Bitcoin

Bob Burnett, CEO of Barefoot Mining, published an article on the X platform to clarify a common misunderstanding about the Bitcoin output rate.

Bob Burnett said that the actual average block time was shorter than the widely assumed 10 minutes, resulting in more blocks per day than expected. The number of blocks should be 146.7 instead of 144.

As a result, daily Bitcoin production is now higher than the expected 900, reaching 966 due to block rewards and transaction fees.

According to Dune data, the total minting amount of Ordinals inscriptions on the Bitcoin NFT protocol has exceeded 37 million, reaching 37,291,753 pieces, and the current total transaction fee is 2,155.6028 BTC (approximately US$75,009,930).

It is worth noting that the data shows that the casting volume of Ordinals in the past 10 days has picked up significantly compared with the period from late September to late October.

The BitVol (Bitcoin Volatility) Index, launched by financial index company T3 Index in conjunction with Bitcoin options trading platform LedgerX, rose to 65.84 yesterday, a daily increase of 0.21%.

BlockBeats Note: The BitVol Index measures 30-day expected implied volatility derived from tradable Bitcoin options prices.

Implied volatility refers to the volatility implied by the actual option price. It uses the B-S option pricing formula to derive the volatility by substituting the actual price of the option and other parameters except volatility σ into the formula.

The actual price of options is formed by competition among many option traders. Therefore, implied volatility represents market participants’ views and expectations for the future of the market, and is thus considered to be closest to the true volatility at that time.

On the 15th anniversary of the release of the Bitcoin white paper, Canadian MP Joël Lightbound took the opportunity to speak in the Canadian Parliament to thank the anonymous creator Satoshi Nakamoto and advocate for people to study Bitcoin.

When speaking in parliament, Lightbound revealed that he also owns Bitcoin, but will not advocate for people to buy Bitcoin, but will advocate for research into Bitcoin.

He added that Bitcoin was born during the financial crisis. Over the years, Bitcoin has helped thousands of families avoid the tragedy of currency devaluation, and it represents the ideal of true progress.

MicroStrategy released its Q3 2023 earnings report, showing the purchase of an additional 155 BTC in October for $5.3 million.

As of October 31, 2023, MicroStrategy held a total of 158,400 Bitcoins at a total cost of $4.69 billion, or $29,586 per Bitcoin.

The report shows that MicroStrategy’s total revenue in the third quarter reached US$129.5 million, a year-on-year increase of 3%, software licensing revenue was US$45 million, a year-on-year increase of 16%, and subscription service revenue was US$21 million, a year-on-year increase of 28%.

Jurrien Timmer, global macro director at Fidelity Investments, said that although Bitcoin is often compared to gold, its value is growing faster than gold.

He believes: “In my opinion, Bitcoin is a commodity currency that aspires to be a store of value and a hedge against currency devaluation. I view it as exponential gold.”

In 2021, Jurrien Timmer said that he expected Bitcoin to gradually gain more market share from gold, and predicted that the price of Bitcoin would reach $100,000 by 2023.

Bitfinex analysts said that the increase in Bitcoin market liquidity over the past four months is an encouraging sign for the continued price recovery.

Analysts said the increased liquidity gave traders confidence they could find buyers for their holdings.

Thereby reducing investment risk and signaling increased demand for the asset, it said, adding that this was welcomed by high-priced traders and institutions who preferred an asset class that offered exposure and exit without high spreads.

David Lawant, director of research at Flacon X, also believes that increased Bitcoin liquidity is a positive sign for the digital asset.

According to the picture published by Sir Doge of the Coin on the X platform, a poster at the entrance of a store shows that there is a Bitcoin ATM machine in the store.

In response, Dogecoin co-founder Billy Markus commented that this is a lie.

Sir Doge of the Coin responded: “(They) are useless at all, haha,” implying that it cannot use Bitcoin ATMs normally.

CoinATM Radar data shows that there are currently approximately 27,032 Bitcoin ATMs in the United States. Furthermore, the number of Bitcoin ATMs is growing at a rate of 3.7 per day.

Billionaire Stan Druckenmiller told an investor conference in New York that he does not own any Bitcoin, admitting that this may be a mistake.

He said in his speech: Frankly, I don’t own any Bitcoin, but I should. I’m 70 years old and I hold gold and I’m amazed at the growth of Bitcoin, it’s clear that young people see it as a store of value because it’s easier to generate income and for me in 17 years it has become As a brand, I like gold because it is a brand with a history of 5,000 years.

The BitVol (Bitcoin Volatility) Index launched by financial index company T3 Index in conjunction with Bitcoin options trading platform LedgerX fell to 53.19 yesterday, a daily decrease of 2.44%.

Note: The BitVol Index measures 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by the actual option price. It uses the B-S option pricing formula to derive the volatility by substituting the actual price of the option and other parameters except the volatility σ into the formula.

