Bitcoin miner Marathon Digital Holdings has crafted a block that prominently displays the letter “M” by carefully arranging transactions and fee rates within its mining pool. This novel approach introduces a creative twist to block creation in the blockchain realm. Despite this innovative step, Marathon has made it clear that it currently does not offer […]
Source link
BitMEX’s recent data highlights a substantial inflow in Bitcoin (BTC) Exchange-Traded Funds (ETFs), showcasing their most significant day of inflows since March 13, with a total of $418.0 million, equivalent to 5,986.1 BTC. Notably, Fidelity’s FBTC ETF led the surge with an exceptional $279.1 million in net inflows, equivalent to 3,997.2 BTC, maintaining its strong sequence of consecutive inflow days. This increase has elevated their total net inflows to an impressive $7,492.5 billion, translating to 140,883 BTC.
BitMEX’s data reveals that BlackRock’s IBIT also experienced a solid inflow of $162.2 million, equal to 2,322.4 BTC, marking its best performance since March 21. This contribution boosted their total net inflows to $13,539 billion, corresponding to 246,085 BTC. Conversely, GBTC faced substantial outflows amounting to $212.3 million, or 3,040.9 BTC, leading to a cumulative net outflow of $14,362.9 billion and a net loss of 278,100 BTC.
Following five outflow data, the Bitcoin ETF sector continues a robust influx, with total net inflows reaching $11,702.8 billion, equivalent to a significant 206,659 BTC this year.
The post Fidelity and BlackRock ETFs lead massive Bitcoin inflow day appeared first on CryptoSlate.
Badgerdao, in partnership with Lido, has unveiled eBTC, an ether-backed synthetic bitcoin token aimed at enhancing the decentralization and capital efficiency of borrowing bitcoin in the decentralized finance (defi) space. Badgerdao and Lido Forge Partnership to Launch eBTC Badgerdao, a decentralized autonomous organization (DAO) committed to integrating bitcoin (BTC) into defi, has announced the launch […]
Source link
In a recent development, data from crypto analytics firm Glassnode shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This has raised the possibility of the flagship crypto rising to a new all-time high (ATH) of $75,000 soon enough.
According to Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to move their holdings off exchanges and hold for the long term rather than sell anytime soon. A move like this reduces the short-term pressure on Bitcoin and could spark an upward trend in BTC’s price.
Meanwhile, the drop in BTC held on Coinbase looks to be a trend, with data from market intelligence platform Santiment showing a drop in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recorded more outflows than inflows lately.
Further data from Santiment also shows that the supply on exchanges as of March 22 stood at just over 836,000 BTC compared to the 18.82 million BTC that resides out of these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering how the flagship crypto token has recently been plagued with a wave of profit-taking.
Before now, the bearish sentiment surrounding BTC was further strengthened by JPMorgan’s theory that Bitcoin was overbought and that the crypto token could experience further price declines soon enough. However, with BTC back over $70,000, there is the belief that this is just the beginning of an upward trend that could see it reach new highs.
BitMEX Research revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded negative flows throughout last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC dip that occurred during that period.
The crypto community will no doubt keep their eyes on the flows recorded by these Spot Bitcoin ETFs this week as they could give an idea of whether or not the outlook towards BTC has become bullish again. These Bitcoin ETFs now play a prominent role in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate whenever there is a high demand for them.
At the time of writing, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours according to data from CoinMarketCap.
BTC price trending north of $70,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, 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.
The phenomenon of the Bitcoin halving is a cornerstone event in the crypto world, fundamentally altering the economic landscape for miners and investors alike. Occurring approximately every four years, this event reduces the reward for mining new Bitcoin blocks by half, a mechanism designed to control the supply of Bitcoin and mimic the scarcity-driven value preservation seen in precious metals.
As we approach the next halving in 2024, the Bitcoin community keenly focuses on its potential impacts on the market and mining operations. In this shifting environment, GoMining emerges as a noteworthy entity, offering innovative solutions to the challenges posed by the BTC halving event.
The halving event is not merely a technical milestone but a pivotal economic reset that impacts all facets of Bitcoin mining. By halving the block rewards, the event directly challenges the profitability and sustainability of mining operations, compelling miners to reassess their strategies.
Historically, each halving has led to a significant shakeout in the mining industry, with only the most efficient and strategically positioned miners able to maintain profitability in the face of reduced rewards.
In the post-halving landscape, miners face the dual challenge of decreasing rewards and potentially increasing competition as the market adjusts to the new reward structure. This environment favors mining operations that achieve the lowest operational costs, particularly in energy consumption, which is the largest variable cost in Bitcoin mining.
Meanwhile, the increase in mining difficulty, a measure of how hard it is to find a new block, is another critical factor that miners must contend with post-halving.
As the rewards decrease, maintaining the same profitability level requires more efficient hardware and access to cheaper electricity. This situation leads to a natural selection process in the mining industry, where only the most efficient operations can thrive.
