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CoinNews

Bitcoin’s looming halving event prompts massive accumulation

by CoinNews
written by CoinNews

Quick Take

The aggregate accumulation by various Bitcoin cohorts, ranging from shrimps (holding less than one BTC) to super whales (10,000+ BTC), has surpassed the monthly issuance, painting a bullish picture for the future of BTC.

All Cohorts vs Issuance: (Source: Glassnode)
All Cohorts vs Issuance: (Source: Glassnode)

We are rapidly approaching the next Bitcoin (BTC) halving, with the event now just days away. Currently, around 900 BTC are mined daily, amounting to approximately 27,000 BTC per month. Amid this data, Glassnode reveals an astonishing accumulation of 115,000 BTC over the past 30 days, marking one of the most bullish periods in a year.

Miners vs Issuance: (Source: Glassnode)
Miners vs Issuance: (Source: Glassnode)

Interestingly, while miners have been continuously distributing since the end of 2023, shrimps are now accumulating for the first time since February, with a strong accumulation of roughly 12,500 BTC over the past 30 days.

Shrimps vs Issuance: (Source: Glassnode)
Shrimps vs Issuance: (Source: Glassnode)

As the halving looms closer, the monthly issuance is set to be cut in half to 13,500 BTC. This reduction in supply, coupled with the increasing demand outpacing the monthly issuance, sets the stage for an exciting Q2.

The post Bitcoin’s looming halving event prompts massive accumulation appeared first on CryptoSlate.

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CoinNews

Bitcoin Miners’ Earnings Hit Record $2 Billion in March Ahead of Halving Event

by CoinNews
written by CoinNews

Bitcoin Miners' Earnings Hit Record $2 Billion in March Ahead of Halving EventIn March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at $2 Billion As we […]

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CoinNews

Bitcoin Cash Trading Escalates as Second Halving Event Nears

by CoinNews
written by CoinNews

News Bytes - Bitcoin Cash Trading Escalates as Second Halving Event NearsBitcoin Cash (BCH) is experiencing a surge in trading activity and open interest ahead of its second halving event set for April 4, with open interest in futures perpetual contracts reaching a record high of $708 million, an increase from the previous peak in May 2021. The increase in open interest and trading activity is […]

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CoinNews

Rogue trader crashes Bitcoin to $8900 on BitMEX in massive sell-off event

by CoinNews
written by CoinNews

BitMEX is investigating an unusual activity involving “a user selling large orders” on its Bitcoin spot market.

Yesterday, several market observers identified a rogue seller who unloaded more than 400 BTC on the BitMEX exchange. This action resulted in the flagship digital asset crashing by 87% to as low as $8900 on the platform yesterday before correcting to the actual price.

BitMEX clarified that the event did not impact its derivative markets or index price. It added:

“This does not affect any of our derivative markets, nor the index price for our popular XBT derivatives contracts. The trading platform is operating as normal and all funds are safe.”

BTC faces further declines

Meanwhile, Bitcoin price faced further challenges today, dropping to around $63,000 in Asian trading hours after crashing by more than 6%. This decline was part of a broader market downturn that erased over $600 million from crypto futures traders.

Amid Bitcoin’s struggles, other major cryptocurrencies also suffered losses. Ethereum, Solana, BNB, Cardano, and Avalanche experienced more than 5% declines.

Some analysts see this dip as typical market behavior preceding the upcoming halving event. Crypto analyst Michaël van de Poppe observed a pattern mirroring previous halvings and suggested that Bitcoin price tends to peak about five weeks before the halving, which is then followed by a consolidation period and potential altcoin activity.

The eagerly awaited BTC halving event is set to occur on April 20, with fewer than 5,000 blocks remaining until the big day.

Price speculators lose $623 million.

The recent market downturn inflicted substantial losses on 240,000 crypto traders, tallying a staggering $623 million in just 24 hours.

According to Coinglass data, long traders bore the brunt of the losses, accounting for $516 million, while their short counterparts were liquidated for a modest $107 million.

Across assets, Bitcoin traders experienced liquidations of more than $150 million, followed by Ethereum traders with $106 million in losses.

The most significant liquidation order registered was a $12 million long position on Bitcoin, executed via the OKX crypto exchange.

