Bitcoin’s supply-in-profit ratio is very high at the moment, as reported by on-chain analytics firm CryptoQuant on Feb. 28. It noted that the current ratio is the same as the ratio recorded at the peak of the “echo bubble in 2019” and the beginning of the bull market in 2020.” Furthermore, it is approaching levels...Read More
Bitcoin has again shown its resilience and upward momentum, surpassing the $55,000 mark following a breakout from a 10-day accumulation range. This milestone, achieved for the first time since November 2021’s all-time high, marks another record-setting moment in the cryptocurrency’s journey. Ethereum has joined the rally, surging by 26.6% since its cycle low, while Bitcoin...Read More
Bitcoin’s fast-rising price is attracting traders and speculators back into the market, on-chain data suggests. In a Tuesday newsletter, blockchain intelligence firm Glassnode highlighted how risk appetite is increasing across various cohorts of the Bitcoin market, including institutional buyers and short-term holders alike. Bitcoin Holders Back In Profit Since the start of the year, Bitcoin...Read More
Bitwise research analyst Ryan Rasmussen projects a 50% probability of spot Ethereum ETFs receiving approval from the U.S. Securities and Exchange Commission (SEC) in May. Furthermore, he anticipates Bitcoin reaching $88,000 by the conclusion of 2024. Ethereum ETF Approval Hangs in the Balance In a recent interview on Yahoo Finance, Rasmussen emphasized that ETFs are...Read More
The crypto market may be at the onset of an altcoin season, say analysts at crypto exchange Bitfinex, due to Ether’s (ETH) latest performance. According to this week’s Bitfinex Alpha report, the resurgence in ETH’s value is rekindling investor interest in the broader altcoin market, indicating a shift in focus from Bitcoin (BTC) to other...Read More
Solana-based investment products had seen steady inflows throughout the year after intensive performance and reliability improvements. However, investor confidence took a hit due to a network outage lasting five hours earlier this month, caused by a bug that caused transactions to enter an infinite loop, thereby impacting the network’s functionality. Solana’s Troubles Continue Among altcoins,...Read More
Spot Bitcoin exchange-traded funds (ETF) have surpassed a staggering $50 billion cumulative trading volume since trading started in the United States on January 11. The milestone, achieved on Thursday, February 22, marks a 76.68% surge from the 28.3 billion cumulative volume recorded at the beginning of the month, according to data from BitMEX Research. $50B...Read More
European Central Bank advisors have described the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January as “the naked emperor’s new clothes” in their latest blog post. The advisors, Ulrich Bindseil, ECB Director General for Market Infrastructure and Payments, and Advisor Jürgen Schaaf, criticized Bitcoin, outlining its unsuitability as a means...Read More
Block, led by CEO Jack Dorsey, announced $66 million in gross profit from selling Bitcoin through its Cash App in the fourth quarter of last year. This marks a 90% increase from the previous year, according to the company’s earnings report released on Feb. 22. Block’s Bitcoin Revenue Soars to $2.5 Billion The report revealed...Read More
Recent analysis from on-chain intelligence platform CryptoQuant has found that large entities’ total bitcoin (BTC) holdings have grown to a level last seen in July 2022 due to their unwavering accumulation of the digital asset. According to CryptoQuant’s weekly crypto report, the BTC holdings of these entities have grown significantly from 3.694 million in December...Read More
On Feb. 23, Bitcoin historian and journalist Pete Rizzo shared five emails from 2008 and 2009 between cryptographer Adam Back and BTC creator Satoshi Nakamoto. The first one from August 2008 is a discussion on Bitcoin four months before its official launch. “I’m getting ready to release a paper,” wrote the elusive Satoshi, who referenced...Read More
Donald Trump, former United States President and candidate in the upcoming elections, has taken a u-turn on his stance against Bitcoin, stating that he can live with it. During an interview with Fox News, the billionaire acknowledged that BTC, the leading digital currency, is getting a lot of attention and taking a life of its...Read More
Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday, in a bid to go public on the New York Stock Exchange (NYSE). The filing revealed that the company has invested some of its “excess cash reserves” into multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). According...Read More
Speaking on CNBC’s Squawk Box on Feb. 21, the American entrepreneur said he thinks Bitcoin prices will reach $150,000 this year. Lee cited three reasons for his bold price prediction, which would involve the asset moving 190% higher than current levels. “You have demand improving with the new ETFs, you have supply shrinking with the...Read More
Michael Saylor, the co-founder and executive chairman of business intelligence firm MicroStrategy, has revealed that he and the company he spearheaded until recently would be buying Bitcoin (BTC) forever, doubling down on his stance as an advocate of the leading digital asset. During an interview with Bloomberg on Tuesday, the MicroStrategy former CEO said he...Read More
