Bitcoin News

According to CCData data, since the beginning of August, approximately 12,230 Bitcoins have flowed out of the Binance platform, worth approximately US$330 million.

According to researchers, there was also an outflow of approximately 198,200 Ethereum worth approximately $323 million. Binance’s spot market share has dropped to 33.9% from 56.9% in March, and Binance.US’s market share is also declining.

CCData research analyst Jacob Joseph said Binance’s trading volume has been steadily declining since it stopped its zero-fee trading promotion on the USDT currency pair in March.

The end of the zero-fee promotion isn’t the only reason, as current regulatory concerns surrounding Binance may prompt users to switch to other platforms.

Crypto service provider Matrixport said that historically, the last quarter of each year is Bitcoin’s strongest quarter, with average returns exceeding 35% over the past nine years.

Research director Markus Thielen writes that Bitcoin could reach $37,000 by the end of the year. October has been a particularly strong month for Bitcoin, with positive returns in seven of the past nine years, averaging 20%.

The report added that another potential catalyst in October is the second deadline for Bitcoin spot exchange-traded fund (ETF) applications, when the U.S. Securities and Exchange Commission (SEC) will have to announce or delay a decision to approve these ETFs.

Well-known analyst PlanB tweeted: Some people believe that the 10,000-fold rise in Bitcoin prices is caused by macro/interest rates, but macro/interest rates are one of the waves driving the rise. Gold and the S&P 500 rose 10,000 in Bitcoin times has barely changed over the same period.

Therefore, in my opinion, it is not macro factors that drive BTC prices, but the scarcity/halving/S2F model.

Anonymous analyst BitQuant said that Bitcoin will hit an all-time high before the halving in 2024, with a pre-halving target price above $69,000.

Analysts also believe that Bitcoin will not only break the current record set in 2021 by April next year, but that the price per Bitcoin will continue to reach $250,000 after the next halving cycle begins.

Joe Burnett, an analyst at Blockware Solutions, said that Bitcoin, unlike every other commodity on the planet, does not have a natural supply response when its price rises.

Typically when prices rise, the market finds new supplies (oil, wheat, gold, etc.) and sells these new supplies to buyers.

But with Bitcoin, there is no more supply and buyers can only buy from existing holders, which is why when Bitcoin starts in a bull market, they start to develop like parabolic price increases that happen again and again.

Consulting firm Henley & Partners released its first cryptocurrency wealth report, and there are 88,200 cryptocurrency millionaires worldwide, with nearly half (40,500) of them holding Bitcoin.

There are currently 182 cryptocurrency billionaires (high-net-worth individuals holding cryptocurrencies worth $100 million or more) worldwide, 78 of whom are bitcoin holders.

Henley & Partners CEO Dr. Juerg Steffen stated that traders, miners, investors and cryptocurrency entrepreneurs are exploring investment immigration strategies to safeguard their interests.

Over the past six months, we have seen a huge increase in inquiries from cryptocurrency millionaires looking to protect themselves from possible future bans on trading or using cryptocurrencies in their countries and ease the burden of taxing digital assets. Risks of Aggressive Fiscal Policy.

Brett Winton, chief futurist of Ark Invest, said on the X platform (formerly Twitter) that the United States is trying to harm Bitcoin at the expense of the long-term strategic interests of the United States.

“Trying to kill bitcoin because it threatens the supremacy of the dollar system is like trying to kill language translation technology because it threatens the supremacy of the English language,” he said.

As previously reported, the U.S. Securities and Exchange Commission has delayed decisions on spot bitcoin ETF applications by asset managers including BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie until October.

According to Cryptoquant data, on September 1, 2020, the BTC reserves of the centralized encryption exchange were 2.828 million, and three years later, this number had decreased to 2.024 million BTC, a decrease of 804,000 BTC.

Before FTX declared bankruptcy in November 2022, the centralized exchange held 2.511 million BTC, indicating that 487,000 BTC had been withdrawn since then.

In the three months since May 23, 2023, approximately 184,000 BTC have been withdrawn from centralized cryptocurrency exchanges.

As of Aug. 28, BTC holdings on these platforms have nearly dipped below the 2 million mark, with cryptoquant data showing a balance of 2,007,427.

