Category Archives: Bitcoin
Bitcoin: Bandwidth Explodes By 91.4% After The Halving! – Cointribune EN
17h00 3 min of reading by Eddy S.
The crypto world is experiencing a major upheaval with Bitcoin leading the charge. The Bitcoin blockchain is showing record usage of its bandwidth, exceeding 90%! This resurgence of the crypto giant comes after the April halving event, a catalyst for a new era for the pioneer cryptocurrency.
Bitcoin is clearly taking the lead over its competitors in the crypto world. Data from Dune Analytics reveals an overwhelming dominance of BTC in blockchain transactions. Indeed, BTC represents 91.4% of transactions, far ahead of other crypto assets like Runes (6.8%), BRC-20 (1.6%), and Ordinals (0.2%).
Bitfinex analysts emphasize the importance of new token standards in this crypto dynamic. According to them, these innovations are encouraging more participants to rely on BTC rather than other chains. Consequently, the Bitcoin ecosystem is gaining attractiveness and market share in the crypto world.
BTC is undergoing a revolution thanks to the massive adoption of new token standards: Runes and BRC-20. These are transforming the Bitcoin ecosystem, attracting numerous crypto investors and developers.
Runes, designed to create fungible tokens on Bitcoin, are rapidly gaining popularity in the crypto world. They are generating an impressive transaction volume, sometimes reaching 750,000 in a single day (April 23, 2024).
The recent halving of April 2024 had major repercussions on the Bitcoin ecosystem. With this halving of BTC supply and rewards, investors and miners had to reevaluate their strategies. This led to an increase in transactions on the network.
Bitcoin is asserting its dominance on the crypto market with renewed vigor. The adoption of new token standards and the impact of the halving have propelled its blockchain activity to record levels! Despite persistent challenges, the future of BTC looks promising.
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Le monde volue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto la base, je m'intresse tout ce qui touche de prs ou de loin la blockchain et ses drivs. Dans l'optique de partager mon exprience et de faire connatre un domaine qui me passionne, rien de mieux que de rdiger des articles informatifs et dcontracts la fois.
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Bitcoin: Bandwidth Explodes By 91.4% After The Halving! - Cointribune EN
Bitcoin miners are treading water, but no alarms of a total firesale – Cointelegraph
The rising operational costs and lower rewards are taking its toll on Bitcoinminers but it isnt at catastrophic levels by any means, according to a cryptocurrency analyst.
We are in a period of hash ribbon inversion, and blocks are coming in about 14 seconds slower than they should do. That tells you that there is less hashrate online, blocks are being found slightly slower, Glassnode lead analyst James Check, also known as Checkmatey, said in a June 21 X video.
About 5% of mining hashrate is struggling about the moment, Check explained, referring to the amount of processing and computing power being given to the network through mining.
Check claims that 5% isnt enormous and it is likely that Bitcoin (BTC)miners are likely to be distributing some of their holdings, but it doesnt appear to be a complete and total firesale.
A hash ribbon inversion occurs when the 30-day moving average of the hashrate crosses below the 60-day moving average, signaling a period of mining difficulty. This can be due to several reasons, including increased operational costs, a decline in Bitcoins price or equipment issues among miners.
Following the Bitcoin halving on April 20, the Bitcoin hash rate started to decline as Bitcoin mining firms started turning off unprofitable mining rigs. Every four years, the halving event occurs, cutting miners rewards in half.
The April 20 halving reduced mining rewards to 3.125 BTC from 6.25 BTC.
At the time of publication, the Bitcoin networks hashrate is 586 exahashes per second (EH/s), down 2% over the past 30 days, according to Blockchain.com data.
Check suggested that while miners may be treading water right now, at worst, they may be breaking even as they mine new Bitcoins to cover operational costs.
Miners might be treading water up here, they may not be full-scale bear market level capitulating, probably just treading water, they mine 10 Bitcoin, they sell 10 Bitcoin, Check said, following other analysts comments in recent times about the lack of profitability for Bitcoin miners.
