally. With flexible investment options and low barriers to entry, StormGain is an appealing choice for anyone looking to explore the world of cryptocurrency mining and investments.
Key features
Feature
Description
Year Founded
2019
Supported Coins
Bitcoin, Ethereum, Tether
Minimum Investment
$10
Payout Frequency
Minimum withdrawal threshold of $10 USDT
Fraud Risk
Low
Pros
Extensive service suite
: Merges cloud mining with trading and exclusive signals in one platform.
User-friendly interface
: Designed for ease of use, making it suitable for all experience levels.
Multilingual support
: Provides customer support in various languages.
Free cloud mining access
: Lowers barriers for new miners, encouraging wider participation.
Cons
High trading volume required for significant returns.
Variable withdrawal fees may apply based on transaction conditions.
4. Binance cloud mining: A reliable choice
Binance offers a reliable cloud mining service as part of its extensive ecosystem, making it an ideal choice for individuals seeking flexible short-term contracts. As one of the largest cryptocurrency exchanges in the world, Binance instills confidence in users with its strong reputation and proven track record in the crypto market.
The platform features flexible mining contracts that allow users to adapt their mining strategies according to their investment goals. With contracts that can be tailored to last from as short as 30 days to longer durations, Binance accommodates both novices looking to dip their toes in mining and experienced traders aiming to maximize their returns.
Key features
Feature
Description
Year Founded
2017
Supported Coins
Bitcoin, Ethereum, Ripple
Minimum Investment
$0
Payout Frequency
Every eight hours
Fraud Risk
Low
Pros
Trusted exchange backing
: Leverages Binance’s reputation, assuring users of security.
Flexible contract options
: Users can select from various contract durations tailored to their investment strategies.
Quick setup process
: Rapid registration and access to mining contracts within minutes.
Instant withdrawals
: Allows users to quickly access funds without long wait times.
Cons
Limited to Bitcoin mining.
Minimum requirements expressed in BTC, which may confuse new investors.
5. BitFuFu: Accessible and incentive-driven
BitFuFu is an increasingly popular cloud mining platform that effectively combines user-friendly mining processes with substantial incentives and a strong customer-focused approach. With a robust infrastructure supporting 29 mining facilities and serving over 321,000 users globally, BitFuFu is committed to making cryptocurrency mining accessible for everyone, from beginners to experienced miners.
The platform allows users to start mining Bitcoin with an investment as low as $20, significantly lowering the barrier to entry for new users. BitFuFu offers a variety of mining packages ranging from 60 to 360 days, allowing users to choose plans that fit their investment goals and risk tolerance. Additionally, new users can benefit from generous bonuses, sometimes up to $1,000, simply for signing up.
Key features
Feature
Description
Year Founded
2020
Supported Coins
Bitcoin
Minimum Investment
$20
Payout Frequency
Daily
Fraud Risk
Low
Pros
Low entry cost for beginners
: Start mining with only $20, making it highly accessible.
Generous bonus programs
: New users receive sign-up bonuses and rewards for KYC completion.
User-centric interface
: Designed for simplicity, enabling effortless management of mining activities.
Direct equipment purchase
: Users can buy Bitmain rigs directly through the platform.
Cons
Service fees can accumulate, impacting overall profitability.
Limited cryptocurrency options compared to larger platforms.
6. NiceHash: Optimization tools
NiceHash is widely celebrated for its advanced mining options and powerful profitability calculators, enabling users to maximize their earnings effortlessly. Established in 2014, NiceHash has positioned itself as a versatile cloud mining solution that caters to both novice and experienced miners alike.
The platform offers a unique marketplace where users can buy and sell hashing power, which allows for flexibility in mining different cryptocurrencies without the need for hardware management. This feature is particularly appealing for those who want to quickly adapt their strategies based on market conditions.
With a user-friendly interface, NiceHash simplifies the mining process, providing real-time data on earnings and mining performance. Furthermore, it frequently runs promotions and discounts, which incentivize users to optimize their mining strategies and increase their overall profitability.
Key features
Feature
Description
Year Founded
2014
Supported Coins
Bitcoin, Ethereum
Minimum Investment
$0
Payout Frequency
Daily
Fraud Risk
Low
Pros
Intuitive user interface
: Easy navigation ensures a user-friendly experience for newcomers and veterans alike.
Profitability calculators
: Helps miners determine the most lucrative mining strategies.
Consistent daily payouts
: Users are rewarded regularly, enhancing trust and user satisfaction.
Frequent promotions
: The platform offers ongoing discounts, significantly improving overall profitability.
Cons
Initial setup may require some learning for new users.
Promotional engagement can influence perceived benefits.
Conclusion
Cloud mining offers an accessible way to participate in cryptocurrency mining
without the need for substantial investments in hardware or technical expertise. As users explore the best mining platforms, it’s crucial to choose a reputable provider, understand the associated costs and risks, and stay informed about the regulatory environment and market conditions.
Read more: Private property rights are the solution to crypto mining noise pollution | Opinion
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company. |
2024-08-21 | PlanB Shares Proof Bitcoin Can Skyrocket 4-7x From Here
2024-08-21
Cover image via U.Today
Renowned analyst and author of the Stock-2-Flow (S2F) model, PlanB
has made bullish predictions on the world’s largest cryptocurrency, Bitcoin. PlanB’s bold statement comes amid persistent price fluctuations for Bitcoin in the past couple of weeks.
Historical patterns back PlanB’s prediction
However, in an X post
, PlanB maintains that Bitcoin has reached a point where it will significantly increase in price. According to him, the digital asset can soar between seven and ten times its current worth now.
If this price projection comes to pass, Bitcoin will be between $414,000 and $593,000. Notably, PlanB’s price prediction relies on historical patterns rather than random figures plucked from the air.
An analysis of Bitcoin’s 200-week Moving Average shows a consistent price leap pattern of a 4x jump followed by a 7x or 10x leap. Interestingly, the chart reveals that the price has climbed approximately four times from the bottom between 2022 and now.
Bitcoin increased 4x from the bottom in 2022 to now.Historically 7-10x follows from here.What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn
— PlanB (@100trillionUSD) August 21, 2024
Therefore, based on historical trends, the next leap might push Bitcoin
to $414,000, or as high as $593,000 by August 2025.
Industry reactions optimistic
Diverse reactions by industry stakeholders have trailed this bold forecast hinted by PlanB. A few consider the figures high, particularly the 10x prediction, favoring a more conservative figure between $120,000 and $160,000. Others forecast $700,000 as the next peak for BTC.
A common denominator is investors' bullish sentiment toward the world’s largest crypto asset. PlanB’s prediction aligns with previous positive sentiments by other notable analysts, who anticipate a massive run for Bitcoin
once it overcomes the current resistance of $70,000.
At the time of writing, data
shows Bitcoin down by 1.17% and trading at $59,585.60. With sustained interest in spot Bitcoin ETF products, the demand channel for the coin is high. Many believe its growth is only a matter of time now. |
2024-08-21 | Coinbase Announces New Listing Amid Major Expansion Move
2024-08-21
Cover image via U.Today
Coinbase
, one of the leading cryptocurrency exchanges, has announced a new listing as part of its ongoing expansion efforts. This latest addition comes on the heels of a series of listings aimed at broadening Coinbase's offerings and enhancing its appeal to a wider range of investors.
In a tweet
, Coinbase stated it will add support for Across Protocol (ACX) on the Ethereum network (ERC-20 token). The trading of this token is expected to begin on Aug. 21, 2024, if liquidity conditions are met. Once sufficient supply of this asset is established, trading of the ACX-USD trading pair is expected to launch in phases, the announcement indicated.
The Across Protocol (ACX) token soared as much as 14% after the news of its upcoming Coinbase listing surfaced on social media before settling to trade at $0.392 at press time, up 4% in the last 24 hours.
Coinbase makes expansion moves
In an announcement at the very start of the week, Coinbase announced
that five new assets are now available to New York residents on Coinbase in the Coinbase iOS and Android apps, which include NEAR, AERO, VET, VTHO and PYUSD (ERC-20).
Five new assets are now available to New York users 🗽NEAR, AERO, VET, VTHO, and PYUSD (ERC-20) are now available to NY residents on https://t.co/CD3RBjtMAO
& in the Coinbase iOS & Android apps. pic.twitter.com/Z1DCwjuObW
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 19, 2024
Coinbase also stated it has added Base send and receive support for crypto assets Curve DAO Token (CRV), yearn. finance (YFI) and Synthetix (SNX), with transfers now available on Coinbase in the regions where trading is supported.
In a separate tweet, Coinbase International exchange stated that it will add support for Cosmos, dYdX and MANTRA perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of the ATOM-PERP, DYDX-PERP and OM-PERP markets will happen tomorrow, Aug. 22, around 9:30 a.m. UTC.
In the past week, Coinbase teased the upcoming launch of cbBTC, expected to play a crucial role in the DeFi space on the Base network, Coinbase's Ethereum layer-2 blockchain. cbBTC is anticipated to build a huge Bitcoin economic system on the Base network. |
2024-08-21 | Space Blue Bringing Together Web3, Crypto Communities Like Never Before
2024-08-21
Space Blue’s stunning countryside retreat during Bitcoin Nashville 2024 brought together thought leaders in space, Web 3.0, and Bitcoin Runes Ordinals.
Space Blue, the first private company to land Bitcoin projects on the Moon, held a remarkable event during the Bitcoin 2024 conference in Nashville.
While MTV Celebrity Russell Branson and former President Donald J. Trump took the stage at the Bitcoin conference, enthusiastically promoting the idea of sending “Bitcoin to the Moon”, guests at the Space Blue estate event celebrated the literal undertaking of its historic landing of Bitcoin projects on the moon on 2.22.2024.
2.22 of this year, an unprecedented event in space history took place led by Space Blue. A group of private parties landed a lunar payload on the Moon—marking the first private mission (Galactic Legacy Labs was the official payload contractor for Lunaprise aboard IM-1) in history and the first time the USA had returned to the Moon since 1972.
On board was a time capsule containing digital twins of 222 art projects along with an artifact called “Lunarbits”, representing actual physical disc space on metal disks designed to last billions of years.
Also onboard were the Bitcoin white paper and several other prestigious Bitcoin Ordinal and Runes projects. The event was hosted by Space Blue and Bitbasel, with sponsorship from the crypto exchange Lbank, the Web3 music streaming platform Tune.FM, and the Internet Computer Company.
Lunarbits, a Singapore-based venture that licensed the Bitcoin memecoin project from Space Blue, also co-hosted the event. This represents the birth of a new paradigm in space, technology, blockchain, and Bitcoin innovations. While cryptocurrency markets are often volatile, the founders of Lunarbits highlight the emerging multi-trillion dollar space economy as the future of currency off Earth.
Dallas Santana, curator of Lunaprise payload announced the historic project Lunarbits among the 222 projects which landed on the moon during Bitcoin 2024 Nashville.
Lunarbits were launched on the SpaceX Falcon 9 in a private payload (Lunaprise Mission) curated by Space Blue. Now, their twins will be inscribed as Bitcoin ordinals as a reward for the Space Blue artist ecosystem.
Lunarbits’ twin digital assets were sent to the moon (landed in Lunaprise Museum) on the South Pole of the Moon on 2.22, 2024.
The Odysseus lander, the carrier of the Lunaprise, became the first US spacecraft to land on the Moon since 1972.
Effective Fall, 2024: according to published reports Lunarbits can be redeemed for offers on www.nftblue.com
to buy art, digital art, and merchandise. Additionally, they can be used on www.spaceblue.blue
for participating in events and experiences related to the space art community.
Lunarbits can also be redeemed at participating partners both online and worldwide.
A HISTORIC ACHIEVEMENT CELEBRATED DURING BITCOIN 2024 CONFERENCE IN NASHVILLE
Space Blue kicked off its announcement at a luxurious 44-acre estate and recording venue favored by music stars… the Dark Horse Recording estate!
Located in the countryside of Nashville during the Bitcoin Conference, the event captivated audiences with speakers and VIP guests like Michael Saylor, former President Donald J. Trump, celebrity Russell Brand, and leading figures of the multi-trillion-dollar Bitcoin economy.
Attendees of the private event included Space Blue founder Dallas Santana, Naama Pozniak – Crypto Artist, Adam Manka – ex-Consensys, Matt Medved – NFT Now, Kelvyn Ung, Jennifer Chen – New Chic Capital, Dante Cullari – Filecoin Orbit, Sheena Hart – LBank, Pedro Galvan – ICP Hub US, Kyle Stoflet – The Swop, entrepreneurs Andrew and Brian Antar from Tune.FM, 2X Grammy-winning recording artist Gerardo Velez (“Jimmy Hendrix Experience Band”), Kirsten Collins – singer, Billboard-winning music producer Andrew Lane (producer for Miley Cyrus, Becky G), star of The 9th Raider
Movie Cedric Lebert a.k.a. CL7, Space Blue Director of Communications Audrie Mikulaco, and Bitbasel founders Scott Spiegel, Jorge Cortes, and Scarlett Arana.
Tune.fm Announced The Summer of Love Drop
Tune.fm, the web3 Decentralized music streaming platform and music collectibles platform, announced the Summer of Love drop
The luxurious private event in the Nashville countryside, hosted by Lunarbits inventor and licensor Space Blue, featured VIPs including Space Blue founder, Tune.FM founders, Bitbasel, LBank team members, NFT Now’s founder, and many more.
The space initiative to create Bitcoin ordinals on the moon was managed by Space Blue and showcased innovation in the private sector and attracted interest in the creative arts converging with Bitcoin technology through Bitcoin Ordinals.
Learn more at www.lunarbits222.com
and www.spaceblue.club
The post Space Blue Bringing Together Web3, Crypto Communities Like Never Before
appeared first on The Coin Republic
. |
2024-08-21 | Bit Digital Expands AI and HPC Footprint With $700 Million Boosteroid Deal
2024-08-21
Bit Digital, Inc. has taken a major step forward in integrating artificial intelligence (AI) into its operations by securing a $700 million agreement with cloud gaming giant Boosteroid. This partnership will see Bit Digital provide up to 50,000 GPU
servers over the next five years, significantly expanding its AI and high-performance computing (HPC) services, according to Bitcoin.com
.
This deal marks a pivotal moment for Bit Digital as it diversifies beyond its core digital asset mining operations, which include Bitcoin mining and Ethereum staking. The move aligns with a broader industry trend where Bitcoin miners are repurposing their infrastructure for AI to offset rising operational costs, especially following the latest Bitcoin halving.
Financially, Bit Digital has reported strong growth, with Q2 2024 revenue reaching $29 million. This increase is largely attributed to its expanding HPC services and continued success in BTC mining, powered by 86% carbon-free energy sources.
The market has responded positively to these developments, with Bit Digital’s stock (BTBT) seeing a significant rise in recent days. The company's strategic shift towards AI and HPC not only enhances its revenue streams but also positions it as a leader in the evolving landscape of digital asset and computational services. |
2024-08-21 | BlackRock’s iShares Ethereum Trust approaches $1B in net inflows — Morningstar
2024-08-21
BlackRock’s Ether exchange-traded fund (ETF) has reached approximately $1 billion in net inflows, underscoring its lead among rival ETF ETFs, according to data from fund researcher Morningstar shared with Cointelegraph.
According to Morningstar, the iShares Ethereum Trust (ETHA) has pulled in $992 million in net inflows, putting the fund on track to surpass the $1-billion mark imminently.
“It’s very likely, but not a certainty” that ETHA will crest $1 billion in net inflows by close of market on Aug. 21, Bryan Armour, director of passive strategies research at Morningstar, told Cointelegraph. “I believe a single creation unit would put it over the top.”
The Ether (ETH
) ETF’s net assets are slightly below $1 billion — $837,898,429 as of mid-day Aug. 21 — because of ETH’s underperformance since ETH ETFs started trading in July.
“Two things impact net assets: net flows and performance. Poor performance has kept net assets much lower than total net flows into the fund,” Armour said.
Ether (ETH) has underperformed since ETHA’s launch. Source: iShares
Related:
Crypto ETFs will expand to new asset types, indexes — Grayscale executive
Fund issuers say ETH ETFs are gaining surprising traction among registered investment advisors
(RIAs), who direct up to half of fund flows in the $9-trillion ETF market.
“A pleasant surprise to me has been the significant interest from the adviser community” in ETH ETFs, Kyle DaCruz, director of digital assets product for asset VanEck — an asset manager that sponsors crypto ETFs — told Cointelegraph.
DaCruz said advisers find Ether “easier to value and explain to their clients” than Bitcoin (BTC
) because the blockchain network “is cash flow producing” and resembles a technology stock. Ethereum validators earn fees in ETH for processing network transactions.
According to Morningstar data, net assets in ETH ETFs stood at approximately $7.3 billion as of the close of the market on Aug. 20.
Grayscale Investments, the largest crypto fund issuer with approximately $25 billion in assets under management, anticipates that more crypto ETFs will soon hit the market.
“We’re going to see a number of more single asset products, and then also certainly some index-based and diversified products,” Dave LaValle, Grayscale’s global head of ETFs, said
on Aug. 12
Magazine:
11 critical moments in Ethereum’s history that made it the No. 2 blockchain |
2024-08-21 | Top Analyst Says Bitcoin Avoided Major Breakdown Despite Liquidations; Outlines Path to $50K
2024-08-21
The post Top Analyst Says Bitcoin Avoided Major Breakdown Despite Liquidations; Outlines Path to $50K
appeared first on Coinpedia Fintech News
Bitcoin is once again encountering resistance at a crucial level. Despite this, the price is maintaining its support on shorter timeframes, specifically the 2-hour chart, where Bitcoin has managed to hold above a key support level. This support has prevented a major breakdown, even after the market saw significant liquidations.
According to analyst Josh of Crypto World,
the 4-day Bitcoin chart shows that the Super Trend indicator remains in the red, signaling a continuation of the bearish trend. This aligns with the 2-day chart, which also reflects a bearish pattern, marked by lower highs and lower lows. However, the analyst notes that even within a bearish trend, Bitcoin can experience temporary upward movements or sideways consolidations.
Currently, Bitcoin is forming a descending broadening wedge pattern. A breakout above the resistance level of approximately $58,500 would signal a potential bullish move, but this has not yet been confirmed. Until such a breakout occurs, the market remains without a clear bullish price target.
Understanding Important Price Levels:
In the daily chart, Bitcoin recently hit resistance between $60,000 and $61,000, previously a support area now acting as resistance. For a confirmed bullish breakout, Bitcoin needs to close above $61,000 on the daily chart. However, even if this happens, further resistance lies ahead, particularly around $63,000 and between $67,000 and $68,300.
In the short term, Bitcoin’s price is caught in a choppy sideways range between support around $56,000 to $57,000 and resistance between $60,000 and $61,000. If Bitcoin closes below $56,000, the next support levels are at $54,000 and between $51,000 and $53,000.
The Bitcoin liquidation heat map reveals liquidity above $61,200, extending to $62,000. Recent liquidations of short positions near $60,000 to $60,500 led to a short squeeze, pushing the price upwards. While there is some downside liquidity around $57,500 to $57,700 and $55,800 to $56,000, the majority of short-term liquidity remains above the current price. |
2024-08-21 | Vitalik Buterin Breaks Silence with Ethereum Bull Post and Sparks Price Pump
2024-08-21
Cover image via U.Today
This cycle can hardly be called favorable for those bullish on the major altcoin on the crypto market, Ethereum (ETH)
. Despite progress such as the approval and launch of several Ethereum ETFs, the price of ETH and its performance against major competitors like Bitcoin and Solana has been rather disappointing.
At the end of the eighth month of the year, the price of the altcoin is below $2,600, which is only 14% higher than where it started the year. This would have been a lot for traditional financial markets but is considered nothing in crypto - especially when SOL
has tripled its performance in the same period.
Amid this conjecture, many Ethereum traders and enthusiasts raised concerns, which they addressed to the founder of the blockchain, Vitalik Buterin himself.
Source:
CoinMarketCap
The community's displeasure with Buterin grew quite a bit recently, as he posted more about philosophical and theoretical matters, while everyone else urged him to post something about Ethereum and pump up the altcoin's price.
"Ethereum is good"
It seems that the whining worked, as today Buterin finally broke the silence and delivered what can literally be called a bull post. In an image that Buterin created with "stable diffusion 3 inpainting and gimp" in his own words, he depicted a bull standing on a rock with an "Ethereum is good" sign.
"I have been told that I need to do less philosophizing and more bull posting. Hence, here is an Ethereum bull post", the crypto visionary's caption reads.
I have been told that I need to "do less philosophizing and do more ethereum bullposting". Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. pic.twitter.com/ZcPjNVImpn
— vitalik.eth (@VitalikButerin) August 21, 2024
Needless to say, the price of ETH
skyrocketed at that exact minute, rising 2.76% in the next half hour. But more importantly, the room was flooded with reactions from market participants.
Many were excited, some remained skeptical, but one thing is for sure: this unexpected move from the Ethereum leader may kick things off for the altcoin and shift the attention of market participants away from Bitcoin
and Solana. |
2024-08-21 | Wall Street races against time ahead of Federal Reserve’s meeting
2024-08-21
Wall Street’s in a tight spot as everyone braces for the Federal Reserve’s upcoming meeting. Since their last gathering in late July, the market’s been on a wild ride. Early August was a mess—three straight days of losses for the S&P 500, with a particularly nasty 3% drop on August 5.
It’s clear that fears over the U.S. economy have hit hard, and traders are on edge, expecting the Fed to step in with a rate cut. In fact, the odds of at least a quarter-point reduction are sitting at 100%, according to the CME Group’s FedWatch tool.
But the market didn’t stay down for long. Wall Street’s bounced back since that rough start to August. The S&P 500 has seen gains in eight of the last nine sessions, climbing nearly 8% above its August low.
Right now, it’s just a hair—less than 1.5%—from the record high set back in July. Optimism is creeping back in, with some saying the U.S. economy might dodge the worst-case scenarios.
Market hopes and the Fed
Investors are anxiously waiting for the Fed’s meeting. Back in July, the Fed kept rates steady, even though they were patting themselves on the back for making progress on inflation. But things have changed fast.
August’s second-quarter earnings weren’t as stellar as before, and a few companies really flopped on their forecasts. That added to the early August chaos.
Yet, overall, earnings didn’t totally disappoint, and most companies kept their guidance intact with only minor tweaks. This has helped the market recover a little bit.
While stocks are getting some love, Bitcoin is having a rough time. Its price dipped below the critical $60,000 level, falling nearly 3% to around $58,140 as of press time.
The next challenge for Bitcoin is breaking through the $61,000 to $62,000 range. If it manages that, there’s a chance it could make a run at its all-time high.
But if Bitcoin can’t bounce back above
$60,000, things could get ugly fast, with the price possibly sliding down toward $54,000 in the near term. |
2024-08-21 | El Salvador Launches Crypto Certification for Civil Service
2024-08-21
El Salvador’s government has introduced a certification program in crypto for all civil servants in the country. Lately, El Salvador has been cementing itself as the world’s leading bitcoin-integrated state by officially introducing a unique civil service bitcoin certification program.
The National Bitcoiisffice (ONBTC) leads the effort, an arm of the government that has continued to find ways to incorporate Bitcoin into its economic and administrative systems. This multilayered initiative aims to improve the knowledge and use of Bitcoin for the country’s civil service.
It will help officials of government agencies to be ready and equipped to face the new world ahead in the decentralized economy.
Comprehensive Training for a Bitcoin-Driven Administration
The crypto certification program can be taken as an online program of 160 working hours divided into multiple elaborate modules. The modules offer a broad spectrum of topics that are critically necessary to manage Bitcoin within the public sector.
They will learn the management of Bitcoin
, the main aspects of the public policies that touch upon the topic of cryptocurrencies, primary legislation governing Bitcoin and other cryptocurrencies, and necessary skills for incorporating Bitcoin into the functioning of the government.
It is a compulsory course for about 80k civil servants, which signals the government’s systematic effort to promote Bitcoin literacy across the tiers of the state administration. Moreover, through training its employees on the subject, El Salvador wants to integrate Bitcoin into its government institutions and improve the effectiveness of its Bitcoin system.
Crypto-Certification for El Salvador Civil Servants
This certification program is one of the crucial levers in President Nayib Bukele’s larger plan to turn El Salvador into a Bitcoin nation.
Since El Salvador made Bitcoin
legal tender in September last year, there are new measures in the country, such as the daily purchase of Bitcoin and ecological Bitcoin mining using geothermal energy sources.
Stacy Herbert, the director of ONBTC, has emphasized such educational programs, stating that they are necessary for creating a pool of skilled workforce. It is also helpful for other countries that intend to adopt cryptocurrencies, similar to Thailand’s case.
Other nations, such as Argentina, intend to emulate El Salvador. Therefore, there is a probability that the dominance of Bitcoin will transect beyond El Salvador to other nations in Latin America and even to different parts of the world.
The certification initiative is the next milestone in El Salvador’s assimilation of Bitcoin into the country’s economy and political system. While its civil servants are trained to manage and operate Bitcoin transactions, the government is fostering the future development of other applications related to the evolution of digital finance.
El Salvador has motivated Some other countries to adopt Bitcoin
into their economies and are equally planning to do so. It remains true that the outlined efforts attest to the emergent valuation of crypto in the global financial system and the development of interest in applying blockchain technologies in the public and private sectors.
Countries Following El Salvador’s Crypto Certification Lineage
Argentina is highly interested in embracing Bitcoin, especially following the economic inflation problem. In the past few weeks, for instance, Javier Milei, a pro-Bitcoin candidate, emerged as the winner of Argentina’s presidential seats, meaning more room could be made for adopting digital money.