Bitcoin holdings have grown slightly over the past few days, reaching 2.024 million.

Data from crypto analytics firm IntoTheBlock shows addresses holding at least 0.1% of the bitcoin supply, worth more than $500 million, amassed a total of $1.5 billion in BTC in the last two weeks of August.

Lucas Outumuro, director of research at IntoTheBlock, wrote in a report that the increase occurred at a time when inflows to centralized exchanges were close to zero, suggesting that there was organic buying demand and not just funds moving to exchange addresses.

The data shows that whales increased their holdings for the first time after August 17, when BTC plummeted more than 10% to below $26,000, the lowest price since June.

Senior ETF analyst Eric Balchunas wrote that analyst James Seyffart and I increased the probability of a bitcoin spot trading platform trading fund (ETF) launching this year to 75% (and to 95% by the end of 2024).

Elliott Z. Stein, senior litigation analyst, said that while we had incorporated Grayscale’s victory into our previous 65% probability forecast, the consistency and decisiveness of this ruling exceeded expectations.

This leaves the US Securities and Exchange Commission (SEC) with very little room for adjustment in this regard.

Dogecoin co-founder Billy Markus suggested in response to former MicroStrategy CEO Michael Saylor’s tweet about spot bitcoin ETFs.

If Bitcoin hits $1 million, a Bitcoin temple could be built by Michael Saylor, where the crypto community can pray to Satoshi Nakamoto.

According to a research report by Ark Invest research associate David Puell, while Bitcoin is well-known in El Salvador, its usage is low, lagging behind Argentina.

Puell believes that Salvadorans’ preference for the U.S. dollar and the volatility of Bitcoin’s price are the main reasons for this cautious approach.

The U.S. dollar became legal tender in El Salvador in 2001, helping El Salvador fend off the inflationary woes plaguing its neighbors, providing a more stable and credible monetary system.

Jake Chervinsky, chief policy officer of the Blockchain Association, said on social media that Grayscale’s victory over the SEC is huge.

The Federal Circuit rarely finds that an agency violated the APA through arbitrary and capricious conduct. The D.C. Circuit Court just caused a huge embarrassment to the SEC, but the ETF has yet to be approved.

The DC Circuit firmly rejected the SEC’s contention that Grayscale’s ETF proposal was not designed to protect against fraudulent and manipulative acts and practices.

The SEC has rejected bitcoin ETF spot proposals on this ground for a full decade. That era is now over. I have no doubt we will get a spot bitcoin ETF sooner or later.

The only question is whether the SEC wants to make itself more miserable. Believe me, if there is one more denial, there will be another lawsuit, and I strongly recommend that the SEC pick it up ASAP.

Analyst James Seyffart posted on the X platform (formerly Twitter) that it is uncertain whether the SEC will make a new decision in the next few weeks or months, or require Grayscale to submit a 19b-4 form (used to notify regulators). Proposed Rule Change).

Seyffart analyzed: “What we do know is that in the presence of a bitcoin futures ETF, the SEC cannot reject a spot ETF using the same arguments about fraud and manipulation that they have used in past rejection letters, but may instead I would not be surprised to have used grounds for refusing to convert GBTC to an ETF, such as potential objections around Bitcoin custody.”

Senior macro strategist Mike McGlone said on the X platform (formerly Twitter) that the price of Bitcoin has risen, so the risk that it will continue to rise may put the token under excessive pressure.

The strategist noted that lessons from the high-yielding, widely hyped asset since the asset became mainstream suggest that price reversions could be a bigger risk for cryptocurrencies as much of the public jumps on board.

McGlone likened Bitcoin’s earnings impact to tech stock Amazon, which has seen a 130-fold increase in performance over roughly 25 years.

McGlone said that if the price of Bitcoin continues to consolidate, the currency will still maintain its perform rating.

The strategist also pointed out that if the price of Bitcoin falls to $10,000 in the short term, Bitcoin will still remain profitable.

In a recent interview with Paul Barron, Hut8 VP Sue Ennis said that in the next cycle, the price of each bitcoin could reach $100,000, based on BTC’s share of $13 trillion in gold in institutional portfolios2 % to 5% of cases.