The post Rogue trader crashes Bitcoin to $8900 on BitMEX in massive sell-off event appeared first on CryptoSlate.



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CoinNews

Hot Airdrop: Social-Fi Project CharityDAO About to Launch Airdrop Event

by CoinNews
written by CoinNews

PRESS RELEASE. According to community volunteers, CharityDAO will launch a large-scale airdrop event on February 29th. It is estimated that 76 million CHD tokens will be distributed to participating users. The current method of interaction is not yet known. This is another popular Social-Fi project announcing an airdrop following friend.tech’s high-profile announcement last week. Benefiting […]

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CoinNews

Riot Platforms Highlights Risks Associated With Upcoming Bitcoin Halving Event in Annual Report

by CoinNews
written by CoinNews

Riot Platforms Highlights Risks Associated With Upcoming Bitcoin Halving Event in Annual ReportIn its latest annual report, Riot Platforms, the publicly-listed bitcoin mining firm, outlines several significant risks that could impact its operations, including troubles in the broader crypto economy, potential decreases in onchain transaction fees, and the anticipated bitcoin halving event in April 2024. The company emphasizes the halving event’s potential to reduce mining rewards as […]

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CoinNews

Analyst Predicts $100,000 Peak Before Halving Event

by CoinNews
written by CoinNews

Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) could hit the $100,000 price mark ahead of the halving event in April. This prediction comes as Bitcoin continues its recovery from a rather bearish January. Data from the price tracking site, CoinMarketCap, reveals that BTC’s price gained by 11.02% in the last week, moving into the $47,000 zone. 

Dual Bull Cycle? Analyst Forecasts Bitcoin Bull Run Pre-Halving

In a post on X on February 10, Adam Back shared a Bitcoin price forecast in which he predicted the digital asset to attain a new all-time high (ATH) price before the much-anticipated halving event on April 12, 2023. Back based his projections on Bitcoin’s historical price data stating that just like on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what would be a 41-day journey to its current ATH of $69,045. 

The analyst explained that he anticipates that BTC will maintain its present upward trajectory, embarking on a bull run to possibly notch a new ATH within the next 70 days leading up to the Bitcoin halving event. Back’s price prediction comes across as somewhat unique as, historically, the Bitcoin bull run usually occurs months after the halving event. 

However, the crypto analyst explains in subsequent responses to certain X users that he anticipates the recent launch of the Bitcoin spot ETFs to induce a bull run before the halving event. Following a rather rocky launch, the Bitcoin spot ETF market appears to have finally found its expected rhythm, with consistent positive net inflows recorded throughout last week. 

Notably, on Friday, the budding ETF market experienced a total net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. In addition, Grayscale’s GBTC continues to see a consistent decline in outflows recording a new low of $51.8 million. 

Adam Back predicts that a consistent development of the Bitcoin spot ETF market over the next few weeks could trigger a bull run pre-halving, causing the asset to potentially reach the $100,000 price mark. In addition, the analyst supports Bitcoin still to repeat its bull run months after the halving event, painting a dual bull cycle. 

BTC Price Overview

At the time of writing, Bitcoin trades at $47,716, reflecting a 0.88% gain in its price over the last day. However, the token’s daily trading volume is down by a staggering 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the largest asset market cap of $936.17 billion.

BitcoinBTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Forbes, 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.



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CoinNews

Analyst Outlines Key Points Ahead Of Event

by CoinNews
written by CoinNews

Anticipations for the upcoming Bitcoin halving event are high in the cryptocurrency community, with hopes of BTC witnessing a massive rally post-event. Nonetheless, several key factors should be considered prior to the halving.

Important Considerations Ahead Of The Impending Bitcoin Halving

Ali Martinez, a famous cryptocurrency analyst has revealed the major key points investors need to watch out for ahead of Bitcoin halving. The analyst shared his opinions on the subject through the social media platform X (formerly Twitter).

In the X post, Martinez pointed out just four important factors to consider as the event drew near. The upcoming halving, expected to take place by April this year, will be the fourth time it has been done.

One of the first and key areas highlighted by Martinez to spot is the post-Bitcoin halving corrections. Martinez stated that within a month following the 2020 and 2026 halvings, BTC saw substantial corrections, which preceded this price surge.