Milei has been urging the adoption of Bitcoin as an inflation hedge, which could make Argentina consider implementations such as El Salvador of certification in Bitcoin.
Brazil has embraced the use of cryptocurrencies in one way or another. The state adopted the bill on cryptocurrency regulation in 2023, which legalizes the usage of fiat money, including Bitcoin.
This kind of regulatory structure is proposed to increase new technologies while safeguarding investors, and it could have the potential for government-initiated courses on cryptography, such as in El Salvador.
Advantages of Cryptocurrency Certification Programs
There are various advantages attached to setting up crypto certification programs in Bitcoin, including the following: Such initiatives assist in developing a pool of human resources that would efficiently handle the cryptocurrency-related processes in the public sector.
This education makes it possible for civil servants to monitor and prevent the use of digital assets while promoting a safe and efficient environment for performing cryptocurrency operations.
In addition, they can result in higher political responsibility as distributed registries can provide more transparent monitoring of financial operations. This transparency is most beneficial to the countries affected by corruption because it minimizes the opportunity for such acts.
In general, these measures are essential to enhance a country’s immunity to economic crises and its position as the leader of the global cryptocurrency market, which is rapidly emerging nowadays. |
2024-08-21 | Bitcoin Gets Brief Boost After U.S. Employment Growth Revised Lower
2024-08-21
The strong U.S. jobs market through 2023 and early 2024 was a bit less strong than thought, providing a very brief, very modest bump to the sluggish price action in bitcoin (BTC) during mid-morning U.S. trading. According to the latest revisions by the Bureau of Labor Statistics, the U.S. added 818,000 less jobs than previously thought for the period from March 2023 to March 2024. That means jobs growth for that one year period of 2.1 million versus prior reports of 2.9 million, or average monthly growth of 174,000 against the previous 242,000. A very top level interpretation of the data: a weaker than thought economy leads to easier than expected Federal Reserve monetary policy leads to higher than otherwise bitcoin prices. The devil, of course, is in the details, and Goldman Sachs – anticipating the sizable downward adjustment – earlier this week explained why the revisions themselves were as likely as the originally reported numbers to be erroneous. The true monthly pace of jobs growth, according to the bank, is likely to have been 200,000-240,000, a perfectly acceptable number in a growing economy. Bitcoin briefly knee-jerked higher by about 1% to as much as $60,000 as the data hit the tape, but quickly reversed, resuming its flat-to-downward price action of the past weeks. At press time, it was trading at $59,300, down 0.4% over the past 24 hours.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000. About
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-21 | Bitcoin Demand Experiences Major Decline
2024-08-21
You can also read this news on BH NEWS: Bitcoin Demand Experiences Major Decline
Bitcoin
demand has seen a substantial decline since April, though some indicators show areas of resilience. Data from CryptoQuant reveals that the demand indicator has dipped into negative territory. However, long-term investor holdings are at their highest levels on record.
What Has Caused Bitcoin Demand to Drop?
Since April, the demand for Bitcoin has noticeably slowed. On-chain metrics highlight a significant decline, with August registering negative growth. CryptoQuant commented that the increase in Bitcoin demand has not sustainably recovered, impacting the price and potential for new peaks. The demand indicator measures the daily total BTC block reward garnered by miners and the daily change in unmoved BTC for over a year.
Miners are often compelled to sell Bitcoin to manage operational expenses, and increased sales from significant investors
indicate weak demand. Despite this, Bitcoin’s price has remained relatively stable recently. Market expectations have suffered due to the selling pressure following the launch of several spot ETFs in January.
How Are Long-Term Investors and Stablecoins Faring?
In January, the launch of spot Bitcoin ETFs, coupled with the Bitcoin block reward halving in May, led some optimists to predict an $80,000 price by June. Contrary to these forecasts, the price has dropped 20% since May’s historical peaks. Spot Bitcoin ETFs have seen a net inflow of $17.5 billion since their inception, though there are concerns about whether this is driven by speculative trades or genuine bullish sentiment.
The average daily Bitcoin purchases from US spot ETFs fell to 1,300 last week from 12,500 in March when the price was above $70,000. Similarly, the growth rate of total holdings by large Bitcoin investors has slowed from a monthly rate of 6% in March to just 1% currently.
Key Insights and Trends
– Long-term investors have been accumulating Bitcoin, reaching a record level of 391,000 BTC.
– The market value of stablecoins has surged to $165 billion, indicating heightened liquidity in the cryptocurrency market.
– Despite weak demand, some indicators still reflect resilience in Bitcoin’s potential for future
growth.
The rise in stablecoin market value suggests increased liquidity, often considered a precursor to potential price increases in the cryptocurrency market.
The post first appeared on BH NEWS:
Bitcoin Demand Experiences Major Decline |
2024-08-21 | Watch Out This Week! Correction Warning for Bitcoin (BTC) and Ethereum (ETH) Came from the Analysis Company!
2024-08-21
While uncertainty still continues in the market following the declines in Bitcoin and altcoins, a new analysis has revealed that Bitcoin and Ethereum may experience a correction this week.
According to new analysis by Singapore-based cryptocurrency trading firm QCP Capital, BTC and ETH may experience corrections following Fed Chair Jerome Powell's statements this week.
Highlighting growing concerns that the U.S. job market may not be as strong as expected, QCP Capital said Jerome Powell is expected to address these concerns at his upcoming Jackson Hole meeting.
QCP analysts said the Fed is delaying rate cuts due to a stronger-than-expected labor market and a strong economy, and that a definitive decision on rate cuts is unlikely before the September FOMC meeting.
QCP lastly said that Powell’s comments could reverse the recent stock market rally, push BTC and ETH below support levels, and corrections could occur.
Despite all the uncertainty in the market, the Fed is still expected to cut interest rates in September, QCP added.
“….
A particularly lenient Powell could reverse the 2-week stock rally and push Bitcoin (BTC) and Ethereum (ETH) below their support levels.
“Regardless of the revision, the Fed appears ready to cut in September. The market is currently pricing in 3.7 cuts in 2024 and 4.5 in 2025.”
*This is not investment advice.
Continue Reading: Watch Out This Week! Correction Warning for Bitcoin (BTC) and Ethereum (ETH) Came from the Analysis Company! |
2024-08-21 | Crypto Markets Crash After Revised NFP Data Shows 818K Fewer Jobs
2024-08-21
The
crypto
market today
is down
2.90%,
with major cryptocurrencies like Bitcoin and Ethereum experiencing declines. A major reason is the revised US Nonfarm Payrolls (NFP) data that shows 818,000 fewer jobs added. Released by the Bureau of Labor Statistics, this data is in line with f
inancial analysts’ concerns. This data point is key and could negatively impact the risk-on assets such as Bitcoin and trigger the crypto markets to crash.
Nonfarm Payrolls Revisions Impact on Crypto Markets
The
Non-Farm Payroll
report is more than just a headline number. Revisions to prior months’ data can significantly impact investor sentiment and trigger sharp movements across various asset classes.
An
upward NFP revision
signals a stronger-than-anticipated labor market, fueling optimism about economic growth and a subsequent rally in risk-on assets such as Bitcoin or stocks.
A
downward revision
suggests a weaker labor market, raising concerns about an economic slowdown. It causes risk-on assets to decline as investors seek safer havens.
An
in-line revision in Nonfarm Payrolls revision data
minimizes investor sentiment as the labor market meets expectations. Risk-on assets generally remain stable in this scenario.
A
significant downward revision
can trigger a risk-off environment, as a weak labor market raises concerns about a potential recession. Resulting in a sharp decline in risk-on assets.
Meanwhile, a
significant upward revision
reinforces a robust labor market and economic growth, sparking a surge in risk-on assets. However, investors should also be mindful that a strong labor market could prompt the Federal Reserve to raise interest rates to curb inflation. But considering the delicate state of the US economy, a hike would be unlikely.
What Should Crypto Investors Watch For?
The most crucial data point will be the number of new jobs added. If it falls short of expectations, it could signal economic trouble and trigger a sell-off in crypto. Pay close attention to the
Federal Minutes
. Is there any language suggesting a more aggressive approach to interest rate hikes? This would be a red flag for crypto investors.
Several experts, including Goldman Sachs, caution that the upcoming data could be misleading and may overstate the economy’s actual weakness.
While next week’s revision could revise the pace down to 165-200k/month, we believe that a portion of that revision will be erroneous and that the ‘true’ pace of employment growth during that period was probably closer to 200-240k/month.
Despite the price dips, Bitcoin and
Ethereum
continue to dominate the market, suggesting a flight to safety amidst uncertainty.
ETH/USDT 1-day chart
Some tokens, like BitTorrent and Wrapped eETH, are seeing gains, showcasing the dynamic nature of the crypto space. Overall, the crypto market is a mixed bag right now. There’s some downward pressure, but the resilience of
Bitcoin
and Ethereum, along with gains in certain tokens, point to underlying strength.
The post Crypto Markets Crash After Revised NFP Data Shows 818K Fewer Jobs
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. |
2024-08-21 | Bitcoin Demand Drops Significantly Since April
2024-08-21
You can also read this news on COINTURK NEWS: Bitcoin Demand Drops Significantly Since April
Bitcoin
demand has significantly weakened since April, but some indicators remain strong. According to data shared
by CryptoQuant, the demand indicator recorded negative growth, while long-term investors
‘ holdings reached record levels.
Significant Drop in Bitcoin Demand
Since April, a noticeable slowdown in Bitcoin demand has been observed. On-chain data shows a significant decrease in demand, turning to negative growth in August.
CryptoQuant
commented, “Bitcoin demand increase has still failed to recover sustainably for price recovery and new peaks.” The company noted that the demand indicator tracks the daily total BTC block reward earned by miners and the daily change in the number of BTC that have not moved for over a year.
Miners often turn to Bitcoin sales to cover operational costs, and the increase in sales from large investors indicates weak demand for the crypto king. However, Bitcoin’s price has largely remained flat in recent months. The selling pressure seen after the launch of several spot ETFs in January negatively affected market expectations.
Although the Bitcoin block reward halving in May and the start of
ETF trading
in January led some bulls to predict the price would reach $80,000 by June, contrary to expectations, the price has dropped by 20% since the historical peaks in May. Spot Bitcoin ETFs have attracted a net inflow of $17.5 billion since their launch, but there are doubts about whether this flow is due to speculative trades or genuine bullish expectations.
The average daily Bitcoin purchases from spot ETFs in the US dropped to 1,300 last week from 12,500 in March when the price was trading above $70,000. During the same period, the growth rate of total holdings by large Bitcoin investors also fell from a monthly rate of 6% in March to just 1% now.
Long-Term Investors and Stablecoins
Still, some indicators managed to remain strong even during this weak price period. Long-term investors holding Bitcoin for more than six months continued accumulating, reaching a record level of 391,000
BTC
. On the other hand, the total market value of stablecoins rose to $165 billion, reaching a new peak.
The increase in the market value of stablecoins indicates increased liquidity in the cryptocurrency market
, which is generally considered a precursor to price rises.
The post first appeared on COINTURK NEWS:
Bitcoin Demand Drops Significantly Since April
The post Bitcoin Demand Drops Significantly Since April
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2024-08-21 | BTC Falls Below $60K but Hidden Sign Hints at a Possible Rally (Bitcoin Price Analysis)
2024-08-21
Bitcoin’s price has yet to recover following the crash from $68K a couple of weeks ago.
The cryptocurrency has been consolidating in a tight range, leaving market participants wondering about its future direction.
BTC Price Technical Analysis
By TradingRage
The Daily Chart
The daily chart shows that the BTC price has failed to climb back above the 200-day moving average, located around the $63K mark, after dropping below it earlier. The market is now consolidating around the $60K level and is yet to reclaim this key area.
Either way, as long as the cryptocurrency is trading below the 200-day moving average, the probability of continuing the long-term bullish trend is considerably low.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour timeframe, Bitcoin’s recent rangebound movement becomes clearer. The price has been trapped between the $57K and $60K levels and has yet to break to either side. The RSI also hovers around the 50-point mark, showing indecisiveness in market momentum.
Therefore, to have a more accurate idea of what’s to come, investors should wait for the market to break to the upside or the downside, as the current range does not give away any significant clues.
Source: TradingView
Bitcoin Price On-Chain Analysis
By TradingRage
Bitcoin Funding Rates
BTC has been going through a lengthy consolidation period, and investors are wondering about its short-term direction. As we already discussed, the charts fail to provide significant hints. However, some optimistic signs can be witnessed in future market metrics.
This chart presents the Bitcoin funding rates metric, which measures whether the buyers or the sellers are executing their orders more aggressively. It is an important indicator in determining futures market sentiment. Positive values indicate bullish sentiment, while negative values support bearish sentiment.
As the chart demonstrates, the funding rates have declined to almost zero, as the recent price drops have led to a significant cool-down in the futures market.
Therefore, a sustainable rally could be on the verge of materializing, as this pattern has been seen before previous price surges. Yet, note that sufficient demand from the spot market must be present for this scenario to occur.
Source: TradingView
The post BTC Falls Below $60K but Hidden Sign Hints at a Possible Rally (Bitcoin Price Analysis)
appeared first on CryptoPotato
. |
2024-08-21 | Trump Surpasses Harris on Polymarket; Tron and Cardano Gain While Bitcoin Declines
2024-08-21
Bitcoin Needs to Break $61K for Market Sentiment to Shift, Say Traders
Bitcoin (BTC) reversed its recent gains, slipping to just above $59,000 during Wednesday’s Asian trading hours, as the cryptocurrency continues its sideways movement. BTC fell by 2.6%, leading losses among major tokens, with Solana’s SOL, BNB Chain’s BNB, and XRP each dropping by 2%, and Ethereum (ETH) declining over 3.5%.
For sentiment among market participants to shift, traders suggest that bitcoin must break above the $61,000 level and maintain that position. Selling pressure has been persistent near this level since early August. Alex Kuptsikevich, a senior market analyst at FxPro, noted that BTC has come close to testing its 50-day moving average, trading just below $61,000. A breakthrough could lead to a test of its 200-day moving average near $62.7K, potentially improving overall market sentiment and sparking more active buying.
Meanwhile, Tron’s TRX and Cardano’s ADA were among the few major tokens showing gains. ADA rose by 3%, while TRX surged over 10% due to increased network activity following the launch of a new memecoin generator supported by Tron founder Justin Sun. This generator, called Sunpump, allows users to create and list memecoins on a decentralized exchange once they reach a specific market capitalization.
In the broader market, stablecoin demand on the Tron network may be rising, with over $1 billion worth of Tether (USDT) tokens issued on Tuesday, likely to circulate within the ecosystem.
On the political front, Donald Trump has surpassed Kamala Harris as the leading candidate on Polymarket’s election winner contract, with odds now standing at 52-47 in his favor. Despite the widening gap, the race remains closely contested, especially in key swing states like North Carolina and Pennsylvania, where changing demographics are drawing significant attention from analysts.
However, these political developments are unlikely to have a significant impact on bitcoin’s price. Analysts continue to point to factors such as U.S. monetary policy and supply concerns as more influential on BTC’s market dynamics. |
2024-08-21 | Bitcoin Hits $60,000 Again
2024-08-21
You can also read this news on BH NEWS: Bitcoin Hits $60,000 Again
Bitcoin
, the leading cryptocurrency, experienced a swift decline following the opening of the US stock market but soon surged past the $60,000 mark once more. Historical patterns suggest that the price might dip again as short-selling investors solidify their positions. BTC’s price will eventually need to sustain its unexpected ascent, potentially surprising those anticipating short-selling opportunities.
What Are Market Expectations?
Anticipations for a rate cut in the markets are intensifying. Ahead of the release of employment data and Fed minutes, projections for a 100 basis point cut in 2024 have emerged. Powell, in contrast to his previous Jackson Hole address, must deliver positive messages about the global economy this Friday. Although some Fed members might overlook employment data, it signals excessive tightening for the Federal Reserve.
Will the Fed Follow Suit?
While several central banks, including those of the EU and Canada, have initiated rate cuts this year, the Fed has maintained peak rates for over a year. With inflation data dropping below 3% and unemployment rising to 4.3%, pressure mounts on the Fed to follow suit and lower rates.
Key Insights for Investors
– A confirmed closure above $63,000 for BTC could act as a support level, paving the way for a potential climb to $70,000.
– Monitoring Fed announcements and global economic indicators
will be crucial for predicting Bitcoin’s next moves.
– Short-selling trends and investor behaviors around the $60,000 mark may influence future BTC price fluctuations.
If Bitcoin manages to close above $63,000, it could find the necessary support to challenge the $70,000 resistance level in the near future
. Investors are keenly watching market trends and regulatory signals to gauge the next big move in Bitcoin’s price trajectory.
The post first appeared on BH NEWS:
Bitcoin Hits $60,000 Again |
2024-08-21 | BitFuFu Reports 70% Revenue Growth in Q2 2024 Despite Rising Costs and Declining Net Income
2024-08-21
BitFuFu
Inc., a Nasdaq-listed cloud mining services company, has announced an impressive 70% revenue growth in the second quarter of 2024, with earnings reaching $129.4 million. The growth was primarily driven by the company’s cloud mining services, which generated $77 million, a 66.8% increase from the same period last year. This surge was bolstered by repeat customers and a significant rise in new users, with the platform's registered user base expanding by 87% to over 395,000, according to Btcoin.com
.
However, despite the strong revenue performance, BitFuFu's net income declined sharply to $1.3 million, down from $5.1 million in Q2 2023. The company attributed this decline to several factors, including a $16.4 million non-cash unrealized fair value loss on its Bitcoin holdings
and a significant increase in the cost of mining Bitcoin, which averaged $51,887 per BTC compared to $19,344 a year earlier.
As BitFuFu continues to navigate rising operational expenses, its stock (FUFU) has seen a downturn, dropping 5.9% on Tuesday and 9% over the past five days. Despite these challenges, the company’s commitment to expanding its cloud mining services and its increasing user base signal a strong position in the competitive digital asset market. |
2024-08-21 | El Salvador Launches Bitcoin Training Session for 80,000 Civil Servants
2024-08-21
El Salvador announces a Bitcoin training session and certification for 80,000 civil servants.
The program intends to provide knowledge on Bitcoin management and public policies.
The ONBTC Director Stacy Herbert believes the program to have a “compounding effect” on the nation’s Bitcoin economy.
El Salvador, the Central American country famous for its advocacy for Bitcoin, has recently announced its strategic Bitcoin training program. In an official X post, the National Bitcoin Office (ONBTC) of El Salvador revealed the training program that intends to enlighten public servants on Bitcoin. Addressing the nation’s innovative move, the ONBTC cited on X, “El Salvador continues to trailblaze.”
Certification in Public Administration 1
As per the program, the ONBTC has decided to provide comprehensive Bitcoin training and certifications to over 80,000 government employees. The virtual and asynchronous program, Certification in Public Administration 1, is scheduled for 160 hours. The training program envisions providing employees with adequate knowledge of the pioneer cryptocurrency's management and public policies. It is divided into seven modules, each with a detailed narration of the laws, skills, and management of Bitcoin as legal tender.
El Salvador “Keeps Winning”
ONBTC Director Stacy Herbert has expressed her excitement about El Salvador’s trailblazing move, which she expects will have a “compounding effect” on the nation’s Bitcoin economy. While proclaiming that the nation’s civil servants would receive the highest standards of instruction on Bitcoin, Herbert cited, “El Salvador keeps winning.” She also shared insights on the upcoming education projects on Bitcoin that she believes will play a significant role in El Salvador’s Bitcoin journey.
Read more on Cryptotale.
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2024-08-21 | Bitcoin Surpasses $60,000 Again After Initial Drop
2024-08-21
You can also read this news on COINTURK NEWS: Bitcoin Surpasses $60,000 Again After Initial Drop
The leading cryptocurrency, Bitcoin
, quickly dropped after the US stock market
opened but then surpassed $60,000 again. However, if previous patterns repeat, we might see the price decline as investors accustomed to short selling strengthen their positions at these levels. At some point, BTC’s price will need to extend its surprising rise, catching those looking for short-selling opportunities off guard.
Bitcoin Rises Again
Expectations for a rate cut in the markets are strengthening. Before the employment data
and Fed minutes, 2024 forecasts have risen to a 100bp cut. Powell must give optimistic messages about the global economy on Friday, unlike his previous Jackson Hole speech. Although some Fed members do not care much about employment data, it signals excessive tightening for the Fed.
After many central banks like the EU and Canada made their first rate cuts of the year, the Fed has kept rates at their peak for over a year. Data showing inflation falling below 3% and an unemployment rate reaching 4.3% indicate there is no escape from a rate cut.
If BTC can close above $63,000, it may find support for the $70,000 resistance.
The post first appeared on COINTURK NEWS:
Bitcoin Surpasses $60,000 Again After Initial Drop
The post Bitcoin Surpasses $60,000 Again After Initial Drop
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2024-08-21 | MtGox Creditors Begin to See Payments as Promised!
2024-08-21
Key Points:
On August 21, 2024, MtGox creditors continued its repayment plan, compensating over 19,000 creditors via Bitcoin and BCH on designated exchanges.
The trustee moved 12,000 BTC, raising speculation about more payouts and plans.
Bitstamp, a key partner, received 1,264.7 BTC, continuing the repayment process after the July 2024 payouts.
MtGox creditors have taken one more step in its long-lasting repayment procedure.
MtGox Continues Large-Scale Creditor Repayments
According to an official announcement
, some of MtGox creditors were remunerated on August 21, 2024, following the court-approved compensation plan. Of course, the repayments were made in Bitcoin and Bitcoin Cash through particular cryptocurrency exchanges. Over 19,000 creditors have so far been paid out in Bitcoin and BCH.
This marks the fourth round of repayments in July 2024 alone, and the exchange is eyeing finally closing its decade-long bankruptcy case. MtGox creditors went bankrupt after collapsing in 2014 due to one of the largest hacks ever, which saw it lose around 850,000 BTC. Subsequently, it entered rehabilitation procedures to repay its creditors in several instalments.
Read more: Mt. Gox Repayments Now Completed for Over 17,000 Creditors
Bitstamp Receives Significant Bitcoin for Distribution
MtGox moved 12,000 BTC to an unknown wallet
, allowing more room for speculation regarding further repayments or related activities. Another 1,264.7 BTC was transferred to the Bitstamp exchange, one of the central partners in the repayment process.
This will be the most welcome news for many creditors, with this payout making significant headway toward the complete resolution of the largest collapses in cryptocurrency history. Nevertheless, many still anticipate total compensation as the entire repayment process is expected to drag further into the future.
DISCLAIMER
: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
2024-08-21 | Analyst Predicts Bitcoin Surge as Spot Premium Drops
2024-08-21
Wise Advice suggests a bullish move for Bitcoin, highlighting the BTC Open Interest weighted spot premium.
Positive premiums on the BTC/USDT chart indicate potential price increases.
Current market trends suggest Bitcoin may enter a parabolic phase.
A low Bitcoin spot premium, not seen since the FTX crash, signals potential price growth, according to crypto analyst Wise Advice.
The self-proclaimed top Asian crypto influencer points to the BTC Open Interest (OI) weighted spot premium as a key indicator. This metric reflects the price difference between the BTC spot market and the futures market, and currently shows the spot price exceeding that of futures.
Wise Advice sees this as a positive sign, as it indicates accumulation by investors. Large-scale purchases, such as Michael Saylor’s reported $2 billion Bitcoin purchase and other institutional investments, might also be influencing the premium.
Looking at a BTC/USDT chart
on Binance-Futures, which includes an “Aggregated Premium” indicator, Wise Advice observed that positive premiums usually align with price increases. The chart shows a significant uptrend in BTC/USDT from mid-2023, peaking in early 2…
The post Analyst Predicts Bitcoin Surge as Spot Premium Drops
appeared first on Coin Edition
. |
2024-08-21 | CryptoQuant Analysts Detect Decreasing Bitcoin Whale Assets, According to On-Chain Data!
2024-08-21
The decreasing growth rate of Bitcoin whale assets is seen as a bearish signal for the cryptocurrency’s price, according to a report by on-chain data provider CryptoQuant.
CryptoQuant Highlights Declining Bitcoin Whale Assets as Bearish Indicator
CryptoQuant noted in its weekly report that the 30-day percentage change in Bitcoin whale holdings has decreased significantly, from 6% in February to just 1% currently.
The report suggests that this decrease in savings by large-scale asset owners, which is seen as a significant factor in the rise in Bitcoin's price, is a sign of a decline in market conditions.
“Historically, a monthly growth rate of over 3% in whale assets has been associated with rising Bitcoin prices, which we are not currently seeing,” CryptoQuant analysts wrote. The waning interest from whales could mean that the digital asset’s bullish momentum is waning.
The report also highlighted a broader decline in Bitcoin demand, as measured by CryptoQuant’s “apparent demand” metric, which tracks the difference between the daily Bitcoin block subsidy and the daily change in the amount of Bitcoin that has not moved for more than a year.
“Apparent Bitcoin demand has slowed significantly since April, when Bitcoin was trading at $70,000. The 30-day demand growth that peaked at 496,000 BTC in January 2024 has now turned negative, showing a decline of 25,000 BTC,” it said.
Related News: Positive Inflows Continue in US Spot Bitcoin ETFs, While Outflows Continue in Ethereum ETFs! Here Are the Details
Another key finding in the report is the declining price premium for Bitcoin on Coinbase, a popular U.S.-based exchange. By early 2024, this premium had reached 0.25%, reflecting strong demand fueled by exchange-traded fund (ETF) purchases and investor interest.
