Recent data indicates that the number of Bitcoin whales (containing more than 1,000 BTC) has grown by nearly 9% in the past year. Interestingly, even after the completion of the third halving, whales continue to accumulate, which contradicts with their past performance. BTC Whales On A Shopping Spree Data provided by the monitoring company Glassnode...Read More
At this point, it seems like $10,000 indeed is a coveted level for Bitcoin bulls. Another week passed, and we saw yet one more failed attempt to reclaim this level. Interestingly enough, it happened minutes after the US Federal Reserve concluded its two-day June meeting, confirming near-zero interest rates for the short- and medium-term. In...Read More
Yesterday was a painful day for both cryptocurrency and stock investors as the prices tumbled in a similar manner. As CryptoPotato reported, the Dow Jones, S&P 500, and Nasdaq 100 lost sizeable chunks of their value of around 5%, and so did Bitcoin. This invalidated the narrative for the decoupling of crypto from traditional stock...Read More
According to recent reports, the Ministry of Finance in India has proposed to ban digital assets. The move comes only three months after the nation’s Supreme Court revoked a two-year-old ban. India Changes Its Mind On Crypto (Again)? A local report from today informed that India’s Ministry of Finance had moved a note for inter-ministerial...Read More
Recap of June 11, 2020: Bitcoin price touched nearly $10K as the daily high, and just a few hours later, the price plunged to almost $9K ($9078 on Bitstamp) as the daily low. In our previous price analysis reports from the past days, we anticipated a huge move. This is from yesterday’s analysis: “Bitcoin’s mid-term...Read More
Brian Brooks, the former chief legal officer of Coinbase, was recently appointed to serve as the interim head at the Office of the Comptroller of the Currency (OCC) in the Trump administration. Brooks has shown openness to exploit the merits of blockchain and cryptocurrency at his new position, according to a recent interview. Trump’s Head...Read More
Global stock markets are tumbling today as fears of a second coronavirus (COVID-19) wave grow stronger. Reports have it that there’s a rising trend of new cases in the US and across the world, and this has evidently taken its toll on the economy as well. Equities Tumble Amid Fears of Coronavirus Reignition The World...Read More
The American multinational technology company Microsoft Corp. has launched a beta version of its open-source, decentralized identifiers (DIDs) network on Bitcoin’s mainnet. Called ION, it’s designed to bring back the control of personal information from centralized entities to individuals. Microsoft’s DID Employs Bitcoin’s Network The tech giant explained its decentralized identifiers as a technical component...Read More
Quick recap: since May 7, 2020, which was a few days before the recent halving event, Bitcoin had been trying to breach the $10,000 benchmark level for several times. All of those ended up as failed attempts. The most serious attempt took place during the first day of June, as Bitcoin surged to the 2020...Read More
The Bitcoin hash rate appears to be migrating west after the percentage of BTC mining taking place in the United States increased by 78%, leading into 2020. That’s according to the latest data from the Cambridge Center for Alternative Finance (CCAF), presented in a report by TokenInsight, which shows the US-based Bitcoin hash rate rose...Read More
A recent cryptocurrency scam running live on YouTube managed to dupe nearly $150,000 in Bitcoin from victims. Interestingly, the scam impersonated Elon Musk’s SpaceX channel and broadcasted recorded videos of the recent successful launch of two astronauts to the International Space Station. SpaceX And BTC Giveaway Scam Fraudsters are frequently attempting to dupe victims with...Read More
Over the past days, while the equity markets are breaking records, Bitcoin is lagging. The indecisive state of mind the cryptocurrency is going through continues into this week. As can be seen in the following daily chart, the Bitcoin price is forming a symmetrical triangle (the two blue trend-lines), reaching the apex in 2-3 days...Read More
A study compiled by the American multinational financial services corporation Fidelity Investments informed that a third of large institutional investors own a form of cryptocurrency. The highest level of interest came from Europe, followed by the US. Institutional Investors Choose Cryptocurrencies According to the report from Bloomberg citing the survey from Fidelity, 36% of all...Read More
Egypt’s economic growth in the third quarter (Q3) of the current fiscal year has displayed a lower number than projected following the COVID-19 pandemic. At the same time, data shows that the peer-to-peer Bitcoin volume in the country has registered a fresh all-time high. Egyptians Trade Bitcoin According to the information provided by the cryptocurrency...Read More
Institutional investors have been wary of the cryptocurrency field, and one of the main arguments for that falls on the volatility of their price. It’s not unusual for a random altcoin to pop and surge 100% in a day without any evident reasons or based on a seemingly unimportant announcement. However, legacy markets don’t seem...Read More
