As the primary cryptocurrency hovers around $21,000, retracing back from the weeks-high level at $24,100, experts across the industry remain cautious in regards to its upcoming price action. However, emerging signs have indicated that the asset’s price has found a cyclical bottom, reported Bloomberg. A Cautious Attitude In Reign Among Experts The relief rally in...Read More
After an exuberant risk-on rise in Bitcoin’s price Tuesday, a retracement since Wednesday wiped out most of the gains. Traders blame Tesla’s Q2 earnings report. Bitcoin prices hovered around the $20K level since mid-June. Markets are watching closely to see what bitcoin whales will do next. Tesla reported dumping 75% of its bitcoin Wednesday. As...Read More
In a recent Twitter thread, Arcane Research analyst Vetle Lunde revealed how many Bitcoin institutional investors had sold since Terra’s carnage kicked in, thus tanking the whole crypto market. In his estimate, Tesla sold 29,060 BTC at an average price of $32,209 in May. Forced Selling In Lunde’s view, massive institutional blow-ups in the past...Read More
Binance CEO CZ Zhao does not think anyone selling or buying Bitcoin can fundamentally impact the asset – even including Tesla CEO Elon Musk. To demonstrate his faith in the primary cryptocurrency, CZ said he is still holding most of the coins he bought when he just entered the industry. On Tesla’s Bitcoin Dump Commenting...Read More
Morgan Stanley called El Salvador-issued Eurobonds at their current price levels a buying opportunity partly due to the recent crypto crash that has battered the value of the country’s bitcoin holdings. Despite its severe debt, the government could continue “muddl[ing] through” for at least a year without failing to meet its bond payments, said the...Read More
The American-based bitcoin miner – Compass Mining – intends to add 25,000 ASIC miners to its facility in Granbury, Texas. The deployment is scheduled for August as it will be supported by Compass’ partner – Compute North. Going Forward Despite the Dismissals Compass Mining has been struggling recently due to numerous reasons. In an attempt...Read More
Famous American financier Anthony Scaramucci has admitted that having massive exposure to Bitcoin was a mistake in the short run, as he and his investment company suffered significant losses amid the bear market. Bullish on Bitcoin in the Long-term In his latest CNBC interview, Scaramucci noted that while his Bitcoin exposure via his investment firm,...Read More
Su Zhu and Kyle Davies – Co-Founders of the distressed cryptocurrency hedge fund Three Arrows Capital (3AC) – explained that accumulative lending agreements and the collapse of the digital asset market are the reasons for the fall of their project. In addition, they said accusations against them of living a lavish lifestyle on the back...Read More
The electric vehicle giant Tesla sold $936 million of its bitcoin holdings in Q2 this year. However, the move was prompted not because the company does not believe in the asset anymore, but because of the record production costs in China due to the last COVID-19 lockdown, CEO Elon Musk explained. Earlier this week, the...Read More
Third-largest Bitcoin whale has finally emptied its BTC holdings after demonstrating a long-term accumulation trend. As per BitInfoCharts, the whale bought a total of more than 207k BTC since 2019 before transferring all of it. The move coincided with Bitcoin posting gains for three straight days before topping $24,000, the highest level since mid-June. Over...Read More
The Thailand-based cryptocurrency platform – Zipmex – froze clients’ withdrawals citing volatile market conditions. It remains unknown when the company will restore the service. The latest firm in the cryptocurrency field to reveal issues on its platform is the Thai exchange Zipmex. In a recent tweet, it disclosed that users are not allowed to make...Read More
As Bitcoin spiked through the resistant level of $23,000 after dipping below $19,000 recently, many expected that the breakout signaled a short-term relief rally. Glassnode’s weekly report predicts that the primary cryptocurrency is forming a “genuine bottom” as its current realized value is around $22,000. In the meantime, on-chain data has shown that the unrealized...Read More
Edward Dowd – former Managing Director at BlackRock – thinks that bitcoin will be a much more stable asset once the bear market is over. He described it as “the Amazon of the crypto era,” predicting it will hold a spot in everyone’s portfolio in the future. The Crypto Winter Will Not Defeat Bitcoin The...Read More
The data center of the bitcoin miner Marathon Digital – Applied Blockchain – secured around 254 megawatts of new hosting power for the company’s operations, and it could boost the supply to 324 megawatts if it collaborates with other providers. The move should aid Marathon’s goal of reaching approximately 23.3 EH/s of computing power for...Read More
Long-term bitcoin holders have not disposed of their holdings into the market weakness as short-term speculators are mainly responsible for the heavy selling that exacerbates the asset’s nosedive, according to Coinbase’s latest monthly report. Miners and crypto firms that are forced to liquidate their positions to stay solvent amid a liquidity exodus have shown that...Read More