However, the premium has steadily fallen to just 0.01%, signaling weakening demand for Bitcoin in the US market.
As whale assets and overall demand for Bitcoin decline, CryptoQuant analysts suggest that these trends could continue to put downward pressure on Bitcoin prices unless there is a significant change in market dynamics.
*This is not investment advice.
Continue Reading: CryptoQuant Analysts Detect Decreasing Bitcoin Whale Assets, According to On-Chain Data! |
2024-08-21 | Legendary Trader Peter Brandt Breaks Silence on Chances for New Bitcoin ATH
2024-08-21
Cover image via U.Today
Old-school commodities trader Peter Brandt
, who has been in this business since the 1970s, published a tweet mentioning the world’s largest cryptocurrency, Bitcoin. In this X post, Brandt discussed the possibility of BTC reaching a new historic peak soon.
Peter Brandt on probability of new Bitcoin ATH
The new all-time high, if it happens, may take longer after this year’s halving, than in previous post-halving periods, the trader warns.
Peter Brandt tweeted that soon enough he expects the current bull market cycle for Bitcoin to become the longest period post halving in BTC's history for a new all-time high. According to the table shared by the expert trader, during the bull market cycle that ran between 2015 and 2017, the number of weeks to new cycle highs totaled 24. During the next bull market cycle of 2018-2021, this figure constituted 25 weeks. As for the current bull market (2022-2025), this number already constitutes 23 weeks to date.
However, Brandt warns that an alternative that the data may show soon is that a “new ATH is not in the cards” at all.
An FYI on $BTC
Current bull market cycle in $BTC
will soon become the longest time post halving in history for a new ATHor,Could indicate that new ATH is not in the cards pic.twitter.com/jkeboVAGtp
— Peter Brandt (@PeterLBrandt) August 21, 2024
Bitcoin ATH this year breaks regular pattern
Commentators’ replies to that tweet were mixed. Many, in a way, agreed with the veteran trader, still expecting Bitcoin to reach an all-time high but not as soon as happened in previous post-halving cycles. Some pointed out that this year, Bitcoin reached a new historic peak before the ATH fueled by the approval of spot Bitcoin ETFs.
The new all-time high of $73,750 was reached on March 14, while the halving took place on April 20 – almost a month later.
On Tuesday, Bitcoin suddenly printed a massive red candle on an hourly chart, pushing down from the $60,920 zone to the $58,760 line. By now, BTC has managed to recover the $59,330 mark.
Among the key drivers that forced the BTC price to plummet was former Bitcoin exchange Mt. Gox
moving a staggering amount of almost $710 million worth of BTC to centralized cryptocurrency exchanges, as it continues to pay out compensations to its creditors. Last month, the platform already paid roughly $3 billion in Bitcoin and Bitcoin Cash to them via such platforms as BitGo, Kraken and Bitstamp. |
2024-08-21 | Breakout Alert! MATIC Price Prediction for August 21
2024-08-21
The post Breakout Alert! MATIC Price Prediction for August 21
appeared first on Coinpedia Fintech News
Today, Matic Network (MATIC) has gained everyone’s attention due to its significant price surge and recent bullish breakout. However, MATIC’s bullish outlook comes at a time when top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH), have been struggling to gain momentum.
Bullish Breakout in MATIC
This bullish breakout comes after months of continuous downside momentum from March to August 2024. During this period, MATIC formed a descending trendline and faced strong resistance from it. However, this time with significant volume, it has successfully broken out the barrier.
Source: Trading View
MATIC Price Prediction for August
According to expert technical analysis, MATIC
looks bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. In addition to this breakout, the daily candle closing above the trendline will be crucial.
If MATIC closes a daily candle above the $0.48 level, there is a high possibility it could skyrocket over 50% to the $0.75 level or even more.
Bullish Outlook from On-chain Data
With this breakout, MATIC’s open interest has increased by over 19% in the last 24 hours and has been gradually rising. This increase in open interest indicates a growing interest from investors and traders, according to the on-chain analytic firm CoinGlass.
However, while examining the MATIC exchange liquidation map, it was observed that in the last 7 days, bulls’ long positions are significantly higher compared to short positions. This massive long leverage position indicates a bullish signal for MATIC.
Major Liquidation levels
As of now, the two major liquidation
levels are near $0.464 on the lower side and $0.489 on the higher side, according to CoinGlass data.
Source: CoinGlass
If the sentiment remains unchanged and the price rises to $0.489, nearly half a million dollars worth of short positions will be liquidated. Conversely, if the sentiment changes and the price falls to $0.464, nearly $2.7 million worth of long positions will be liquidated.
MATIC Price Momentum
At press time, MATIC is trading near $0.48 and has experienced a price surge of over 7.5% in the last 24 hours. Meanwhile, its trading volume has also skyrocketed by 48% during the same period, indicating increased participation from traders. |
2024-08-21 | 2024 Bitcoin Mining Windfall: $13.9 Billion in Revenue, But Fees Contribute Only 4.8%!
2024-08-21
Bitcoin miners
are projected to earn $13.9 billion in 2024, with a staggering $13.3 billion of that revenue expected to come from block subsidies alone. This leaves only $670 million, or approximately 4.8%, coming from transaction fees, according to recent data from Hashlabs and CoinMetrics. This projection highlights the industry's ongoing reliance on block subsidies, which constitute the bulk of mining revenue, rather than transaction fees, according to JMellerud
.
The projected revenue for 2024, although significant, marks a decrease from the all-time high of $16.8 billion recorded in 2021. That year saw an unprecedented boom in Bitcoin prices and network activity, leading to substantial earnings for miners. However, the following years have seen a fluctuation in total mining revenue, with a notable dip to $9.6 billion in 2022, before rebounding to an estimated $13.9 billion in 2024.
The chart tracking annual industry revenue from 2010 to 2024 shows a sharp rise in earnings beginning in 2017, driven primarily by the increasing value of Bitcoin and growing network difficulty. By 2024, the revenue composition continues to be dominated by block subsidies, underscoring the industry's heavy dependence on these rewards to sustain profitability.
This reliance poses potential challenges for miners as future halvings will continue to reduce block subsidies, further pressuring them to adapt their business models. The shift towards greater reliance on transaction fees, which currently make up only a small fraction of total earnings, may become necessary for long-term sustainability.
As the Bitcoin network evolves and competition within the mining industry intensifies, the ability to secure revenue through transaction fees might become increasingly crucial. The current projection underscores the need for miners to innovate and potentially shift their strategies to maintain profitability in a post-subsidy environment. |
2024-08-21 | Michael Saylor Stuns Crypto Community With Bitcoin '21 Million' Statement
2024-08-21
Cover image via U.Today
Michael Saylor
, cofounder and chairman of MicroStrategy, has made a statement alluding to Bitcoin that has resonated with the crypto community. In a tweet, Saylor wrote
, "Imagine everything, divided by 21 million," accompanied by a GIF image in commemoration of Bitcoin Infinity Day, which is held on Aug. 21.
Bitcoin Infinity Day being celebrated today holds special significance for Bitcoin enthusiasts and serves as a reminder of the finite supply of Bitcoin.
Imagine everything, divided by 21 million.pic.twitter.com/5qqoQfa61L
— Michael Saylor⚡️ (@saylor) August 21, 2024
The date Aug. 21 can be written as 8/21. The number "8" represents the infinity symbol, "∞, " while "21" refers to the maximum supply of Bitcoin that will ever exist, which is set at 21 million.
Saylor's statement is a reference to one of the most fundamental aspects of Bitcoin: its fixed supply. Unlike typical fiat currencies, Bitcoin's total supply is limited to 21 million coins.
By stating, "Imagine everything, divided by 21 million," Saylor highlights Bitcoin's finite supply. This scarcity remains a key component of Bitcoin's value proposition.
Bitcoin derivatives signal BTC price reversal
According to Bloomberg
, there is an increasing possibility of a "short squeeze" on the Bitcoin derivatives market, which might lead to a major rally for BTC, K33 Research noted.
The funding rate for Bitcoin perpetual futures, which estimates how bullish or bearish speculators are might signal a bullish reversal for the BTC price. Aug. 20 had the lowest seven-day average annualized funding rate since March 2023, according to K33.
The cryptocurrency market has been in a cautious mood lately, with Bitcoin
continuing to lose ground in August following its inability to stay above the $60,000 mark.
Concerns that the U.S. government might be selling seized tokens have recently impacted Bitcoin's price. Traders are also anticipating crucial comments by Federal Reserve Chair Jerome Powell, whose indications about likely interest-rate decreases might cause volatility.
At the time of writing, BTC was down 2.03% in the last 24 hours to 59,492, about $14,250 below its March all-time high. |
2024-08-21 | Decentralized Bitcoin Exchange Bisq 2 Integrates Lightning Network Support
2024-08-21
Bisq 2, a leading decentralized Bitcoin exchange, has announced a significant upgrade in its latest release, version 2.1.0. The highlight of this update is the integration of the Lightning Network, a move set to revolutionize the way users trade Bitcoin on the platform. The Lightning Network, known for its ability to process transactions off-chain, brings a new level of speed and cost-effectiveness to Bitcoin trading on Bisq 2. With this integration, users can now enjoy faster transactions with significantly lower fees, addressing two of the most persistent challenges in the cryptocurrency world—speed and cost.
Bisq 2’s adoption of the Lightning Network is a strategic step forward in making decentralized trading more accessible and efficient. The Lightning Network allows transactions to be conducted off the main Bitcoin blockchain, which means trades can be completed in seconds rather than minutes. This is especially beneficial for users who are looking to execute trades quickly and avoid the sometimes high transaction fees associated with on-chain Bitcoin transactions. But that’s not all Bisq 2.1.0 has to offer. The update also includes a new QR code scanner feature, making it easier than ever for users to input Bitcoin addresses and invoices. This feature simplifies the trading process by allowing users to scan and go, reducing the potential for errors that can occur when manually entering long strings of characters. In addition, the latest version of Bisq 2 introduces enhanced chat functionalities, providing a more seamless communication experience for users. The improved chat system is designed to facilitate better interaction between traders, making it easier to discuss trades and negotiate terms. This is a crucial feature for a decentralized exchange, where direct communication between peers plays a vital role in the trading process. Bisq 2.1.0 comes with improved user activity indicators, giving traders a clearer view of what’s happening on the platform. These indicators help users stay informed about the status of their trades, ensuring that they can make timely decisions based on real-time information. The development of the decentralized Bitcoin exchange has been a long journey, spanning nearly three years. The first beta release of Bisq 2 was launched in March 2024, offering users a glimpse into the future of decentralized trading. Building on the foundation laid by the original Bisq, which was launched in 2016, Bisq 2 was designed to provide a more flexible and efficient platform for trading Bitcoin and other cryptocurrencies. The original Bisq was one of the pioneers in decentralized exchanges, offering a platform where users could trade Bitcoin without the need for a central authority. Over the years, it gained a reputation for its security and privacy features, making it a popular choice among traders who valued these aspects. However, as the cryptocurrency market evolved, so did the needs of its users. Bisq 2 was created in response to these changing needs, with a focus on improving the speed, efficiency, and user-friendliness of the platform. The integration of the Lightning Network in Bisq 2.1.0 is a testament to the team’s commitment to staying ahead of the curve and providing users with the best possible trading experience. With this update, Bisq 2 is not only enhancing its platform but also reinforcing its position as a leading decentralized exchange in the cryptocurrency market.
As cryptocurrency trading continues to grow, platforms like Bisq 2 are playing a crucial role in shaping the future of decentralized finance. The latest update is expected to attract even more users to the platform, especially those who are looking for faster, cheaper, and more secure ways to trade Bitcoin. For traders who prioritize speed, cost-effectiveness, and user experience, the new Bisq 2.1.0 with Lightning Network integration is set to be a game-changer. As the cryptocurrency world continues to evolve, Bisq 2 is poised to remain at the forefront of decentralized trading. For more info and updates on the cryptocurrency industry, stay tuned to TheBITJournal. The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-21 | Bitcoin Mengguncang Pasar: Dominasi Tembus 56 Persen
2024-08-21
Dominasi pasar Bitcoin (BTC) telah melonjak hingga 56 persen dari total kapitalisasi pasar kripto, meningkat signifikan dari 38,7 persen pada November 2022. Lonjakan ini menandakan perubahan besar dalam sentimen investor dan berpotensi mengubah lanskap aset digital secara signifikan.
Kepercayaan Arus Utama dan Minat Institusional Dorong Dominasi Bitcoin
Decrypt melaporkan bahwa, peningkatan tajam dalam dominasi Bitcoin terjadi di tengah kondisi pasar yang penuh volatilitas, dipengaruhi oleh campuran faktor ekonomi makro dan minat institusional yang berkembang.
Meskipun aksi harga yang bergejolak mendominasi tahun 2024, para pemegang jangka panjang Bitcoin tetap teguh dalam keyakinan mereka, menunjukkan komitmen kuat terhadap kripto terdepan ini.
Menurut laporan terbaru dari Glassnode, para investor jangka panjang ini tidak hanya mempertahankan Bitcoin mereka tetapi juga terus mengumpulkan lebih banyak, meskipun pasar mengalami fluktuasi signifikan.
Laporan tersebut mencatat bahwa perilaku HODLing jauh melebihi perilaku pengeluaran, menunjukkan bahwa investor lebih cenderung menahan aset mereka daripada membelanjakannya atau menjualnya, terutama yang diperoleh selama puncak harga pada Maret 2024.
Dominasi pasar Bitcoin yang meningkat juga disebabkan oleh meningkatnya kepercayaan di kalangan investor arus utama. Managing Director di HashKey Global, Ben El-Baz, menyoroti tren ini, menyatakan bahwa dominasi Bitcoin yang meningkat mencerminkan pergeseran preferensi investor menuju stabilitas.
"Dalam lingkungan pasar saat ini, investor lebih cenderung memilih Bitcoin sebagai investasi yang stabil, daripada altcoin termasuk Ethereum, yang lebih volatil tetapi menawarkan potensi imbal hasil yang lebih tinggi," ungkap El-Baz.
Dominasi yang semakin meningkat ini menunjukkan bahwa BTC semakin menjadi pilihan utama bagi investor yang mencari tempat yang aman dalam ruang kripto, bahkan ketika pasar secara umum menghadapi tantangan.
Pengaruh Makroekonomi
Laporan Glassnode juga menyoroti perilaku pemegang jangka pendek, yang menunjukkan dinamika menarik antara kerugian yang direalisasikan dan yang belum direalisasikan.
Rasio STH-MVRV, yang mengukur tekanan finansial yang belum direalisasikan di antara pembeli baru, telah turun di bawah nilai keseimbangan 1,0, menunjukkan bahwa rata-rata investor baru sekarang menanggung kerugian yang belum direalisasikan.
Namun, skala kerugian ini relatif kecil dibandingkan dengan penurunan pasar sebelumnya, menunjukkan bahwa pasar mungkin bereaksi berlebihan terhadap peristiwa terbaru.
Kepala Pengembangan Bisnis dan ESG Global di Elastos, Jonathan Hargreaves, melihat dominasi Bitcoin yang meningkat sebagai memiliki implikasi yang lebih luas bagi seluruh ekosistem kripto.
Ia percaya bahwa tren ini dapat merangsang pertumbuhan keseluruhan di pasar, daripada sekadar mengalokasikan kembali nilai ke Bitcoin.
Lingkungan makroekonomi juga memainkan peran penting dalam kenaikan dominasi Bitcoin. El-Baz menunjukkan potensi penurunan suku bunga oleh The Fed dan iklim politik yang lebih menguntungkan sebagai faktor kunci yang berkontribusi terhadap dominasi Bitcoin yang semakin meningkat.
Pandangan ini didukung oleh data Glassnode, yang menunjukkan arus modal bersih positif untuk Bitcoin, Ethereum dan stablecoin, meskipun terjadi kontraksi pasar sejak puncak harga pada bulan Maret.
Namun, kenaikan dominasi Bitcoin tidak menjamin manfaat yang sama untuk semua aset di pasar.
Co-Founder dan CEO LightLink, Roy Hui, mencatat bahwa meskipun dominasi Bitcoin meningkat, belum ada pergeseran signifikan dari BTC ke ETH dan altcoin lainnya.
Hui menganjurkan pendekatan strategis untuk memastikan pertumbuhan yang berkelanjutan di seluruh pasar, dengan menyarankan bahwa kemitraan dengan perusahaan Web2 bisa menjadi strategi kunci untuk integrasi pasar yang lebih luas. |
2024-08-21 | Bitcoin (BTC) Prediction for August 21
2024-08-21
Cover image via U.Today
Sellers are getting back in the game after a few days of growth, according to CoinMarketCap
.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has dropped by 2.14% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of BTC is in the middle of the local channel, between the support of $58,970 and the resistance of $59,744.
If the daily bar closes near the upper line, one can expect a breakout, followed by a move to the $60,000 area and above.
Image by TradingView
On the bigger time frame, the rate of the main crypto is far from the key levels. The low volume confirms the absence of buyers' and sellers' energy. In this case, ongoing sideways trading in the range of $59,000-$61,000 is the more likely scenario.
Image by TradingView
A similar picture can be seen on the weekly chart. None of the sides is dominating, which means there are low chances to expect any sharp moves soon. All in all, traders may witness consolidation near the $60,000 zone until the end of the month.
Bitcoin is trading at $59,328 at press time. |
2024-08-21 | Bitcoin miner Bitfarms to acquire rival Stronghold Digital
2024-08-21
Cryptocurrency mining giant Bitfarms has entered a definitive merger agreement to acquire Stronghold in a stock-for-stock merger transaction.
Canadian crypto miner Bitfarms is set to acquire its U.S.-based rival Stronghold Digital in a transaction valued at approximately $175 million, including $125 million in equity value and $50 million in assumed debt.
In an Aug. 21 press release
, Bitfarms said that acquiring Stronghold would bring significant assets, including a 4.0 EH/s hashrate and 165 MW of power capacity as of June 2024. The company owns over 750 acres of land and two power plants in Pennsylvania.
Despite the news, Bitfarms shares (BITF) plunged 7.2% to $2.19 in pre-market trading, according to Nasdaq
data.
The merger is expected to expand Bitfarms’ energy portfolio, increasing its capacity to over 950 MW by the end of 2025, with potential future expansions bringing total capacity to 1.6 GW. Bitfarms chief executive Ben Gagnon labeled the acquisition a transformative step, saying the company expects to have “visibility on multi-year expansion capacity up to 1.6 GW with approximately 66% in the U.S., up from approximately 6% today.”
“By vertically integrating with power generation, expanding our energy trading capabilities and securing two high potential sites for HPC/AI with significant multi-year expansion potential, we are executing our strategy to diversify beyond Bitcoin mining to create greater long-term shareholder value.”
Ben Gagnon, Bitfarms CEO
Bitfarms expands portfolio amid takeover attempts
Bitfarms says the merger, which both companies’ boards have unanimously approved, is expected to close in the first quarter of next year, pending shareholder and regulatory approvals.
Under the agreement, Stronghold shareholders will receive 2.52 shares of Bitfarms for each share owned, the press release reads. This represents a 71% premium to Stronghold’s 90-day volume-weighted average price on the Nasdaq as of Aug. 16. The combined company is projected to achieve $10 million in annual cost synergies post-merger.
The merger announcement comes as Bitfarms faces a takeover attempt by Riot Platforms, a competing Bitcoin mining company. As crypto.news reported
earlier, Riot acquired 1 million common shares of Bitfarms, raising its stake to approximately 18.9%. That move followed Riot’s $950 million takeover bid
earlier this year, which was withdrawn after failing to gain traction with Bitfarms’ board.
Read more: Bitfarms announces leadership changes amid takeover attempt |
2024-08-21 | BlackRock On Track To Hold World’s Largest Bitcoin Stash By Late 2025, Overtaking Satoshi Nakamoto, Binance
2024-08-21
Asset management titan BlackRock has become the third largest holder of Bitcoin (BTC), and is on track to become the top holder by late next year.
BlackRock’s spot
Bitcoin
ETF (IBIT) holds over 350,000 Bitcoins, the asset manager’s
website
shows.
With the current price of the leading crypto, the dollar value of the fund’s holdings stands at more than $20.8 billion.
Binance And Satoshi Nakamoto The Only BTC Holders Above BlackRock
The top two holders of Bitcoin above BlackRock’s IBIT are the crypto exchange platform Binance and the pseudonymous creator of Bitcoin, Satoshi Nakamoto.
”Didn’t realize US ETFs are on track to pass Satoshi in bitcoin held in October,” said Bloomberg Intelligence ETF analyst Eric Balchunas. “BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time.”
Spot Bitcoin ETFs in the US collectively hold 909,700 BTC.
Didn’t realize US ETFs are on track to pass Satoshi in bitcoin held in October. BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time Ht @EdmondsonShaun
pic.twitter.com/QGsO00zrxp
— Eric Balchunas (@EricBalchunas) August 12, 2024
Binance holds 550,133 BTC while Nakamoto owns around 1.1 million Bitcoins, according to on-chain data shared by Bloomberg ETF analyst Eric Balchunas.
Other firms that are among the top 11 BTC holders globally are asset manager Grayscale, Fidelity, MicroStrategy and crypto exchange Bitfinex.
Meanwhile, the US and Chinese governments hold 213,246 BTC and 190,000 BTC, respectively.
Spot Bitcoin ETFs Recorded Positive Net Flows For 8 Of The Last 10 Days
US spot Bitcoin ETFs have recorded positive net flows for 8 of the last 10 days, according to data from
Farside Investors
.
The investment products only saw $89.7 million and $81.4 million leave their reserves on Aug. 9 and Aug. 14 during that period.
BlackRock’s IBIT dominated, and either recorded positive flows or zero flows, with no capital leaving the fund during this period.
On Aug. 20,
Bitcoin
ETFs continued to pull funds in, with $88 million in net inflows. BlackRock’s IBIT attracted the most capital yesterday after an additional $55.4 million was sent to the ETF.
Despite the positive flows over the last 10 days, BTC’s price has struggled.
CoinMarketCap data
shows that the largest altcoin by market cap dropped more than 2% in the last 24 hours to trade at $59,337.50 as of 8:15 a.m. EST.
Bitcoin is also down over 3% on the weekly time frame.
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2024-08-21 | Bitfarms acquires Stronghold Digital Mining in $125M deal
2024-08-21
Bitcoin mining company Bitfarms has announced its acquisition of Stronghold Digital Mining for about $125 million, which also takes into account assumed debt of about $50 million.
The transaction may add up to 307 megawatts of power capacity and is expected to put Bitfarms on track to increase its energy portfolio to over 950 MW by the end of 2025.
“After three years of ongoing discussions, I am proud to announce this transformative acquisition, which is a decisive step in securing a strong future for Bitfarms,” Ben Gagnon, CEO of Bitfarms, said
in a statement.
Source:
Bitfarms
Shares of Stronghold rose about 55% on Nasdaq
in pre-market trading to $4.55.
Related:
Bitcoin post-halving price consolidation could last 2 months — Bitfinex
Bitcoin (BTC
) mining firms have been under pressure
because of reduced mining rewards after the Bitcoin halving. Their debt burden and past poor management have also been causes of concern.
Shareholders to get 2.52 shares for each share held
Stronghold shareholders will receive 2.52 shares of Bitfarms for each share of Stronghold they own, representing consideration per share of $6.02. That is a 71% premium to the Stronghold 90-day volume-weighted average price on Nasdaq as of Aug. 16.
Speaking in detail about the acquisition, Gagnon said:
“With this transaction, we expect to expand and rebalance our energy portfolio to 950 MW with nearly 50% in the US by the end of 2025 and have visibility on multi-year expansion capacity up to 1.6 GW with approximately 66% in the US, up from approximately 6% today.”
Stronghold shareholders are expected to own just under 10% of the combined company, based on the current issued and outstanding shares of each company, according to the statement.
Increasing shareholder value through acquisition
By vertically integrating with power generation, expanding energy trading capabilities and securing two high-potential sites for high-performance computing and artificial intelligence, and with significant multi-year expansion potential, Gagnon said Bitfarms aims to diversify beyond Bitcoin mining to create greater long-term shareholder value.
Stronghold Digital Mining has been considering selling the company
for a while now. In April, Stronghold filed a registration statement to sell up to $250 million in securities to reduce its debt through share dilution.
Stronghold’s first quarter 2024 results included revenues of $27.5 million, up 27% from the previous quarter and 59% year over year. The breakdown of revenues included $26.7 million from cryptocurrency operations, $700,000 from the sale of energy and a further $100,000 from “other activities.”
Magazine:
Memecoins: Betrayal of crypto’s ideals… or its true purpose? |
2024-08-21 | Bitcoin May Be Important for Elon Musk, Samson Mow Says, Here's Why
2024-08-21
Cover image via U.Today
Samson Mow
, Bitcoin maximalist and chief executive at the JAN3 company that is focused on helping nation-states adopt BTC, has taken to his X account to comment on a recent tweet published by the X owner, tech entrepreneur Elon Musk.
Mow believes that Bitcoin may help solve the massive global problem that Musk highlighted in his tweet.
Bitcoin may help solve problem voiced by Musk: Mow
The JAN3 boss cited Elon Musk’s tweet about the declining birth rate around the world. Musk retweeted an X post published by user @farzyness, with almost 232,000 followers on the X platform.
Elon Musk
quoted from that tweet, which mentioned that the declining birth rate “fundamentally de-incentivizes civilization to look forward.”
“Exactly,” Musk commented, letting the tweet be seen by his 195.3 million X audience.
