Bitcoin’s price took a steep tumble early this week, driving over $300 million in crypto market liquidations in a single day. Why the sudden volatility? Gayatri Choudhury, Quantitative Research Analyst at Bitwise, says there have been two key drivers of the selloff – and neither relates to the Bitcoin ETFs. Miners Are Dumping The analyst...Read More
A popular Republican congressman introduced legislation that would require the United States Treasury to accept tax payments in bitcoin. Pay Taxes With Bitcoin The bill, authored by Rep. Matt Gaetz (R-Florida), would order the Treasury Secretary to “develop and implement a method to allow for the payment with bitcoin of any tax imposed on an...Read More
The Crypto Fear and Greed Index, which measures market sentiment for Bitcoin and the broader cryptocurrency industry, has tanked to its lowest score in nearly 18 months. This development follows bitcoin’s drop below $60,000, reaching its lowest point since early May. Crypto Fear & Greed Index Plummets The index fell 21 points on June 24,...Read More
Bitcoin (BTC) has continued its downtrend, reaching new local lows of under $59,000. During the mid-hours of the United States Monday trading session, BTC briefly fell below $60,000 to register a new local low of $58,500. This slump has persisted as outflows from the U.S. spot Bitcoin exchange-traded fund (ETF) market have continued into the...Read More
Michael Saylor, the executive chairman and co-founder of MicroStrategy, has predicted that Bitcoin will reach $10 million per coin. Saylor made this prediction during a podcast with Robin Seyr, further claiming that China will become a strong supporter of the cryptocurrency. Chinese Adoption and Economics Saylor, who is known for being among the most vocal...Read More
Famous investor and author Robert Kiyosaki said on Monday that he was eagerly waiting to buy more Bitcoin after the asset’s price fell to $61,000 to start the day. But The Bitcoin Dip, Says Robert Kiyosaki The man behind the best-selling finance book Rich Dad Poor Dad asserted that selling in times of market turmoil...Read More
Metaplanet Inc., a Japanese investment firm, announced on Monday that its board of directors decided to purchase Bitcoin worth about $6.26 million (1 billion Yen) using capital raised through a round of bond issuance. This announcement caused a sharp spike of 12% in the price of Metaplanet’s stock, indicating community approvals of these purchases. More...Read More
Digital asset investment products experienced a second consecutive week of outflows shedding $1.2 billion which amounted to $584 million. According to CoinShares, this could potentially be a result of the pessimism amongst investors regarding potential Fed interest rate cuts this year. Altcoins See Inflows Amid Market Weakness Bitcoin bore the brunt and remained the primary...Read More
Bitcoin’s ongoing correction could be nearing its end and the market could experience a rally in the coming weeks, judging by pseudonymous cryptocurrency trader Teddy’s analysis. According to their tweet, if history repeats itself, bitcoin’s bottom for this correction could be in the $61,000 range. Bitcoin to Bottom at $61K Teddy explained that every correction...Read More
In an important development, the defunct crypto exchange Mt. Gox announced it will begin repaying creditors in Bitcoin and Bitcoin Cash starting next week. This repayment marks a crucial step towards resolving claims from its 2014 collapse. Mt. Gox Repayment Process: An Overview Mt. Gox will initiate repayment in July 2024, focusing on creditors who...Read More
Leading digital asset technology firm Marathon Digital has found a way of utilizing the heat from its Bitcoin mining activities. Marathon’s latest announcement revealed that it has launched a pilot project to warm a Finland community of roughly 11,000 residents with recycled heat from its Bitcoin mining operations. Marathon Uses Mining to Warm Districts The...Read More
The world’s number one and two leading cryptocurrencies by market capitalization, daily transaction volume, and crypto exchange volume have almost perfectly tied for ROI from Jan. 1 through the middle of June. For comparison, the S&P 500 Index notched up nearly 15% over that same period. But that’s more than the broad stock market benchmark...Read More
Santiago R Santos, a well-known figure in the crypto world, recently shared his market outlook for the rest of 2024. Here’s a concise breakdown of his key predictions: My theses for the rest of 2024: 1. We end the year at ATHs for majors (BTC, ETH, SOL) 2. Tokens with big unlocks continue to underperform....Read More
British multinational bank Standard Chartered is all set to roll out a trading desk for Bitcoin and Ether. The latest development makes it one of the first global banks to engage in spot cryptocurrency trading. Standard Chartered has been engaging with players in the digital asset space for quite some time and has also partnered...Read More
Standard Chartered is all set to establish spot crypto trading for buying and selling Bitcoin and Ether. It will be one of the first global banks to enter spot crypto trading, while crypto derivatives trading has existed for several years. The new trading desk operating from London will be part of the Bank’s FX trading...Read More