GoMining presents a compelling solution for individuals across the spectrum of cryptocurrency familiarity, from seasoned mining enthusiasts to those new to the crypto world. It offers a seamless and efficient way to engage in Bitcoin mining, even in the face of the complexities introduced by post-halving scenarios. By providing an accessible platform, GoMining enables anyone to participate in mining activities and receive daily rewards without needing deep expertise in the intricacies of Bitcoin mining. This approach not only democratizes access to Bitcoin mining but also emphasizes the importance of efficiency and cost-effectiveness in a rapidly evolving space.
GoMining’s solution is built upon a unique Liquid Bitcoin Hashrate vision, introduced by the company in 2022. According to this concept, Non-Fungible Tokens (NFTs), also known as virtual miners, represent real shares of Bitcoin mining power generated by nine top-notch data centers operated by GoMining.
This model democratizes access to mining and allows users to increase their mining capacity according to their investment strategy simply by acquiring or upgrading these NFTs. This approach eliminates the need for individuals to invest in expensive mining equipment or deal with the logistical challenges of setting up and running a mining operation.
Another key aspect of the ecosystem is the GOMINING token, which operates across both Ethereum and Binance Smart Chain networks, facilitating a variety of actions, including purchasing and upgrading NFTs and managing digital assets within the platform. Users can also stake the GOMINING token to earn returns and gain voting rights, influencing platform decisions and contributing to the community’s direction.
The GoMining veTokenomics framework is designed to increase its value over time through a deflationary model, incorporating burn and mint cycles that enhance its scarcity and utility.
In anticipation of the challenges posed by the halving, GoMining is actively expanding its total hashrate and exploring innovative ways to enhance the energy efficiency of its operations further. The company’s roadmap includes significant investments in technology and infrastructure to enhance its mining capacity and maintain competitiveness in the industry.
GoMining’s operations are designed to focus on energy efficiency and sustainability. The sustainability of mining infrastructure, especially during periods of market fluctuation, is heavily influenced by electricity costs. As such, the company strategically locates its data centers in regions with low electricity costs, significantly reducing one of the largest expenses associated with mining.
GoMining NFTs, also called digital miners, exemplify strategic planning in this aspect, having secured data center locations that grant them access to the most economically priced electrical resources worldwide. With an energy cost of merely $0.05 per kWh, they stand in stark contrast to the global averages, such as $0.44 per kWh in Britain, $0.17 per kWh in the United States, and $0.08 per kWh in both China and the United Arab Emirates, based on Statista’s 2023 data.
The mining firm also uses the latest and most energy-efficient mining hardware to ensure its operations have a minimal environmental footprint while maximizing user returns. Strategic partnerships with industry-leading players like Bitmain, a BTC mining hardware manufacturer, and participation in the Bitcoin Mining Council significantly contribute to the company’s position at the cutting edge of the industry.
The future of Bitcoin mining post-halving requires innovation, efficiency, and adaptability. GoMining represents a forward-thinking solution that addresses the core challenges miners face today.
By offering an accessible, scalable, and efficient model for Bitcoin mining, GoMining provides a valuable platform for individuals and entities looking to engage in mining without the traditional barriers.
As the mining landscape evolves, GoMining’s approach could serve as a blueprint for sustainable and profitable mining operations in the era of reduced block rewards.
The post The future of Bitcoin mining post-halving, according to GoMining appeared first on CryptoSlate.
Ordinals infrastructure platform OrdinalsBot said it raised over $3 million in its seed funding round to enhance opportunities within the broader Bitcoin ecosystem, according to a March 26 statement shared with CryptoSlate.
The funding round was led by DACM, with significant contributions from Eden Block and Nural Capital. Notable participants include WWVentures, Lightning Ventures, and Oak Grove Ventures.
With this latest funding injection, OrdinalsBot’s total funding now amounts to $4.5 million, as it had raised more than $1 million for its pre-seed funding.
OrdinalsBot launched last year after the Ordinals protocol became one of the primary narratives within the crypto community. Since then, the platform has developed a range of products facilitating the creation and management of Bitcoin inscriptions and BRC-20 tokens.
The platform plans to leverage this fresh capital to enhance opportunities within the Ordinals and broader Bitcoin ecosystem.
To achieve this, the firm wants to scale up its team across all departments, particularly its development team, which would focus on pioneering solutions to empower users and developers within the ecosystem.
Toby Lewis, the co-founder of OrdinalsBot, emphasized the platform’s evolution from an automated inscription service to a multifaceted endeavor. He said:
“We initially launched as the first automated inscription service in the Bitcoin Ordinals ecosystem, and have since expanded in many ways and believe that this next chapter, with the support of our new investors, will further continue to put us in a position to turbocharge Bitcoin – the biggest and most decentralized chain in the world.”
