The latest edition of the weekly report from crypto exchange Bitfinex has revealed that Bitcoin’s mining difficulty reached a new peak as BTC hovered around the $26,000 price level. The “Bitfinex Alpha” report disclosed that the mining difficulty hit an all-time high of 55.62 trillion hashes. Bitcoin’s Mining Difficulty Hits New High The mining difficulty...Read More
According to Bloomberg Intelligence, the highly-anticipated launch of a spot Bitcoin exchange-traded fund (ETF) in the United States could occur right before Labor Day (September 4). The entity said that the US Securities and Exchange Commission (SEC) is expected to respond to several applications from BlackRock, Bitwise, WisdomTree, VanEck, and Invesco in the following days....Read More
Crypto markets pumped $65 billion following the news that a court ruled in favor of Grayscale in its lawsuit challenging the SEC’s decision to deny conversion of its GBTC fund to an ETF. The big move has reversed the recent bearish sentiment as market analysts and observers are now eyeing the next bull cycle. On...Read More
Long-term Bitcoin holders have proved to be highly resilient but data suggest that this cohort of market players had the inkling of a favorable outcome. Bitcoin received a major push following the Grayscale court victory against the US Securities and Exchange Commission (SEC). However, preceding this event, there was significant accumulation amidst a period of...Read More
Miami’s mayor – Francis Suarez – announced his withdrawal from the US Presidential race without providing an exact reason for his decision. He is known as an outspoken proponent of bitcoin who has invested some of his wealth in the primary digital asset. Suarez also became the first American politician to receive his salary in...Read More
Bloomberg Intelligence analyst Mike McGlone believes Bitcoin spot ETF approval is “inevitable” – but one bearish influence still remains: the Federal Reserve. Given the ongoing hawkishness of most central banks worldwide, the analyst believes further downside pressure for both Bitcoin and stocks could lie ahead. The Fed’s Looming Influence As tweeted by McGlone, while the...Read More
Bitcoin has wiped off all the gains it made after the Grayscale victory over the SEC. Leading up to the fact, several thousands of BTC were sent to crypto exchanges primarily driven by investors seeking to capitalize on the positive news as many anticipated a favorable outcome. Interestingly, this influx of BTC into exchanges shows...Read More
KuCoin’s most recent report focused on the crypto trends in Turkey estimated that 52% of the locals aged 18 to 60 have already invested in bitcoin or alternative coins. The figure was 40% in November 2021, indicating that Turks have shown great interest in employing digital assets as a hedge against inflation in the past...Read More
The leading cryptocurrency miner – Argo Blockchain – has reportedly decreased its debt to $75 million during the first half of the year. In comparison, it owed $143 million at the end of June 2022. The company also managed to reduce overall costs and expenses. However, revenue in H1 was significantly less than the one...Read More
The US Federal Bureau of Investigation (FBI) discovered that the North Korean hacking collective – the Lazarus Group – has drained cryptocurrencies worth millions of dollars through several attacks in the past few years. The security agency believes the wrongdoers could soon cash out 1,580 BTC (worth almost $41 million at current prices). Stay Focused...Read More
Bitcoin continues to be shaky at around $26,000 after a violent crash last Thursday. However, the flagship crypto asset is not likely to see prominent gains before the much-anticipated halving that is expected to occur on April 20, 2024. According to Pantera Capital’s recent projection, the next halving would see Bitcoin surging to $35k before...Read More
Fed chairperson Jerome Powell has been at the receiving end of significant backlash for his stance on implementing the same approach that helped the US get rid of inflation several decades ago. This strategy has been strongly contended by BitMEX founder Arthur Hayes while pointing out the difference in economic and monetary conditions in the...Read More
Bitcoin plunged below the $26,000 level on Wednesday extending monthly losses to nearly 15% but it has never been more difficult to mine the leading crypto-asset. Despite a severe drawdown in price, Bitcoin’s network fundamentals have largely refrained from following the same trajectory. In fact, Bitcoin’s mining difficulty has reached an all-time high of 55.62...Read More
The violent sell-off last week spurred by the deleveraging event has taken a serious toll on short-term Bitcoin holders making for the largest single-day down move YTD. This subsequently pushed prices below the ‘Short-Term Holder’ cost basis. Recent data suggest that a significant portion of the short-term holder supply is currently being held at an...Read More
The latest edition of the Bitfinex Alpha report revealed that cryptocurrency traders are bracing themselves for “choppy waters” ahead due to bitcoin’s sudden plunge after a languid period. On-chain data analyzed by researchers at crypto exchange Bitfinex showed a surge and flatline in implied and historical volatility metrics, suggesting that traders have adjusted their strategies...Read More
