On Oct. 23, investors in BlackRock’s IBIT capitalized on Bitcoin’s over 3% decline, contributing $317 million in inflows to the fund as the cryptocurrency tested a critical support level at $65,000. On Oct. 23, Bitcoin faced significant downward pressure, sliding 3.3% to close at $66,649, a sharp contrast to the 0.12% gain in the previous session. Testing buyer demand at $65,000, BTC managed to find support with a session low of $65,161 before climbing back above the $66,000 level. The broader cryptocurrency market mirrored this decline, shedding 1.45% to a…
Category: Bitcoin News
$581m in Bitcoin left CEXs in 7 days, whales restart accumulation
The Bitcoin outflows from centralized exchanges and the rising whale accumulation helped it surpass the $67,000 mark again. According to data provided by IntoTheBlock, the Bitcoin (BTC) exchange net flows witnessed two days of inflows on Oct. 20 and 21, bringing the price down from the local high of $69,400. BTC CEX net flows – Oct. 24 | Source: IntoTheBlock On Oct. 22 and 23, this movement shifted back to outflows. Per ITB data, BTC recorded a net outflow of $581 million over the past week. The increased outflows show…
Bitcoin (BTC) Price Retakes $67K as Beige Book Supports Fed Rate Cuts
Bitcoin has recovered from the overnight lows under $53,500 to trade 1% higher on the day at $67,300 at press time, and the dollar index (DXY) rally has stalled. The index has pulled back to 104.30 from the overnight high of 104.57, according to data source TradingView. Original
Uncharted Territory: Bitcoin’s Mining Difficulty Reaches New Extremes
Bitcoin’s difficulty has soared once again at block height 866,880, reaching a record-breaking 95.67 trillion. Meanwhile, the network’s computational power is keeping pace, operating at a blazing 729.13 exahash per second (EH/s) at the time of reporting. In the coming days, it’ll be fascinating to watch how the combination of increased difficulty and dipping prices […] Original
Number of Bitcoin Whales Holding At least 1K BTC Jumps to Highest Since January 2021
Data tracked by Glassnode and André Dragosch, director and head of research – Europe at Bitwise, shows the number of so-called whales or network entities owning at least 1,000 BTC jumped to 1,678 early this week, reaching the highest since January 2021. Original
Tesla Holds Bitcoin Steady After BTC Wallet Transfers Spark Speculation
Tesla has reported stable bitcoin holdings for Q3 2024, despite transferring its 11,509 BTC to new wallets. The move, which sparked speculation but did not signal a sale, suggests routine security measures. Tesla posted $25.2 billion in revenue and $2.7 billion in profits, driven by record vehicle deliveries and a 52% surge in energy storage. […] Original
Self-Custody vs. Custodial Bitcoin: A Lesson From FDR ‘Forbidding the Hoarding of Gold’
Michael Saylor, the founder of Microstrategy, recently downplayed concerns about bitcoin confiscations, calling them a “myth.” He referenced Executive Order 6102, which compelled U.S. citizens to surrender their gold, to support his stance. However, historical evidence paints a different picture, especially regarding voluntary compliance. The gold confiscations of 1933 highlight why self-custody of bitcoin, rather […] Original
Saylor voices Bitcoin self-custody support amid backlash
Bitcoin maximalist Michael Saylor believes Bitcoin’s ecosystem should welcome everyone and every type of custodial option available. Cryptocurrency community leaders and members criticized MicroStrategy executive chairman Michael Saylor for comments that seemingly criticized users who self-custody Bitcoin (BTC). Saylor suggested that so-called “crypto-anarchists” solely advocating against institutional safekeeping of digital assets were counterintuitive to Bitcoin’s regulatory security and mass adoption. The comments attracted scrutiny from Bitcoin proponents like ShapeShift founder Erik Voorhees and crypto developers like Ethereum’s Vitalik Buterin. Buterin, in particular, found Saylor’s comments on custody to be “bat…
Bitcoin Slides to $66K, Ether Dives 5% in Market-Wide Selloff
Cryptocurrencies weren’t spared as stocks, bonds, gold and oil all declined on Wednesday. Original
Bitcoin Bull Michael Saylor Clarifies Stance on Self-Custody Amid Backlash
Following the backlash from his earlier comments regarding custody providers and self-custody, Michael Saylor turned to X to clarify that he does not oppose self-custody. During an earlier interview, Saylor had minimized the role of self-custody, stating, “I think that when the bitcoin is held by a bunch of crypto-anarchists who aren’t regulated entities who […] Original