Archive for the ‘Bitcoin’ Category
Silent $8 Million Bitcoin Whale Awakens and Does This By U.Today – Investing.com
U.Today - A address holding 140 BTC, worth more than $8 million today, has reemerged after a decade of inactivity, according to blockchain tracker Whale Alert. The address, dubbed "1BLoHu," first received 140 BTC in 2013, when it was worth about $107,000.
As mentioned, the transaction 11 years ago originated from another address, "1aWmn," which also had a remaining balance of 180 BTC. While 140 BTC were transferred to "1BLoHu", public records show that another 40 BTC were transferred to Okcoin.
Today, the latest activity saw "1aWmn" transfer the dormant 140 BTC from "1BLoHu" to a new address, "bc1q66." The identity of "bc1q66" and the intended use of the transferred funds remain unknown, fueling speculation within the community.
This sudden movement of a significant amount of Bitcoin after such a long period of time has sparked various theories. Some speculate that the original owner may be cashing in on the substantial appreciation of his investment, worth $8 million to be exact.
Others theorize that it could be a wealth redistribution strategy, or a security measure in response to advances in blockchain analysis techniques.
This is because the shift from the legacy address format "1" to the more modern "bc1" format is seen as a move toward improved security and efficiency. The "bc1" format, also known as Bech32, offers benefits such as better error detection and a more user-friendly structure, which could be reasons for the move.
This article was originally published on U.Today
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Silent $8 Million Bitcoin Whale Awakens and Does This By U.Today - Investing.com
5 bullish arguments that Bitcoin price just bottomed at $53K – Cointelegraph
Despite Bitcoinpricevolatility and five-month lows, several key indicators suggest that the bulls may still have the upper hand, hinting at a potential resurgence in the BTC price trajectory.
Bitcoin (BTC)faced a turbulent start to July, plummeting over 10.50% to hover around $57,000 as of July 7. At its lowest point, BTC touched $53,550, with its losses led by fears of a market dump due to Mt. Goxs ongoing reimbursement of over 140,000 BTC to its clients and the German governments BTC liquidations.
The latest Bitcoin price decline was accompanied by a growing divergence between falling prices and the rising relative strength index (RSI).This divergence typically indicates that the selling pressure is weakening, even though the price continues to slump.
In technical analysis, this scenario often suggests a potential reversal or a slowdown in the current downtrend, hinting that Bitcoin might soon experience a rebound as the market sentiment shifts back toward bullishness.
Two other classic technical indicators support the bullish reversal scenario. First, Bitcoin formed a bullish hammer candlestick pattern on July 5, characterized bya small body at the upper end of the daily candle, with a long lower shadow and little upper shadow. A similar situation was seen in May.
Secondly, Bitcoins daily RSI reading is hovering near its oversold threshold of 30, which often precedes a consolidation or recovery period. Analyst Jacob Canfield predictsthis indicator could signal a rebound, with BTC potentially returning to its former range high of over $70,000.
Bitcoins ability to resume its bull run in the coming weeks rises further due to rising interest rate probabilities in September.
As of July 7, Wall Street traders saw a 72% possibility of the United States Federal Reserve cutting interest rates by 25 basis points, according to data collected by CME. A month ago, the probability of the same was 46.60%.
Expectations for lower interest rates have risen due to a slowdown in hiring in the United States.
When the job market weakens, the Fed often considers cutting interest rates to stimulate economic activity.Lower interest rates are generally bullish for Bitcoin and other riskier assets because they make traditional safe investments like US Treasury notes less attractive.
Another bullish indicator for the BTC market is the resumption of inflows into the US-based spot Bitcoin exchange-traded funds (ETF) after two days of consecutive outflows.
On July 5, when the US reported weak unemployment data, these funds collectively attracted $143.10 million worth of BTC, according to data from Farside Investors, indicating a rising risk sentiment among Wall Street investors.
The Fidelity Wise Origin Bitcoin Fund (FBTC) spearheaded the inflows with $117 million. The Bitwise Bitcoin ETF (BITB) saw a net inflow of $30.2 million, and the ARK 21Shares Bitcoin ETF (ARKB), along with the VanEck Bitcoin Trust (HODL), recorded inflows of $11.3 million and $12.8 million, respectively.
In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million.
More upside cues for Bitcoin come from a recent rise in the US M2 supply, which measures the money supply that includes cash, checking deposits and easily convertible near-money, such as savings deposits, money market securities and other time deposits.
As of May 2024, the M2 money supply increased by approximately 0.82% year-over-year, reducing its aggregate drop from the peak decline of 4.74% in October 2023 to around 3.50%.
M2 supply growth is bullish for Bitcoin because it increases liquidity in the economy. More money in circulation leads to higher investments in riskier assets like Bitcoin, as traditional investments like savings and bonds offer lower returns.
Bitcoin miner capitulation metrics are nearing levels seen during the market bottom following the FTX crash in late 2022, indicating a potential bottom for BTC. Miner capitulation occurs when miners reduce operations or sell part of their mined Bitcoin and reserves to stay afloat, earn yield or hedge against Bitcoin exposure.
Market analysts have highlighted several signs of capitulation over the past month, during which Bitcoins price fell from $68,791 to as low as $53,550. One notable sign is a significant decline in Bitcoins hashrate the total computational power securing the Bitcoin network.
