Latest Bitcoin News

The CFTC’s weekly report on CME bitcoin futures positions from August 3 to August 9 shows that the total open interest dropped from 12,849 contracts to 12,510 contracts.

Institutional long positions are 9,288 contracts, short positions are 9,428 contracts, and the ratio of long and short positions is 1:1. Institutional long and short positions are balanced, with a slight bias towards bearishness.

Large investors have 445 long positions, 606 short positions, and the ratio of long and short positions is 1:1.4.

Retail investors have 1,034 long positions and 733 short positions, and the ratio of long and short positions is 1.4:1. The overall retail investors are bullish.

Thomas Farley, the former president of the New York Stock Exchange in the United States, said that Bitcoin is “trustworthy, censorship-resistant, and only 21 million forever”, and Bitcoin should be part of every investment portfolio.

In addition, Farley also stated that Bitcoin is a store of value, but its price volatility is much higher than that of other stores of value.

The upside potential of holding BTC is great, but so are the downsides. The word moon landing is dangerous.

Two researchers from the University of Illinois, Cosimo Sguanci and Anastasios Sidiropoulos, published a paper finding vulnerabilities in the Lightning Network, explaining the vulnerabilities in the Layer 2 network using the hypothetical case where malicious nodes can collude to attack.

A consortium of only 30 nodes can lock up 31% of the channel’s funds for about 2 months via a bot attack, and can steal over 750 BTC (~$18 million) via a massive double-spend attack.

The researchers said the two attacks exploited congestion on the Bitcoin blockchain to cause damage to the Lightning Network.

A double-spend attack could be the most catastrophic. As the network continues to grow, the severity will only increase, so vulnerabilities need to be dealt with immediately and efficiently.

Bitcoin miner Genesis Digital Assets locked 708 megawatts (MW) of electricity for Bitcoin mining in the first six months of the year, it said in a press release on Wednesday.

These power capacities are distributed across western Texas and sites in North and South Carolina. The New York-based company did not specify what stage of development the different sites are in or when they will be ready to begin operations.

It is reported that the Bitcoin mining site may take several months to complete. According to the company’s website, the company has signed contracts for 100MW in Sweden, 300MW in Texas and an undisclosed amount in South Carolina.

Carbon-neutral bitcoin mining company Sphere 3D Corp releases bitcoin production and mining data for July 2022. By the end of July, Sphere 3D’s mining had produced 12.78 bitcoins, with an average daily production of 0.41 bitcoins. Daily production remains unchanged compared to June 2022. Based on the Bitcoin price of $23,378 on July 31, 2022, the total for the month is approximately $298,771.

Since the company started mining operations in the first quarter of 2022, it has produced 68.05 bitcoins, and as of July 31, 2022, held 62.03 bitcoins. The company holds about $1.45 million in BTC market value.

Additionally, as of July 31, 2022, the company operates approximately 1,000 S19j Pros miners with a computing power of approximately 100 PH/s. Sphere 3D’s mining team was operating at an efficiency of 138.5 BTC/EH in July, with an average uptime of around 94%.

Bitcoin miner Riot Blockchain (RIOT) has delayed disclosing its quarterly earnings report as it needs more time to calculate how much the fall in the cryptocurrency, the war in Ukraine and other macroeconomic issues will affect the value of its assets.

The company disclosed the delay in a filing with the Securities and Exchange Commission on Tuesday.

Earlier news, Riot Blockchain produced 318 BTC in July, a decrease of about 28% compared with 443 BTC in July 2021.

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Bitcoin is currently trading well below its actual fair value and underscores that Bitcoin may have bottomed out. In an interview, the senior hedge fund manager said that BTC is currently undervalued by his firm’s standards, with a real value close to $40,000.

MicroStrategy’s latest financial report shows that as of June 30, 2022, the company’s 129,699 bitcoins were acquired for about $4 billion, reflecting an average cost of about $30,664 per bitcoin.

At Bitcoin’s current price of around $23,000, these assets are worth about $3 billion.

Cryptocurrency trading platform Bitstamp announced on social media that it will delist a total of 14 trading pairs such as XRP and BTC. Starting from August 11, users of the exchange will not be able to exchange XRP tokens with Paxos running on the Ethereum network. Standard (PAX) for trading, but also not for BCH and GBP, and LINK/ETH.

Bitstamp said they regularly review trading pairs based on their performance, and the delisting decision was influenced by recent market developments.

In July, an unmarked Bitcoin address (1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd) accumulated 132,878 BTC in 3 days with a total value of over $3 billion.