Bitcoin miners are selling most of their coins to pay the bills, Panos wrote in a June 18 X post.
In a separate post on X on the same day, Check noted that Bitcoin transaction fees represent an increasingly large proportion of miner revenues.
Related: Bitcoin dips below short-term holder realized price, sparking $60K fears
Miners must adapt and adjust to fees becoming their primary revenue stream, forcing the industry to further innovate, and apply efficient capital management, he wrote on X.
Nearly allBitcoin miners are selling 100% of their coins, while CLSK is managing to Hodl their BTC & use their relatively USD balance sheet to acquire new capacity, VanEck head of digital assets research Matthew Sigelwrote.
Magazine: Bitcoin Layer 2s arent really L2s at all: Heres why that matters
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Bitcoin miners are treading water, but no alarms of a total firesale - Cointelegraph
Bitcoin’s recent weakness signals an imminent S&P 500 correction, according to Stifel – CNBC
Bitcoin's recent weakness could be signaling an upcoming correction in stocks, according to Stifel's chief equity analyst Barry Bannister. Bitcoin reached its all-time high of $73,797.68 on March 14 before quickly correcting, and it has struggled to hold the $70,000 mark since, barring a handful of blips. On Thursday, the S & P 500 briefly touched 5,500 for the first time after notching its most recent record close earlier in the week. Historically, the S & P 500 averages flat for about six months after bitcoin peaks, and past cycles point to a topping in the benchmark stock index, Bannister said in a note Wednesday. "Weakening bitcoin signals an imminent S & P 500 summer correction and consolidation phase," he said. "With the S & P 500 now at the very high end (2 sigma) of bitcoin post-peak cycle overlays since 2011, we have yet another strong signal that an imminent S & P 500 correction is possible." He added that high beta tech stocks such as Nvidia are especially vulnerable heading into the third quarter. The S & P 500 could fall to 4,750, a roughly 13% drop from current levels, by the end of the summer, he told CNBC's "Closing Bell Overtime" earlier this week. Many see bitcoin as "digital gold," but Bannister said he sees it as a speculative instrument driven by excess dollar liquidity. As such, it's always been sensitive to dovish Federal Reserve pivots. In 2020, it became closely correlated with the Nasdaq 100 when the central bank injected trillions of dollars of rescue money into the economy during the Covid-19 crisis. Currently, the market finds itself in an asset bubble now that the "corona-cash" has migrated from consumers to corporations. "Mopping up that liquidity has just begun (and may never be accomplished), but since that dump we have seen politically destabilizing sequential bubbles which first inflated consumer prices and now asset prices," Bannister said. Expectations for a summer correction aren't based on bitcoin alone, however. Stifel said he expects "a case of moderate stagflation" a combination of high inflation, high unemployment and stagnant demand to tighten financial conditions and expose the S & P's high price-earnings ratio. Bannister also said investors may be in a "full-fledged bubble/mania mode which looks past our concerns." "Timing is everything," he wrote. "Past bubbles since the 19th century indicate the S & P 500 could well rise to ~6,000 at year-end 2024 and then round trip to near where 2024 began five quarters later, by ~1Q26 (S & P 500 ~4,800)."
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Bitcoin's recent weakness signals an imminent S&P 500 correction, according to Stifel - CNBC
Winklevoss twins refunded for exceeding Bitcoin donation limit to Trump – Cointelegraph
The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, were refunded after their bitcoin donations to Donald Trumps presidential campaign exceeded the maximum amount allowed under federal law.
According to a Bloomberg report, the portion above the legal limit was refunded to the donors, citing a campaign official who spoke on condition of anonymity to discuss the matter.
The twins each announced donations totaling $2 million in Bitcoin in posts on social media site X on Thursday to the presumptive Republican nominee, which would exceed the maximum $844,600 that the Trump committee can legally accept per person.
