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Crypto News

Long-Term Bitcoin Holders Fueling the Crypto's Soaring Confidence

Long-term Bitcoin holders now possess a record-breaking 14.59 million BTC, signifying a growing belief in the cryptocurrency's potential as a store of value. These holders, who have kept their coins for at least 155 days, control 75% of Bitcoin's circulating supply. Recent data from Glassnode reveals an increase of 43,949 BTC (approximately $1.27 billion) in their total balance over the past week. The low realized volatility in Bitcoin indicates a phase of re-accumulation, reinforcing its stability amid recent price fluctuations. Despite a slight dip, Bitcoin remains strong with a 75% increase this year, outperforming traditional stock indexes.

Decrypt - 1114 ngày trước

Impressive Gains in Crypto Firms' Quarterly Earnings Amidst Market Boom

Crypto firms' quarterly earnings show increased revenue and profits due to the rising prices in the crypto market. MicroStrategy, Block, Coinbase, CoinShares, and Robinhood reported positive financial results. MicroStrategy's net income swung to $22.2 million from a $1.1 billion loss last year. Block saw a 34% YoY increase in Bitcoin revenue, while Coinbase posted $663 million in net revenue, surpassing non-trading revenue over trading revenue. CoinShares' revenue surged 33% YoY, and Robinhood became profitable for the first time. Despite some revenue declines, the overall crypto industry is thriving.

cointelegraph - 1114 ngày trước

Bloomberg Analyst: Major Holders Drive Bitcoin's Bullish Momentum

Bitcoin's bull run shows no signs of slowing down as long-term investors amass the digital asset. Bloomberg analyst Jamie Coutts reports a sharp rise in Bitcoin holdings among "residents," who now own 74.8% of the total supply. The movement of 30% of Bitcoin to cold storage since 2020 has reduced supply on exchanges to just 2.26 million Bitcoin. Coutts predicts a price of $39,000 by Q4 2023, and an optimistic $92,000 by 2025 if active entities exceed 600,000, with on-chain activity indicating ongoing Bitcoin usage surge.

U.Today - 1115 ngày trước

Research Indicates Tether Could Be the Owner of the 11th-Largest Bitcoin Address

A research analyst from 21.co has revealed that Tether, the company responsible for the leading stablecoin, may be holding the 11th-largest bitcoin address. Further confirmation from a reliable source at The Block supports this claim. Tether's recent assurance reports have sparked discussions about its earnings and bitcoin holdings. The Q1 2023 report showed $1.5 billion in bitcoin reserves, and the latest attestation by BDO indicates an $850 million increase in Q2 2023. Despite not confirming ownership, onchain data suggests Tether's involvement in bitcoin transfers originating from Bitfinex. This development strengthens confidence in crypto markets.

newsbtc - 1116 ngày trước

Bitcoin's 'Hodl' Strategy Triumphs in First Half of 2023, Outperforming Crypto Funds by 68.8%

In the first half of 2023, the "hodl" strategy for Bitcoin proved highly successful, outperforming most crypto funds by an impressive 68.8%, as reported by Switzerland-based investment adviser, 21e6 Capital AG. On average, crypto funds generated returns of 15.2% during the same period, while BTC saw gains of around 84%.. Challenging market conditions and large cash reserves held by funds from the previous year led to their underperformance. However, investor sentiment has improved slightly, indicating a potential increase in cash allocation to the crypto sector, though caution remains due to incomplete sentiment recovery.

cryptointelligence - 1116 ngày trước

Oman's Financial Regulator Seeks Public Opinion on Virtual Asset Regulation

The Capital Market Authority of Oman has released a consultation paper on its proposed regulatory framework for digital assets, inviting public feedback until August 17. The framework aims to govern cryptocurrencies and provide an alternative financing and investment platform while mitigating associated risks. The proposed regulations cover various aspects, including licensing requirements for virtual asset service providers, corporate governance, and asset issuance. Privacy coins may face a ban depending on public feedback. Once the consultation phase ends, the CMA will finalize the regulatory framework, marking Oman's move towards comprehensive virtual asset regulations.

cointelegraph - 1116 ngày trước

Coinbase CEO Firmly Denies Immediate Departure from US Amid Regulatory Challenges

Coinbase CEO Brian Armstrong has given a mixed response regarding the cryptocurrency exchange's plans to leave the United States due to regulatory uncertainty. While facing a lawsuit from the SEC and scrutiny from state regulators, Armstrong stated that Coinbase is currently staying in the U.S., with no immediate intention to leave. However, he had previously mentioned the possibility of relocating the exchange's headquarters to a more crypto-friendly country. The outcome of the SEC's case against Coinbase could have significant implications for crypto firms operating in the U.S., as seen in the recent Ripple lawsuit ruling.

cointelegraph - 1116 ngày trước

Bitcoin Investors Hold Strong with 69.2% of Supply Inactive

Bitcoin investors exhibit strong HODLing behavior as 13.42 million BTC remain inactive in addresses since August 2022. This immobile supply constitutes 69.2% of the total Bitcoin, demonstrating a steadfast belief in the cryptocurrency's long-term value despite market volatility. Only 1.14 thousand BTC were sent to exchanges recently, indicating a reluctance to sell at current price levels. The HODLing trend contributes to Bitcoin's market capitalization, valued at around $400 billion, surpassing the combined market cap of all cryptocurrencies excluding Bitcoin and Ethereum. With Bitcoin priced at $29,233, the sentiment among investors appears positive.

Finbold - 1116 ngày trước

Elon Musk Denies Creating Own Cryptocurrency for X (Twitter)

Elon Musk, has refuted rumors of the platform creating its own cryptocurrency. Speculations had been circulating since last year when Musk acquired Twitter for $44 billion. While the Dogecoin community hoped for DOGE integration, Musk has introduced a Subscription feature for micropayments to content creators. He clarified that X will not charge a 10% fee on creators' earnings until payments reach $100,000. Despite this, Musk has not addressed the possibility of implementing Dogecoin payments, a coin he once praised as a viable alternative to Bitcoin.

U.Today - 1117 ngày trước

US-Based Valkyrie Funds Plans to Convert BTF into Bitcoin and Ethereum ETF on Oct. 3

Valkyrie Funds, a US-based alternative assets management company, has filed for permission to transform its Bitcoin Futures ETF (BTF) into a Spot Bitcoin and Ethereum ETF from October 3. The move, if approved, would precede the launches of other 13 filers by two weeks. Bloomberg's Senior ETF analyst, Eric Balchunas, eagerly anticipates the outcome. Valkyrie aims to combine Bitcoin Futures contracts and Ether Futures contracts for its investment objective, with a proposed name change to Valkyrie Bitcoin and Ether Strategy ETF. The fund will continue trading on Nasdaq under the symbol 'BTF.'

Coin Edition - 1117 ngày trước

Crypto News

Bitcoin Open Interest Surges by $1.8 Billion as Price Breaks $27,000

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.

newsbtc - 1072 ngày trước

Bitcoin Poised for Parabolic Rise with Institutional Capital Inflow, Says Morgan Creek Capital Founder

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.

The Daily Hodl - 1072 ngày trước

Citigroup Leads the Way with Permissioned Blockchain for Institutions

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.

Blockworks - 1072 ngày trước

Bitcoin Dominance Soars Above 50%, Emerging as the Crypto Safe Haven

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.

U.Today - 1072 ngày trước

Animoca Game Studio Pioneers Bitcoin-Backed Metaverse Token, Ushering in Bitcoin's Next Phase

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.

Bitcoin News - 1073 ngày trước