Tag: Bitcoins

Altcoins ‘bled’ with Bitcoin’s dominance hike in Q2: CoinGecko

boss

The second quarter of the year has been a solid one for Bitcoin’s performance as its market dominance gained against altcoins which “bled” throughout the quarter according to CoinGecko. On July 18, the crypto data aggregator released its industry report for Q2 2023 which noted Bitcoin (BTC) and Ether (ETH) continued to build upon their Q1 gains over Q2. Meanwhile, Binance Coin (BNB), XRP (XRP) and Cardano (ADA) suffered double-digit losses over that time. CoinGecko said BNB and ADA saw the largest losses as both were labeled securities in lawsuits…

Nearly one-third of bitcoin’s circulating supply possibly lost: report

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Recent data from blockchain analytics company IntoTheBlock indicates that approximately 29% of the total Bitcoin supply, which has remained stagnant for over five years, might be lost forever. Fresh data unveiled by the blockchain analytics firm, IntoTheBlock, reveals that close to 29% of Bitcoin’s total circulating supply might be lost forever, showing no signs of movement for over five years. This highlights an inherent attribute of Bitcoin (BTC) – its scarcity – as only 21 million…

$300 Million In Silk Road Bitcoins On The Move After CPI Data

Two unconfirmed transactions show that 9,800 Bitcoin linked to dark web marketplace Silk Road was transferred on Wednesday. 506 BTC was sent to a change address and 0.01 BTC was moved to the wallet 361yog in the first transaction, per reports. In the second transaction, the move transferred 8,200 BTC to the same 361yog wallet and 1,118 BTC to a separate change wallet. The transactions were discovered shortly after the U.S. CPI data was released but it remains unclear if the government is behind the BTC transfers. Crypto addresses with…

Bitcoin’s pre-halving rally may start soon — Here’s why

boss

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses Standard Chartered bank’s $120,000 Bitcoin price expectation based on the halving impact. According to the report, increased miner profitability due to a pre-halving rally would “reduce the net BTC supply.” Pechman, on the other hand, doesn’t acknowledge the thesis, given that the mining difficulty will continue to increase and the news confirming Riot Platform’s investment in new ASIC equipment. In fact, the mining difficulty increased by 73% in the last 12 months, while the Bitcoin (BTC)…

3 reasons why Bitcoin’s price is primed to hold the $30,000 level as support

boss

Bitcoin’s price gave back some of its recent gains this week, but multiple data points suggest that $30,000 should hold as support going forward. Bitcoin (BTC) remained within a narrow 4.3% range for the 15 days leading up to July 7. Despite the proximity of the $29,895 to $31,165 range, investors’ sentiment was significantly impacted by an unsuccessful attempt to break above $31,400 on July 6. Traders’ tendency to overreact to short-term price movements rather than Bitcoin’s year-to-date gains of 82% could be part of the reason for the short-term correction.…

ETF approval may boost Bitcoin’s liquidity, but it won’t be a game changer — JPMorgan

boss

A possible approval of a spot Bitcoin exchange-traded fund (ETF) won’t be a game changer for crypto markets, although it might benefit the leading cryptocurrency, according to a report by JPMorgan managing director Nikolaos Panigirtzoglou. Based in London, Panigirtzoglou is part of JPMorgan’s global market strategy team. He believes that a Bitcoin ETF in the United States would have a similar impact on markets to those seen in Canada in Europe, where spot Bitcoin ETFs have been around for some time. According to the report seen by Bloomberg, Bitcoin ETFs…

Bitcoin’s correlation with S&P 500 falls to a 2-year low

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied According to Coin Metrics’ State of the Network report for Q2 2023, there has been a notable reduction in the 90-day correlation between the cryptocurrency market and equities represented by the S&P 500 index. This marks a deviation from the trend observed in 2022. In H1 2023, bitcoin rose 82%, ranking it third in terms of growth among assets with a market capitalization exceeding $1 billion. Only lido (LDO) and bitcoin cash (BCH) outperformed bitcoin in…

Bitcoin’s BRC-69 standard eliminates data limit for Ordinals

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin Ordinals, often called bitcoin’s (BTC) version of NFTs, are experiencing a significant surge as a new token standard, BRC-69, was launched on July 3. The latest standard brings an innovative solution to reduce the time and cost of making inscriptions on the bitcoin blockchain. Until now, Ordinals had a 4-megabyte limit on what could be inscribed on bitcoin. However, the introduction of BRC-69 aims to overcome this limitation through a mechanism called “recursive inscriptions.” This…

Will BlackRock’s ETF slingshot Bitcoin’s price skyward?

boss

Traditional financial firms finally believe that digital assets are here to stay. Or so one might conclude from the slew of announcements last week from some of the world’s premiere financial players. Among them is BlackRock — the world’s largest asset manager with $9 trillion in assets under management (AUM) — filed for permission to build a “spot market” Bitcoin-based exchange-traded fund (ETF) — something the United States Securities and Exchange Commission has resolutely resisted. Others include Fidelity Investments, Charles Schwab and Citadel launching EDX, a new cryptocurrency exchange. In…

MicroStrategy Buys More Bitcoins Taking Total Treasury Value Above $4.5B

MicroStrategy is currently the largest corporate holder of Bitcoins with its total BTC holdings at 152,333. On Wednesday, June 28, business intelligence firm MicroStrategy announced the purchase of over 12,000 Bitcoins worth $350 million. As we know, MicroStrategy is the largest corporate holder of Bitcoins and the recent purchase takes its Treasury value to more than $4.5 billion while holding a total of 152,333 Bitcoins. As per the filing with the US Securities and Exchange Commission MicroStrategy said that they bought 12,333 bitcoins for approximately $347 million in the period…