Related:Bitcoin sales by govts just 4% of $225B bull market inflows Analyst
The hashrate has dropped by 7.7%, reaching a four-month low of 576 exahashes per second after hitting a record high on April 27. This decline suggests that some miners are scaling back operations, reflecting the financial stress within the mining community post-halving.
As weaker miners exit the market or scale back operations, the more competitive miners will see bigger profits, potentially stabilizing their operations and reducing the need to sell BTC.These metrics signal that the Bitcoin market might be nearing its bottom, similar to previous cycles where miner sell-offs and operational reductions preceded market recoveries.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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5 bullish arguments that Bitcoin price just bottomed at $53K - Cointelegraph
Bitcoin price today: down to $55k as Mt Gox jitters rattle crypto By Investing.com – Investing.com
Investing.com-- Bitcoin price fell on Monday amid persistent concerns over distributions by now defunct crypto exchange Mt Gox, which also battered sentiment towards broader cryptocurrency markets.
Still, the worlds largest cryptocurrency found some support around the $55,000 level after sinking to over four-month lows earlier on Monday. fell 3.8% in the past 24 hours to $55,450.3 by 01:25 ET (05:25 GMT).
The token and the broader crypto space took little support from a weaker dollar, with reports suggesting that major Bitcoin wallet holders had also begun mobilizing their wallets for potential sales.
Trustees for the now defunct Mt Gox crypto exchange said they had begun distributing tokens to clients affected by a 2014 hack.
While the trustees have not outlined the value of the distributions, wallets associated with the exchange were seen moving around $9 billion worth of Bitcoin earlier this year.
Traders dumped Bitcoin on fears that receivers of the tokens will be largely encouraged to sell their holdings, given Bitcoins massive price jump over the past decade. Such a scenario presents massive selling pressure on the token.
Several Bitcoin whale wallets were seen coming online for potential sales of their holdings, while inflows into crypto investment products were also seen largely drying up through the past few weeks.
Among broader crypto markets, major altcoins largely tracked Bitcoins steep price descent.
World no.2 token sank 4.1% to $2,906.21. The token broke below $3,000 for the first time since May.
, and slid between 4% and 7%, while meme tokens and lost 6.6% and 4.6%, respectively.
Selling pressure on Bitcoin spilled over into major altcoins, given that the token usually acts as a figurehead for the crypto industry.
As such, crypto prices largely disregarded recent weakness in the , amid growing optimism over interest rate cuts by the Federal Reserve. This trend saw Wall Street hit record highs.
A is set to offer more cues on interest rates this week. Key U.S. inflation data is also on tap.
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Bitcoin price today: down to $55k as Mt Gox jitters rattle crypto By Investing.com - Investing.com
The Distribution of $16 Billion in Cash by FTX Could Propel Bitcoin and Solana – Cointribune EN
Sun 07 Jul 2024 5 min of reading by Fenelon L.
The bankruptcy of FTX could have unexpected effects on the crypto market. While the defunct exchange is preparing to redistribute $16 billion to its aggrieved customers, experts are predicting significant buying pressure on Bitcoin and Solana. This massive injection of liquidity could well energize a market that has been in decline for several months.
The distribution planned by FTX represents a considerable windfall for the crypto ecosystem. According to researcher Xremlin, a significant portion of these $16 billion should be reinvested in digital assets. Investors, already familiar with this market, could indeed be tempted to bet on cryptos again.
This massive arrival of liquidity occurs in a bearish market context. Bitcoin has lost more than 20% of its value over the past month, while Solana shows a 22% drop. The injection of new capital could therefore act as a catalyst and restart the bullish dynamic that investors have been eagerly awaiting.
Furthermore, this distribution could counterbalance the selling pressure exerted by the German government. They have indeed carried out significant sales of cryptocurrencies in recent weeks, weighing down prices.
The process of distributing FTX funds is set in a particular context. The key dates to remember are August 16, 2024, the deadline for creditor voting, and October 7, 2024, for the final approval of the liquidation plan.
If the schedule is respected, payments should begin by the end of the third quarter of 2024. This period coincides with the US elections, traditionally synonymous with increased volatility in the financial markets. The influx of liquidity from FTX could thus amplify price movements, particularly for Bitcoin and Solana.
The potential approval of a Solana ETF, following the application by Van Eck and 21Shares at the end of June, could also be an additional volatility factor. However, Gracy Chen, CEO of Bitget, remains cautious:
SOL still has some issues:
Considering these factors, excluding political elements, I think the probability that the application for a SOL ETF will be approved is low. Other tokens, like DOGE and SHIB, have relatively low market capitalizations and face high price volatility and potential market manipulation risks. Therefore, I think it is unlikely that the United States will launch other crypto ETFs in 2024.
In conclusion, the distribution of FTX funds could well mark a turning point for the crypto market. While Bitcoin and Solana are going through a difficult phase, this injection of fresh capital could breathe new life into the sector. Investors remain cautious, however, aware of the inherent volatility of these assets.
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Passionn par le Bitcoin, j'aime explorer les mandres de la blockchain et des cryptos et je partage mes dcouvertes avec la communaut. Mon rve est de vivre dans un monde o la vie prive et la libert financire sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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The Distribution of $16 Billion in Cash by FTX Could Propel Bitcoin and Solana - Cointribune EN