The actual price of options is formed by competition among many option traders. Therefore, implied volatility represents market participants’ views and expectations for the future of the market, and is thus considered to be closest to the true volatility at that time.

According to data from DefiLlama, the market value of stablecoins has remained relatively stable at $124 billion during the recent Bitcoin rally, failing to break through levels last seen in early September.

Analysts say stablecoin supply is a lagging indicator.

But the lack of signs of recovery for stablecoins could be a sign that Bitcoin’s rally isn’t bringing new liquidity to crypto markets.

Bitwise research analyst Ryan Rasmussen said advisors interested in cryptocurrencies typically consider allocating 1% to 5% of their portfolio to Bitcoin.

Historically, BTC weighting has been at the lower end of the range as stocks and bonds offer attractive opportunities.

But as professional asset allocators seek to hedge against the risks of rising inflation, economic uncertainty and geopolitical conflict, more are considering increasing the weight of Bitcoin in their portfolios.

Rasmussen revealed that two-thirds of several asset allocators he spoke to (including independent financial professionals as well as large registered investment advisors, RIAs) are considering increasing their current allocations to 5% or more, with some starting from People not involved in crypto are also considering entering the market for the first time.

Crypto analyst Phyrex posted on the X platform that although the U.S. stock market has been cold recently, the price of BTC is still very strong.

Judging from the current data transferred to exchanges, more than 70% of BTC are in profit almost every day.

In the game between small-scale investors and high-net-worth investors, almost all of them have been increasing their holdings in the past 24 hours.

Greeks.live said on social media that with Bitcoin hitting $35,000 today and ETH rising to $1,800, market sentiment has been completely dominated by bulls.

The main term IV has rallied sharply and is trading near near six-month highs, continuing to rise even during the brief pullback.

BTC Dvol has surged to 63%, more than half its value compared to less than 40% a week ago, and ETH Dvol has also grown significantly to 53%.

MicroStrategy acquired approximately 5,445 Bitcoins for approximately $147.3 million between August 1, 2023, and September 24, 2023.

MicroStrategy owned approximately 158,245 Bitcoins as of September 24, 2023, at a purchase price of approximately $4.68 billion, according to the company’s purchase documents.

Amid the backdrop of market turmoil, the profitability of MicroStrategy’s Bitcoin holdings has taken a turn for the better.

Given that the total price of MicroStrategy’s Bitcoin holdings averages $29,582 per coin, at a Bitcoin price of $30,000, the company has now achieved a total profit of approximately $67.4 million.

If history is any guide, Bitcoin’s rally fueled by optimism about new demand from exchange-traded funds is likely to continue.

Data shows that over the past five years, when Bitcoin’s weekly gains reached the current level, it predicted that Bitcoin would rise by an average of 10% in the following month.

Tony Sycamore, market analyst at IG Australia Pty, said there appear to be growing calls for a Bitcoin ETF to be approved before the end of the year, which would support Bitcoin in the medium term as it could bring more institutional players into the space.

Sycamore said Bitcoin also received support from a change in tone from a Fed spokesperson.

According to CoinGecko data, Bitcoin’s market share rose to a new high since April 2021, tentatively reported at 49.85%. Ethereum’s market share was tentatively reported at 16.6%.

USDT’s market share is temporarily reported at 7.22%.

The current total market value of cryptocurrency on the entire network is approximately US$1.1695 trillion, with a single-day increase of 0.55%.

Michael Saylor, founder and chairman of business intelligence firm MicroStrategy Incorporated, said betting on BTC is a good investment.

SMicro Strategy remains the most firmly bullish Wall Street firm on Bitcoin. The company has not let up on its Bitcoin acquisitions since August 2020, and recently, it acquired an additional 5,445 Bitcoin units.

This latest acquisition is worth $147.3 million, which brings the company’s total holdings to 158,245 BTC, with a purchase price of approximately $4.68 billion.

While MicroStrategy’s overall holdings may not be profitable at the moment due to the asset’s average price, Bitcoin’s performance outperforms other underlying assets justifies its overall investment.

U.S. Congressman Byron Donalds, who supports Bitcoin, has announced his candidacy for Speaker of the House of Representatives.

U.S. Congressmen Byron Donalds, Warren Davidson, Young Kim, David Schweikert, and Tom Emmer jointly submitted the new bill “The House Companion of the Financial Freedom Act of 2022”.

Designed to protect U.S. investors’ ability to add cryptocurrencies such as Bitcoin to 401(k) retirement plans.

Data shows that 2,744.44 BTC have flowed into exchange wallets in the past 24 hours, and 35,203.87 BTC have flowed out of exchange wallets in the past 7 days.

In the past 30 days, 13873.19 BTC have flowed out of exchange wallets. As of press time, the total exchange wallet balance is 1,814,236.49 BTC.