Spot Bitcoin exchange-traded funds (ETFs) have seen steady inflows in the past week, surpassing any other exchange-traded products (ETPs) among the 3,400 trading in the United States. Analysts at crypto exchange Bitfinex revealed in the new Bitfinex Alpha report that the ETFs recorded net positive inflows exceeding $2.2 billion for the second consecutive week between...Read More
Bitcoin climbed above $52,000 last week, a level not seen since December 2021, catapulting the collective crypto market cap to an astonishing $2 trillion. Several altcoins have reacted positively to this uptrend, closely following the trail of the leading crypto asset. A prominent metric indicates a higher-than-average risk associated with purchasing or initiating new positions...Read More
The crypto markets appear to be trading within equilibrium as the Bitcoin price remains stuck within a range. While bulls are not able to reclaim the levels above $52,000, bears also do not appear to be capable enough to drag the levels below $51,000. However, Star Crypto is about to end this indecisive phase soon,...Read More
Grayscale GBTC’s outflows have been experiencing outflows. Data shows that as of February 16th, the total funds withdrawn from GBTC since its conversion to a spot Bitcoin ETF have amounted to $7 billion. While the figure appears to be slowing down considerably, the once-premier fund is seeing stiff competition from ETFs by BlackRock and Fidelity,...Read More
Stacks, a Bitcoin Layer 2 solution, had major growth over the last year with a 3,386% quarterly and 3,028% annual increase in its revenue, reaching $637,000. The market capitalization of Stack’s native cryptocurrency, STX, experienced a significant surge of 203% quarterly and an impressive 598% year-over-year, reaching a milestone of $2 billion. Stacks Q4 Report...Read More
A federal police officer is currently undergoing legal proceedings in the Melbourne Magistrates’ Court, facing allegations of pocketing confiscated cryptocurrency from an online drug trafficking syndicate. The committal hearing, presided over by Magistrate Malcolm Thomas, is ongoing, with the defendant’s lawyer saying the case was “circumstantial” and they would dispute the accusations. Drug Trafficking Raid...Read More
In spite of the fact that Coinbase has always been one of the most well-known trading platforms, business within the past few years hasn’t been much easier for them than lesser-known exchanges. Between crypto winter, an ongoing lawsuit, the need for personnel reductions, and the other expenses of running a business, Coinbase has suffered business...Read More
A 51% attack occurs when a single network miner or group of miners controls more than half of a blockchain network’s hash rate. Theoretically, this would enable the attacker to block transactions from taking place in the blockchain, alter the sequence of new transactions, and potentially revert past transactions (referred to as “double spending”) by...Read More
The interest in spot Bitcoin ETFs among financial institutions such as banks and brokerages is surging as they push for the Securities and Exchange Commission (SEC) to change the definition of crypto assets. Under the new definition, they would have a bigger role in crypto, such as being Bitcoin ETF custodians. Banks Petition SEC for...Read More
As Bitcoin’s highly anticipated halving event approaches, new research from Galaxy Digital suggests that up to 20% of the cryptocurrency’s current hash rate could go offline. This reduction is expected to impact eight specific ASIC mining machine models, leading to a drop in the network’s overall hash rate. Galaxy Digital’s Projections Galaxy’s mining analysts revealed...Read More
With a total of 190,000 Bitcoins, MicroStrategy’s investment in BTC has surpassed $10 billion. The milestone came after BTC broke above $50k, underpinning the company’s strong belief in the asset’s long-term value and its role as a hedge against inflation. Since entering the bitcoin market in August 2020, MicroStrategy now holds over 190,000 BTCs worth...Read More
Tron Founder Justin Sun revealed the protocol’s ambitious Bitcoin Layer 2 roadmap that will facilitate the injection of funds into the BTC network while boosting scalability, speed, and security. TRON is also looking to integrate tokens on the network with the Bitcoin blockchain, which will ensure seamless interactions and interoperability between TRON and Bitcoin. A...Read More
In contrast to Bitcoin-tracking exchange-traded funds (ETFs), gold-tracking ETFs have witnessed significant outflows this year. On February 14, Eric Balchunas, an analyst at Bloomberg Intelligence, disclosed that gold ETFs in the top 14 rankings have experienced a combined outflow of $2.4 billion since January. Gold ETFs Experience $2.4 Billion Outflows BlackRock’s iShares Gold Trust Micro...Read More
Inflows from the new spot Bitcoin exchange-traded funds (ETFs) are the major reason BTC has experienced a significant uptick, surpassing the $50,000 level and exceeding $52,000. According to a tweet by Marc van der Chijs, Bitcoin investor and founder of several crypto firms, including miner Hut 8, ETF issuers are buying more than 10-12x the...Read More
Bitcoin ETF inflows have surged over the last four days to reach over $2.2 billion, more than the entire first four weeks of trading. Notably, the bullishness around the inflows has been viewed by market participants as a major factor driving Bitcoin’s rally, which saw its price pass the $52,000 mark. Bitcoin ETFs See Record-Breaking...Read More