Similarly, Brian Laughlan, the other co-founder, explained Bitcoin’s pivotal role as the backbone of decentralized finance and highlighted OrdinalsBot’s contribution to establishing data infrastructure on the Bitcoin blockchain.
Furthermore, DACM CEO Richard Galvin commended OrdinalsBot’s commitment to innovation in Bitcoin’s ordinal inscriptions. He noted the platform’s involvement in mining the largest BTC block to date, including three of the ten largest BTC inscriptions recorded last month.
Disclaimer: A few members of CryptoSlate’s team made a small investment in OrdinalsBot because we believe in the team and project.
The post OrdinalsBot secures $3 million seed funding to turbocharge Bitcoin inscriptions ecosystem appeared first on CryptoSlate.
Bitcoin price is rising and now trading above $70,000 resistance zone. BTC could continue to rise toward the $73,000 and $75,000 levels in the near term.
Bitcoin price remained stable above the $65,000 resistance zone. BTC climbed higher above the $67,500 and $68,000 resistance levels. The bulls even pumped the price above the $68,800 and $70,000 resistance levels.
A new weekly high was formed near $71,217 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high. Bitcoin is also trading above $70,000 and the 100 hourly Simple moving average.
There is also a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $70,500 level. The first major resistance could be $71,200. If there is a clear move above the $71,200 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $73,500 resistance zone in the near term. The next key resistance sits at $75,000.
If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level.
The first major support is $69,000. The next support sits at $67,800 and the trend line. If there is a close below $67,800, the price could start a drop toward the $66,800 level. Any more losses might send the price toward the $65,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
Major Support Levels – $69,000, followed by $67,800.
Major Resistance Levels – $70,500, $71,200, and $73,500.
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.
This week, blockchain observers noticed that the “37X” wallet, once holding the title of the fifth-largest bitcoin wallet, was activated for the first time since 2019. This significant move involved the transfer of 94,504.03 bitcoin into three distinct addresses. One of these recipient wallets has now risen to become the sixth-largest bitcoin holder, showcasing a […]
Source link
Bitcoin, the world’s most valuable coin, is once again deviating from historical norms. According to an analysis by one crypto analyst, the coin is in the “overbought” territory of the Relative Strength Index (RSI) for the first time in the lead-up to halving. The RSI is a popular technical indicator analysts use to gauge the price momentum of traded instruments.
The analyst points out that the Bitcoin RSI on the monthly chart is currently above 70, indicating an overbought condition and overheating. This is a significant development as it’s the first time in Bitcoin’s history that this has happened before a halving.
The Bitcoin network is set to halve miner rewards in mid-April. This event, which occurs roughly every 200,000 blocks, will cut rewards distributed to miners by 50% from the current level of 6.125 BTC. Miners play a vital role in confirming transactions and maintaining network security.
The fact that Bitcoin prices appear to be “overheating” just before halving is net bullish for the coin. It suggests that prices are not only breaking from historical trends but also building strong momentum.
Besides the strong upside momentum, the analyst notes that Bitcoin now trades above a critical dynamic level on the monthly chart.
The confluence of these positive developments could explain why traders are upbeat. Most analysts agree that the coin will likely break higher in the weeks ahead, clearing the recent all-time high of around $73,800.
Thus far, Bitcoin prices are firm, increasing as evident in the daily chart. After sharp contractions in the past few trading sessions, the welcomed reversal over the weekend lifted the coin towards the elusive $70,000 level and a previous all-time high.
However, judging from the candlestick arrangement in the daily chart, a break above $73,800 would likely catalyze more demand. So far, prices are moving sideways within a broad range despite signals of strength relayed from other indicators.
While some investors are bullish, expecting prices to rise, caution should prevail. A close above $74,000 would thrust Bitcoin into unchartered territory. Beyond this, the analyst uses technical indicators to make projections. These tools use historical parameters and lag. As such, they may not be as accurate and, thus, misleading in some instances.
Feature image from DALLE, 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.
Deribit data indicates that nearly $9 billion worth of Bitcoin (BTC) options are due to expire on March 29, the last Friday of the month, with the total open interest amounting to 133,914 BTC. The put/call ratio is reported at 0.80, signifying more calls in circulation compared to puts, and reflects bullish market sentiment — for every 100 calls, there are 80 puts. Call open interest stands at 74,213 BTC, outstripping put open interest, which totals 59,701 BTC.
Deribit’s figures highlight the relevance of the put/call ratio with Bitcoin’s price at roughly $67,000, significantly surpassing the ‘max pain’ point of $50,000, indicating that a considerable number of call options are presently in the money.
The disparity between the elevated current price of BTC and its strike prices may suggest a prior underestimation of its volatility. There is also a marked concentration of open interest in calls at the upper strike prices, starting at $75,000, which could have implications for future volatility perceptions and options pricing.
The post $9 billion in Bitcoin options set to expire on March 29 appeared first on CryptoSlate.