The only fix for declining birth rates is widespread #Bitcoin
adoption. Fiat is despair. Bitcoin is hope for the future. https://t.co/9mZwkFFGhz
— Samson Mow (@Excellion) August 21, 2024
Mow commented on this, stating that there is a solution to that problem, and he believes that this solution is the widespread adoption of Bitcoin. “Fiat is despair,” he wrote, “Bitcoin is hope for the future.”
Elon Musk has mentioned several times in the past the expanding problem of the declining birthrate in the U.S. and other countries in the northern hemisphere, warning that this is likely to have major negative consequences in the future.
"There is merit in Bitcoin," Elon Musk says
In an episode of the X Takeover podcast from the end of July, Elon Musk was asked about his take on Bitcoin and Dogecoin, and if it has changed over the past three years.
Musk believes there is “merit in Bitcoin
and maybe some other cryptos.” However, he stated that he does not intend to promote any cryptocurrencies on his X account unless it is done “in a joking way” or by publishing memes.
Musk’s Tesla announced purchasing $1.5 billion worth of Bitcoin in February 2021. The company then began to accept BTC as payment for its electric automobiles. However, a few months later, this option was shut down due to environmental concerns about Bitcoin mining.
Musk remains a strong supporter of Dogecoin, though, and memes about DOGE are published on his X account from time to time. Charles Hoskinson recently assumed that Musk might be holding 20% of the Dogecoin supply. |
2024-08-21 | How Vitalik Buterin’s pluralistic vision could reshape blockchain governance
2024-08-21
Vitalik Buterin, co-founder of Ethereum, has expressed optimism about the application of pluralistic philosophy in various social and technological settings.
Buterin explained
how different ideas can be used to improve cooperation and decision-making in areas such as blockchain, social media and local government.
According
to a 2022 essay “Why I Am A Pluralist” by Glen Weyl, plurality is a social philosophy that recognizes and fosters the flourishing of and cooperation between a diversity of sociocultural groups or systems.
Buterin’s advocacy for these ideas is not just theoretical; he believes that real-world experimentation in these areas could yield significant benefits, enhancing autonomy, fostering collaboration and minimizing polarization.
Blockchain ecosystems
His enthusiasm for applying this philosophy to blockchain ecosystems is deeply rooted in the decentralized nature of blockchain technology itself.
He highlighted the potential of pluralistic mechanisms to address critical issues within blockchain communities, such as collusion and competitive pressures. For instance, the Ethereum ecosystem already employs quadratic and retroactive funding mechanisms to support public goods.
However, these mechanisms are not perfect and have their vulnerabilities, particularly if participants collude. Pluralistic ideas, according to Buterin, could help mitigate these risks by subsidizing collaboration between different parts of the ecosystem, such as layer-2 scaling platforms and crypto wallets, which might otherwise be incentivized to act competitively.
Related:
Vitalik registers ‘defensive accelerationism’ (d/acc) ENS domain — but what is it?
This approach aligns with Buterin’s broader vision for blockchain as a space where diverse actors can collaborate more effectively without succumbing to the pressures of centralization. By implementing pluralistic mechanisms, blockchain ecosystems could maintain their decentralized ethos while improving governance and resource allocation.
Buterin’s impact on blockchain and DeFi
Buterin has been highly active in addressing blockchain and decentralized finance (DeFi) issues, often offering solutions to many of them.
In 2023, Buterin and researchers from Cornell University studied how to stop a major problem facing decentralized systems
: attacks using bribes in smart contracts.
In July, Ethereum developers introduced a new Ethereum improvement proposal, EIP-7732, which aimed to overhaul the block validation process
and speed up the blockchain following the Ethereum co-founder’s push for faster transaction confirmation times.
September 2022 saw Ethereum successfully shift to a proof-of-stake consensus
mechanism and adopt a layer-2-centric approach to scaling the network’s base layer. Hardware-based miners were replaced by validators that stake Ether (ETH
) to process transactions, add new blocks and maintain the network.
Magazine:
As Ethereum phishing gets harder, drainers move to TON and Bitcoin |
2024-08-21 | Cardano (ADA) Price Turns Bullish as Key Upgrade Date Nears: Details
2024-08-21
Cover image via U.Today
The price of Cardano (ADA)
, the 11th largest cryptocurrency by market capitalization, is trading up amid mixed price action on the general crypto market.
After days of consolidation, the ADA price presented signals of upward movement. This positive movement comes as the broader cryptocurrency market faces uncertainty, making ADA's price action particularly significant.
Lead cryptocurrencies Bitcoin and Ethereum are sustaining losses as investors await the release of minutes from the latest Federal Reserve meeting. Bitcoin was down 1.99% in the last 24 hours, while Ethereum traded down 2.54% within the same time frame. Several other cryptocurrencies were nursing losses within this time frame.
At the time of writing, ADA
was up 2% in the last 24 hours to $0.3515, and up 3% weekly. The rise extends the rebound from Monday's low of $0.327.
Cardano's ADA price rebound coincides with a significant milestone reached as regards the upcoming Chang hard fork. Yesterday, a proposed timeline for the activation of the upgrade was announced, triggering anticipation in the crypto community.
As the date for the activation of the Chang 1 hard fork approaches, the market closely watches the ADA price to see if it will sustain its newly found bullish momentum.
Cardano Chang 1 dates announced
Intersect
, a member-based organization for the Cardano ecosystem, recently provided an update on the Chang hard fork, officially proposing the first set of dates for Chang #1 hard fork on the production mainnet.
https://t.co/jU7FVaH5HN
— Intersect (@IntersectMBO) August 20, 2024
The target for the mainnet hard fork is Tuesday, Aug. 27, with a final go/no go decision slated for early Friday, Aug. 23.
According to Intersect, the next appropriate window for the Chang hard fork
after this date will be Sept. 3; however, present signs imply that Aug. 27 might be a realistic option, which is what the hard fork working group technical teams are aiming for.
Preproduction will begin with a hard fork on Aug. 22. The Chang hard fork will introduce Plutus V3 and on-chain governance to boost the Cardano network's scalability and decentralization. |
2024-08-21 | Abu Dhabi Regulator Opens Public Consultation on New Rules for “Fiat-Referenced Tokens”
2024-08-21
Abu Dhabi’s financial regulator has opened a public consultation on a proposed regulatory framework to guide the supervision of fiat-referenced tokens (FRTs), a category of stablecoins.
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM)
announced
the new framework in response to stakeholder requests. It noted that the issuers of these tokens will face operational restrictions and requirements.
The regulator noted that after reviewing definitions from other jurisdictions it is proposing that an FRT should be defined as a digital asset that is transferred and stored electronically using distributed ledger technology.
The FSRA proposed that the market value of reserve assets must be at least equal to the par value of all outstanding FRTs by the end of each business day. Additionally, FRTs should be valued daily on a mark-to-market basis.
The regulator also proposed that issuers of multiple FRTs operate and maintain separate pools of reserve assets for each token and manage these pools independently.
Alongside establishing a regulatory framework for FRT issuance, the FSRA noted that it reviewed its existing suite of regulated activities to determine if amendments are needed for activities involving FRTs.
The FSRA has set an October 3, 2024, deadline for feedback on the proposal. Following the review of comments, the FSRA will determine if modifications to the regulatory framework are necessary. The ADGM board and FSRA will then finalize and implement the framework.
The UAE is gaining recognition as a crypto-friendly hub, with M2, a major cryptocurrency exchange, recently
launching
a service allowing residents to buy and sell Bitcoin and Ether directly through their bank accounts. Users can now trade BTC and ETH against the dirham on M2’s spot markets, enhancing market responsiveness and streamlining traditional currency conversion into digital assets. The exchange, which is also a part of the ADGM, sees this as a key step in expanding its services throughout the MENA region.
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2024-08-21 | Crypto: Bullish Sentiment around ADA is Skyrocketing!
2024-08-21
Cardano (ADA) is currently experiencing a surge in bullish sentiment among investors. The crypto asset exhibits a significantly more positive sentiment than its competitors. This renewed interest in ADA is particularly noteworthy in the context of a general market recovery, highlighting its unique potential.
A resurgence of optimism for the crypto asset
After losing its position to Tron
, Cardano seems to be on the right track for a strong comeback. The latest data from the analysis firm Santiment reveals a clear resurgence of confidence around the blockchain’s native crypto asset. According to this information
, the “Weighted Sentiment” for ADA is currently at 1.69, a figure that reflects marked investor optimism on social media. In reality, the “Weighted Sentiment” is a key indicator that combines two other market sentiment indicators. These include “Sentiment Balance” and “Social Volume”.
The “Sentiment Balance” analyzes social media posts to assess whether they are positive or negative, while the “Social Volume” quantifies the total number of discussions around a crypto asset. Cardano’s Weighted Sentiment not only indicates a net positive sentiment but also massive user participation in these discussions. This demonstrates strong investor confidence in the crypto asset despite the market challenges this year, notes the Santiment report.
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An optimism that hides risks?
Despite this surge in bullish sentiment, Santiment analysts warn of a potential overheating risk. In the past, excessive optimism has often been a prelude to market corrections. ” Excessive enthusiasm can signal a trend reversal risk, especially if high expectations are not met “, analysts warn.
Conversely, crypto assets like Bitcoin and XRP, which display a more moderate Weighted Sentiment, could benefit from a safer progression space. These assets, with less exuberant sentiment, could be better positioned to capitalize on the market recovery, thereby reducing the risk of disappointment for investors.
The sentiment around crypto assets is a valuable indicator for anticipating market movements. While the current bullish sentiment around Cardano may suggest a renewed investor confidence
, it is advisable to remain cautious in the face of exuberance. |
2024-08-21 | Malaysian Authority Destroys 985 Bitcoin Rigs worth $452,500
2024-08-21
Malaysia crushed 985 bitcoin rigs worth $452,500 to combat power theft linked to crypto mining.
Crypto miners in Malaysia stole RM3.4 billion in electricity from 2018-2023, highlighting severe enforcement needs.
Southeast Asia attracts crypto miners with low electricity costs, but faces power theft and environmental challenges.
Malaysian authorities have intensified
their crackdown on illegal cryptocurrency mining by destroying nearly 1,000 bitcoin mining rigs. The operation, which took place in the Perak Tengah district, involved the use of a steamroller to crush 985 mining machines valued at approximately 1.98 million Malaysian ringgits ($452,500). This move reflects Malaysia's ongoing efforts to combat power theft linked to crypto mining, which has become a significant issue in the region.
Enforcement Operations and Recent Arrests
The destroyed rigs were confiscated during enforcement operations conducted from 2022 through April of this year. This drastic action follows a series of similar measures aimed at curbing illegal power usage associated with bitcoin mining. Authorities in Sepang district arrested seven individuals suspected of operating bitcoin mining operations that involved stealing electricity.
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2024-08-21 | Galaxy Digital Acquires More Bitcoin
2024-08-21
You can also read this news on BH NEWS: Galaxy Digital Acquires More Bitcoin
Galaxy Digital has expanded its Bitcoin holdings with a recent purchase of 380 BTC on August 21, following a 600 BTC acquisition the previous day. According to Arkham Intelligence, these purchases, linked to the wallet address 12QVsf, amounted to around $59 million. The transactions were associated with Binance
, a well-known cryptocurrency exchange.
Significant Investments in Bitcoin
Arkham Intelligence data reveal that Galaxy Digital, under the leadership of Mike Novogratz, has recently increased its Bitcoin holdings, indicating a bullish outlook on Bitcoin’s future
value. On August 20, the firm purchased 600 BTC and added another 380 BTC on August 21, suggesting a strategic investment.
Additionally, this activity follows a notable 400 BTC purchase earlier linked to a $23 million investment by Galaxy Digital. Novogratz’s firm appears to be positioning itself for future market conditions
, having acquired a total of 1,380 BTC worth $82.8 million within just a few days.
What is Bitcoin’s Current Price?
Despite these significant acquisitions, Bitcoin’s market price has struggled to stay above the $60,000 mark. Since early August, Bitcoin has been fluctuating between $50,000 and $60,000, with the $60,000 level acting as resistance rather than support. This volatility has raised concerns among investors.
Market analysts remain optimistic, however, pointing to macroeconomic indicators. For example, K33 Research has highlighted the potential for a short squeeze due to negative perpetual funding rates, which could trigger a substantial price increase for Bitcoin.
Market Implications
– Galaxy Digital’s increasing BTC investments indicate strong confidence in Bitcoin’s future.
– Recent transactions suggest strategic positioning ahead of potential market shifts.
– Current price fluctuations between $50,000 and $60,000 highlight market resistance.
– Analysts predict possible price rallies driven by short squeeze scenarios.
As of now, Bitcoin’s price has dropped to $59,332, reflecting a 2.51% decline over the last 24 hours, with no price change observed in the past hour. Over the last seven days, the value has decreased by 2.74%, underscoring the recent volatility in the cryptocurrency market.
The post first appeared on BH NEWS:
Galaxy Digital Acquires More Bitcoin |
2024-08-21 | Bitcoin struggles with intense selling pressure
2024-08-21
Bitcoin is getting hammered by selling pressure, and it’s not looking good. The demand for crypto’s queen has dropped, with on-chain data and holding behavior showing a bearish trend.
Weeks of dull price action have dragged down the sentiment, with analysts pointing out that the largest cryptocurrency is struggling to maintain its ground.
According to CryptoQuant, Bitcoin’s demand needs to rise before we see any real recovery or new highs.
They’ve got a demand indicator that shows the difference between the daily total Bitcoin block rewards and the daily change in the amount of Bitcoin that hasn’t moved in over a year.
This indicator is flashing red. Usually, miners sell their Bitcoin to cover operational costs, but when big holders start selling too, it’s a clear sign that demand is shrinking.
Billions of dollars in selling pressure
Billions of dollars worth of selling pressure have slammed the market, shattering the optimism that kicked off with the approval of spot Ethereum ETFs.
Back in January, when Bitcoin’s ETF trading began, and again in May with the halving event, some bullish folks were eyeing an $80,000 target by June. They thought these events would trigger a surge in demand. But nope, it didn’t happen.
Bitcoin is now down 20% since hitting those highs in May. Even though the ETFs have pulled in a solid $17.5 billion in net inflows since they launched, there’s skepticism.
Some are saying that this flow might not even be from bullish bets. It could just be traders trying to cash in on a carry trade.
CryptoQuant has pointed out that the growth
in the total holdings of large Bitcoin investors has slowed down.
They were growing at a monthly pace of 6% in March, but now it’s crawling at just 1%. This slowdown is happening alongside a drop in purchases from spot ETFs in the U.S.
They also noted that the average daily purchases from Bitcoin spot ETFs have plummeted.
Back in March, when Bitcoin was cruising above $70K, these ETFs were gobbling up 12.5K BTC daily. Last week, that number nosedived to just 1.3K BTC. That’s not exactly confidence-inspiring.
Long-term holders keep stacking, but it’s not enough
While short-term players are bailing, long-term holders are doing the opposite. These are the folks who’ve held onto their Bitcoin for more than six months, and they’re still stacking sats like crazy.
Their total balance just hit a record-high monthly rate of 391,000 BTC. That’s some serious conviction, but it’s not enough to keep the market afloat by itself.
Meanwhile, the total market cap of stablecoins has skyrocketed to a new record of $165 billion. Historically, this kind of liquidity surge in stablecoins has been a bullish signal for the crypto market.
It usually means there’s more money on the sidelines ready to jump in. But right now, it’s not translating into a higher Bitcoin price.
After a sharp drop, the carnage spread across altcoins and even the stock market. Bitcoin’s price has been dragging, struggling to stay above $60,000. We’re seeing outflows from some of the most important addresses, which is never a good sign.
These outflows have been categorized into different groups: high active addresses, frequent in-out flow addresses, addresses that frequently receive Bitcoin from centralized exchanges (CEXs), and new whales. |
2024-08-21 | Galaxy Digital Increases Its Bitcoin Holdings with New Purchases
2024-08-21
You can also read this news on COINTURK NEWS: Galaxy Digital Increases Its Bitcoin Holdings with New Purchases
Galaxy Digital added to its 600 BTC purchase on August 20, 2024, by acquiring 380 more BTC today, August 21, increasing its assets. Arkham Intelligence reported that the wallet address 12QVsf, associated with Galaxy Digital, made Bitcoin purchases worth approximately $59 million in two separate transactions linked to Binance
.
Galaxy Digital and BTC Purchases
Data provided by Arkham Intelligence shows that Galaxy Digital, led by Mike Novogratz, added another BTC purchase recently, demonstrating strong confidence in the future trajectory
of Bitcoin prices. The firm bought 600 BTC on August 20 and followed up with an additional 380 BTC purchase early today.
This transaction follows a 400 BTC purchase linked to a $23 million investment
by Galaxy Digital on Monday. These steps by Galaxy Digital, led by Novogratz, can be seen as positioning the firm for the market’s future, having acquired 1,380 BTC worth $82.8 million in just three days.
The purchases have caught the attention of market observers amid recent Bitcoin price fluctuations. Despite this, Galaxy Digital’s ongoing acquisitions may indicate a potential future price increase. The firm’s BTC holdings have now surpassed 4,000 BTC according to wallet data.
What is Bitcoin’s Current Price?
Despite Galaxy Digital’s recent purchases, Bitcoin’s price has struggled to stay above the $60,000 level. Since early August, BTC has been trading between $50,000 and $60,000, causing investor concern as $60,000 has turned from support to resistance.
Meanwhile, market analysts continue to express optimism about Bitcoin, citing macroeconomic factors. For example, recent data from K33 Research suggests a potential short squeeze due to negative perpetual funding rates, which could lead to a significant price rally for Bitcoin.
Looking at Bitcoin’s price, it has fallen back to $59,332 after a 2.51% drop in the last 24 hours. There has been no price change in the last hour, and the value has decreased by 2.74% over the past seven days.
The post first appeared on COINTURK NEWS:
Galaxy Digital Increases Its Bitcoin Holdings with New Purchases
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2024-08-21 | Investors Observe Bitcoin ATH and Solana Craze
2024-08-21
You can also read this news on BH NEWS: Investors Observe Bitcoin ATH and Solana Craze
The early months of 2024 have been eventful for investors
, marked by Bitcoin achieving an all-time high (ATH) and a surge in Solana meme coins. Thousands of these meme coins emerged, some unexpectedly reaching significant market volumes. This activity also had a pronounced impact on Solana (SOL). Despite a subsequent market pullback, the creation of meme coins on various platforms persisted. Subsequently, a similar trend began on the TRON network, which has now garnered substantial backing.
Support for Justin Sun’s Tron Announced
A recent post on X highlighted that Tron network meme coins received significant support for SunPump, akin to Solana’s experience. This development is part of a partnership between Justin Sun’s TRON initiative, SunPump, and DWF Labs, a prominent investor in major cryptocurrencies. The collaboration aims to bolster the creation of meme coins on the TRON network.
Although it’s premature to predict the partnership’s full impact, the involvement of a major corporation suggests a promising outlook. Industry observers are cautiously optimistic about the potential rise of Tron network meme coins during this period.
What is the TRX Price?
Following these announcements, the price of Tron (TRX
) saw a significant boost. TRX’s price surged to $0.1645, marking a 10% increase in the past 24 hours and propelling it to the 10th position in market cap rankings, surpassing Cardano (ADA).
Detailed analysis since this morning reveals that TRX has experienced a 25.91% increase over the last week, making it the top-performing altcoin among the leading cryptocurrencies. TRX’s market cap has now exceeded $14.3 billion, and its trading volume surpassed $1.8 billion, indicating strong investor interest and buying pressure. Notably, trading volume saw a 120% increase during this period.
Key Takeaways
– Bitcoin’s ATH and the Solana meme coin craze have significantly influenced investor sentiment in early 2024.
– The TRON network, following Solana’s example, is seeing a surge in meme coin creation, supported by DWF Labs.
– TRX’s price has risen sharply, now ranking 10th by market cap, indicating increased investor confidence.
– Trading volumes for TRX have surged, reflecting robust market activity and support for recent developments.
Conclusion
The early months of 2024 have showcased significant developments
in the cryptocurrency market, with notable events like Bitcoin’s ATH and the Solana meme coin boom. The TRON network’s recent advancements and partnerships are creating a positive sentiment, reflected in the rising TRX prices and trading volumes. Investors continue to closely monitor these trends as they unfold.
The post first appeared on BH NEWS:
Investors Observe Bitcoin ATH and Solana Craze |
2024-08-21 | Top 3 Bitcoin, Ethereum, XRP Price Prediction: BTC Set To Breach $62K Level
2024-08-21
Bitcoin (BTC) price remained lethargic on Wednesday after bulls went on the offensive in the last two days. Ethereum (ETH) price reflected the largest cryptocurrency movement, which could not sustain the uptrend. Meanwhile, XRP price displayed a commendable positive outlook amid readiness to extend the leg up before September.
Bitcoin Price Poised To Move Higher
Bitcoin price slipped below $60,000 after tapping out marginally above $61,000
yesterday. The largest cryptocurrency benefited from a bullish futures market, but the uptrend was unsustainable, with liquidity being an ongoing challenge in global markets.
Despite the evident downside risks,
BTC price
holds above the previous day’s open. With the 20-day and the 50-day EMAs likely to provide immediate support at $59,400, traders should be cautious to avoid a potential bear trap.
Based on
BTC price prediction
, traders anticipate a potential breakout to the upside when the coin consolidates above a crucial support area during a Bollinger bands squeeze. In this case, support at $58,000 presents buying opportunities aiming for the $62,000 hurdle, which, if broken, may pave the way for gains toward $70,000
.
Bitcoin price chart | Tradingview
Traders must also temper expectations before a preliminary annual revision estimate of US nonfarm payrolls. The Fed will revise job growth from last year, which, according to economists, may arrive weaker than previously estimated. A larger downward revision could reignite inflation fears and drive investors away from risk assets like Bitcoin.
Traders cannot ignore the lack of liquidity in the market, and this situation could continue until September, when the Fed lowers interest rates. Therefore, it may be wise to prepare for DCA toward $56,000 or even $54,000, taking advantage of the dips and maximizing gains in recovery.
Ethereum Price Consolidating
Ethereum price seeks support above $2,500 amid extended sideways action under $2,800 resistance. Like Bitcoin,
ETH price
faces a liquidity problem accentuated by inflows drying up.
SoSoValue
data highlights four consecutive days of ETH ETF outflows, increasing the severity of the situation. The cumulative total net outflow volume is currently at $440.11 million.
Traders will look for a potential rebound from $2,500 support before seeking exposure to more longs. A Bollinger band squeeze and robust support could fuel the uptrend to $2,800 and clear the course to $3,000.
Ethereum price chart | Tradingview
According to a recent
Ethereum price forecast
, immediate confluence resistance formed by the 20-day and the 50-day EMA may impede recovery. Moreover, losing support at $2,500 could trigger another correction to $2,400
and down to $2,200 before bulls resume the uptrend.
XRP Price Bullish Case
XRP price
appeared well positioned for an immediate rally than Bitcoin and Ethereum
. Although was rejected from $0.6151 level and dropped below $0.6, it sits on top of all three key moving averages including the 200-day, 50-day and 20-day EMAs.
The Money Flow Index (MFI) in the four-hour range highlights rising interest among traders as the indicator approaches the overbought region. If bulls successfully take down the congestion at $0.6 a major breakout may follow targeting $0.65, $0.7 and the coveted $1 level.
XRP price chart | Tradingview
The XRP futures market is currently showcasing bearish sentiment, as indicated by the declines in volume and open interest across both futures and options contracts on
Coinglass
. While the technical structure remains hinged on the bullish side, the decreasing activity suggests a potential shift in investor sentiment, which may hinder further growth.
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2024-08-21 | Investors Witness Bitcoin ATH and Solana Meme Coin Craze
2024-08-21
You can also read this news on COINTURK NEWS: Investors Witness Bitcoin ATH and Solana Meme Coin Craze
As we look back at the early months of 2024, the Bitcoin ATH and Solana meme coin craze are among the key memories for investors
. The Solana craze led to the creation of thousands of meme coins, some of which reached market volumes beyond expectations. This had significant effects on SOL as well. Although there was a market pullback later, the process continued, and the creation of meme coins through platforms never stopped. Following this, a similar process began on the TRON network, and massive support was announced just moments ago.
DWF Labs Supports Justin Sun’s Tron
Moments ago, a post on X announced that the Tron network meme coins, which have been frequently mentioned recently, received massive support for SunPump, allowing their creation similar to Solana. It was noted that a partnership was established between Justin Sun’s new development
on the Tron network, SunPump, and DWF Labs, known for its investments in major cryptocurrencies.
Although there are comments suggesting that Tron network meme coins, frequently mentioned recently, could rise during this process, it might be too early to predict the outcome of the partnership. Nevertheless, it would not be wrong to say that a major company’s involvement in such an initiative is a supportive step for the process.
What is the TRX Price?
Amidst these developments, attention turned to the price of Tron (TRX
). The TRX price rose to $0.1645 following a 10% increase in the last 24 hours, placing it in the 10th position in market cap rankings, ahead of ADA.
A more detailed analysis of the events since this morning shows that TRX experienced a 25.91% increase in the last 7 days, making it the altcoin with the most significant rise among the top 10 cryptocurrencies. TRX’s market cap surpassed $14.3 billion, while its trading volume exceeded $1.8 billion, indicating that investors are supporting the developments and creating buying pressure in the market. It is also worth noting that the trading volume reached this level following a 120% increase.
