The volume of daily transactions on the Bitcoin network has seen a significant decline since Jan. 28, 2024, with numbers falling from peaks above 600,000 to below 300,000 transactions per day. This downturn is in sync with a decrease in the daily creation of Ordinal inscriptions, overall easing congestion and reducing onchain fees. Network Activity […]
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With bitcoin’s value rising past the $51,000 mark, numerous long-dormant bitcoin hoards have begun to mobilize unspent transaction outputs (UTXOs) that have remained untouched for an extended period. Although instances involving ‘sleeping bitcoins’ from the years 2009, 2010, and 2011 are considerably scarce, there’s been a noticeable resurgence of older coin batches from 2012, 2013, […]
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Rich Dad Poor Dad author Robert Kiyosaki has predicted that bitcoin and silver will take off while gold will crash below $1,200. He urges investors to prepare for the “biggest crash in history” which he forecasted in his book years ago. Emphasizing that the Federal Reserve is “destroying” the U.S. economy, he advised: “Rather than […]
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Binance has announced a competition through its crypto derivatives arm, Binance Futures, offering participants the chance to win a Tesla Model Y. According to the crypto exchange, the contest will unfold over four weekly challenges spanning from Feb. 18 to Mar. 17, 2024. Binance Futures Unveils Tesla Model Y Challenge and Daily Crypto Rewards Beginning […]
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Bitcoin’s price retreated below $51,000 to retest critical support levels on Feb. 17 despite holding strong after stronger-than-expected CPI data over the past few days.
The flagship crypto was trading at $50,856 as of press time after touching a low of $50,625.
The decrease marks a 2.81% drop over the last 24 hours, with Bitcoin’s market capitalization now close to $997.31 billion, slightly below the $1 trillion mark.
The recent price action comes amid a backdrop of both bullish and bearish sentiments among investors.
Analysis from Changelly suggests that the market sentiment has been predominantly bullish, with a 76% bullish sentiment against a 24% bearish outlook, underpinned by a Fear & Greed Index score of 77, indicating a prevailing sense of greed in the market.
Despite this optimism, Bitcoin has experienced significant price volatility over the past month, with 19 out of the last 30 days closing in the green.
Bitcoin bulls suggest the price is testing support before surging to yearly highs, as it has already broken out of a critical price ceiling to form a bullish megaphone pattern.
Bitcoin, the world’s first decentralized crypto, continues to be a focal point of discussion among investors, policymakers, and the general public. Its energy consumption, security features, and potential for adoption as a legal tender in various countries remain hot topics.
The crypto’s journey from being perceived as a risky investment to becoming a primary reserve asset for major corporations like MicroStrategy and Bitcoin ETFs issued by major asset managers illustrates its growing acceptance and the changing attitudes toward digital currencies.
Furthermore, the legal and political landscapes around Bitcoin are evolving. Countries like El Salvador have adopted Bitcoin as legal tender, a move that has spurred discussions on the adoption of cryptocurrencies by other nations.
Meanwhile, environmental concerns related to Bitcoin mining continue to spur debates on the sustainability of cryptocurrencies and their impact on global energy consumption.
At the time of press 5:04 pm UTC on Feb. 17, 2024, Bitcoin is ranked #1 by market cap and the price is down 2.1% over the past 24 hours. Bitcoin has a market capitalization of $1 trillion with a 24-hour trading volume of $19.87 billion. Learn more about Bitcoin ›
At the time of press 5:04 pm UTC on Feb. 17, 2024, the total crypto market is valued at at $1.92 trillion with a 24-hour volume of $59.22 billion. Bitcoin dominance is currently at 52.24%. Learn more about the crypto market ›
Coinbase Custody reportedly now holds over 90% of all Bitcoin ETFs in the United States. This development was revealed by the crypto exchange’s CEO, Brian Armstrong, while appraising the company’s performance in the fourth quarter (Q4) of 2023.