It is uncertain whether the Trump 47 Committee, which accepted the Bitcoin donation and typically focuses on larger contributors, returned the amount in Bitcoin or converted it to its equivalent value in cash.
According to the report, the donated money is split among the former presidents campaign, the leadership political action committee that pays his legal bills, the Republican National Committee and 42 GOP state party committees.
Related:Gemini launches campaign finance initiative for pro-crypto candidates
Trumps acceptance of the Bitcoin donation moves toward the burgeoning relationship between his campaign and the crypto industry, a key player in the 2024 election. Investors and allies rally behind candidates who promise a lighter regulatory hand.
The Winklevoss brothers reportedly attended a June fundraiser for Trump, costing up to $300,000 per person. They have also donated roughly $5 million to the Fairshake political action committee and its affiliates, which has been responsible for attack ads against lawmakers and backing certain Democratic and Republican candidates for office.
Many of the users of the Gemini crypto exchange, founded by the twins, spent months trying to get back funds they invested in Gemini Earn, a program to earn a yield on crypto assets run jointly with now-bankrupt Genesis.
However, users can now get their Earn assets back in kind. Last week, New York Attorney General Letitia James said she recovered about $50 million from Gemini for users who were defrauded.
Gemini agreed in February to return at least $1.1 billion to customers through the Genesis bankruptcy as part of a settlement with the New York Department of Financial Services. The Securities and Exchange Commission sued Gemini and Genesis over Gemini Earn early last year; Genesis has settled the charges.
Magazine: Crypto voters are already disrupting the 2024 election and its set to continue
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Winklevoss twins refunded for exceeding Bitcoin donation limit to Trump - Cointelegraph
Bitcoin is facing a rare extended level of FUD on X Santiment – Cointelegraph
Bitcoinhas been facing an extended level of FUD on social media platform X amid sideways trading at the $65,000 mark, according to data from cryptocurrency intelligence platform Santiment.
This extended level of FUD is rare, as traders continue to capitulate, Santiment wrote in a June 20 X post. FUD stands for fear, uncertainty and doubt.
The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K, it added.
The price of Bitcoin (BTC)has fluctuated between highs near $67,294 and lows around $64,180 over the last week, according to CoinMarketCap data.
Santiment pointed to its Weighted Sentiment Index a metric that measures Bitcoin mentions on X and compares the ratio of positive to negative comments remaining negative since May 23.
At the time of publication, it stands at -0.738, indicating that Bitcoin mentions are predominantly negative on X.
However, positive events for Bitcoin, such as the approval of 11 spot Bitcoin exchange-traded funds on Jan. 10 andthe Bitcoin halving on April 20, which saw the indicator spike to positive levels of 4.49 and 2.35, respectively.
Negative sentiment toward Bitcoin on social media has come from all ends of the crypto community, including traders and analysts with significant followings.
Bitcoin is around 60 days into a ~150-day long sideways slog since the halving, Glassnode lead analyst James Check, known as Checkmatey, wrote in a June 19 X post.
Months of sideways price action -- the most boring phase of the bull market, pseudonymous crypto trader Jelle added.
Bitcoin is pretty boring right now, pseudonymous crypto trader Trader Cobb added.
Related: Traders unbothered by Bitcoins sub-$65K levels, say BTC price remains high and steady
Some believe the lengthy consolidation could be making way for a meteoric price surge.
On June 13, Cointelegraph reported that Bitcoin was in its longest period of consolidation, at 92 days at the time, with analysts sayingthe extended steadiness could be setting the asset up for a massive upside rally.
Generally, the longer a consolidation, the larger the expansion afterward, pseudonymous crypto trader Daan Crypto Trades wrote.
Meanwhile, another crypto market sentiment gauge, the Fear and Greed Index, is showing a Greed reading of 63 at the time of writing, down 11 points over the past seven days.
While this metric also considers social media sentiment, it analyzes other factors such as volatility, market momentum and volume, market dominance and current trends.
