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Santiment, a crypto data tracker reported that over the past several weeks, the number of whales' largest holders with 100–1000 Bitcoins in on-chain wallets has increased, pushing the price of BTC up significantly. BTC whales were actively amassing since the FTX-Alameda ecosystem collapsed in early November 2022. In particular, 416 new addresses with on-chain Bitcoin balances between 100 and 1,000 coins were registered.
Bitcoin is much less profitable to mine than meme token Dogecoin (DOGE), according to crypto analytics firm CoinWarz (BTC). According to the analytics platform, mining BTC uses somewhat less electricity, however DOGE mining generates noticeably more profits. The cost of electricity to mine DOGE is $8.22 per day and that of BTC is $7.22. However, daily returns for DOGE miners are $12.94 compared to $3.58 for Bitcoin miners, making the meme token about 261% more profitable to mine.
Shiba Inu (SHIB) coins are being abruptly moved by a crypto whale as the dog-themed cryptocurrency is getting ready to reveal its new metaverse at SXSW. A notable 3,323,256,285,484 SHIB, worth $30.48 million, were transferred from one unidentified wallet to another, according to Whale Alert. The new metaverse will be unveiled, according to developers, at the Austin, Texas, SXSW music and film festival in 2023.
Autofarm is a leading yield farming aggregator on Binance Smart Chain. They have recently announced Artificial Intelligence integration to their products. Autofarm has launched Autolabs, which is their in-house research division. Their goal to integrate Artificial Intelligence and Machine learning, in order to make autonomous decisions for optimal asset allocation across multiple blockchain networks for efficient yield farming. Overall it is a big step forward in DeFi.
Recent data shows more people are likely to keep Bitcoin as it attempts to establish a strong rally. It is said that as of Jan 13, the total number of unique Bitcoin holders was 43,540,424. According to data from Worldometer, the number of Bitcoin owners currently accounts for about 0.54% of the world's population, which was 8,010,885,391 at the moment, which can be inferred that every 184th individual on the planet may have some BTC.
A long-term relationship has been reached between the Ukrainian national soccer team and Whitebit, a European cryptocurrency exchange with Ukrainian roots. According to the agreement, the company's logo will appear during the team's games. In order to encourage the broad use of cryptocurrencies in Ukraine's sports industry and throughout the nation, it is intended to involve soccer enthusiasts in collaborative projects.
The Democratic Republic of the Congo's Virunga National Park is the oldest protected area in Africa. However, the park has come under increased pressure from local militia groups that have carried out violent attacks on its animals and staff. MIT Technology Review shows that park director Emmanuel de Merode, uses bitcoin mining to make money off the park's natural resources, which would be left stranded in order to maintain the park's existence.
An analysis by Souq Analyst found that over 65,000 Omanis, or 1.9% of the adult population of the nation, are crypto owners. Nevertheless, the findings imply that Oman has a high level of crypto awareness, despite the low ratio of crypto holdings to the country's population. Souq Analyst discovered that 66% of Oman's crypto owners have a bachelor's degree or higher qualification in the study, which included participation from over 200 persons.
According to Cathie Wood's investment company, Ark Invest, long-term Bitcoin investors remained resilient throughout 2022 despite market volatility. The investment business claims that despite high-profile fraud cases and a price crash, there is still a "strong cohort" of long-term Bitcoin holders who have not sold their holdings. The amount of supply that hasn't changed in at least two years is at an all-time high of 47%, according to Ark invest.
A $7 million DAI stablecoin loan from its issuer MakerDAO was made to Société Générale, a French multinational investment bank and provider of financial services. Société Générale was granted permission to launch a vault which has a debt ceiling of $30 million, meaning that it may borrow up to this amount of DAI from Maker. MakerDAO further confirmed that it had finally withdrawn $7 million in stablecoin after several months.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.