Recent data indicates that Bitcoin transaction fees have been decreasing after the post-halving peak, while Ethereum fees are on the rise. As such, the total amount in fees spent on the Ethereum network has surpassed Bitcoin’s, and the gap continues to grow. The “Feepening” Ethereum Vs. Bitcoin According to information from the cryptocurrency data company...Read More
Yesterday, Bitcoin closed another weekly candle – the first week of June. During the past week, the price had gone through extreme volatility ($9100 – $10,500); however, there is good and bad news following the weekly close. The good news is that the weekly candle ended green while holding the long-term support at the ascending...Read More
Cryptocurrency derivatives trading volume reached a new monthly all-time high in May 2020, surpassing the previous record recorded in March, recent research indicates. Volumes on regulated exchanges such as CME soared as well for both futures and options trading. Crypto Derivatives Monthly Volume ATH According to the report by CryptoCompare, the monthly trading volume of...Read More
The most widely used US-based cryptocurrency exchange Coinbase went down during Bitcoin’s latest surge above the $10,000 mark. After a few days of discontent from the community, the company recently published a statement claiming that the unusually high traffic prompted technical difficulties. Traffic Brings Down Coinbase As CryptoPotato reported recently, the US-based exchange went offline...Read More
According to an analysis by the popular blockchain data company Glassnode, Bitcoin miners are selling a lot less at the current price rate. While this might look like a positive sign at a glance, it might also suggest that the current rate simply doesn’t satisfy their profitability criteria. Bitcoin Miners Selling Less Data from the...Read More
Cryptocurrency intelligence company tracking crimes involving digital assets – CipherTrace – said in its latest report that crypto thefts, hacks, and frauds totaled $1.4 billion in the first five months of 2020. Cryptocurrency exchanges are becoming more aware of illegal funds coming from crimes and are implementing successful countermeasures, the firm added. $1.4B Worth Of...Read More
June started very violently for Bitcoin. On the first day of the month of June, the primary cryptocurrency recorded a 3-month high after touching the $10,500 resistance mark. However, the drop was even quicker, as Bitcoin price saw a free-fall to $9135 on Bitstamp, and even lower on BitMEX exchange. Over the past days, the...Read More
To say that this week has been a wild ride is definitely an understatement. Bitcoin’s price went nuts and kept everyone on edge. In the span of 24 hours, BTC went to surge from $9,400 to almost $10,500 and then back to $9,400 and even lower down to $8,600 on BitMEX. This whole ordeal saw...Read More
Ethereum’s hash rate has increased by nearly 30% since the start of 2020 to the current levels of 187,369 GH/s suggesting that miners are becoming more involved before the impending launch of Ethereum 2.0. ETH Hash Rate Rises In 2020 According to data from Etherscan, ETH’s hash rate started the year at approximately 147,405 GH/s....Read More
Bitfinex has responded to the latest amendments in the ongoing class-action lawsuit leveled against Bitfinex and Tether, calling the entire case, “baseless.” Bitfinex/Tether Denounce “Baseless” Lawsuit General Counsel for Bitfinex, Stuart Hoegner, labeled the lawsuit an “unproven conspiracy theory.” He said in an official company announcement on June 4: “The plaintiffs’ allegations remain untethered to...Read More
Bitcoin is on course to reach and possibly break its all-time high level of $20,000 by the end of the year, says Bloomberg’s latest report. It adds that BTC has matured as an asset in the past several months, which is supported by the increasing number of similarities with gold and its performance during the...Read More
This week had been quite volatile, even for Bitcoin. After the primary cryptocurrency broke-up to the 2020 highs near $10.5K, followed by a quicker drop back below the same critical trend-line, BTC is left now at the same levels it was trading at for the majority of the past week. The bottom line is that...Read More
The President of the United States, Donald Trump, has tapped Hester Peirce for a second term as a member of the Securities and Exchange Commission (SEC) as her current one is set to expire on June 5th, 2020. Peirce is a vocal defendant of Bitcoin as she opposed the rejections of a Bitcoin-based ETF by...Read More
Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate – called AMERIBOR – could serve as a potential replacement to LIBOR. Blockchain Project To Replace LIBOR? The London Interbank Offered Rate (LIBOR) has a significant role in global finance. It’s utilized to...Read More
The inflow of Bitcoin to cryptocurrency exchanges more than quadrupled on June 2, when the Bitcoin price crossed above the $10,000 price range for the first time since February. Bitcoin Holders Trying to Sell at $10,000? Data courtesy of Glassnode reveals a sharp spike in the volume of Bitcoin transferred to exchanges during BTC’s rise...Read More