Magazine: Bitcoin Layer 2s arent really L2s at all: Heres why that matters
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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Bitcoin is facing a rare extended level of FUD on X Santiment - Cointelegraph
Bitcoin ETFs enjoy 6 days of continued 9-figure outflows – crypto.news
The end of the week brought more outflows from spot Bitcoin (BTC) exchange-traded funds (ETFs), pushing the total net outflows for these products to more than $544 million.
According to Farside Investors, spot Bitcoin ETFs saw net outflows amounting to $105.9 million on June 21, making it the sixth successive day with outflows exceeding $100 million.
The bulk of these outflows came from three major funds: the Fidelity Wise Origin Bitcoin Fund (FBTC) with $44.8 million, the Grayscale Bitcoin Trust (GBTC) with $34.2 million, and the ARK 21Shares Bitcoin ETF (ARKB) with $28.8 million going out.
Despite the bearish sentiment in the market, not all ETFs followed this trend. The Franklin Bitcoin ETF (EZBC) managed to buck the trend with an inflow of $1.9 million on the same day. On its part, BlackRocks iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF by holdings, remained neutral with no significant changes.
The recent trend of outflows is notable, especially considering that spot Bitcoin ETFs experienced $580.6 million in net outflows just last week. This comes after a period of four consecutive weeks of net inflows, which collectively added around $4 billion to these investment products.
The broader cryptocurrency market has been experiencing heightened fear, uncertainty, and doubt (FUD), which has been reflected in Bitcoins price dipping below the $64,500 mark.
On-chain data has also revealed significant activity among Bitcoin whales, who hold significant amounts of BTC. According to information shared by CryptoQuant CEO Ki Young Ju on X, whales sold approximately $1.2 billion worth of BTC over the past two weeks. This trend of cashing out coincided with the negative net flows in spot BTC ETFs.
#Bitcoin long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers.
ETF netflows are negative with $460M outflows in the same period.
If this ~$1.6B in sell-side liquidity isn't bought OTC, brokers may deposit $BTC to exchanges, impacting the market. pic.twitter.com/oYeKsRqKeF
Ju warned that if this sell-side liquidity is not absorbed over the counter, it could lead to more BTC being deposited on exchanges, potentially impacting the market further.
The cryptocurrencys price has faced difficulties in recent weeks. On June 21, Bitcoins value dropped to $63,500. It has since rebounded slightly, adding around $750 in the last 24 hours, according to CoinGecko.
Nonetheless, the coin has experienced a 7.2% decline over the past 14 days, reflecting the ongoing volatility in the market.
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Bitcoin ETFs enjoy 6 days of continued 9-figure outflows - crypto.news
Bitcoin’s days below $70K are numbered as traders cite BTC’s swing low as the bottom – Cointelegraph
Bitcoins (BTC) price has been trending lower over the last two weeks, and analysts believe that the pioneer cryptocurrency appears to have bottomed in the area between $63,000 and $65,000.
Bitcoin has likely bottomed in this area between $63-65K, MN Capital founder Michal van de Poppe wrote in a June 20 post on the X social media network.
Van de Poppes analysis appears to have been informed by Bitcoins modest bounce from $64,950 to a high of $66,455 during the European trading session on June 20.
The analyst shared the following chart with his X followers. It shows BTC bouncing off a key demand level, indicated by the green band, stretching from $63,000 to $65,000.
Van de Poppe explained that if the price holds above this level, it will find itself in upward momentum.
Fellow analyst Jelle shared a similar sentiment, declaring that BTC continued the fight for range lows around the key $65,000 support level and that bulls were working on turning the market structure around to lock in a local higher low and higher high.
Bitcoins local market structure is slowly shifting back to bullish. Eyes on a reclaim of $66,000 - for confirmation of strength, Jelle explained.
Data from Cointelegraph Markets Pro and TradingView shows Bitcoins price action has formed a series of higher lows on the daily chart to stay above the ascending trendline. Bitcoin bulls are required to hold the price above this level to secure the recovery.