The post first appeared on COINTURK NEWS:
Investors Witness Bitcoin ATH and Solana Meme Coin Craze
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2024-08-21 | Late August Blockchain Movements Top 12 Bullish Coins Prediction
2024-08-21
Current Market Sentiment
A bullish market is generally characterized by rising prices across major cryptocurrencies. As of late August 2024, Bitcoin (BTC) has shown significant resilience and upward momentum. If Bitcoin’s price has been consistently increasing or holding strong after a previous dip, this would indicate bullish sentiment. Ethereum (ETH) should also be considered; if it has similarly experienced price increases or stability, this reinforces a bullish outlook.
The information available on altcoins indicates a positive outlook for several altcoins, suggesting potential growth in the cryptocurrency market. Here’s a detailed breakdown of the key points that signal this growth. The current market conditions support these projections. Despite some volatility in the broader cryptocurrency market, smaller cap cryptocurrencies may present opportunities as they have traded down since Bitcoin’s recent highs.
Analysts suggest that once the market stabilizes, mid and small-cap cryptocurrencies could rebound significantly.
Cardano (ADA)
In August 2024, Cardano has been actively preparing for the implementation of the
Chang hard fork
, which is expected to go live on the mainnet on
August 27, 2024
. This upgrade is significant as it marks a shift towards community-driven governance within the Cardano ecosystem. The final decision regarding the launch of this hard fork will be made on
August 23, 2024
.
A notable milestone leading up to this event is that over
70% of Cardano’s stake pool operators (SPOs)
have adopted Node Version
9.1.0
, which was a crucial step in clearing the path for the Chang upgrade. Additionally, there are indications that exchange liquidity metrics are improving, and many leading decentralized applications (dApps) are also ready for this transition.
Aevo (AEVO)
Market analysts have been closely monitoring AEVO’s price movements using various technical indicators. The average price forecast for August suggests that AEVO could range between $0.31 to $0.47, with an expected average price around $0.39 by the end of the month. This indicates a cautious optimism among traders as they anticipate possible upward trends.
Aave (AAVE)
The recent uptrend in Aave’s price has led to substantial liquidations in the market, particularly affecting short positions. From August 13 to August 20 alone, there were total liquidations amounting to $1.33 million within a single day, which included $224.81K from long positions and a staggering $1.10 million from short positions. On August 20 specifically, shorts worth $666.42K were liquidated, highlighting the volatility and active trading environment surrounding Aave.
Analysts have provided bullish price predictions for Aave in 2024, suggesting potential prices ranging from $152 to $256 under favorable market conditions, with some speculating that it could reach as high as $300 if positive momentum continues.
Chainlink (LINK)
Over the past month leading into August, Chainlink has shown some volatility with approximately 40% of trading days being positive (green days). This indicates that while there are fluctuations in price, there remains potential for upward movement despite the overall bearish sentiment.
Popcat (POPCAT)
Analysts projected that if positive momentum continues, POPCAT could reach between $0.78 and $2 by the end of 2024 based on technical analysis and market trends.
Pepe (PEPE)
In August 2024, Pepe Coin (PEPE) has shown a mix of volatility and potential growth as it navigates the cryptocurrency market. The price of PEPE is expected to fluctuate within a range, with predictions indicating that it may encounter resistance at approximately
$0.0001110
and support near
$0.00004647
. This support level aligns with the 50% Fibonacci retracement level, which is often seen as a critical point for traders.
Flare (FLARE)
Price Trends and Predictions
In terms of price trends, FLR has shown some fluctuations recently. Over the past month, it has experienced a decline of about
23.72%
, but analysts remain optimistic about its potential recovery. For August 2024 specifically, predictions suggest that the average price could range between
$0.014 to $0.016
, with an expected peak reaching up to
$0.017
.
Looking ahead, experts predict that if Flare can overcome immediate resistance levels, particularly around
$0.020
, it may set itself up for a more substantial rally later in the year or into 2025.
Toncoin (TON)
The current technical indicators suggest that if this bullish momentum continues, Toncoin could potentially reach a price target of $9.50 by September 2024, representing an approximate 40% increase from its current levels. The daily chart indicates that TON is trading above both its 50-day and 200-day exponential moving averages (EMAs), which have begun to slope upward—a sign of building bullish sentiment. Additionally, the relative strength index (RSI) remains comfortably above the neutral level of 50, further indicating prevailing buying pressure despite some short-term overbought conditions.
Ecash (XEC)
Price Forecasts and Market Sentiment
According to recent analyses, the price of eCash is expected to show a positive trend, with forecasts indicating an increase of approximately 11.24%, potentially reaching around $0.00003593 by August 22, 2024. This optimistic outlook is supported by technical indicators that suggest a neutral bullish sentiment among traders, with a market sentiment score of 54%. However, the Fear & Greed Index reflects a score of 30, indicating fear in the market.
Dogwifhat (WIF)
Price Predictions and Future Outlook
Looking ahead, analysts have mixed opinions about WIF’s potential trajectory. While some predict that it could hit $10 by the end of 2024 due to ongoing market enthusiasm, others caution that it might dip to around $1.45 if bearish trends dominate. Long-term forecasts suggest that WIF could range between $4.56 in 2025 to as high as $59.55 by 2030, depending on market conditions and project developments.
Arbitrum (ARB)
As of mid-August 2024, Arbitrum’s price was reported at approximately $0.546718 USD with expectations for gradual increases in value over time based on technical analysis and market sentiment indicators.
In summary, August 2024 has seen pivotal developments for Arbitrum (ARB), particularly with the approval of a proposal aimed at enhancing token utility through staking mechanisms while addressing governance participation and security concerns.
Gala (GALA)
As of mid-August 2024, the price of GALA is approximately $0.017768 USD. The market sentiment surrounding GALA is characterized as “Neutral Bullish,” with a reported 55% positive outlook from technical indicators. However, the Fear & Greed Index indicates a score of 30, suggesting that there is some fear present in the market.
In summary, the latest information regarding altcoins does indeed signal growth potential based on various factors including specific altcoin predictions, market conditions favoring smaller caps after corrections, and increasing institutional interest. |
2024-08-21 | Bitcoin ETFs Receive $88M in Net Inflows as Ethereum ETFs See $6.5M in Outflows
2024-08-21
The Bitcoin
and Ethereum
ETFs again showed contrasting flows on August 20. Spot On Chain, a prominent on-chain analytics company, has disclosed that the BTC ETFs recorded net inflows of up to $88 million with ETH ETFs seeing $6.5 million in outflows. The analytics provider took to its official X account to provide the details of the ETFs.
Bitcoin ETFs’ $88M Inclusion Denotes the Continuation of Inflows on the 4th Consecutive Day
In its recent X post, Spot On Chain mentioned that the inflow of nearly $88M denotes a continued positive trend. In this respect, this development also indicates a consecutively increasing momentum for the past 4 days. On the 19th of August, the net inflow of BTC ETFs stood at $62 million
. Hence, Bitcoin ETFs are getting more and more attention among investors.
BlackRock’s IBIT reportedly dominated the market with $55.4M in net inflows. Nonetheless, this figure is significantly lower than $93M which it witnessed just a day ago. Subsequently, 21Shares added approximately $52M in net inflows. This marks a huge achievement as the ETF witnessed no flows on August 19. This signifies an elevation in investor confidence. The broader market sentiment is potentially turning favorable for Bitcoin. Contrarily, Grayscale’s Bitcoin Trust witnessed an outflow of 12.8M, compared with 0 flows on August 19.
ETH ETFs Continue to See Outflows with $6.5M Withdrawn on the Fourth Day
The Ethereum ETFs contrastively experienced negative flows of $6.5M on August 20. This negative trend has been persistent for the past 4 days. However, these withdrawals have decreased to a great extent. A day ago, the outflows of ETH ETFs stood at $14M. Thus, this development shows a gradual change in investor sentiment.
BlackRock
saw the largest inflows among the ETH ETFs with the inclusion of $26.8M. On the other hand, the respective ETF recorded no flows on the 19th of August. The disparity between the flows of BTC and ETH ETFs could mirror the difference in investor confidence on both sides. The possible reason behind this is that Bitcoin is often considered a digital gold and safer bet, getting comparatively better sentiment. |
2024-08-21 | Cipher's Bitcoin Mining Business Remains Compelling, Canaccord Says
2024-08-21
Cipher Mining's (CIFR) bitcoin (BTC) mining business remains a standout in the sector in terms of exahash growth, operating performance and low power costs, broker Canaccord said in a research report on Wednesday. The broker raised its price target for the bitcoin miner to $7 from $6 while maintaining its buy rating on the stock. The shares were 1.5% higher at $4.01 in early trading on Wednesday. Canaccord said its positive view on the stock was reinforced by strong second quarter results which included an "outlook that contemplates strong exahash growth, a solid, unencumbered balance sheet, and by a business model that was more ready than most for the recent halving event."
The Bitcoin network hashrate is measured in exahash per second. Hashrate refers to the total amount of combined computational power used to mine and process transactions on a proof-of-work blockchain. The company's operational update underscored another quarter where Cipher was again one of the lowest-cost producers in the bitcoin mining sector, the report said. In another positive development, the bitcoin miner plans to "materially increase production efficiency" at its largest facility in Odessa, Texas, in the coming quarters, by upgrading its mining fleet, Canaccord said. The miner's recently acquired Reveille site brings "real artificial intelligence (AI) optionality to Cipher," the broker said, as the facility benefits from access to fiber, water for cooling, and a grid connection. Next year's planned exahash expansion at the greenfield Black Pearl site, also in Texas, remains on track for completion, the report added. Read more: U.S.-Listed Bitcoin Miners Have the Upper Hand Over Unlisted Peers: Bernstein
Edited by Parikshit Mishra.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Will Canny is CoinDesk's finance reporter. About
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The Fine Print
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-21 | El Salvador to Train 80,000 Government Employees on Bitcoin-Related Public Policies
2024-08-21
El Salvador’s National Bitcoin Office (ONBTC) has announced that it will
offer
training and certifications to 80,000 government employees on how to manage, interpret and implement public policies related to Bitcoin.
According to a recent press release, the training program is a 160-hour virtual training course, “Certification in Public Administration 1,” divided into seven modules. Each module covers concepts, laws, skills, and management practices related to using Bitcoin as a legal tender.
According to the Bitcoin Office
, the curriculum is designed to
“strengthen the standard of excellence in governance and public administration in El Salvador.”
Stacy Herbert, director of ONBTC,
anticipates
that training civil servants will have a “compounding effect” on El Salvador’s Bitcoin-driven economy. She noted that there are plans for additional educational initiatives to capitalize on the success of the program and its potential impact.
“These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy,”
Herbert stated.
The Bitcoin certification program will be administered by the
Higher School of Innovation in Public Administration (ESIAP)
, which was recently inaugurated by President Nayib Bukele.
The Bitcoin Office also
recognized
Claudia de Larin, the Executive Director of ESIAP, and Vice President Felix Ulloa for their leadership. They congratulated the team for creating a top-tier curriculum for El Salvador’s public servants, ensuring the training meets the highest international standards.
The El Salvadoran government has been doubling down on its current policy of making Bitcoin legal tender. In May, the country
launched
a proof-of-reserves platform at bitcoin.gob.sv to enable real-time monitoring of its Bitcoin holdings through on-chain data.
According to the platform, the country has acquired 31 BTC over the past month, worth $1.94 million, including 7 BTC valued at over $438,000 in the past week, aligning with its daily acquisition goals. According to President Bukele, the objective was to foster financial inclusion, streamline remittance payments, and attract financial innovation.
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2024-08-21 | Bitwise: "The Institutional Investor Army is Coming for Bitcoin! Think Bullish!"
2024-08-21
Bitcoin has fallen by 12% in the last month, falling below $50,000 in a sharp correction at the beginning of August.
This decline caused some investors to panic and sell at a loss, while others saw it as a buying opportunity.
Institutional Investors Are Coming For Bitcoin (BTC)!
According to Bitwise's report, institutional investors saw these declines as opportunities and increased their Bitcoin investments.
Bitwise said in its latest report that the decline in BTC price has not deterred institutional investors from investing in BTC ETFs.
According to Coindesk, Bitwise analysts stated that the number of institutional investors investing in spot Bitcoin ETFs increased by 14 percent in the second quarter.
The report stated that the number of institutional investors holding Bitcoin ETFs increased by 14 percent in the second quarter compared to the first quarter, from 965 to 1,100.
Bitwise also added that institutional investors ended the second quarter holding $11 billion worth of BTC ETFs.
Bitwise chief investment officer Matt Hougan stated the following in the report:
“Institutional investors increasing their ETF investments is a great sign for Bitcoin.
Imagine what could happen in a bull market if institutions were buying Bitcoin even when prices were volatile.
The biggest question in the crypto space right now is whether institutions and professional investors will invest significantly in crypto.”
In its latest report, Bitwise criticized claims that the vast majority of spot Bitcoin ETFs belong to retail investors, saying that this claim is completely false.
Bitcoin ETF inflows are expected to be greater in 2025 than in 2024 and greater in 2026 than in 2025, Bitwise analysts said, noting that institutions are adopting Bitcoin ETFs at the “fastest rate in history.”
*This is not investment advice.
Continue Reading: Bitwise: "The Institutional Investor Army is Coming for Bitcoin! Think Bullish!" |
2024-08-21 | El Salvador Bolsters Bitcoin Investment Strategy With Certification Offering
2024-08-21
The National Bitcoin Office (ONBTC), a part of the Presidential office of El Salvador, has recently made a significant announcement. Today, the ONBTC today revealed that it is readying to initiate a nationwide Bitcoin instruction and certification drive, scoping in on the country’s civil servants. This decision comes as an effort to revolutionize the country’s ongoing Bitcoin investment plans, echoing a bustle across the broader market.
El Salvador To Offer ‘Bitcoin Instructions & Certification’ To Civil Servants
According to an official announcement by the ONBTC on X today, August 21, the nation will soon start offering BTC instructions and certification to nearly 80,000 public servants. This effort aims to educate and certify a substantial number of Salvadoran civil servants about BTC. In turn, the effort seeks to ensure that government employees remain well-versed in the flagship crypto-related operations.
Meanwhile, the ONBTC also plans to amalgamate open-source BTC-related courses into public school curriculums. Notably, two particular courses to be initially rolled out in schools include “Mi Primer Bitcoin” (My First Bitcoin) and “Node Nation.”
The two courses facilitate the basics of BTC, blockchain technology, and technical aspects such as operating a BTC node. Altogether, this development echoed optimism nationwide, with El Salvador further reinforcing its commitment towards the flagship coin.
Additionally, it’s worth noting that El Salvador previously revealed plans for a whopping $1.6 billion investment in the Bitcoin city
. Meanwhile, the crypto’s price tackles market turbulence, stirring further investor speculations globally.
BTC Price Tackles Turbulence
Despite the token gaining significant traction globally, market bears have prevented the coin from scaling new heights post-halving. At press time, the BTC price
rested at $59,349, a 2% dip in the past 24 hours. Its intraday lows and highs are $58,610.88 and $60,976.82, respectively.
Coinglass data
shows a 2.5% dip in BTC futures OI to $30.62 billion today. However, the derivatives volume soared 9% to $57.24 billion, fueling contrasting market sentiments.
Simultaneously, Mt Gox again shifted a whopping 1,265 BTC to Bitstamp today, per SpotonChain data, aligning with the coin’s slumping movement. Nevertheless, it’s also worth mentioning that Galaxy Digital bagged
a whopping $82 million worth of BTC recently.
The post El Salvador Bolsters Bitcoin Investment Strategy With Certification Offering
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2024-08-21 | Bitcoin Derivatives Data Hints At Major BTC Short Squeeze, $70,000 Coming?
2024-08-21
K33 Research, the popular crypto market analytics platform, noted that the Bitcoin
derivates data points out the growing risk of a major “short squeeze” which can lead to a sharp bounce back in the Bitcoin price to $70,000.
To confirm its analysis, K33 Research pointed out the funding rate for the Bitcoin perpetual futures that helps to gauge either the bullish or the bearish sentiment.
As per the platform, the seven-day average annualized BTC funding rate as of Tuesday, August 20, has been the lowest since March 2023, at around minus 2.5%.
In a note to investors, K33 analysts Vetle Lunde and David Zimmerman wrote:
“Perpetual swap funding rates have averaged at negative levels over the past week, while open interest has sharply increased. This suggests aggressive shorting, structurally creating a setup ripe for a short squeeze.”
Will Bitcoin Catch Up With Global Markets and Gold
The Bitcoin price has struggled to seek enough bullish support to sustain past the $60,000 level. After the early week rally, BTC is once again down over 2% trading at $59,672 as of press time.
On the other hand, the US stock indices have been surging higher with Gold hitting a fresh all-time high above $2,500 this week. Thus a Bitcoin short squeeze might help the largest crypto asset class close the gap with stocks and Gold.
The derivatives data from Greeks.Live
shows that BTC options block trading has been on the rise recently with traders selling the call options and buying the put options. Also, the implied volatility has dropped under 50% highlighting strong bearish sentiment from options traders, for the month of August.
Block trading, which has been dormant for days, is back on fire, with significant growth in block trades traded today, with a notional value of over $500 million.
3,643BTC block call options traded, accounting for 24% of the day's total trading, 2,084BTC block put options traded,… pic.twitter.com/Ks7JmZ1MMr
— Greeks.live (@GreeksLive) August 20, 2024
BTC Open Interest Shoots, Bitcoin Derivates Data Showing This
The K33 Research analysts also noted that the notional BTC open interest in the perpetual market has surged nearly 29,000 Bitcoin over the past week. Moreover, as of August 20, the
The K33 Research analysts also noted that the notional BTC open interest in the perpetual market has surged nearly 29,000 Bitcoin over the past week. On the other hand, the BTC funding rate has turned negative. Analysts Lunde and Zimmerman highlighted that this combination of rapidly rising open interest and a negative funding rate is an uncommon occurrence in the market.
Recently, the Bitcoin price movement has been much in tune with the global macro developments. Thus, all eyes will be on the FOMC meeting scheduled on Wednesday, August 21, as investors eagerly await the Fed commentary following it. Fed Chair Jerome Powell is likely to hint at the rate cuts moving forward. Analysts are predicting a 25 bps or 50 bps rate cut in the next month of September.
POWELL'S JACKSON HOLE SPEECH TO SUPPORT SEQUENCE OF 25BP CUTS
Fed Chair Powell will "express a bit more confidence in the inflation outlook" in his Jackson Hole speech, while putting "a bit more emphasis on downside risks in the labor market" than he did in the July Q&A,…
— *Walter Bloomberg (@DeItaone) August 20, 2024
The post Bitcoin Derivatives Data Hints At Major BTC Short Squeeze, $70,000 Coming?
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2024-08-21 | Crypto markets now at the mercy of Jerome Powell
2024-08-21
Jerome Powell is the man who could make or break the crypto market right now. Everything hinges on his next move, and the tension is real. Wall Street is buzzing with rumors that the U.S. payroll growth might be revised down by a massive 600,000 jobs.
QCP pointed out that this kind of revision would be a big deal because it
would show that the U.S. job market isn’t as strong as everyone thought. The real question is whether the Federal Reserve has been lagging behind reality.
They’ve held off on cutting interest rates because the economy seemed strong and the job market was booming. But if those numbers were wrong, it could change everything.
Powell is expected to address this at the annual Jackson Hole event, but don’t hold your breath for a clear answer. There’s still a month before the next Fed meeting in September, so he might not say much.
However, a big downward revision in the job numbers, or if Powell comes off too soft, could kill the current two-week equity rally and drag Bitcoin (BTC) and Ethereum (ETH) below their support levels.
Even without a revision, the Fed seems likely to cut rates in September. Right now, the market is pricing in 3.7 cuts in 2024 and 4.5 in 2025. But how the crypto market will react is the million-dollar question.
Bitcoin price predictions are all over the place
Not long ago, people were hyped when BTC/USD was near $70,000. But those days seem like a distant memory now. BTC is stuck in a descending channel, and there’s no clear trend.
Big investors aren’t doing it like they used to, and miners are still trying to bounce back from the hit they took in April when the block subsidy halving happened.
Analyst CryptoCon is still
holding out hope, though. He’s eyeing 2025 as the year BTC could hit around $200,000. “I look forward to selling as close to the top as possible,” he says, but he’s not doing it just yet.
He believes higher prices are coming, with a peak expected in late 2025. He’s sticking to his guns on this prediction, using what he calls the “November 28th Cycles Theory.”
According to this theory, key BTC price events happen within three weeks either side of November 28th every four years.
This year, he’s confident that the market will still have a bumper 2025, which will produce the next long-term peak for Bitcoin. |
2024-08-21 | First Mover Americas: Bitcoin Holds Below $60K Before U.S. Jobs Data Revision
2024-08-21
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day. CoinDesk 20 Index: 1,915 −1.8%
Bitcoin (BTC): $59,471 −1.9%
Ether (ETH): $2,586 −2.5%
S&P 500: 5,597.12 −0.2%
Gold: $2,547 +1.4%
Nikkei 225: 37,951.80 −0.29%
Bitcoin traded little changed below $60,000 during much of the Asian and European mornings. BTC had retreated from its brief rally to $61,000 on Tuesday, trading at around $59,350, a fall of nearly 2.5% over 24 hours. The U.S. Bureau of Labor Statistics is set to publish a data revision that some observers expect to show job growth in the year to March was slower than previously estimated. Mt. Gox-related selling pressure may also be rearing its head after a wallet associated with the defunct exchange moved $784 million worth of BTC early on Wednesday, according to data tracking platform Arkham Intelligence. Bitcoin metrics indicate weak demand, reflecting increased selling amid weeks of muted price action. CryptoQuant's demand indicator, which tracks the difference between the daily total bitcoin block rewards and the daily change in the number of bitcoin, has not moved in a year or more. Inflows to spot bitcoin ETFs have also waned from a monthly pace of 6% in March to just 1% now, CryptoQuant has said. Still, a few metrics have remained strong. Long-term holders – or wallets that hold the for more than six months – have continued accumulating bitcoin at “unprecedented levels,” with the total balance reaching a record-high monthly rate of 391,000 BTC earlier this week. The aggregate number of institutional investors holding bitcoin ETFs in the second quarter rose 14% from the first quarter, according to Bitwise. These investors' share of total assets under management (AUM) of bitcoin ETFs grew to 21.15% from 18.74%, Bitwise said, adding that institutions ended the quarter holding $11 billion in BTC ETFs. This took place amid a 12% slide in the price of bitcoin during the quarter. Bitwise noted criticism that bitcoin ETFs are predominantly owned by retail investors, an assertion it says is simply untrue. It observed that these ETFs have been adopted by institutions "at the fastest rate of any ETF in history."
- Omkar Godbole
Edited by Sheldon Reback. Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Jamie Crawley is a CoinDesk news reporter based in London. Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. About
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-21 | Bitcoin Miner Bitfarms Seeks to Acquire Stronghold in $164 Million Deal
2024-08-21
Bitfarms Ltd, the Canada-based Bitcoin mining firm, is recently working out plans to acquire Stronghold Digital Mining in a massive $164 million deal, per the sources familiar with the matter. This development comes amid a failed takeover attempt of Bitfarms by Riot Platforms earlier in June.
Bitfarms Plans To Buy Stronghold Digital Mining
In a press release
on August 21, Bitcoin miner Bitfarms is planning to offer 2.5 BITF shares for each Stronghold Digital Mining share held. The transaction also includes the assumed debt that Stronghold has at this point.
Earlier this year in May, Stronghold stated that it was working on the sale of the company amid severe stress on its balance sheet following the Bitcoin halving event in April. The halving event cut down the miner rewards by 50% putting operation stress on most of the mining companies. Some BTC miners are capitalizing
on the power demand in the artificial intelligence (AI) industry.
During the second quarter, Pennsylvania-based Bitcoin miner Stronghold Digital Mining reported a loss of $21.3 million on revenue of $19.1 million. As a result, shares of Stronghold have dropped 60% since the beginning of the year.
On the other hand, Bitfarms managed to clock $41.5 million in revenue during the last quarter. The recent acquisition of Stronghold will help the company boost its mining capacity while leveraging Stronghold’s own power generation and interconnection to local grids.
Bitcoin Miner Capitulation Behind Us?
Following the Bitcoin halving event, the continuous selling by Bitcoin miners including Bitfarms has led to BTC underperforming equities and Gold during Q2 2024. However, the Bitcoin miner capitulation could be behind us not with investors gearing up for a post-halving BTC price rall
y.
Popular platform CryptoQuant recently pointed out the Has Ribbons indicators suggesting an end to miner capitulation. This indicator, which tracks the 30- and 60-day moving averages of the Hash Rate, suggests a recovery in the mining market.
Hash Ribbons signals the end of miner capitulation
Hash Ribbons are a popular indicator that highlights periods of stress in the mining market. It uses the 30 and 60-day moving averages of the Hash Rate and has just signaled the end of miner capitulation.
This is logical… pic.twitter.com/pokqp9ccev
— CryptoQuant.com (@cryptoquant_com) August 19, 2024
Recently, the Bitcoin hashrate reached a new all-time high of 638 exahashes per second (EH/s). As the miner worries are behind us, analysts believe that Bitcoin mining stocks
could be the best proxy bet on Bitcoin for the next year.
The post Bitcoin Miner Bitfarms Seeks to Acquire Stronghold in $164 Million Deal
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2024-08-21 | Bitcoin Faces Directional Uncertainty
2024-08-21
You can also read this news on BH NEWS: Bitcoin Faces Directional Uncertainty
Bitcoin
, the world’s largest cryptocurrency by market
value, has been in a state of directional flux, oscillating between $57,000 and $60,000 throughout August 2024. This instability is being monitored by prominent analyst Peter Brandt and other experts. Brandt identified a megaphone or expanding triangle formation in Bitcoin’s price chart, indicating potential price changes.