Ennis believes that if BTC can capture 2% to 3% of gold’s market value, the price will rise sharply and break through $100,000.

Regarding the percentage chance of a spot bitcoin ETF being approved by the end of 2023, Ennis said the odds are over 50%.

Because BlackRock is also involved, BlackRock is powerful, it is the largest asset manager in the world, and its influence on the market in past moves has been huge, which is a real bullish signal.

Sei Labs co-founder Jeff Feng told The Block that the Fed’s hawkish stance and the subsequent rise in bond yields indicated a shift in investor sentiment towards the relative stability of bonds.

In an economic landscape characterized by volatility and uncertainty, the consistent returns promised by bonds can be attractive.

May draw attention to riskier assets like Bitcoin.

According to the latest data disclosed by Cryptosalte, the production speed of the Bitcoin blockchain is currently accelerating, reaching a block generation of approximately every 9.83 minutes.

According to the current hash rate and mining difficulty forecast, this speed range may push the Bitcoin halving to happen earlier.

It is expected to be in early 2024, that is, the estimated time of the next Bitcoin halving is roughly in April 2024, when the block reward will be reduced from 6.25 BTC to 3.125 BTC.

Bitcoin’s highly anticipated 2024 halving could trigger a price surge that could push its value to a staggering $400,000, according to an analysis by Blockware Solutions.

A projected reduction in supply in 2024 could trigger an explosive demand for Bitcoin.

The report highlighted how two dynamic combinations, declining selling pressure and a rapidly growing buying frenzy, may have set the stage for Bitcoin’s greatest cyclical price surge ever.

In a webinar earlier this month, ETF issuer Bitwise chief investment officer Matt Hougan predicted that a U.S. spot bitcoin ETF could attract $55 billion in net flows within its first five years of listing.

Additionally, an April 2022 Nasdaq survey found that 72% of financial advisors would be more likely to invest client assets in a spot Bitcoin ETF if the U.S. offered it.

Likewise, according to a January report by Bitwise and VettaFi, 32 percent of financial professionals cite the lack of easily accessible investment vehicles such as ETFs and mutual funds as a barrier to cryptocurrency allocation.

So plans by companies like BlackRock to launch bitcoin ETFs will be a sign of institutional adoption and growth.

Digital asset manager Hashdex has applied to be able to hold spot bitcoin in its bitcoin futures ETF, according to a new 19b-4 regulatory filing.

Notably, the filing does not rely on Coinbase’s Supervisory Sharing Agreement (SSA), instead, spot BTC will be available through physical exchanges on CME Markets.

Bitcoin rose 3.6% to $26,794 on the day, its biggest one-day gain since July 13, the data showed.

The gains come after bitcoin’s worst week since November and the collapse of crypto exchange FTX, with smaller market-cap coins such as Cardano, Solana and Polygon posting bigger gains.

U.S. stocks post biggest gains since June as bitcoin rebounds.

U.S. Treasury yields fell as U.S. and European economic reports fueled bets the central bank would pause rate hikes to prevent a recession.

According to Pantera Capital, the Bitcoin halving could bring the BTC price to $148,000 by July 2025.

Pantera Capital believes that the price performance of Bitcoin is largely determined by its halving cycle.

With the next halving cycle due in the next 12 months, the firm is betting that the historical trend will continue.

According to data disclosed by the blockchain analysis platform Glassnode, more than US$16 billion in capital has flowed into Bitcoin since 2023, but the growth rate is relatively weak compared to the same period in 2021 and 2022.

At the same time, Bitcoin’s price volatility has fallen to an all-time low, meaning investors’ willingness to sell Bitcoin on-chain has reached an all-time low.

What low volatility can bring is coldness and exhaustion in the market, causing demand to shrink and the market to remain in typical bear market characteristics.

At present, the gap between the upper and lower rails of the Bollinger Band is only 2.9%, and there are only two times in history that the gap is smaller than this, which occurred in September 2016 and January 2023 respectively.

Bitcoin News tweeted that the Bitcoin RSI indicator hit its lowest value since the FTX crash, indicating that the asset is “oversold,” indicating that BTC prices are in a weak phase.