The appearance of a doji candlestick on the daily chart implied the importance of the $65,000 level for both buyers and sellers.
However, if bulls lose the ongoing battle, they may retreat toward the 200-day exponential moving average (EMA), which appears to be the last line of defense for BTC at $64,300.
Data from IntoTheBlock, whose In/Out of the Money Around Price (IOMAP) model reveals that Bitcoins price sits on relatively strong support downward, also reinforces this levels importance.
The 200-day EMA and the $65,000 psychological level are found within the $64,018$65,975 price range, where approximately 1.07 million BTC was previously bought by about 1.75 million addresses.
This suggests that high demand-side liquidity from this cohort of investors could push BTCs price past the resistance provided by the 100- and 50-day EMAs at $66,699 and $67,000, respectively, breaking it out of consolidation and into price discovery.
If this happens, according to popular analyst Moustache, BTCs price below $70,000 could be the last time we see it.
Moustache explained that the BTC price was nurturing an inverse head-and-shoulders pattern on the daily timeframe, which is becoming more and more of a reality for Bitcoin.
The inverse head-and-shoulders pattern forms a reversal setup and includes an inverted head and shoulders, with the left and right shoulders upside down below the neckline.
If the pattern continues, Bitcoins price could embark on a massive upward breakout toward its next key price level of $72,000 before potentially breaking its current all-time high price of $73,835, eventually making a run for $100,000, according to Jelle.
This would be an almost 55% jump from the current price, according to CoinMarketCap data.
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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Bitcoin's days below $70K are numbered as traders cite BTC's swing low as the bottom - Cointelegraph
Insane amount of Bitcoin shorters are hoping it wont go to $70K – Cointelegraph
Bitcoinshort sellers are probably crossing their fingers in hopes the asset wont return to $70,000 in the near term, with a huge amount of liquidations at risk if it does.
CoinGlass data shows a staggering $1.67 billion of short positions will be liquidated if Bitcoin (BTC)returns to $70,000 a price level it has been trading under since June 8, according to CoinGlass data.
There is an insane amount ofBitcoin short liquidations piling up at the topside, pseudonymous crypto trader Ash Crypto acknowledged on June 17 in an X post.
According to CoinMarketCap, a 7.46% increase from its current price of $65,136 would bring it to $70,000.
Markets are incredibly bullish right now. Bitcoin and ETH Liquidations are stacked. Bounce imminent, Discover Crypto CEO Joshua Jake wrote on June 18.
Bitcoin open interest (OI) which is the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges has dropped 10.99% since reaching its all-time high on June 7 to $33.55 billion.
However, Bitcoin OI is 82% higher compared to Jan. 1.
While falling open interest can point to a deteriorating trend, rising open interest implies growing market interest.
Earlier in June, in the lead-up to June 7, Bitcoins OI surged over $2 billion in just three days, leading traders to believe it may trigger a sudden whipsaw effect on its price.
Willy Woo, a crypto analyst and creator of onchain data resource Woobull, suggested a major liquidation wipeout will better position Bitcoin to reach new all-time highs.
We need a solid amount of liquidations still before we get the all clear for further bullish activity, Woo wrote on June 19.
Related: Buy the dip? Bitcoin price drops to new 1-month lows of $64K
I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out, he added.
Woo is not the only analyst to use the word boring to describe Bitcoins recent price action following the Bitcoin halving on April 20.
Basically, its The Boring Zone before The Banana Zone, Global Macro Investorhead of research Julien Bittel wrote on June 19.
Magazine: Ethereums recent pullback could be a gift: Dynamo DeFi, X Hall of Flame
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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Insane amount of Bitcoin shorters are hoping it wont go to $70K - Cointelegraph
Bitcoin price bouce will occur when ‘weak hands’ capitulate and hashrate recovers – Cointelegraph
Bitcoin (BTC) has been in a downtrend for over two weeks and now trades 13.8% below its all-time high of $73,835, reached on March 14. Analysts argue that BTC must recover its hashrate and shake off weak hands to end the downtrend.