Is Bitcoin’s Consolidation Process Ending?
Brandt emphasized that the megaphone formation on both weekly and daily charts shows Bitcoin is testing extremes in its ongoing consolidation phase. The upper boundary is near Bitcoin’s all-time high of $73,835, while the lower boundary is supported between $52,000 and $55,000, signaling significant fluctuations at crucial levels. Brandt noted that Bitcoin has neither breached the $73,835 resistance nor fallen below the $52,500-$49,000 support range, suggesting the market remains in a consolidation phase.
When Will Bitcoin Find Stability?
CryptoQuant analyst AxelAdlerJr believes the market’s consolidation phase may be nearing its end. Recent data shows
a growing demand for Bitcoin, with the daily token transfer volume increasing from $650,000 to $765,000. Although part of this surge is attributed to panic selling, the market’s overall stability signifies strong ongoing interest in Bitcoin.
Key Inferences for Investors
Investors can draw some concrete conclusions from the current Bitcoin market situation:
The megaphone pattern suggests ongoing volatility within the $52,000 to $73,835 range.
Breaking above $60,000 could propel Bitcoin towards the $61,000 level.
Failing to maintain the $60,000 level risks a short-term drop to $54,000.
Increased token transfer volume indicates sustained market interest.
Presently, Bitcoin is trading at $59,436, reflecting a 2.2% decline over the past 24 hours. Its market cap has dipped to $1.176 trillion, with dominance holding at 55.81%. Since July 22, Bitcoin has fluctuated within a 40% range, spanning $49,842 to $69,799. Should Bitcoin surpass the $60,000 mark, it might ascend to $61,000, but failure to do so could lead to a dip towards $54,000 in the short term.
The post first appeared on BH NEWS:
Bitcoin Faces Directional Uncertainty |
2024-08-21 | Bitcoin Faces Challenges in Finding a Stable Direction
2024-08-21
You can also read this news on COINTURK NEWS: Bitcoin Faces Challenges in Finding a Stable Direction
In the cryptocurrency world
, Bitcoin
struggled to find a stable direction, fluctuating between $57,000 and $60,000 throughout August 2024. The difficulty in determining direction is being closely monitored by renowned analyst Peter Brandt and other experts. Brandt noted a megaphone or expanding triangle formation in Bitcoin’s price chart, suggesting potential price fluctuations.
Is Bitcoin’s Consolidation Process Still Ongoing?
Despite being the world’s largest cryptocurrency by market value, Bitcoin has recently struggled to find a clear direction. Brandt emphasized that the megaphone formation seen in weekly and daily charts indicates Bitcoin is testing both extremes in its current consolidation process. The upper boundary of the formation is close to Bitcoin’s all-time high of $73,835, while the lower boundary has found support between $52,000 and $55,000. The wide range indicates significant fluctuations at critical levels for Bitcoin.
According to Brandt, Bitcoin has neither surpassed the $73,835 resistance nor fallen below the $52,500-$49,000 support range. The movement within this price range suggests the market is still in a consolidation phase, and a clear direction for Bitcoin’s next major move has yet to be determined.
Is the End of Consolidation Near?
CryptoQuant analyst AxelAdlerJr believes Bitcoin’s market consolidation process is nearing its end. However, recent data shows
increasing demand for Bitcoin; daily token transfer volume rose from $650,000 to $765,000. Although part of the increase is due to panic selling, the market’s stability indicates strong ongoing interest in Bitcoin.
Typically, the end of a consolidation phase means smaller price changes and less volatility. In other words, the process shows that investors
have reached an agreement on the asset’s value. Recent developments for Bitcoin suggest the current price range could establish a new lower boundary and support future price increases.
A Look at Bitcoin’s Price
As of now, Bitcoin is trading at $59,436, experiencing a 2.2% drop in the last 24 hours. Bitcoin’s market value has fallen to $1.176 trillion, while its dominance remains at 55.81%. However, Bitcoin is struggling to maintain the critical $60,000 level. Since July 22, Bitcoin has fluctuated within a 40% range, moving between $49,842 and $69,799.
If Bitcoin manages to rise above $60,000, it could potentially climb towards the $61,000 level. However, failing to maintain this level could see the price drop to the $54,000 range in the short term.
The post first appeared on COINTURK NEWS:
Bitcoin Faces Challenges in Finding a Stable Direction
The post Bitcoin Faces Challenges in Finding a Stable Direction
appeared first on COINTURK NEWS
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2024-08-21 | 50-Year Analyst Peter Brandt Reveals His Bitcoin (BTC) and Ethereum (ETH) Expectations!
2024-08-21
Economist and author Peter Brandt, who stated that he has been trading on the stock market as a trader since 1975, explained his expectations for Bitcoin (BTC) and Ethereum (ETH).
The analyst, who has 50 years of experience, first discussed Bitcoin. Brandt stated that Bitcoin is still in the consolidation phase.
Bitcoin's Direction Not Clear Yet!
As Bitcoin continues to struggle towards $60,000, Brandt stated that there is no clear trend yet.
Noting that the weekly and daily Bitcoin charts form a megaphone or expanding triangle formation, the analyst indicated that the upper limit of this pattern is located near the ATH level of $73,835.
According to Brandt's chart, at the lower limit, support is constantly formed between $52,000 and $55,000, preventing significant declines.
What is the “Megaphone Formation”?
The “Megaphone Pattern” is a pattern that usually means that the market is quite volatile and traders are unsure of the market direction.
The megaphone formation is also known as an expanding formation due to the way it is formed.
High volatility and large movements with unclear direction are seen in the asset where this formation is seen.
Accordingly, the experienced analyst thinks that Bitcoin will continue to move between the trend lines in this formation and states that the direction in BTC is not clear yet.
According to this formation, BTC needs to break the upper trend line upwards in order to continue its upward movement.
What is the Latest Situation in Ethereum?
Peter Brandt has made many negative comments about Ethereum and likened it to garbage.
The analyst, who thinks that the Ethereum price needs to break $3,050 for it to start rising, said that ETH will remain defensive until a close above $3,050 is achieved.
Charts of continuing interest are Bitcoin and Ether.
Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
No declaration of next trend yet $BTC
$ETH
will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC
— Peter Brandt (@PeterLBrandt) August 20, 2024
*This is not investment advice.
Continue Reading: 50-Year Analyst Peter Brandt Reveals His Bitcoin (BTC) and Ethereum (ETH) Expectations! |
2024-08-21 | Bitcoin Consolidates: Is an Increase or Decrease Coming in the Crypto Market? Analysis from August 21, 2024
2024-08-21
After a slight rebound following the crypto market downturn, Bitcoin has entered a consolidation phase. Let’s analyze the future prospects of BTC’s price together.
Bitcoin (BTC) Price Situation
After significantly dropping due to fears of a recession in the United States
, Bitcoin hit a low at $49,200. It is at this level that the leading cryptocurrency regained strength, rebounding by nearly 28%. Bitcoin thus reached a peak at $62,800. Unfortunately, this bullish momentum started to wane from that point. Afterwards, BTC’s price began a consolidation phase, trading roughly between $56,000 and $62,800.
At the time of writing this text, the Bitcoin price
is trading around $59,700. Although the short-term structure seems to be turning bullish again, the medium-to-long-term trend of the cryptocurrency is uncertain. Indeed, even though BTC has rebounded, it remains below its 50 and 200-day moving averages, which have recently formed a “death cross”. Nevertheless, we can be reassured by the fact that Bitcoin’s price has re-entered its annual and weekly VWAP. Additionally, it seems on the verge of holding above the control point defined since Bitcoin’s last low. On the cryptocurrency’s momentum side, it still appears weak despite a small rebound that seems moderately supported. This is reflected in BTC’s price itself as well as its oscillators.
BTCUSD Daily Chart
The current technical analysis was conducted in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today, he is a trainer at
Family Trading
, a community of thousands of proprietary traders active since 2017. There, you will find Lives, educational content, and mutual support around financial markets in a professional and friendly atmosphere.
Focus on Derivatives (BTC/USDT)
The latest fluctuations in Bitcoin have been accompanied by a slight increase in open interest. Unfortunately, this increase occurred while the CVD overall declined. This could indicate that speculators’ outlook on Bitcoin’s future price is rather pessimistic. This hypothesis is reinforced by the funding rates, which have recently oscillated between positive and negative. On the liquidation side, they remain insignificant, demonstrating a relatively stable market phase.
Bitcoin Open Interest / Liquidations / CVD & Funding rate
The liquidation heatmap of the last three months indicates that BTC/USDT reached the liquidation zone around $61,500. It seems that the cryptocurrency triggered sales at this level, leading to a downward reaction. Currently, notable liquidation zones are mainly above Bitcoin’s current price. A new zone has appeared around $62,000. Higher up, we can note the subtle zone just below $66,000 and the one just above $67,000. More significant, we can also mention the zones above $70,000 and $72,000. Below the current price, we can highlight a weak zone around $54,500. If the market approaches these levels, we could witness a massive triggering of orders, potentially increasing the cryptocurrency’s volatility. These zones, therefore, represent major points of interest for investors.
BTC Liquidation Heatmap (3 months)
Hypotheses for Bitcoin (BTC) Price
If Bitcoin’s price holds above $56,000, one could anticipate reaching $62,800, or even $63,000. The next resistance to consider would then be around $65,600 or even $67,000. If the bullish movement continues, one could foresee a continuation of the movement up to $70,000 or even $72,000. At this stage, this would represent an increase of nearly 20%.
If Bitcoin’s price fails to hold above $56,000, one could envisage a return around $55,000. The next support to consider, if the bearish movement continues, would be around $53,400. Lower, we can note the support at $49,200. At this point, this would represent a decline of about 18%.
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BTCUSD chart
by TradingView
Conclusion
In summary, while Bitcoin has shown signs of recovery after a significant drop, its future remains uncertain. The cryptocurrency is in a consolidation phase, and despite some positive indicators, the overall momentum remains fragile. Therefore, it will be crucial to closely observe the price’s reaction to different key levels to confirm or refute the current hypotheses. It’s also important to stay vigilant to potential market “fake outs” and “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also change rapidly depending on other more fundamental factors. |
2024-08-21 | Bitcoin on the Brink: Will U.S. Jobs Report Trigger a Bear Crash or a Bull Rally?
2024-08-21
The post Bitcoin on the Brink: Will U.S. Jobs Report Trigger a Bear Crash or a Bull Rally?
appeared first on Coinpedia Fintech News
Major cryptocurrencies fell on Wednesday as the market prepared for the upcoming U.S. jobs report and anticipated speeches from policymakers likely to advocate for interest rate cuts. However, Bitcoin’s price dropped by 2%, trading at $59,456
, which has investors worried as it hovers near important support levels.
As the market awaits more details, the big question is: Is Bitcoin setting up for a bear trap, or is this just a pause before the next rise?
Upcoming U.S. Jobs Report
Adding to the uncertainty is the upcoming U.S. jobs report, which is set to be released on Wednesday
by the Bureau of Labor Statistics (BLS), which could play a big role not just for traditional assets but also for cryptocurrencies like Bitcoin. Market experts believe the report will show a drop in job growth from April 2023 to March 2024, possibly by as many as 600,000 jobs.
Meanwhile, this could raise fears of an economic slowdown, causing investors to sell off riskier assets like Bitcoin in favor of safer options.
However, some experts warn
that the report might make the job market look weaker than it is. For example, Goldman Sachs believes the revisions might not fully capture the real job growth during that period. So, even if the report seems negative at first, the situation might not be as bad as it appears.
Warning Signs for Bitcoin
Analysts are closely watching Bitcoin’s position
near its 200-day Simple Moving Average (SMA). Historically, when Bitcoin’s price falls below this trend line, it often signals a longer period of decline. This has led to speculation that the current consolidation might lead to a new bear market.
Adding to the worry, recent data shows that over 80% of Bitcoin holders who bought in the last five months are now at a loss. This situation is similar to past market conditions where such losses led to panic selling, potentially pushing prices down further.
Right now, over 80% of #Bitcoin
Short-Term Holders are underwater, meaning their coin was acquired at a price above the current spot price.
This is similar to 2018, 2019, and mid-2021 which signalled many investors were at risk of panicking, and precipitating a bearish trend. pic.twitter.com/8jM7PBqh5z
— _Checkmate
(@_Checkmatey_) August 19, 2024
Bitcoin’s Next Move: Bull or Bear?
With Bitcoin’s price
at a crucial point and market-moving news on the way, the cryptocurrency is at a crossroads. If Bitcoin fails to break above the $60,000 mark, it could fall further to around $54,000.
On the other hand, positive news from the U.S. jobs report could give Bitcoin the boost it needs to move higher to around $62,000. |
2024-08-21 | VanEck Boosts Bitcoin Investments
2024-08-21
You can also read this news on BH NEWS: VanEck Boosts Bitcoin Investments
The price of Bitcoin saw a significant drop today, influencing the broader cryptocurrency market. Despite this downturn, certain altcoins experienced gains, with TRX
moving up by 10% to surpass ADA and re-enter the top ten cryptocurrencies. Market leaders continue to make notable statements regarding Bitcoin, drawing renewed attention to the digital asset. VanEck, a financial giant, remains steadfast in its Bitcoin purchases, according to insights shared by a company official.
Why is VanEck Investing in Bitcoin?
Matthew Sigel, the head of digital asset research at VanEck, revealed in a CNBC interview that the company continues to purchase Bitcoin. Sigel pointed out that the price decline in Bitcoin is being driven by four major sellers, including the German government and the U.S. government liquidating Silk Road-related funds. Additionally, significant sales from creditors of Mt. Gox and Genesis, two bankrupt entities, have also impacted the price.
What is the Current Bitcoin Price?
As a result of these market dynamics, Bitcoin’s price fell below the $61,000 mark and is currently trading at $59,500. This 2% drop has also led to a decrease in market volume, which now stands at $1.18 trillion. However, despite the bearish trend, VanEck’s continued purchases indicate a belief in Bitcoin’s potential recovery.
Key Inferences for Investors
Noteworthy points for investors
include:
Large-scale sales by governments and bankrupt entities have temporarily depressed Bitcoin’s price.
Historical patterns suggest Bitcoin struggles in the months following the April halving.
VanEck’s ongoing purchases reflect a long-term bullish outlook on Bitcoin.
Significant investments by major firms may encourage individual investors to buy Bitcoin.
The investment management company, known for launching spot exchange-traded funds (ETFs) tied to Bitcoin and Ethereum, has also filed for a Solana ETF with the US Securities and Exchange Commission. This move underscores VanEck’s confidence in the crypto market’s resilience and growth potential.
The post first appeared on BH NEWS:
VanEck Boosts Bitcoin Investments |
2024-08-21 | Bitcoin Price Prediction: BTC Plunges 3% As Mt. Gox Moves $784 Million And This Solana GameFi Crypto Closes On $2 Million
2024-08-21
The Bitcoin price plunged 3% in the last 24 hours
to trade at $59,553
as of 03:18 a.m. EST on trading volume that dropped 7% to $27 billion.
This comes as an address associated with the defunct crypto exchange Mt. Gox moved 13,265 BTC worth $784 million.
According to Alex Thorn, head of research at Galaxy Digital, the latest batch of on-chain movement of BTC may not translate into substantial selling pressure.
CORRECTION — in a prior tweet i said mt gox tx’d $1.5bn onchain. it was half that — $700m. (sorry, i misread my alerts)
AND, we now think that of the 13,265 BTC moved in this tx, only 1,265 ($74.5m) is meant to distro, w/ 12,000 going to estate fresh cold storage
so, very small
— Alex Thorn (@intangiblecoins) August 21, 2024
Bitcoin Price Could Still Surge
The Bitcoin price has been in a consolidation phase since August 8, as BTC trades on a sideways pattern within the $61,000 resistance and the $56,665 support zone, according to data from GeckoTerminal.
BTC has now crossed above the 50-day Simple Moving Average (SMA), which suggests that Bitcoin’s price could be on an uptrend in the short term.
Moreover, the Relative Strength Index (RSI) also seems to be rebounding from the 50-midline level, currently at 51, as it indicates a growing buying pressure.
If the buying continues, the Bitcoin price could breach the upper boundary of the sideways pattern. The bulls aim to surpass the 200-day SMA at $62,255 as they target $64,000.
Bitcoin Price Chart Analysis Source: GeckoTerminal.com
However, if the price of Bitcoin breaches the lower boundary of the pattern at $56,645, BTC could plunge further to find support around $54,635.
Meanwhile, as the Bitcoin price aims for a bullish rally, other investors are rushing to buy a new GameFi token on Solana called
Mega Dice (DICE)
that
the prominent YouTube channel 99Bitcoins says could soar 100X after launch.
Mega Dice Presale Garners Over $1.7 Million
The Mega Dice presale is closing in on $2 million in funds raised in its presale.
Mega Dice’s influence in crypto gaming is evident with its growing player base of over 50,000, who wager an average of over $50 million monthly.
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Users on the platform also enjoy over 4,000 casino games and have access to over 50 sports and eSports betting options.
Token holders can also earn rewards through staking
, receiving daily payouts based on the casino’s profits.
Mega Dice also offers NFTs for VIP players and a 25% referral commission to further drive engagement and participation on the platform.
To join the presale,
you can buy $DICE on the official website here
for $0.110529 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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Next Crypto to Explode: Unveiling the Potential Market Shaker of 2024 🚀💥
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How to Buy Bitcoin with Credit Card |
2024-08-21 | VanEck Continues Bitcoin Purchases Despite Market Fluctuations
2024-08-21
You can also read this news on COINTURK NEWS: VanEck Continues Bitcoin Purchases Despite Market Fluctuations
Bitcoin
price dropped today, forcing the rest of the market to follow. Despite this, some altcoins rose, and TRX
surpassed ADA with a 10% increase, returning to the top 10 cryptocurrencies. Meanwhile, market leaders continue to make significant statements about Bitcoin. In this context, an official from VanEck highlighted a noteworthy point, once again drawing attention to BTC.
President’s Bitcoin Commentary
According to
Matthew Sigel
, head of digital asset research at VanEck, the financial giant continues to purchase Bitcoin (BTC).
In a new interview with CNBC, Sigel clarified that four different sellers are driving down the price of the best crypto asset in the BTC market.
The German government sold all its Bitcoin, worth $2 billion. The US government is selling Silk Road-related funds. There are two major bankruptcies where creditors are yet to be paid – these are Mt. Gox and Genesis.
All these sales are behind us… This is a typical seasonal pattern where Bitcoin tends to struggle within one to three months after the April halving. And just before the elections, when the market realizes that we will follow reckless fiscal policies for another four years regardless of which candidate wins – historically, Bitcoin has really peaked at this point. So we are buyers. We think it will recover.
VanEck
is one of the few traditional financial companies that launched spot exchange-traded funds (ETFs) tied to Bitcoin and Ethereum (ETH) this year. The investment management company also filed for a Solana (SOL) ETF with the US Securities and Exchange Commission (SEC).
What is Bitcoin’s Price?
Amidst all this, attention turned to BTC’s price. BTC lost the $61,000 level it reached yesterday and is trading at $59,500 at the time of writing. Developments related to Mt. Gox overnight are thought to have influenced this process.
BTC’s
price movement represents a 2% drop, with a similar 2% change over the last 7 days. On the other hand, the price drop also triggered a decline in market volume, which fell to $1.18 trillion. The continued BTC purchases by major companies could be interpreted as an expectation of a rise in the future
, potentially encouraging individual investors
to buy.
The post first appeared on COINTURK NEWS:
VanEck Continues Bitcoin Purchases Despite Market Fluctuations
The post VanEck Continues Bitcoin Purchases Despite Market Fluctuations
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2024-08-21 | XRP Price Prediction: Ripple Leads Crypto Pack, 25% Surge Imminent
2024-08-21
Ripple (XRP) price continues to withstand selling pressure
over the past few weeks, holding its ground. As a result, the remittance token has left the likes of Bitcoin (ETH) and Ethereum (ETH) in the dust. This development is likely to continue in the coming weeks due to Bitcoin bulls’ strength
. Therefore, investors should expect the XRP price to trend higher on the daily time frame and catalyze a quick rally if it can overcome key levels.
XRP Price & News: Ripple Outshines Top Coins, Will Uptrend Continue?
XRP price has rallied nearly 26% in the past seven weeks, while Bitcoin price is down -4.75%. Ethereum, on the other hand, has shed -24.37% in the same period and is the worst performer in the bunch. The bullish outlook for XRP results from the SEC vs. Ripple lawsuit victory in the defendant’s favor.
XRP vs Bitcoin vs Ethereum price performance
While the above point is bullish, investors also need to consider that the stablecoin supply held on exchanges is climbing nonstop, according to Santiment data
. This capital is likely to flow to the altcoins that have strong performance or show signs of potential reward. So, investors can expect XRP to be one of these cryptos.
Ripple Price Analysis: XRP Bulls Plan Their Next Move
XRP price recently bounced off the yearly Volume Weighted Average Price (VWAP) at $0.560, triggering a near-10% rally. But XRP, the remittance token, is still stuck between $0.556 and $0.626 daily resistance levels. Fortunately for Ripple bulls, the demand zone, extending from $0.550 to $0.584, is there to support any incoming pullbacks.
Under neutral-to-bullish market conditions, a retest of this demand area will most likely be met with a buying pressure spike that could provide Ripple price
with the momentum to overcome the $0.626 hurdle. Flipping this key resistance level will open the path for Ripple bulls to catalyze a rally to $0.716. The retest of the $0.716 hurdle would signal a 25% rally for the remittance token.
This level has been a critical blockade since August 2023 and has resulted in three rejections. So, investors must be careful around $0.716 and consider booking profits.
XRP price 1-day chart
On the other hand, if XRP price fails to overcome $0.626, it would signal a lack of buyer interest. Such a development could result in a retracement to $0.550 to $0.584 demand zone. A breakdown of this support area will invalidate the bullish thesis.
This development could induce a 9% crash in XRP price to the yearly VWAP’s lower band at $0.501.
The post XRP Price Prediction: Ripple Leads Crypto Pack, 25% Surge Imminent
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. |
2024-08-21 | Bitcoin Miner Bitfarms to Buy Rival Stronghold Digital for $175M in Stock, Debt
2024-08-21
Bitcoin miner Bitfarms (BITF) said it agreed to buy rival Stronghold Digital (SDIG) for $175 million in stock and assumed debt as it looks to diversify its revenue sources beyond the production of cryptocurrency. The offer comprises $125 million in stock based on 2.52 Bitfarms shares for each one of Stronghold, a premium of 71% to Stronghold's 90-day volume-weighted average price on Nasdaq as of Aug. 16, Bitfarms said in a statement. It equates to $6.02 per share versus SDIG's close last night of $2.93. Shares are currently higher by 64% premarket to $4.80. BITF is lower by 7% to $2.19. Bitcoin miners have been coming to terms with April's 50% cut in the reward they receive for adding blocks to the blockchain. The reduction puts pressure on the industry to cut costs, particularly power usage, and replace older equipment with more energy-efficient rigs. While the event was no surprise – it occurs roughly every four years and companies had plenty of warning to prepare for it – it was still expected to unleash a "survival of the fittest" battle and send the miners looking for alternative income streams such as high-performance computing (HPC) and processing for artificial intelligence (AI) applications. “After three years of ongoing discussions, I am proud to announce this transformative acquisition, which is a decisive step in securing a strong future for Bitfarms," CEO Ben Gagnon said in the statement. "By vertically integrating with power generation, expanding our energy trading capabilities and securing two high potential sites for HPC/AI with significant multi-year expansion potential, we are executing our strategy to diversify beyond Bitcoin mining to create greater long-term shareholder value.”
Bitfarms is itself fending off an approach by Riot Platforms (RIOT), which in June abandoned an attempt to buy the company in favor of overhauling the board and building its stake in the Toronto-based company before engaging in further takeover attempts. It now owns almost 19% of Bitfarms. Stronghold in May said it was exploring strategic alternatives that could include the sale of the company. UPDATE (Aug. 21, 11:49 UTC): Adds price breakdown in second paragraph, stock reactions in last paragraph. UPDATE (Aug. 21, 12:10 UTC): Adds reward halving third paragraph, CEO quotes in fourth, fifth. Edited by Stephen Alpher and Will Canny. Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether. About
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-21 | Bitcoin’s Market Dominance Grows, Sustained by Long-Term Holder Support
2024-08-21
Following the cycle low in November 2022, capital has progressively shifted towards the leading cryptocurrencies at the top of the digital asset risk curve.
Bitcoin, for one, has seen its dominance expand once again as a certain cohort of holders continued to support the growth. However, the same cannot be said for other crypto assets.
Bitcoin Strengthens Market Dominance
According to Glassnode’s latest report
, Bitcoin’s dominance has surged from 38% in November 2022 to a remarkable 56% of the entire digital asset market today.
On the other hand, Ethereum, as the second-largest asset in the ecosystem, has experienced a 1.5% decrease in dominance, remaining largely unchanged over the last two years. Stablecoins and the broader altcoin sector have witnessed more significant declines of 9.9% and 5.9%, respectively.
Despite the recent market turbulence, long-term holders have consistently secured around $138 million in daily profits. Glassnode found that the $138 million in daily selling pressure from this particular cohort of Bitcoin investors likely reflects the amount of capital needed each day to absorb this supply and maintain stable prices.
Although market conditions have been volatile, the report said that “prices are generally flat over the last few months, suggesting a form of equilibrium is being reached.”
Interestingly, the supply held by long-term holders is currently rising rapidly, and data
suggests that this trend highlights that HODLing behavior is far surpassing spending. However, it is the short-term holders who have faced the brunt of the losses during the recent downturn.