In an X post on February 16, Brian Armstrong shared specific highlights of Coinbase’s achievement in Q4 2023. In particular, He noted that the American crypto exchange has played a crucial part in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi).
A major part of this adoption is the Bitcoin ETF market which is worth $37 billion, ranking as the second largest commodity ETF market after Gold. Armstrong noted that Coinbase has played a significant role in this development, serving as custodian for 90% of the investment funds in the Bitcoin ETF market.
A few thoughts on our Q4 Earnings yesterday:
2023 was a great year for Coinbase and we’re in a strong financial position. We cut costs by 45% y/y and shipped products faster with a leaner team driving $95 million of positive net income for 2023, $964 million in positive Adj.… pic.twitter.com/XK8f0EQBdP
— Brian Armstrong 🛡️ (@brian_armstrong) February 16, 2024
For context, a custodian is a regulated financial institution that holds customers’ securities and assets, providing protection against any form of loss or theft. Notably, Coinbase is listed as the custodian for eight of the 11 recently launched Bitcoin spot ETFs. These include BlackRock’s IBIT, Ark Invest’s ARKB, Bitwise’s BITB, and Grayscale’s GBTC, among others.
These statistics indicate that Coinbase is well placed to record larger milestones as the top traditional financial institutions are tipped to finally invest in Bitcoin ETFs, especially upon the proven success and stability of the Bitcoin spot ETFs.
According to Armstrong, other notable Coinbase achievements in Q4 2024 include the launch of the exchange’s international wing, and the layer-2 blockchain solution Base. The crypto exchange also claimed to slash its annual costs by 45% while generating a total income of $3.1 billion.
In retrospect to 2024, Armstrong stated that Coinbase will maintain focus on its international expansion and new derivatives products. In addition, they will aim to promote the adoption of crypto payments by transforming the Coinbase wallet into a super app.
Finally, the exchange CEO states that Coinbase will continue to advocate for a clear regulatory framework applicable to the crypto space. Armstrong says that Coinbase is committed to this course and is willing to explore all means, including legal processes as well as engaging the federal legislators.
COIN trading at $180.28 on the trading chart | Source: COIN chart on Tradingview.com
Featured image from CNBC, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tron is embarking on an ambitious journey to transform the Bitcoin ecosystem, as announced by its founder, Justin Sun. Through the integration of Bitcoin Layer two solutions, Tron seeks to decentralize and interconnect a variety of token types, including major stablecoins, with the Bitcoin network. Justin Sun’s Outlines Vision to Merge Tron and Bitcoin Networks […]
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In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs.
The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately $37 billion in assets after only 25 trading days, while gold ETFs have accumulated $93 billion in over 20 years of trading.
In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.”
According to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal.
McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting digitalization trends.
Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape.
The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining.
According to analyst Ali Martinez, as the price of Bitcoin continues to hover between $51,800 and $52,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market.
However, market expert Crypto Con points out a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement.
As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s market cycles. These moments include the cycle bottom, mid-top (which occurred only once), and the start/end of a cycle top parabola (which occurred most frequently).
According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual.
Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market correction or a change in the overall trend.
Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions.
While BTC is currently trading at $51,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
On-chain data from Glassnode shows that the Bitcoin short-term holders have recently participated in a massive $647 million profit-taking event.
According to data from the on-chain analytics firm Glassnode, the short-term holders have given a strong reaction to the $52,000 break. The “short-term holders” (STHs) here refer to the Bitcoin investors who bought their coins within the past 155 days.
Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. The STHs have a relatively low holding time, so they easily sell during price rallies or crashes.
On the other hand, the “long-term holders” (LTHs), which make up the rest of the userbase (that is, those withholding time greater than 155 days), tend to carry a strong resolve.
Since the STHs are fickle-minded, it’s not surprising that they have made some selling moves after the latest rally in the asset. One way to gauge the reaction of this cohort is through the “Net Realized Profit/Loss” metric.