According to a CoinGecko research, Italy is the most expensive nation for crypto miners since it takes almost $210,000 in electricity to produce one BTC. Other European countries like Austria, Belgium, Denmark, and Germany follow closely as the most unprofitable regions. It is interesting to note that bitcoin mining is profitable in just 62 out...Read More
Bitcoin flash crashed to about $25.3k in an unexpected downturn triggering severe liquidations for traders. The bloodbath follows Evergrande’s bankruptcy, but it’s the SpaceX write-down that has taken center stage. Certain documents have emerged that reportedly provided a rare insight into the financials of Elon Musk’s SpaceX, revealing that the space company wrote down the...Read More
Europe saw the launch of the first spot Bitcoin ETF on Tuesday, but it turned out to be a sell-the-news moment since the cryptocurrency’s price plummeted in the following days to multi-month lows. Interestingly, something similar happened back in 2021 after the launch of the futures Bitcoin ETFs in the States, leading to speculations on...Read More
Bitcoin is currently undergoing a period of record low volatility. However, the asset appears to be a “challenging multi-contact point trendline” that can be traced to its lowest point in 2023. This could offer insights into the future direction of the leading crypto-asset, according to renowned veteran trader Peter Brandt, who said the largest cryptocurrency...Read More
Speaking to CNBC on Aug. 16, Fundstrat analyst Tom Lee said that if the spot BTC ETF gets approved, the demand for Bitcoin will be greater than the supply. He added that the firm’s crypto strategists predicted a clearing price of $150,000 to $180,000. The bold prediction is before the end of next year and...Read More
Bitcoin has tapped a new all-time high against the Argentine peso, shortly after a Bitcoin-supportive presidential candidate came first in the nation’s primary elections. The asset now trades for $10,258,244.60 ARS, up 21% over the past 5 days. Pressure on the Peso Compared to the US dollar, Bitcoin has performed remarkably well against the peso...Read More
On-chain data analyzed by cryptocurrency exchange Bitfinex shows that bitcoin (BTC) miners have entered an accumulation phase in preparation for the upcoming halving event scheduled for April 2024. According to the latest edition of the Bitfinex Alpha report, the miner reserve metric indicates a significant accumulation trend from May 27, 2023, which has increased since bitcoin’s recent...Read More
Javier Milei – a 52-year-old Argentine politician, businessman, and economist – collected the most votes in the country’s primary presidential elections. The leader of the political coalition La Libertad Avanza (Freedom Advances) is a keen advocate of bitcoin and a fierce opponent of the central bank. He has also gained popularity due to a crypto...Read More
The numbers for July’s Consumer Price Index are here. The market has failed to react as Bitcoin’s price recorded an ever-so-slight uptick in volatility before calming back down almost immediately. The Bureau of Labor Statistics of the United States has just revealed the rate of July’s Consumer Price Index. To those unaware, it’s the metric...Read More
Ki Young Ju – CEO of crypto data analysis platform CryptoQuant – revealed that a bitcoin miner who produced 150 BTC in 2009 (worth a mere $0.13 back then) sold his stash for an astonishing $6.5 million last year. The total profit of the investment equals a whopping 5,000,000,000%. CryptoQuant’s boss took it to Twitter...Read More
Bitcoin derivatives are all about predicting future prices, and this generally needs prices to actually move in one direction or the other. The recent market lethargy and weeks of stagnation have led to decreased activity on derivatives markers, according to Glassnode. “Bitcoin prices are infamously volatile, however the market is currently experiencing an extreme volatility...Read More
Esther Freeman – a 70-year-old Israeli resident who turned a $3,000 BTC investment into over $320,000 in 2021 – has terminated the legal battle with Bank Hapoalim. The latter was unwilling to accept her crypto profits, casting doubts on the source of the funds she used to hop on the Bitcoin bandwagon. Her investment is...Read More
The cryptocurrency data aggregator CoinGecko added a new section on its website showing the top 48 crypto assets deemed securities by the US SEC. The combined market capitalization of those digital currencies is currently over $91 billion, representing 7.5% of the whole $1.21 billion cap. CoinGecko introduced a new index that tracks the performance of some...Read More
According to data from Switzerland-based investment adviser 21e6 Capital AG, around 13% of crypto hedge funds have shut down so far this year. The reasons for the closures were weak performance and difficulties in accessing banking services. Furthermore, crypto funds generated, on average, around 15% returns in the first half of 2023. They have been...Read More
The payment technology firm Block (formerly known as Square) revealed that its bitcoin revenue for the second quarter was approximately 34% more than the figure reported in Q2, 2022. The company, spearheaded by Twitter’s former CEO Jack Dorsey, is a main player on the crypto scene, owning over 8,000 BTC. Q2’s Solid Numbers Block revealed that its...Read More