It is reported that the value of the RSI indicator fluctuates between 0-100. It was invented by American engineer J.Welles Wilder in the 1970s and is one of the most popular tools for stock traders to predict future trends.

During the FTX exchange crash in November 2022, the indicator hit 24.70, when Bitcoin fell to $15,670.

Ben Laidler, global market strategist at eToro, said that SpaceX’s bitcoin sell-off was a direct catalyst for bitcoin’s decline.

Laidler added, “The broader driver is that crypto assets are not immune to deepening safe-haven selling pressure across all asset classes.”

Joseph Edwards, head of research at Enigma Securities, attributed bitcoin price action to low volatility and a lack of enthusiasm among retail investors.

Since May 2023, the monthly trading volume of tokens based on the Bitcoin Ordinals protocol has fallen sharply by more than 97% since peaking at $452 million in May 2023.

Ordinals trading volumes plunged 76.5% in June to $106 million, the report said. Transaction volume in July fell 66.9% month-on-month to $35 million.

From mid-August, the volume was only $3 million. That represents a drop of more than 97% since its all-time high in May.

At the time of the highest market interest in May, 79,261 unique active wallets (UAW) participated in the Ordinals marketplace, DappRadar reported. That number had fallen to 6,708 in August.

Bitcoin (BTC) investing will be attractive amid global macroeconomic instability, Coinbase said in a report.

Expansionary fiscal and monetary policies will devalue fiat currencies. Bitcoin will emerge as a hedge against massive spending.

Bitcoin is a multinational asset with global access and a fixed supply, according to Coinbase. It is a technological and financial innovation tool.

According to data from mempool.space, the BTC network reached 800,000 blocks last week.

The public transaction ledger is generated from a chain of these blocks and has been online since 2009.

All operations done with Bitcoin are encrypted in it.

This figure also indicates that a key automatic agreement process is coming: the Bitcoin halving.

According to CryptoQuant data, the ratio of Bitcoin spot to derivatives trading volume hit a record low.

Dylan LeClair, senior analyst at UTXO Management, said the data suggests the current market is just an endgame in which derivatives traders are fighting each other.

Spot bearish traders have mostly sold out, while spot bullish traders may have fully deployed their funds or are still on the sidelines waiting for the approval of the bitcoin spot ETF.

Bitwise CIO Matt Hougan said the approval of a spot bitcoin ETF could come at any time, adding that he is targeting the fourth quarter or early 2024.

Regarding whether BlackRock has inside information on the Bitcoin ETF, Hougan said: “I like a good conspiracy theory as much as anyone else, but the short answer is no; I don’t think BlackRock has any inside information. I don’t think U.S. securities The Trade Commission acted fairly and honorably in these circumstances, and I don’t think they would make such political judgments.”

Edelman noted that Bitwise was one of a handful of asset managers to resubmit a spot bitcoin ETF proposal in June after BlackRock’s application appeared to come as a surprise.

The Chicago Mercantile Exchange (CME) Bitcoin trading volume report on August 9 is as follows: Bitcoin futures electronic contract trading volume was 7,657 contracts, OTC contracts were 15 contracts, trading volume was 7,672 contracts, and open interest contracts were 15,625 contracts. 1118 sheets.

There were 89 bitcoin options contracts traded, including 81 bullish contracts and 8 bearish contracts.

Micro Bitcoin futures electronic contracts traded 3864 contracts, with a turnover of 3864 contracts, an open interest of 9680 contracts, and a decrease of 336 contracts.

An Ontario resident has been scammed out of $35,000 worth of Bitcoin by scammers posing as working for Silicon Valley giant Microsoft to sell them fake firewall software.

The scam started with pop-ups on the computers of unnamed victims telling them to call the number shown to update their virus protection.

They followed the instructions and connected with a scammer who claimed to work for the software company and subsequently convinced them to install what they believed to be a new firewall.

According to a report released by Bitfinex, 69.2% of the BTC supply has been dormant for more than a year.

This trend demonstrates the accumulation strategy commonly employed by long-term holders and a strong belief in the long-term value of Bitcoin, even in the downturn of the cryptocurrency market in the past year.