This indicator keeps track of the net profit or loss the investors realize across the network. The metric finds this value by going through the on-chain history of each coin being transferred right now to check the price it was moved at before.
Assuming that a change of hands occurred in the previous transfer and that another such change is happening with the current one, then the coin’s sale would realize a profit or loss equal to the difference between the two prices.
The Net Realized Profit/Loss sums up all such profits and losses and outputs the net value. Now, here is a chart that shows the trend in this indicator specifically for the Bitcoin STHs over the past few years:
Looks like the value of the metric has been significantly positive in recent days | Source: Glassnode on X
As displayed in the above graph, the Bitcoin STH Net Realized Profit/Loss has spiked to highly positive levels recently, implying that these investors’ profits have significantly outweighed the losses.
This cohort has realized $647 million in net profits during this latest selling spree. The chart shows that the last time the indicator was at higher positive values was back around the formation of the 2021 all-time high.
The current values aren’t off this mark, but the STH Net Realized Profit/Loss levels that hit back during the first half of the 2021 bull run are still far away. For perspective, the peak in the metric achieved back then was $2.5 billion, which remains the all-time high for the indicator.
Since the rapid surge above $52,000, Bitcoin has calmed down slightly, as it has moved sideways in the past few days. At present, BTC is trading at around $52,500.
The price of the asset seems to have slowed down in the last two days or so | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In a recent interview with Fox Business, MicroStrategy Executive Chairman Michael Saylor delved into the transformative potential of Bitcoin, positioning it as a pivotal force in the shift from analog to digital capital.
Saylor’s insights come at a critical time when the flagship crypto is experiencing renewed interest and growth, highlighting its role in the evolving landscape of global finance.
According to Saylor:
“The conversion of analog capital to digital capital is not just a financial evolution; it’s a necessity for wealth preservation in the 21st century.”
With an estimated $900 trillion tied up in traditional assets like real estate, stocks, and bonds, he believes that Bitcoin offers unprecedented opportunities for capital preservation and appreciation.
Saylor began by addressing the fundamental question of what money truly represents, concluding that it acts as “economic energy” or the capital that underpins the wealth of the world.
Drawing on historical analogies, Saylor likened the digital transformation brought about by Bitcoin to the industrial revolutions of the past, where figures such as Rockefeller played pivotal roles in redefining energy consumption through oil.
He argued that just as earlier epochs saw the rise of civilizations through the management and channeling of physical forms of energy, the digital era could witness similar advancements through Bitcoin and its underlying network.
Saylor said:
“Civilizations have always advanced by mastering new forms of energy. In the digital age, Bitcoin is that new form of energy — a digital property powered by the most powerful computing network in the world.”
Saylor’s commentary extended to the broader implications of Bitcoin’s rise, suggesting it represents a new paradigm for protecting and enhancing wealth against traditional economic vulnerabilities like inflation, physical asset depreciation, and market volatility.
He said that Bitcoin is a secure digital space for capital, insulated from the geopolitical and environmental challenges that impact analog wealth. According to Saylor:
“Bitcoin offers a solution to the decay and depreciation of traditional forms of wealth. By moving wealth into cyberspace, we’re protecting it from the physical and economic challenges that have plagued assets for centuries.”
Saylor also discussed MicroStrategy’s strategic pivot towards becoming a Bitcoin development company. The company’s Bitcoin hoard now amounts to a little under 200,000 BTC, making it one of the largest whales in the industry.
With nearly $10 billion invested in Bitcoin, the company aims to leverage its assets and market presence to bolster the Bitcoin network. This involves issuing securities to acquire more Bitcoin for its shareholders. Saylor said:
“Our strategy is not just about holding Bitcoin. It’s about leveraging our assets to promote and expand the Bitcoin network”
Saylor said that the company’s long-term goal is to buy as much Bitcoin as possible and then “lock it up forever” while it focuses on developing the ecosystem around the flagship digital asset.