Short-Term Investors “Overreaction” Triggered Plunge
Bitcoin may have recovered to $60,000, but Glassnode said that its plunge of over 15% to a six-month low of $49,500 in the first week of August was triggered due to an “overreaction” by short-term holders. Currently, many such investors, defined as those holding BTC for less than 155 days, who bought during the 2024 rally are facing unrealized losses.
As such, the MVRV ratio for these investors has dropped below 1.0, indicating they are largely responsible for the losses following the market correction.
Meanwhile, the report further stated the hit taken to investor sentiment may not be as severe as it may seem at face value.
The post Bitcoin’s Market Dominance Grows, Sustained by Long-Term Holder Support
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2024-08-21 | Major Hedge Funds Embrace Bitcoin ETFs: A Turning Point for Cryptocurrency Investment
2024-08-21
In a significant shift in the investment landscape, **60% of the largest hedge funds have disclosed holdings in Bitcoin exchange-traded funds (ETFs)**. This revelation marks a pivotal moment for the cryptocurrency market, as institutional investors increasingly recognize the potential of Bitcoin as a viable asset class.
The surge in hedge fund interest comes amid growing acceptance of Bitcoin and other cryptocurrencies in mainstream finance. With regulatory clarity improving and the market maturing, these funds are positioning themselves to capitalize on the digital asset’s volatility and long-term growth prospects.
This trend not only highlights the evolving attitudes towards Bitcoin but also signals a broader acceptance of cryptocurrencies within traditional investment portfolios. As hedge funds continue to diversify their holdings, the implications for the cryptocurrency market could be profound, potentially leading to increased liquidity and stability in Bitcoin prices.
Investors and analysts alike will be watching closely to see how this trend develops and what it means for the future of cryptocurrency investments. |
2024-08-21 | Metaverse Tokens To Make A Comeback In Late 2024?
2024-08-21
The post Metaverse Tokens To Make A Comeback In Late 2024?
appeared first on Coinpedia Fintech News
Altcoins in the crypto market are making a gradual comeback, regardless of Bitcoin price failing to sustain above $60,000. Amid the recovering cryptocurrencies, GALA and MANA tokens showcase a reversal rally for a breakout run in the coming days. So, should you consider buying these Metaverse coins?
Meta Tokens On The Rise: GALA In A Bearish Pennant
Trapped in a falling channel, GALA
reveals a bearish influence on the daily chart. The downfall accounts for a price loss of 81% since March 2024.
However, the bullish influence is on the rise, as evidenced by the bullish crossover in the MACD indicator. Furthermore, the VI lines in the DMI indicator are ready for a positive crossover, with the ADX line rising.
Currently, the GALA price is trading at $0.017, with an intraday Doji candle after the 2.74% surge last night.
In the bear channel, the bearish pennant in the GALA price
is on the verge of a bullish breakout. This will challenge the overhead trendline to $5 with increasing chances of an extended rally.
Wedge Breakout Run For MANA
With a falling wedge in the MANA
price action, the meta token is ready for a breakout run in the daily chart. Concluding the downtrend with a lateral shift, the underlying positivity is increasing.
Similar to GALA, the technical indicators, MACD, and DMI lines give bullish signals. Successively, the MACD and signal line, and the VI lines are ready for a positive crossover.
Currently, the MANA price
is trading at $0.2729 with an intraday gain of 1.30%, forming a bullish candle.
Based on the Fibonacci levels, the breakout can challenge the 23.60% Fibonacci level at $0.3774 and the 50% level at $0.5163. On the downside, a slip under $0.25 will nullify the trend reversal opportunity for this Metaverse coin. |
2024-08-21 | After Do Kwon, Another Cryptocurrency Scammer Caught in Montenegro! Here Are the Details
2024-08-21
Polish citizen Roman Ziemian, co-founder of cryptocurrency trading platform FutureNet, was arrested in Montenegro after allegations that he defrauded users of approximately $21 million, according to reports from local authorities.
Another Crypto Scammer Arrested in Montenegro
Ziemian was caught in a joint operation involving Montenegrin police and Interpol after evading capture for more than a year.
Ziemian previously escaped from house arrest in Italy in 2022 and had international arrest warrants issued for him by both Poland and South Korea.
Montenegrin law enforcement officers found him hiding under a false identity in a newly developed residential area in the capital Podgorica.
Related News: Bitcoin Exchange Binance Announces It Will Delist Numerous Altcoin Trading Pairs! Here Are The Altcoins That Have Been Delisted
During the operation, officers seized various technical devices and items suspected to be connected to Ziemian’s criminal activities. Authorities charged Ziemian with money laundering, theft and economic crime violations.
Ziemian's partner, Stefan Morgenstern, was also captured in Greece last year and later in Albania, according to local police reports. Ziemian is expected to appear before the High Court in Podgorica, which will rule on his extradition.
As Montenegro continues to be a focal point for high-profile international crypto crime cases, the arrests of figures like Ziemian and Kwon underscore the growing global crackdown on digital asset fraud.
*This is not investment advice.
Continue Reading: After Do Kwon, Another Cryptocurrency Scammer Caught in Montenegro! Here Are the Details |
2024-08-21 | Powering the Future: How Bitcoin Mining Infrastructure Empowers AI Development
2024-08-21
Core Scientific is one of the first companies to leverage Bitcoin mining infrastructure for AI expansion.
Bitcoin miners possess the necessary energy management expertise to become key service providers for AI technologies.
In an enlightening report from investment firm VanEck, a compelling synergy between two rapidly evolving sectors—Bitcoin mining
and artificial intelligence (AI)—is detailed, suggesting a potential boon for investors and technologists alike. As industries globally scramble to meet the increasing demands for AI capabilities, the inherent power and infrastructure of Bitcoin mining operations may just be the solution to a growing problem.
A New Frontier for AI and Bitcoin Mining Collaboration
The nexus between AI’s need for substantial computational power and Bitcoin mining
’s energy capabilities is not immediately obvious to all. However, Matthew Sigel, Head of Digital Asset Research at VanEck, highlights a critical junction of interests:
“AI companies need power, and Bitcoin miners have it in abundance.”
This statement encapsulates a fundamental shift in how industries could collaborate to harness mutual benefits.
Bitcoin mining
operations are specifically designed to manage high energy consumption efficiently. This capability is a perfect fit for AI’s computational intensity. With Bitcoin miners controlling a significant portion of the global Bitcoin hash rate, their facilities are primed for dual-use—continuing their mining operations while supporting AI computational needs.
This unique positioning could address AI’s bottleneck: the acute shortage of specialized data centers, which has become a pressing issue as AI technologies deepen their integration into various sectors.
The strategic use of Bitcoin mining
sites could offer a quicker setup for AI servers compared to traditional data center developments. According to VanEck, these mining sites, with their advanced power, bandwidth, and cooling systems, could transition to support AI operations in less than a year—a stark contrast to the four years it typically takes for new data center infrastructures to become operational.
Furthermore, the financial aspect of this synergy is compelling. VanEck’s analysis suggests that listed Bitcoin mining
companies could significantly increase their revenue streams by allocating portions of their energy capacity to AI services. With a potential revenue of approximately $9.11 million per megawatt per year at an 80% capacity utilization rate, the economic incentives are substantial.
Bitcoin mining
companies often come with financial intricacies, including high levels of debt and executive compensation. However, the burgeoning AI market presents a lucrative opportunity to offset these challenges through new revenue channels, potentially enhancing their financial standings significantly over the coming years.
However, this promising intersection does not come without its challenges. The primary hurdle is the geographical and infrastructural limitations of existing Bitcoin mining
centers. Not all are situated near major urban centers or have the critical infrastructure necessary to support large-scale AI operations. Moreover, as these companies pivot towards AI, they may face lower profit margins initially and need to build operational experience and market trust.
As the trend of AI integration continues to gain momentum, it is becoming increasingly clear that Bitcoin mining
facilities are not just centers for cryptocurrency production but could be pivotal in shaping the future landscape of technology. By harnessing their existing capacities, these miners could play a crucial role in powering the next generation of AI applications, making the synergy between Bitcoin mining and AI not just a possibility but a pathway to transformative technological advancements.
The post Powering the Future: How Bitcoin Mining Infrastructure Empowers AI Development
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2024-08-21 | MicroStrategy (MSTR) ETF Set For Launch With 1.5x Leverage
2024-08-21
Many Wall Street investors are beginning to see value in the shares of MicroStrategy Inc., the American business intelligence and software firm. Bloomberg Senior ETF Analyst Eric Balchunas revealed that a new MicroStrategy ETF product is set to go live.
MicroStrategy ETF 1.5x Leverage Product
Per
Balchunas’s update, the expected product is the Defiance Daily Target 1.5X Short MSTR ETF. This was described as an Exchange-Traded Fund incorporated in the United States.
The fund seeks daily inverse investment results of -1.5 times or -150% of the daily percentage change of MicroStrategy stock. As an actively managed ETF offering, the product will offer investors maximum exposure to the performance of MSTR stock.
As Balchunas noted, this ETF, when launched, will be one of the most volatile in the industry. It is set to launch in August as the second tracking MSTR stock. Defiance ETFs’ first product launched in this ETF inverse niche offered a 1.75X leverage.
MicroStrategy’s role in speculative bets is gradually growing. This ETF offering from Defiance is set to take it to a new level. As recorded by the 1.75X leverage ETF, massive volatility is expected to rock the MSTR 1.5x variant upon launch.
MicroStrategy ETF, a Product of Bitcoin Exposure
About 5 years ago, MicroStrategy was a relatively obscure business intelligence firm in the United States. Things turned around for the company when co-founder and Chairman Michael Saylor adopted a Bitcoin strategy in August 2020.
It remains to be seen how serious the firm was at the time. However, it kept up with its Bitcoin pursuit, buying the coin consistently. As of writing, the firm boasts a total of over 226,000 BTC, as reported
earlier by The Coin Republic.
One intriguing trend with MicroStrategy is the raising of debt offerings like Convertible Senior Notes to finance its Bitcoin purchases. One of the recent notes issues raked in $786 million which it used in buying more coin.
With no plans to slow down, the company is looking to dive deeper into the digital currency ecosystem. It announced its plans to launch a Decentralized Identity solution to boost the utility of the Bitcoin network further.
Thus far, the Michael Saylor firm has stayed faithful to its conviction, and its efforts have paid off in no small measure. The firm’s holdings have soared to more than $15 billion, and its shares have continued to soar
even after its recent 10-for-1 stock split.
Inspiration to More Firms
MicroStrategy is leaving a legacy that many are beginning to lean on. Its dogged embrace of Bitcoin has pushed firms like Metaplanet to adopt a similar strategy to build their reserves.
The logic is simple: Most fiat currencies are currently in a devaluation mode, making Bitcoin-like assets an attractive alternative. Japanese firm, Metaplanet has also remained faithful to its Bitcoin strategy
. On August 20, the company bought an additional $3.4 million worth of coin, taking its total to more than 360 BTC.
The post MicroStrategy (MSTR) ETF Set For Launch With 1.5x Leverage
appeared first on The Coin Republic
. |
2024-08-21 | Understanding Factors Behind Bitcoin’s Drop Under $60k Once More
2024-08-21
Key Points
Bitcoin’s price experienced a correction after briefly reaching $61k.
Increased selling pressure and bearish market trends contributed to the price drop.
Bitcoin’s price, after briefly touching $61k, experienced a correction. The cryptocurrency faced increased selling pressure within the last 24 hours.
Bitcoin Market Dynamics
Bitcoin managed to climb above $61k on August 20th. However, this bullish momentum was short-lived as bearish market forces soon took control. CoinMarketCap data reveals that Bitcoin’s price dropped by over 2.5% in the last 24 hours, with the coin trading around $59,378.99 at the time of writing.
Interestingly, this price correction was not unexpected. A popular crypto analyst, Ali, posted a tweet indicating a sell signal for Bitcoin. Shortly after this signal was revealed, the coin’s price experienced a correction.
Market Analysis
CryptoQuant’s data suggests several factors that may have influenced Bitcoin’s price drop. Notably, Bitcoin’s exchange reserve was on the rise, indicating an increase in selling pressure. This was further confirmed by Bitcoin’s exchange netflow, which also saw an increase.
Despite the increase in selling pressure, Bitcoin’s Coinbase Premium remained positive. This suggests that US investors maintained a dominant buying sentiment.
Glassnode’s data was analyzed to determine the likelihood of this bearish trend continuing. It was found that Bitcoin’s NVT ratio had significantly dropped, suggesting the asset is undervalued and hinting at a potential price increase.
However, conditions in the derivatives market did not favor buyers. Specifically, Bitcoin’s taker buy/sell ratio turned red, indicating a dominant selling sentiment in the futures market.
Technical indicators were also consulted to better understand market expectations. The MACD displayed a bullish crossover, while the Relative Strength Index (RSI) approached the neutral mark, signaling bullishness. However, the Chaikin Money Flow (CMF) registered a downtick, indicating a bearish trend. |
2024-08-21 | Memecoins Signal Potential Upsurge Despite Bitcoin Slowdown
2024-08-21
You can also read this news on COINTURK NEWS: Memecoins Signal Potential Upsurge Despite Bitcoin Slowdown
In the cryptocurrency
market
, despite Bitcoin (BTC) and leading altcoins showing signs of slowing down, some memecoins are signaling a potential upswing. Notably, alongside Tron (TRC) and Bittorrent (BTT), the altcoins to watch this week include BRETT (BRETT), FLOKI (FLOKI), and Shiba Inu (SHIB).
BRETT (BRETT)
BRETT
memecoin made an impressive 14.52% rise last night. The price rose to $0.1194, closing at a more cautious $0.089 by the end of the day. BRETT’s inability to stay above the psychological threshold of $0.10 raises questions about the continuation of the upward trend.
Technical analysis indicates a double bottom formation within a descending channel, suggesting an upward movement. The positive crossover and bullish trend in the MACD indicator present a favorable outlook. The recent price rise suggests that the upward movement could extend to the resistance at $0.1125 with the completion of a morning star formation. However, the downward trend in the 150-day SMA indicates a risk of pullback from the $0.10 level.
If this level is surpassed, the Fibonacci levels at $0.1482 and $0.2246 could be tested. Otherwise, a pullback to the support level at $0.071 and further down to $0.050 could be expected if this support is broken.
FLOKI (FLOKI)
FLOKI
is trading within a falling wedge formation on the daily chart. Recently, the death cross between the 50-day and 200-day SMAs increased selling pressure on the memecoin, but the current horizontal trend suggests a double bottom rise possibility.
FLOKI is trading near the support level at $0.0001101, forming a bullish candle with a recent 7.17% rise, increasing the likelihood of an upward breakout. Currently trading at $0.0001256, FLOKI is up 0.77% during the day.
Potential upward targets for the popular memecoin are $0.0001834 and $0.00021. Conversely, in a potential downturn scenario, a pullback to the support levels at $0.001101 and $0.00010 could be observed.
Shiba Inu (SHIB)
Shiba Inu
is moving in a similar price trend to other memecoins. The daily chart shows a falling wedge formation, with SHIB finding support at $0.000001288 and experiencing a horizontal shift in the price trend.
With improved investor sentiment, SHIB formed a double bottom pattern. Additionally, the recent 2.33% rise completed a morning star formation. Currently trading at $0.000001372, SHIB is up 0.59% during the day.
Although the bullish trend in the memecoin and the bull crossover in the MACD indicator are evident, the downward trends in the 50-day, 100-day, and 200-day SMAs indicate the possibility of a deeper correction. Nevertheless, in an upward breakout, the price could rise to $0.0000020 and then reach the resistance at $0.000002732. Otherwise, a pullback to the support point at $0.0000010 below the $0.000001288 level could be expected.
The post first appeared on COINTURK NEWS:
Memecoins Signal Potential Upsurge Despite Bitcoin Slowdown
The post Memecoins Signal Potential Upsurge Despite Bitcoin Slowdown
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. |
2024-08-21 | Memecoins Signal Potential Rise Despite Bitcoin Slowdown
2024-08-21
You can also read this news on COINTURK NEWS: Memecoins Signal Potential Rise Despite Bitcoin Slowdown
In the cryptocurrency
market
, despite Bitcoin (BTC) and leading altcoins showing signs of slowing down, some memecoins are signaling a potential rise. Notably, alongside Tron (TRC) and Bittorrent (BTT), the altcoins to watch this week include BRETT (BRETT), FLOKI (FLOKI), and Shiba Inu (SHIB).
BRETT (BRETT)
BRETT
memecoin made an impressive 14.52% rise last night. The price rose to $0.1194 but closed at a more cautious level of $0.089. BRETT’s inability to stay above the psychological threshold of $0.10 raises questions about the continuation of the upward trend.
Technical analysis shows a double bottom formation within a descending channel, indicating an upward movement. The positive crossover in the MACD indicator and the upward trend present a favorable outlook. The recent price rise suggests that the upward movement could continue to the resistance at $0.1125 with the completion of a morning star formation. However, the downward trend in the 150-day SMA indicates a risk of pullback from the $0.10 level.
If this level is surpassed, the Fibonacci levels at $0.1482 and $0.2246 could be tested. Otherwise, a pullback to the support level at $0.071 and, if broken, a drop to the support at $0.050 can be expected.
FLOKI (FLOKI)
FLOKI
is trading within a falling wedge formation on the daily chart. The recent death cross between the 50 and 200-day SMA increased selling pressure on the memecoin, but the current horizontal trend suggests a double bottom rise possibility.
FLOKI is trading near the support level at $0.0001101, and the recent 7.17% rise formed a bullish candlestick pattern, increasing the likelihood of an upward breakout. Currently trading at $0.0001256, FLOKI is up 0.77% during the day.
Potential rise targets for the popular memecoin are $0.0001834 and $0.00021. On the other hand, in a possible decline scenario, a pullback to the support levels at $0.001101 and $0.00010 can be seen.
Shiba Inu (SHIB)
Shiba Inu
is moving in a similar price trend as other memecoins. The daily chart shows a falling wedge formation, with SHIB finding support at $0.000001288 and experiencing a horizontal shift in the price trend.
With improving investor sentiment, SHIB formed a double bottom pattern. Additionally, the recent 2.33% rise completed a morning star formation. Currently trading at $0.000001372, SHIB is up 0.59% during the day.
Although the upward trend in the memecoin and the bullish crossover in the MACD indicator are observed, the downward trends in the 50-day, 100-day, and 200-day SMAs indicate the possibility of a deeper correction. Still, in an upward breakout, the price could rise to $0.0000020 and then reach the resistance at $0.000002732. Otherwise, a pullback to the support point below $0.000001288, at $0.0000010, can be expected.
The post first appeared on COINTURK NEWS:
Memecoins Signal Potential Rise Despite Bitcoin Slowdown
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2024-08-21 | Bitcoin Slowly Gains Inflow; Solana Records Largest Outflow
2024-08-21
Last week, investment funds related to digital assets received another relatively small inflow, continuing a two-week trend. More invoicing can be observed in the investment funds sector, which experienced a net inflow of $30 million during the previous week. Indeed, Bitcoin was among the notable gains in investor interest this week.
Bitcoin once again dominated in terms of the total inflows, exceeding the previous week’s result after the dominance by Ethereum last week. At the same time, Solana saw its largest outflow on record, which a simple reduction in trading volumes of Solana-based meme coins can explain.
Bitcoin Maintains Market Dominance
Investors are cautious due to emerging mixed economic signals from the recent CoinShares weekly report on inflow and outflow trends on digital asset investment funds in the previous week.
The report adds that the investment product linked to digital assets witnessed moderate fund flows of about $30 million.
The community was agitated about investing in digital asset investment funds, partially due to recent reports suggesting that the FED has a relatively small chance to cut interest rates by 50 bps in September. Under such circumstances, the weekly trading volume was estimated at $7. 9 Billion, 50% down from the previous week’s figure.
Recall that nearly all the reported inflows were invested in Bitcoin-related offerings. It recorded $42 Million in inflows, 223% more than the $13 Million the previous week. Slightly below the inflow rank comes the multi-asset investment products that opened at a $21M inflow. Such products that provided exposure to a broad range of cryptos have also remained popular among investors.
Crypto Outflows
Outflows from Ethereum, on the other hand, deteriorated sharply. Cryptocurrencies based on the Ethereum platform had only $4. The latest data shows that one hundred fifty-five Million were recorded the previous week; the weekly average is down by 97% to $2 Million. Four signed up in the last week. In this regard, however, CoinShares also observed significant activity movement between providers in Ethereum.
Finally, XRP experienced a slight net deposit rate of $0.2 million, which was slightly bullish but still relatively conservative after the recent decision on the SEC-Ripple case.
Solana is at the top with $38.9 million in outflows, which remains the highest weekly net outflow recorded in the country. This instead resonated with the current perception of the Solana ecosystem, mainly meme coins. Solana’s bulls were able to defend their price of around $140 last week, yet the same cannot be said for meme coins built on Solana.
These memecoins, which helped to pump institutional interest in Solana at the beginning of the year, are now causing inflows. Short-Bitcoin ETFs experienced $0.9 million in outflows. Yet, this implies that there is still a bullish outlook towards Bitcoin, but it is less exuberant than a record $16.2 million outflow recorded in the previous week only. This clearly indicates that Bitcoin investors have switched to a more rational investment mode. |
2024-08-21 | Will Bitcoin and Bitcoin Cash Lead the Charge Post-Mt Gox Payout? DTX Exchange (DTX) Presale Demand Goes Parabolic
2024-08-21
The 2024 crypto market witnessed historic turbulence after Mt Gox decided to repay Bitcoin (BTC) and Bitcoin Cash (BCH) to its creditors. Altcoins fell to yearly lows and the continued reimbursements are causing notable market chaos. The firm still holds
approximately 47,000 BTC that will enter the market soon causing more volatility.
However, the potential of Bitcoin (BTC) and Bitcoin Cash (BCH) is a hot topic among analysts as some hope for a massive breakout to $100k. At the same time, many include other economic factors to propose more moderate outlines of their trajectories. Let’s see what lies ahead of Bitcoin (BTC) and Bitcoin Cash (BCH) after Mt Gox repayments conclude.
Mt Gox Payout Completion Nears: A Bullish Rally on Horizon
After the Mt Gox reimbursements, Bitcoin (BTC) and Bitcoin Cash (BCH) prices still have barriers to overcome for a potential rally to yearly highs. The impact of Japan’s stock market and US employment data can play a critical role in deciding the trajectories of both the cryptos and influence investor sentiment.
The Bitcoin (BTC) and Bitcoin Cash (BCH) prices took a major turn upwards in the last month when Mt Gox repayments paused for a while. As the process concludes, the crypto market can witness similar stability and a bullish takeover through a notable capital influx by big moneybags and institutions.
Expert Predictions For Bitcoin (BTC) and Bitcoin Cash (BCH) Prices
Arthur Hayes, a leading voice in crypto has made a bullish prediction
for Bitcoin (BTC), forecasting it will reach $100k by the end of the year. Hayes attributes this surge to the U.S. Treasury’s plans to inject $1 trillion in liquidity into the financial system to boost the economy ahead of the 2024 presidential election.
Likewise, Bitcoin Cash (BCH) is also under analysts’ radar. Due to a higher correspondence of the BCH price to the BTC trajectory, experts voice optimism for the Bitcoin Cash (BCH) price reaching above the $1,000 support level if bulls come into action after the Mt Gox payout completes.
However, due to the technical analysis, several analysts are concerned about Bitcoin (BTC) and Bitcoin Cash (BCH). Benjamin Cowen recently said
in an interview that BTC has very little room to dominate with the ratio to overall crypto market cap this cycle and other currencies have a higher chance to attract capital with Bitcoin (BTC) targeting the 60% dominance level.
DTX Exchange Presses Upon Q4 Listing With $1.45M Raised
DTX Exchange (DTX)
has lifted the standard bars with its record-breaking presale performance, gaining a competitive edge over other presales. The scalable and sophisticated schemas of DTX Exchange are powered by the AI-supported platform to provide traders with all the tools to navigate markets efficiently and maximize profitability for long-term gains and higher positions.
The platform provides traders unprecedented opportunities for growth in their preferred trading market, including forex, cryptos, equities, and contract-for-differences (CFDs) with 120k+ digital assets. After a successful $2 million private seed round, the project has raised the standards with another $1.45 million raised in batch 2 of the public presale.
The DTX Exchange’s trading platform is unique with a hybrid model that includes the best features of centralization and decentralization. The platform provides 1000x leverage to traders with advanced security protocols backed by blockchain layer 1 technology and revenue-sharing strategies to gain a portion of platform fees by contributing to liquidity pools.
Other prominent features include quant and algo trading strategies, 0.04 tps speed, KYC-free onboarding, DTX wallets, and multi-tier accounts. The launch hype positions it to explode past $1 from the current presale price of $0.04 as investors are bagging up thousands of tokens for 10x gains.
Learn more:
Buy Presale
Visit DTX Website
Join The DTX Community |
2024-08-21 | Cardano Gains Attention with Price Surge and Network Developments
2024-08-21
You can also read this news on COINTURK NEWS: Cardano Gains Attention with Price Surge and Network Developments
Cardano
(ADA) price rose by 8.38% in the last three days, drawing attention once again. The price increase occurred while Bitcoin fluctuated between $58,000 and $61,000, highlighting that developments in the Cardano network affected its price more than other underperforming Blockchain networks.
ADA
recently lost its position in the top 10, falling to 11th place and ceding its throne to Tron (TRX
). If the price continues to rise, it may climb back to higher ranks.