Among them, 55.7% of the Bitcoin supply has been dormant for more than two years, 40.1% of the Bitcoin supply has been idle for more than three years, and 29.1% have held positions for more than five years.

Bitcoin mining company Bitfarms Ltd. announced its financial results for the second quarter ended June 30, 2023, with revenue of $35 million, a net loss of $25 million, and adjusted EBITDA* of $8 million.

Gross mining profit and gross mining margin are $14 million and 42%, respectively, compared to $12 million and 42% in Q1 2023.

Operating loss of $25 million, including a $10 million impairment charge, compared to an operating loss of $15 million in the first quarter of 2023, including a $1 million realization gain on digital asset disposals and a $3 million digital asset revaluation Loss reversed.

The company mined 1,223 BTC in Q2, at an average direct production cost of $15,700 per BTC, compared to $12,500 in Q1 2023.

The company holds $31 million in cash and 549 bitcoins, worth approximately $17 million, based on a bitcoin price of approximately $30,500 as of June 30, 2023.

Blockstream CEO Adam Back, one of the early pioneers of cryptocurrencies, is so confident that Bitcoin will reach an all-time high of over $100,000 before its halving in 2024 that he is willing to place a $1 million bet on it .

In a conversation on X on Aug. 7, Back agreed to bet with pseudonymous X user @Vikingobbitcoin that Bitcoin would hit $100,000 by March 31, 2024. However, Vikingobbitcoin stated that he believes this will not happen until 2025.

Bitcoin (BTC) miners are ramping up production significantly, with the 16 largest publicly traded mining companies accounting for 16% of all BTC mined, brokerage Bernstein said in a research note on Thursday.

Bernstein stated that their current combined mining capacity is 72 exahashes per second (EH/s), noting that the company plans to increase this by 182% in the next 2-3 years.

Analysts said, “Large miners with low production costs and low debt are likely to be the biggest beneficiaries of increased capacity, and they have a greater ability to withstand any Bitcoin price fluctuations and the upcoming Bitcoin halving belt in the first quarter of 2024.” Costs are going up.”

Bitcoin (BTC) miners are ramping up production significantly, with the 16 largest publicly traded mining companies accounting for 16% of all BTC mined, brokerage Bernstein said in a research note on Thursday.

Bernstein stated that their current combined mining capacity is 72 exahashes per second (EH/s), noting that the company plans to increase this by 182% in the next 2-3 years.

Analysts said, “Large miners with low production costs and low debt are likely to be the biggest beneficiaries of increased capacity, and they have a greater ability to withstand any Bitcoin price fluctuations and the upcoming Bitcoin halving belt in the first quarter of 2024.” Costs are going up.”

Bloomberg Intelligence macro strategy analyst Mike McGlone released the latest data on social media.

Bitcoin’s 180-day volatility gauge has fallen to about 46 percent, its lowest level ever, although a lower gauge is usually positive for prices, he said.

But since the end of the first quarter, bitcoin prices have remained weak relative to the stock market, so all risk assets may still be under pressure.

MicroStrategy plans to raise as much as $750 million by selling more stock, and plans to use the proceeds to buy more bitcoin and fund other uses.

According to MicroStrategy’s latest earnings report, as of July 31, 2023, MicroStrategy’s Bitcoin holdings increased to 152,800, an increase of 12,333 in the second quarter, which is the largest single-quarter increase since the second quarter of 2021. Current price calculations are worth just under $4.5 billion.

Bitcoin mining firm CleanSpark, Inc. has released an unaudited update on Bitcoin mining and operations for the month ending July 31, 2023.

575 bitcoins were mined in July, 4,070 bitcoins have been mined since 2023, and the total BTC holdings as of July 31 are 1,061.

In July, 43 BTCs were sold, 87,936 mining machines were deployed, and the current computing power is 9.0EH/s. The company sold 43 bitcoins in July 2023, at an average price of about $29,300 per bitcoin. The sale of BTC earned about $1.3 million. The average number of BTC mined per day in July was 18.6, with a maximum of 21.1.

Crypto trader Mikybull Crypto analyzed that the 7-day average of Bitcoin spot trading volume has fallen to its lowest level since early 2021.