BitMEX Research recently published a report detailing why Ethereum has dwarfed Bitcoin as the center of Dapp and developer activity within crypto. While there are technical reasons for the discrepancy, the team claims that Bitcoin developer culture prior to Ethereum’s launch drove alternative use cases away from its ecosystem. The OP_Return Controversy The report explores...Read More
Renowned baseball team, New York Yankees, is set to let its employees convert a portion of their paychecks to BTC holdings after striking a deal with Bitcoin-focused financial services firm New York Digital Investment Group (NYDIG). According to the official press release, the multi-year partnership will allow the Yankees’ employees to access NYDIG’s Bitcoin Savings...Read More
Bitcoin has slowly begun to decouple from equities, now nearing its lowest correlation with the stock market in 2022. A 40-day correlation coefficient between Bitcoin and the Nasdaq 100 index has fallen below 0.5 – levels not seen since January, according to Bloomberg. By comparison, the correlation was about 0.6 at the end of last...Read More
Strategists at the American multinational investment bank JP Morgan Chase & Co recently revealed that bitcoin’s cost of production has dropped by nearly 50% over the last month. BTC Production Cost Plunges to $13k According to a note published Wednesday by the bank’s strategists led by Nikolaos Panigirtzoglou, the Bitcoin production cost is currently sitting...Read More
ARK Investment Management – a company spearheaded by fund manager Cathie Wood – will reportedly have to wait longer than expected to hear the US SEC’s decision on whether it can launch a spot Bitcoin Exchange Traded Fund (ETF). In May this year, the firm once again displayed its ambitions to introduce a product that...Read More
The number of liquidated traders and the value of liquidations skyrocketed to over $200 million on a daily scale as BTC, and the entire crypto market experienced enhanced volatility following the record-breaking US inflation data. The past several days didn’t go all that well for the primary cryptocurrency, which lost the coveted $20,000 mark yesterday...Read More
The world’s largest cryptocurrency recorded one of the worst monthly price performances in history in June. This month, too, has been kind to it. The current market structure has many hallmarks of the later stage of a bear market. And while many bottom formation signals have formed, Bitcoin is yet to establish a “resilient” one...Read More
Bitcoin mining companies in Texas turned off their machines in anticipation of extreme weather conditions. In some parts of the state, temperatures are expected to surpass 40 degrees (Celsius) which, combined with the electricity consumption of the aforementioned firms, could lead to outages of the energy network. Brace for the Heat Wave In an interview...Read More
The bloodbath will probably worsen, at least, until the end of the year as inflation will remain above 5%, and regulatory crackdowns against the industry deepen, according to the annual report published by crypto research firm Messari. Examining the industry through a long-term perspective, however, the firm said institutional investments have grown steadily YoY despite...Read More
A recent study conducted by MLIV Pulse revealed that 60% of the surveyed Wall Street investors believe bitcoin dropping to $10,000 is a more possible scenario than the asset rising to $30,000. The poll further estimated that professional investors are more supportive of the cryptocurrency industry than retail investors. Pessimism Reigns Among Wall Street Investors...Read More
A study conducted by the United Nations (UN) determined that 8.5% of Kenya’s population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers. Kenyans’ Surging Appetite for Crypto Kenya – an...Read More
Tether, the company behind USDT, the largest stablecoin by market capitalization, revealed that it liquidated Celsius’s position without risk to its reserves. In a press release on Friday (July 8, 2022), Tether stated that beleaguered lending platform Celsius took an overcollateralized loan from the company, denominated in bitcoin (BTC). The stablecoin issuer said it has...Read More
British multinational jeweler Graff Diamonds Corp. has filed a lawsuit against its insurer, The Travelers Companies, Inc. (Travelers), for failing to provide indemnity after it paid $7.5 million in Bitcoin to ransomware hackers. Graff Sues Insurer Over $7.5M BTC Ransom Loss According to a Bloomberg report on Wednesday, Graff’s security systems were exploited by the...Read More
Marathon Digital Holdings – a leading bitcoin mining company – mined 707 BTC during Q2, 2022, which is an 8% Year-Over-Year increase. More importantly, though, the firm did not sell any of its crypto stash and currently owns 10,055 BTC. Despite the Bear Market, Marathon Kept Pushing The latest cryptocurrency mining company to announce its...Read More
After weeks of treading in the red, the market briefly climbed to the $1 trillion mark. The world’s largest cryptocurrency – Bitcoin – as well as some major altcoins, raked in notable gains. Additionally, Coinbase’s Bitcoin price premium also seems to be recovering after surging near 0.075. Possible Whale Accumulation According to the data from...Read More