Tyler and Cameron Winklevoss, the co-founders of Gemini, have announced their donations of $1 million each in Bitcoin to former President Donald Trump’s campaign. Both have publicly declared their support for Trump in the upcoming November election, criticizing the Biden administration for weaponizing multiple government agencies to bully and sue the cryptocurrency industry. Biden Administration...Read More
With spot Ethereum ETFs on the horizon in the United States, should existing Bitcoin ETF holders split their crypto holdings into ETH? In a Twitter thread on Thursday, Bitwise CIO Matt Hougan offered three reasons for why this might be a good idea. Why Bitcoin Holders Should Buy Ethereum The first, Hougan wrote, is for...Read More
The decentralized layer-1 blockchain, The Open Network (TON), has grown into one of the most popular chains and is seeing high activity as users flock to the ecosystem. A CryptoQuant Quicktake by an analyst revealed that the network’s on-chain metrics are skyrocketing, with its daily transfer volume reaching 10% of Bitcoin’s figures. These parabolic metrics...Read More
Cryptocurrency investors have shown extreme levels of fear and uncertainty toward bitcoin (BTC) over the past month. According to on-chain data analysis firm Santiment, this extended period of negativity is unusual and could signal a potential buying opportunity for those who can endure the market’s inherent volatility. Record FUD Levels and Whale Accumulation Many investors...Read More
Last week marked a notable shift in the dynamics of the crypto market. Bitcoin (BTC) lost over 6% of its value, and U.S. spot Bitcoin exchange-traded funds (ETF) broke their 20-day inflow streak with outflows running into hundreds of millions of dollars. According to the latest Bitfinex Alpha report, bitcoin’s plunge was mainly caused by...Read More
American investment management firm VanEck is set to launch the first spot Bitcoin exchange-traded fund (ETF) on Australia’s securities trading platform this week. According to an official announcement from the asset management company, the spot Bitcoin ETF will go live on the Australian Securities Exchange (ASX) on Thursday, June 20. VanEck Unveils Australian Bitcoin ETF...Read More
Bitcoin (BTC) has fallen 4.5% in the past seven days, going to a monthly low of $65,000. This plunge in the digital asset’s value could be linked to increased selling from mining entities. In the latest CryptoQuant weekly report, analysts revealed that the number of BTC sent from Bitcoin mining entities to exchanges has reached...Read More
Just a day after announcing a $500 million convertible senior note offering to purchase more BTC, among other goals, Michael Saylor’s brainchild increased its target to $700 million. The company’s shares have been on a wild ride in 2024, perhaps due to the developments around the Bitcoin landscape, but have soared by triple digits since...Read More
Blockchain intelligence firm TRM Labs has revealed that cryptocurrency deposits into crypto addresses linked to Chinese drug precursor manufacturers more than doubled in the first four months of 2024 compared to the same period in 2023. In 2023, Chinese precursor networks received over $26 million in cryptocurrency, with 97% of the over 120 manufacturers studied...Read More
Bitcoin may have struggled to reclaim its position above the recently established all-time high of over $73,000, but prominent brokerage firm Bernstein remains optimistic about the asset’s future trajectory. In its latest report, Bernstein analysts even upped their long-term price forecast for BTC to $200,000 by the end of 2025. The firm had previously predicted...Read More
Business intelligence firm and long-time Bitcoin holder MicroStrategy announced plans to offer $500 million aggregate principal amount of convertible senior notes due 2032. Interestingly, the proceeds of this initiative will be used to buy more Bitcoin and for other corporate purposes. According to its official announcement, the NASDAQ-listed company also intends to grant initial buyers...Read More
The crypto volume market share of the Turkish lira (TRY) has hit an all-time high amid the currency’s depreciation and foreign exchange volatility in the country. According to a report by crypto research platform Kaiko, the uptick in TRY’s crypto volume market share caused the currency to rally past the euro (EUR), becoming the third...Read More
Metaplanet, a Japanese company, announced on June 11 a purchase of 23.351 BTC worth about $1.59 million, elevating its BTC holdings to 141.07, worth $9.6 million. This pro-bitcoin move by Metaplanet triggered a remarkable 10.8% price surge in its publicly traded shares. Metaplanet Buys 23.351 BTC The Tokyo-based company, which has earned the nickname Asia’s...Read More
Bitcoin futures interest tapped an all-time high in US dollar terms on Monday, reaching over 500,000 BTC worth $36.3 billion. Analysts say the overwhelming surge in open interest relates to a clever arbitrage play levied by institutional traders between Bitcoin’s futures and spot markets. The Cash And Carry Trade In a Tuesday newsletter, lead Glassnode...Read More
With risk assets in the financial sector currently looking vulnerable, market experts have identified economic factors that could put bitcoin (BTC) in a similar light and push it into a “slow bleed environment.” According to a Bitfinex Alpha report, risk assets are beginning to look vulnerable due to concerns that United States authorities may not...Read More