On July 19, the address accumulated 15,499 BTC. On July 20, the address purchased another 45,499 BTC. On July 21, whales added another 71,879 bitcoins.

It is reported that the address currently holds 131,882.78 BTC, accounting for 0.7% of the Bitcoin circulation, and has risen to the third place in the list of available BTC wallets according to the BitInfoCharts website.

The global adoption and acceptance of cryptocurrencies is increasing, and Gibraltar has become a hotbed of cryptocurrency adoption, said Albert Isola, Minister of Digital and Financial Services for the Government of Gibraltar, in a recent interview.

Isola was instrumental in developing Gibraltar’s governance framework, and he has also invested in Bitcoin. “I’m not at the stage where I’m going to be using it a lot, more to buy some for my kids in the next few years, and I don’t touch it,” he said. According to reports, Gibraltar is an attractive jurisdiction for crypto companies due to its attractive regulatory environment.

Binance CEO Changpeng Zhao said in a recent interview that the current state of the cryptocurrency market is healthier than before. He also stressed that the sustainability of cryptocurrencies is extremely important.

Compared to Bitcoin and altcoins hitting record highs nine months ago, the industry is actually in much better shape now because the people building real applications are staying in the industry.

He explained that cryptocurrencies are attracting a lot of non-believers into the space, and they are likely just speculators, which should not happen on a large scale, so a constant correction is inevitable.

Market research firm Multiscope found in a survey of more than 4,000 Dutch residents that nearly 2 million Dutch residents are expected to own cryptocurrencies, mostly bitcoin.

This means that one in seven adults in the Netherlands owns digital currency. Cryptocurrency holders in the Netherlands have increased by more than 1 million since the last survey in 2018. Nearly three-quarters of them are men, who are typically between the ages of 18 and 34, have higher education and earn between 3,500 and 5,500 euros in gross monthly income.

Bitcoin is the most widely held cryptocurrency by Dutch residents, with 9% of Dutch residents aged 18 and older owning Bitcoin, or more than 1.2 million people. Additionally, ETH, ADA, XRP, and Dogecoin are also popular.

Cardano founder Charles Hoskinson responded to a tweet from Bitcoin maximalist Max Keiser, who mentioned that Swan Bitcoin CEO Cory Klippsten called blockchain a marketing scam on Paul Barron’s show.

And pointed out: The only valuable use case for blockchain so far is as part of designing a system for Bitcoin.

Hoskinson expressed his dissent, describing blockchain as “a recognized class of technology that solves practical problems ranging from voting to supply chains.

According to the latest data from Glassnode, the 7-day average of the Bitcoin reserve risk indicator was 0.000027, reaching a one-month high.

It is reported that Bitcoin Reserve Risk gives entry/exit recommendations by measuring risk and reward, and this indicator tends to attribute Bitcoin’s value to long-term holders holding the currency firmly.

According to data disclosed by blockchain analysis company Glassnode, when the price fell to $17,600, a total of 9.216 million BTC were in a state of unrealized losses.

However, after the June 18 capitulation, after a month of consolidation, and a price rally to $21,200, that number has dropped to 7.68 million BTC.

This shows that 1.539 million BTC was traded between $17,600 and $21,200 (on a cost basis), indicating that about 8% of the circulating supply changed hands in this price range.

Argentina is restricting bitcoin traders from buying U.S. dollars at the official exchange rate to curb capital flight.

In a statement on Thursday, the country’s central bank said those who bought bitcoin or any other digital asset with pesos in the past 90 days would not be able to access the single free market (Mercado Único y Libre de Cambio-MULC), and Buy dollars at the official exchange rate.

This is to stop the outflow of funds. If an individual or company has pesos in their accounts, they use the pesos to buy dollars from regulated exchanges, which they can then use to invest in cryptocurrencies such as Bitcoin. The Argentine government is currently tightening currency controls and raising interest rates to control inflation.

In less than a year, 244 investors have been defrauded of around $42.7 million by a fraudulent mobile app purporting to be a legitimate cryptocurrency investment platform, the FBI said.

These fake apps often use the names and logos of legitimate U.S. companies to deceive investors. Additionally, more than 64,000 people have lost more than $1 billion to cryptocurrency scams since the beginning of 2021, according to consumer protection data from the Federal Trade Commission.

On July 10, at the request of the Electric Reliability Commission of Texas (ERCOT), Bitcoin miners in Texas suspended mining operations following the state’s decision to conserve energy. Bitcoin mining operations in Texas have now resumed.

According to Argo Blockchain CEO Peter Wall, 16 companies operating in Texas have reduced their operations and contributed about 1,000 megawatts of electricity to the grid.