Developments in the Cardano Network and Changes in Investor Confidence
Developments in the Cardano network, especially Hydra surpassing Bitcoin Lightning Network, made significant noise. Most recently, data collected during the Hydra DOOM game
at the
RareEvo Blockchain Event
confirmed Hydra’s success. This development increased interest in Cardano, leading investors
to take profits amid the growing hype.
In the last 24 hours, ADA’s price rose by over 3%, reaching 0.3566 and approaching a critical point. According to
Coinglass
data, net outflows from ADA exchanges indicate that investors are holding onto their assets in anticipation of rising prices. The negative net flow of $5.73 million on August 20th was the largest outflow seen since the market crash at the beginning of August.
Technical Indicators and Key Levels for ADA
ADA’s price movements gave a significant bullish signal by breaking out of the
falling wedge formation
on August 20th. This breakout indicates that a new uptrend might be starting. However, the price is still below the 200-day EMA. The price is expected to face significant resistance at the 200-day EMA level of 0.3612. Above this level, 0.4054 will be monitored as the next resistance level.
Meanwhile, the
MACD
histogram shows increasing positive momentum, with the MACD line (blue) crossing above the signal line (orange), indicating a continuation of the upward trend. If ADA’s price manages to stay above the 200
EMA
at 0.3712, it could move towards higher resistance levels like 0.4500 for longer-term positions.
On the other hand, if ADA’s price fails to stay above the 0.3480 level, it will signal market weakness and could trigger further declines. In this scenario, a pullback towards 0.3300 and 0.3222 levels can be expected.
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Cardano Gains Attention with Price Surge and Network Developments
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2024-08-21 | Babylon Mainnet Set to Transform BTC Staking with Self-Custody Features
2024-08-21
Key points:
Babylon is set to roll out its self-custodial Bitcoin staking mainnet in two days, marking the beginning of its phased rollout.
Babylon mainnet will launch soon. It will enable Bitcoin self-custody to enhance PoS blockchain security through smart contracts, Bitcoin privacy, and timestamping.
Babylon Mainnet Launches Self-Custodial Bitcoin Staking
Babylon’s upcoming mainnet launch
will introduce self-custody Bitcoin staking, leveraging Bitcoin’s economic security to enhance the security framework of the proof-of-stake (PoS) blockchain.
This innovative system will allow users to stake their Bitcoin via smart contracts while retaining complete control of their assets without intermediaries. The self-custody model will be deployed on decentralized systems such as sovereign PoS chains, Layer 2 networks, data availability solutions, and oracles.
Read More:
Babylon Review: Leading Bitcoin Staking Solution
Bitcoin Timestamping on Babylon Mainnet
Babylon’s BTC Timestamping Protocol will allow users to timestamp data sent to its platform using the Bitcoin blockchain.
According to its documentation
, this timestamping feature is designed to enhance the security of PoS blockchains, making them resistant to long-range attacks
.
During the phased rollout, Bitcoin holders can stake their tokens by sending Bitcoin staking transactions directly to the blockchain. The project has received significant backing, having raised $70 million in a recent funding round led by Paradigm, following a previous $18 million round led by Polychain Capital and Hack VC.
DISCLAIMER
: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
2024-08-21 | Bitcoin Metrics Signal Weak Demand as BTC ETF Hype Slows: CryptoQuant
2024-08-21
Demand metrics using on-chain patterns and holding behavior show weakening sentiment for bitcoin (BTC), drawing bearish views to the largest token amid weeks of sideways price action. “Apparent demand has slowed considerably since early April and even dipped into negative territory this month,” on-chain analytics firm CryptoQuant shared in a Wednesday note to CoinDesk. “Bitcoin demand growth still needs to pick up before we can see a sustainable recovery in price and the possibility of new highs,” the firm said. CryptoQuant cited its demand indicator, which tracks the difference between the daily total bitcoin block rewards and the daily change in the number of bitcoin that has not moved in one year or more. Bitcoin rewards earned by miners are typically sold to cover operations, but an increase in selling from large holders indicates a waning demand for the asset. Bitcoin price action has largely remained muted. In the past months, billions of dollars worth of selling pressure have flooded the market, denting optimism from the January launch of several spot ETFs.
The start of ETF trading in January and the Bitcoin halving event in May saw some bulls target the $80,000 level by June, citing a boost in demand, but prices are down 20% since May's lifetime highs. Bitcoin ETFs have attracted $17.5 billion in net inflows since launch, but skeptics say that flow could be arising for capturing a carry trade instead of representing outright bullish bets. And the initial flows for the ETFs are slowly decreasing. “The growth in the total holdings of large Bitcoin investors has also slowed, from a monthly pace of 6% in March to just 1% currently,” the firm said. “This slowdown in Bitcoin demand coincided with smaller purchases from spot ETFs in the USA."
“The average daily purchases from bitcoin spot ETFs in the USA have declined from 12.5K in March, when bitcoin was trading above $70K, to an average of 1.3K Bitcoin last week,” the firm added. However, a few metrics have remained strong during this period of weak prices, CryptoQuant noted. Long-term holders—or wallets that hold the asset longer than six months—have continued accumulating bitcoin at “unprecedented levels,” with this cohort's total balance reaching a record-high monthly rate of 391,000 BTC earlier this week. Elsewhere, the total market capitalization of stablecoins has surged to a fresh record high of $165 billion, a historically bullish sign that indicates increasing liquidity in the crypto market that typically leads to higher prices. Edited by Parikshit Mishra. Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. About
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The Fine Print
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-21 | Hedge Funds Embrace Bitcoin ETFs
2024-08-21
You can also read this news on BH NEWS: Hedge Funds Embrace Bitcoin ETFs
Interest in Bitcoin
ETFs is surging among top U.S. hedge funds. The U.S. Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs earlier this year marked a pivotal moment, enabling institutional investors
to directly engage with the cryptocurrency market. The approval has notably heightened traditional investors’ enthusiasm for digital assets.
Why Are Hedge Funds Investing in Bitcoin ETFs?
Sam Baker from cryptocurrency-centric firm River disclosed that 60% of the largest U.S. hedge funds now hold Bitcoin ETFs. Rather than selling off Bitcoin positions in the second quarter, these funds increased their holdings. Major firms such as Citadel Investments, Millennium Management, Mariner Investment, and Fortress Investment expanded their share purchases during this period.
Investment advisors are also adopting this strategy. Of the 25 largest registered investment advisors in the U.S., 13 have now invested in Bitcoin via ETFs. Firms like Cambridge Associates, Hightower Advisors, Moneta Group, and Cresset Asset Management are progressively amplifying their allocations in the cryptocurrency market.
What Are the Criticisms Against Bitcoin ETFs?
Despite the growing interest from institutions managing over $1 billion in assets, criticisms persist. Critics argue that ETFs could undermine the decentralized ethos of Bitcoin, envisioned by its creator Satoshi Nakamoto. As institutional power grows, Bitcoin and other cryptocurrencies might begin to resemble traditional stocks, potentially diluting their fundamental principles.
Key Takeaways for Investors
– Major hedge funds and investment advisors are increasingly adopting Bitcoin ETFs.
– The institutional interest is driving significant market changes.
– Critics warn of potential deviations from Bitcoin’s decentralized vision.
– Monitoring the balance between institutional adoption and decentralization is crucial.
The escalating interest of institutional investors in Bitcoin ETFs signifies a transformative period for the cryptocurrency market. As hedge funds and other major financial entities deepen their involvement, the future
of Bitcoin is set to evolve. However, this growing interest may also challenge Bitcoin’s core decentralized nature. Observers will need to watch how this balance unfolds over time.
The post first appeared on BH NEWS:
Hedge Funds Embrace Bitcoin ETFs |
2024-08-21 | Bitcoin Down: Institutional Purchases Weaken!
2024-08-21
Bitcoin, after experiencing a stellar start to the year, is now going through a phase of turbulence. The demand for the world’s first cryptocurrency has dropped significantly since April, a phenomenon exacerbated by a slowdown in institutional purchases, notably exchange-traded funds (ETFs).
The slowdown in institutional purchases
Since April, the demand for Bitcoin has seen a marked decrease. Acquisitions of spot ETFs,
once a key driver of demand, have significantly slowed down.
In March, these purchases reached around 12,000 BTC, but this average fell to just 1,300 BTC per week in August. This drop reflects a loss of interest from institutional investors, often considered the pillars of the market.
This slowdown is accompanied by a decrease in the price premium for Bitcoin trading on Coinbase, a crucial indicator of institutional demand.
After reaching a premium of 0.25% at the beginning of the year, it has dropped to 0.01%, signaling growing disinterest.
This situation highlights the importance of spot ETFs in maintaining the demand and price of Bitcoin. Without renewed interest from institutions, Bitcoin could continue to stagnate or even decline.
Long-term Bitcoin holders vs. short-term holders
While institutional purchases are weakening, long-term holders continue to accumulate bitcoins at record rates.
The total balance of addresses that have never spent or sold bitcoin increases significantly each month, reaching unprecedented levels. These “hodlers” seem unperturbed by the current market volatility, betting on a future rise in Bitcoin.
In contrast, short-term holders, who bought bitcoin during the 2024 rally, are suffering heavy unrealized losses.
After acquiring bitcoins at record prices in March, many of them now see the value of their assets diminish as Bitcoin’s price hovers around $58,800. This situation has led to an “overreaction” among some of these investors, causing a massive sell-off and contributing to the recent price drop.
Despite these challenges, analysts believe that the market may have already overcome the worst.
The report from Glassnode
highlights that if the market value to realized value (MVRV) ratio of short-term holders remains below 1.0 for an extended period, it could trigger panic.
However, the absence of a significant gap between the cost basis of holding and the cost basis of spending suggests that the recent drop could be a passing reaction.
While some long-term holders continue to bet on a recovery, short-term holders and miners face increasing pressure. The road ahead for Bitcoin seems fraught with obstacles, but the historical resilience
of the crypto could still surprise. |
2024-08-21 | Cardano Price Prediction: Will ADA Hit $1 September?
2024-08-21
Cardano (ADA)
has caught the interest of many as its price edges closer to $1. With September around the corner, there's growing curiosity about whether ADA will finally reach this milestone. In this article, we’ll break down the main factors influencing ADA’s price and explore if hitting $1 is a real possibility. Let's take a look at this
Cardano Price Prediction
article in more detail.
How has the Cardano (ADA) Price Moved Recently?
ADA/USD Daily Chart-
TradingView
Cardano is currently priced at $0.351945
, with a 24-hour trading volume of $470.73 million, a market cap of $12.56 billion, and a market dominance of 0.60%. Over the past 24 hours, ADA’s price has risen by 2.25%.
Cardano hit its peak price of $3.10 on September 2, 2021, marking its all-time high. Its lowest recorded price was $0.017354 on October 1, 2017. Since reaching its all-time high, the lowest ADA has dropped to is $0.234392, while the highest recovery point was $0.806108. Currently, the sentiment around Cardano’s price prediction is neutral, and the Fear & Greed Index stands at 26, indicating fear in the market.
Cardano has a circulating supply of 35.69 billion ADA out of a maximum supply of 45 billion ADA. The yearly supply inflation rate is 5.53%, which means 1.87 billion ADA were added in the last year.
Cardano Price is Rising– Is ADA on the Path to a Comeback?
Cardano’s recent price movement
suggests a potential rebound, driven by a combination of technical and sentiment indicators. The ADA price has increased by 3.2% over the last 24 hours, now trading at $0.3519. This rise brings it closer to a pivotal juncture in its price trajectory.
A key factor contributing to this bullish outlook is the performance of Cardano's Hydra, which has outpaced Bitcoin's Lightning Network in recent evaluations. This success, showcased at the RareEvo blockchain event, has heightened interest and optimism within the crypto community. As a result, traders are leveraging the positive sentiment to book profits, fueling the recent price uptick.
Investor behavior also supports the notion of a potential comeback. According to Coinglass
, there was a significant net outflow of $5.73 million worth of ADA on August 20, marking the largest withdrawal since the market downturn on August 5. This withdrawal trend indicates a shift towards holding ADA, as investors anticipate higher future prices rather than liquidating their holdings.
Additionally, the 5% increase in Cardano’s open interest over the past 24 hours reinforces the bullish sentiment. This rise in futures contracts suggests that traders are predominantly opening long positions, reflecting confidence in ADA's upward potential.
So, the combination of improved technical metrics, strong investor sentiment, and growing market activity points to a likely continuation of Cardano’s price recovery. If current trends persist, ADA could be on the path to a more significant rebound in the near term.
Will ADA Hit $1 September?
Predicting whether ADA will hit $1 by September
requires a thorough analysis of its recent performance and market conditions. Over the past year, Cardano’s price has increased by 35%, reflecting a solid upward trend despite recent volatility. However, it remains significantly down—by 89%—from its all-time high, indicating considerable room for recovery.
Currently, ADA is trading below its 200-day simple moving average, a key technical indicator that suggests the asset is in a longer-term downtrend. This could imply resistance around the $1 level, making it a challenging target to reach in the near term. Additionally, with only 12 green days in the last 30 days (40%), the recent trading pattern indicates a lack of sustained bullish momentum.
Despite these challenges, ADA benefits
from high liquidity due to its substantial market cap, positioning it favorably for potential gains. It has outperformed 61% of the top 100 crypto assets over the past year, though it has lagged behind Bitcoin and Ethereum. This relative performance could be a positive sign if broader market conditions improve.
The yearly inflation rate of 5.53%, translating to the creation of 1.87 billion ADA in the past year, suggests that supply dynamics are relatively stable, which might not add significant downward pressure in the short term.
While the factors indicate potential hurdles, Cardano’s liquidity, relative performance, and the recent price increase offer a foundation for optimism. However, given the current technical indicators and recent trading patterns, hitting $1 by September will require a substantial and sustained upward shift in market sentiment and trading activity. |
2024-08-21 | Hedge Funds Increase Interest in Bitcoin ETFs
2024-08-21
You can also read this news on COINTURK NEWS: Hedge Funds Increase Interest in Bitcoin ETFs
Interest in
Bitcoin
ETFs
is rapidly growing among the largest hedge funds in the US. At the beginning of the year, the US Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs was considered a critical moment for institutional investors
to gain direct access to the
cryptocurrency
market. Following the approval, traditional investors’ interest in cryptocurrencies significantly increased.
Hedge Funds Turn to Bitcoin ETFs
Sam Baker from the cryptocurrency-focused firm River stated that 60% of the largest hedge funds in the US now own Bitcoin ETFs. None of these funds sold their Bitcoin positions during the second quarter; instead, most chose to increase their holdings. Giant companies like Citadel Investments, Millennium Management, Mariner Investment, and Fortress Investment made more share purchases in the second quarter.
Investment advisors also followed this trend. Thirteen out of the 25 largest registered investment advisors in the US have invested in Bitcoin through ETFs. Advisory firms like Cambridge Associates, Hightower Advisors, Moneta Group, and Cresset Asset Management are gradually increasing their allocations in this area.
Hedge Funds’ Interest in Bitcoin Grows, But Criticisms Persist
Large institutions with assets over $1 billion continue to increase their interest in Bitcoin. The number of registered investment advisors with Bitcoin allocations increased by 18% in the second quarter alone. Interest in Bitcoin ETFs among
hedge
funds rose by 46%. This rise indicates growing confidence in Bitcoin among major financial players.
Although ETFs are thought to legitimize cryptocurrencies, there are criticisms as well. Among the criticisms is the notion that these financial instruments overshadow Satoshi Nakamoto’s vision. As institutions gain power, Bitcoin and other cryptocurrencies start to trade like traditional
stocks
. Trading like traditional stocks could weaken the decentralized nature of cryptocurrencies and dilute Bitcoin’s fundamental principles.
I believe that institutional investors’ interest in Bitcoin has led to significant changes in the market. As hedge funds and other large institutions increase their interest in Bitcoin ETFs, this will shape Bitcoin’s future
. However, this interest could also threaten Bitcoin’s original decentralized nature. We will see over time how this balance will be established.
The post first appeared on COINTURK NEWS:
Hedge Funds Increase Interest in Bitcoin ETFs
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2024-08-21 | Malaysia Power Theft Battle Sees 985 Bitcoin Mining Machines Obliterated
2024-08-21
Key points:
Local police crushed the rigs with a steamroller — as shown in a video — as a warning that the authorities are continuing to crack down on electricity theft linked to Bitcoin mining.
Local media reported that the authorities destroyed $452,500 of mining machines on Monday.
Malaysia power theft crackdown sees 985 bitcoin mining machines destroyed, valued at $452,500, as authorities combat electricity theft linked to crypto mining.
Malaysia Power Theft Crackdown on Bitcoin Mining
Malaysian authorities have stepped up their crackdown
on electricity theft linked to Bitcoin mining. Following a court order, they recently destroyed 985 bitcoin mining machines worth about 1.98 million Malaysian ringgit ($452,500) by crushing them with a roller.
The machines were seized in various enforcement operations between 2022 and April 2023. The move highlights Malaysia’s stance on tackling illegal bitcoin mining operations linked to electricity theft.
Read More:
Bitcoin Mining Difficulty Hits New Historic High
Broader Impact of Malaysia Power Theft Issues
The recent enforcement actions are part of a more extensive campaign against Malaysia power theft, mainly related to Bitcoin mining operations. Last week, the Sepang district administration arrested seven individuals for electricity theft in cryptocurrency mining.
Deputy Minister of Energy and Water Transformation Akmal Nasrullah Mohd Nasir revealed that between 2018 and 2023, cryptocurrency miners in Malaysia stole RM3.4 billion ($777 million) worth of electricity.
With China’s ban on cryptocurrency mining in 2021, many operations have shifted to Southeast Asia, where countries like Malaysia offer competitive electricity prices and favourable infrastructure, making it a hotbed for illegal cryptocurrency mining operations.
DISCLAIMER
: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
2024-08-21 | Positive Inflows Continue in US Spot Bitcoin ETFs, While Outflows Continue in Ethereum ETFs! Here Are the Details
2024-08-21
US spot Bitcoin exchange-traded funds (ETFs) witnessed net inflows of $88.06 million on Tuesday, marking the fourth consecutive day of positive flows. This trend suggests continued investor interest despite recent market volatility.
US Spot Bitcoin ETFs Extend Positive Streak with $88 Million Inflows
Leading the inflows was BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, which attracted $55.43 million. Ark Invest and 21Shares’ ARKB fund followed closely with $51.91 million in inflows, according to SoSoValue data.
Conversely, Grayscale’s GBTC saw the highest net outflows with $12.81 million withdrawn, Bitwise’s BITB also reported $6.47 million in outflows, while eight other spot Bitcoin ETFs, including Fidelity and VanEck, saw no significant fund movements.
Total daily trading volume across 12 ETFs rose to $1.35 billion on Tuesday, recovering from $779 million the day before.
Related News: Bitcoin Exchange Binance Released a New Listing Announcement!
But that figure remains well below the daily trading volumes seen in March, which ranged from $5 billion to $8 billion. Since their launches, these 12 funds have collected $17.52 billion in total net inflows.
Spot Ethereum ETFs Face Continued Outflows
In contrast, U.S. spot Ethereum ETFs continued to see net outflows, reporting negative flows of $6.49 million on Tuesday, marking the fourth consecutive day of outflows.
Grayscale’s ETHE fund led the outflows with $36.99 million in withdrawals, partially offset by $26.77 million in inflows into BlackRock’s ETHA and $3.73 million into Bitwise’s ETHW. The other six ether ETFs saw no significant movement.
Daily trading volume for spot Ethereum ETFs reached $194.66 million on Tuesday, well below the $900 million to $1 billion range seen in the first week of their launch in July. So far, there has been a total net outflow of $440.11 million from Ethereum ETFs.
*Not investment advice
Continue Reading: Positive Inflows Continue in US Spot Bitcoin ETFs, While Outflows Continue in Ethereum ETFs! Here Are the Details |
2024-08-21 | Trading Veteran Peter Brandt Drops Must-See Bitcoin Price Update
2024-08-21
Cover image via U.Today
Veteran trader Peter Brandt
has released an important update to his view on the Bitcoin price today. Specifically, the skilled speculator of financial assets pointed out that Bitcoin (BTC)
, and Ethereum (ETH)
are showing well-known technical formations.
Thus, for the first cryptocurrency, Brandt observes a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations usually indicate expansive price swings in both directions, which often precede a decisive breakout or breakdown out of the range.
However, he notes that a clear trend has yet to emerge for Bitcoin
, and the lookout for further developments is needed before making any substantial investment decisions.
Charts of continuing interest are Bitcoin and Ether.Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTCNo declaration of next trend yet $BTC
$ETH
will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC
— Peter Brandt (@PeterLBrandt) August 20, 2024
It's interesting to note that when the veteran trader was then asked about what would signal a resumption of Bitcoin's long-term uptrend - a breakout above the diagonal resistance line or breaking the horizontal line at the $74,000 level - he dismissed the relevance of diagonal resistance, saying he doesn't factor it into his analysis.
Suming up, Peter Brandt thinks that Bitcoin will keep on moving in a pretty wide range, which is likely to expand further until it breaks out of one of those boundaries. We're probably going to see more volatility, too, along with a lot of dramatic price pertrubations.
Ethereum (ETH) price outlook
As for Ethereum
, here Brandt notes that the altcoin remains on the defensive. He believes that the major altcoin will not signal bullish strength until it closes above the critical $3,050 level. Apparently, according to Brandt, until that happens, a bearish bias prevails for the price of ETH.
It's worth mentioning that the veteran trader's previous outlook on altcoin included a short set-up with targets of $1,641 per ETH. |
2024-08-21 | McAfee introduces AI deepfake detection software for PCs
2024-08-21
The computer security software company McAfee has revealed a new tool aimed at helping users combat the rise in artificial intelligence deepfakes.
On Aug. 21, the company introduced
its new AI Deepfake Detector software, the first of its kind. The tool is available on select Lenovo AI computers and is designed to help users detect deceptive video content with unmatched speed and accuracy.
Detecting deepfakes
As deepfakes — AI-altered videos designed to mislead — proliferate
online, the ability to discern real from fake is becoming more crucial. According to a study conducted by McAfee in early 2024, nearly two-thirds of consumers are more worried about deepfakes now than they were just a year ago.
McAfee says its Deepfake Detector employs advanced AI models that were trained on nearly 200,000 video samples to quickly and privately determine whether a video has been manipulated.
Roma Majumder, senior vice president of product at McAfee, said the company is committed to a future where “AI is used for good” and said the tool offers consumers the ability to protect themselves from “digital deception.”
“Knowledge is power, and this has never been truer than in the AI-driven world we’re living in today.”
“No more wondering, is this Warren Buffet investment scheme legitimate… or did a politician actually say these words,” Majumder explained. “The answers are provided to you automatically and within seconds with McAfee Deepfake Detector.”
Related:
Warren Buffett compares AI to nukes after seeing deepfake doppelganger
No privacy compromise
Social platforms like TikTok
and crypto exchanges such as Bitget
already employ tools to detect AI-generated content.
Unlike other deepfake detection tools that require cloud processing, McAfee’s solution utilizes Lenovo’s on-device AI capabilities, enabling users to receive quick results while maintaining their privacy.
The detection process occurs entirely on the user’s PC, ensuring no audio or video data is uploaded to the cloud. User privacy is then enhanced, as well as the overall performance of the device, allowing users to continue their regular activities, such as gaming or streaming, while the software runs discreetly in the background.
Along with the new software, McAfee also announced the launch of its Smart AI Hub, which will serve as a new online resource dedicated to educating the public about AI scams and deepfakes.
Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining |
2024-08-21 | Bitcoin Price Drops Again
2024-08-21
You can also read this news on BH NEWS: Bitcoin Price Drops Again
Bitcoin’s price has taken another downturn today, leading the broader market to follow suit. Despite the overall decline, some altcoins have managed to rise. Notably, TRX
saw a 10% increase, allowing it to surpass ADA and re-enter the top 10 cryptocurrencies. This period has also brought significant comments from analysts, with a prominent figure weighing in on Bitcoin’s current state.
Analyst’s Bitcoin Insight
Mark Dow, an influential economist, recently issued a caution to Bitcoin enthusiasts via social media. He believes that Bitcoin’s inability to reclaim the $60,000 mark is a troubling sign for its bullish proponents.
Dow recalled that Bitcoin peaked at the end of 2017 amid significant market uncertainty. He also mentioned that substantial short sales occurred by the end of 2018, resulting in an 80% price drop from its peak during that period.
Bitcoin’s Price History
In a Bloomberg interview, Dow explained he chose not to “squeeze more out of the lemon,” referring to his decision to exit his Bitcoin position as prices began to recover in 2019. This move was considered a great trade at the time.
However, Dow hasn’t always been accurate in his predictions. In November 2019, he suggested that Bitcoin might be nearing its end. Less than a year later, Bitcoin surged to new highs, reaching $69,000 in 2021.
Key Takeaways for Investors
Before diving into the current market conditions
, here are some actionable inferences:
Monitor Bitcoin’s ability to reclaim key price levels like $60,000.
Be aware of historical patterns such as significant drops following peaks.
Consider analyst insights but also conduct your own research.
In 2021, Bitcoin entered a major bear market, but it also hit an all-time high of $73,737 in March, following the launch of spot Bitcoin ETFs. This period saw the Bitcoin community, traditionally opposed to mainstream finance, surprisingly embrace Wall Street.
On August 5, Bitcoin’s price briefly dropped to $48,800 on Binance due to global market turmoil triggered by a decline in Japanese stocks. As of today, Bitcoin stands at $59,700 after a 1.90% drop in the last 24 hours.
The post first appeared on BH NEWS:
Bitcoin Price Drops Again |
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