Bitcoin IV is also at its lowest level for the year. In his opinion, this is a sign that the massive volatility that is coming will send BTC surging to new levels.

But analysts warn that a retracement above $25,000 is possible, with $28,300 a pressure line for Bitcoin bulls.

According to the Dune Analytics dashboard, Bitcoin Ordinal minted more than 422,000 in a single day, setting a new high.

But due to lower prices and fewer buyers, Bitcoin Ordinal volume likely totaled about $65 million in July, down nearly 50 percent from June’s nearly $120 million volume.

The average selling price and number of buyers also dropped to around $460 per Ordinal during this period.

Launched in January, Ordinals allow the creation of NFTs on Bitcoin through a process known as inscription.

Venture capitalist and billionaire Tim Draper said in an interview with Fox Business Channel that sooner or later the world will accept Bitcoin.

It’s only a matter of time before retailers realize the 2% savings they can get by accepting Bitcoin. They don’t have to pay banks and credit card companies.

Draper believes that digital gold will change the world of trade and currency. One of the advantages of Bitcoin is a trusted third party represented by hundreds of thousands of nodes to ensure the authenticity of transactions.

Former MicroStrategy CEO Michael Saylor commented in an interview that the current SEC lawsuits against platforms such as Coinbase and Binance will pave the way for Bitcoin to become bigger than ever.

He expects Bitcoin’s dominance of the crypto industry (currently between 40% and 48%) to soar to a staggering 80%, leaving only 20% for remaining altcoins.

Michael Saylor believes that with so many cryptocurrency exchanges fearing the SEC and delisting altcoins that could be considered securities, Bitcoin will become the ultimate force in cryptocurrencies.

Computing power on the bitcoin network, known as the hash rate, could drop by as much as 30 percent after bitcoin’s next halving event in April 2024 as unprofitable miners shut down their machines, industry experts predicted in Twitter Spaces hosted by CoinDesk.

Lucas Pipes, managing director of investment bank B. Riley Financial, estimates that Bitcoin hash rate will drop by 15% to 30%, and Colin Harper, head of content at mining services company Luxor Mining, said a drop of 20% is possible.

BadgerDAO, a decentralized autonomous organization focused on bringing Bitcoin into DeFi, has released the purple paper for its eBTC protocol, launching a censorship-resistant synthetic Bitcoin for DeFi.

Users can use Lido’s stETH to borrow eBTC with 0% interest, repayment fee and activation fee. This design aims to provide users with efficient and economical access to assets.

The eBTC protocol generates income by obtaining a certain percentage of pledge income from the total system collateral, that is, the agreement income share.

In order to ensure the solvency of the system, eBTC has adopted a liquidation mechanism, that is, if the collateralized debt ratio is lower than the minimum 110%, the debt position is eligible to be liquidated.

In cases where a debt position is not liquidated but its collateralization ratio drops below 103%, the protocol considers it undercollateralized and implements a debt reallocation.

According to CryptoQuant data, the number of bitcoins held by all exchanges has dropped by almost 100,000 in the past month.

Meanwhile, BTC reserves in Bitcoin miners’ wallets increased by about 2,000 over the same period. Both indicators point to a shrinking supply of liquid bitcoin as more bitcoin is held in cold wallets.

Sei Labs co-founder Jeff Feng said that assuming steady demand, a reduction in supply could create an imbalance between supply and demand, pushing up bitcoin prices.

Crypto options exchange Deribit’s Bitcoin Options Volatility Index, used as a sort of cryptocurrency fear gauge, has hit its lowest level in two years.

Additionally, cryptocurrency derivatives analysis platform Greeks Live noted that bitcoin and ethereum volatility indices have also fallen to multi-year lows.

British online rug and flooring retailer Flooring Hut bought bitcoin and put it on its balance sheet.

Flooring Hut CEO Paul Brewster stated that we believe that Bitcoin may be the asset with the greatest potential to increase our capital reserves at present.

He explained that the group decided not to keep its cash reserves in bank accounts because Bitcoin could offer the greatest potential for returns and ultimately greater value for clients.

Flooring Hut’s accounts from 2023 show the company has a cash reserve of £75,105, which at the time of writing is worth roughly 3.3 BTC.