Independent analyst Willy Woo noted that Bitcoins price would only recover when weak miners die and the hashrate recovers.
This one is for the record books as it's taking a lot of time for miner capitulation post-halving, Woo wrote in a June 21 post on the X social media platform.
Miner capitulation is a theory that posits that miners will turn off their hardware and sell their coins if Bitcoin falls below a certain price and mining becomes unprofitable.
When Bitcoin sheds weak hands, it means inefficient miners running old hardware and high costs go into bankruptcy. While others are forced to upgrade hardware thats more efficient because their revenues have been halved, the analyst explained. Both cases force miners to sell their BTC to pay for losses or hardware upgrades.
Woo added that capitulation is taking longer during the current cycle, probably due to profit boosts. Thanks to ordinal inscriptions.
He shared the following graph showing that the hashrate recovery is taking longer compared to previous cycles.
In comparison, the hashrate took 24 days to recover during the 2017 cycle and only 8 days in 2020.
Bitcoin hashrate refers to the number of attempts made per second to solve the mathematical puzzle that validates Bitcoin transactions.
When the Bitcoin hashrate rises, more computing power is used, which increases energy costs and lengthens verification and transaction times.
Bitcoins average mining cost is currently at $86,668, declared fellow analyst Ali Martinez in a June 15 post on X.
Also weighing in on when the Bitcoin price is likely to end the downtrend is fellow analyst Mr. Anderson who said it will take a shake out, which takes place when price drops sharply, causing less committed traders to sell.
The goal is to trigger panic and increased selling, he explained in a June 18 X post.
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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Bitcoin price bouce will occur when 'weak hands' capitulate and hashrate recovers - Cointelegraph
Bitcoin price rebound may hit in 10 days as Fed liquidity rips higher – Cointelegraph
Bitcoin has around 10 days until United States macro conditions support a return to BTC price upside.
That is according to financial commentator Tedtalksmacro, who tracks the correlation between BTC price action and U.S. Federal Reserve liquidity.
Bitcoin (BTC) may be down around 3.2% in June, but the tables may turn before the month is out.
Analyzing how Fed liquidity conditions impact BTC/USD, Tedtalksmacro revealed a close correlation, which has held for several months.
The correlation between Bitcoin + Fed Liquidity never ceases to amaze me, he wrote in accompanying commentary on X.
A chart from his proprietary macro data resource, Talking Macro, showed BTC price highs and lows syncing with local peaks and troughs in Fed liquidity.
Even Bitcoins latest all-time high of $73,800 in mid-March was accompanied by a liquidity spike.
Clarifying how liquidity is calculated, Tedtalksmacro confirmed that the figure is based on a mixture of Fed assets, repo markets, treasury data.
Talking Macro referred to problematic short-term headwinds for Bitcoin, noting a new decline in inflows to the U.S. spot Bitcoin exchange-traded funds (ETFs).
Related:Bitcoin price uptrend intact with hodlers 120% in profit Research
After seeing their second-highest daily inflows on record in early June, the trend reversed, with the past four Wall Street trading days conversely seeing net outflows.
Data from monitoring resources, including United Kingdom-based investment firm FarsideInvestors put the four-day outflow tally at just over $700 million still less than the June 4 $886 million inflow.
Anticipation continues to build for the third quarter and beyond when it comes to a new wave of institutional interest in Bitcoin, as U.S. wirehouses are predicted to gain access to spot ETF products.
As Cointelegraph reported, that event forms a key point on the radar for those eyeing Bitcoins continuing transformation into an institutional heavyweight investment class. Among them is Cathie Wood, CEO of asset manager ARK Invest, one of the spot ETF providers.
No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we havent even begun, she said in an interview in March about U.S. wirehouses.
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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Bitcoin price rebound may hit in 10 days as Fed liquidity rips higher - Cointelegraph