Bitcoin
BTC halving historical patterns | Source: Ali Martinez on X

He explained that within a month after the 2016 event, the price of Bitcoin fell by 30%. He also said a similar scenario played out in the 2020 halving, which saw price plummet about 7%.

The Bitcoin halving has always been viewed as a bullish development that leads to a significant rise in the price of BTC. This is primarily due to the fact that as demand increases, the quantity of fresh BTC coming into the market declines.

For the second key point to look out for, Martinez has underscored massive post-halving rallies. According to him, there is typically a sharp increase in the price of Bitcoin after the post-halving drop.

In particular, the expert asserted that after the halvings in 2012, 2016, and 2020, the price of Bitcoin surged by 11,000%, 2,850%, and 700%, respectively. Due to this, many experts anticipate that BTC’s price will reach a new all-time high after the event is concluded.

Significant Change In The Market

Martinez’s third crucial aspect to consider is the bull market durations. As is widely known, every previous halving event often ushers in a bull market.

He then shared a calculative time of how long the market rallied during all the previous halving. Martinez stated that the 2012, 2016, and 2020 bull market lasted for 365 days, 518 days, and 549 days, respectively. 

Meanwhile, the last part pointed out by the expert is the next market top. He believes that Bitcoin will get to a new peak by April or October 2025. Martinez anticipates this to take place if only the upcoming event follows historical patterns. So, he has urged the crypto community to be vigilant and observe these patterns.

As of now, BTC is trading a little above $42,000, showing a decrease of almost 2% in the past 24 hours. Its trading volume has increased by 14% today, while its market cap is down by 1.90%.

Bitcoin
BTC trading at $42,179 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, 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.

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CoinNews

Glassnode Co-Founder Warns: Bitcoin Surge Could Trigger A $1 Billion Liquidation Event

by CoinNews
written by CoinNews

A notable perspective recently came from the Glassnode co-founders Jan Happel and Yann Allemann, Negentropic on X, who recently shared insights into Bitcoin price dynamics. Notably, the analysts highlighted liquidity as a crucial factor for Bitcoin’s price trajectory.

Bitcoin Market On The Brink Of Spike In Volatility

Negentropic revealed that BTC’s recent ascent above $42,200 has created a significant liquidity pool for long positions, marked by a “neutral impulse” in the market.

This trend indicates that Bitcoin aims to bridge the liquidity gap above the $42,000 mark, which hints at potential volatility and significant market changes.

So far, about $659 million in liquidations have taken place,  leading Negentropic to predict that continuing the bullish momentum could trigger liquidations worth $1 billion in short positions.

This scenario could catalyze a market uplift through a “short squeeze,” a rapid price increase forcing short sellers to exit their positions. Such market movements often result in dramatic shifts, providing a fertile ground for Bitcoin’s growth.

Meanwhile, in a post uploaded last week, Negentropic linked the burgeoning liquidity in the crypto market to China’s efforts to stabilize its markets by injecting substantial liquidity. According to the Glassnode co-founder, this development could serve as a crucial catalyst for crypto like Bitcoin and equity markets as we progress into the first half of 2024.

This perspective aligns with the broader market recovery, as Bitcoin shows signs of resurgence following reduced selling pressure, particularly from the Grayscale Bitcoin Trust (GBTC).

Bitcoin trades for $43,166, up 6% in the past week. However, despite this uptick, the asset’s daily trading volume remains subdued, down from $26 billion last Monday to $14 billion today, indicating a cautious market sentiment.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

BTC Bullish Signals Strengthen

Amid these market developments, bullish forecasts continue to emerge. Crypto analyst Jelle recently suggested that with Bitcoin reclaiming the $42,000 level, it might be “time to focus on longs once again.”

Echoing this sentiment, Michael van de Poppe, a prominent crypto analyst and pundit, expressed optimism in his latest YouTube video. He argued that the recent price correction in Bitcoin might have reached its conclusion.

Further supporting the bullish sentiment, Ali’s chart analysis reveals an increase in large Bitcoin holders. An additional 46 entities now possess 1,000 BTC or more, a 3% rise in just two weeks.

Featured image from Unsplash, 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.



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CoinNews

Bitcoin falls 20% from YTH high with further 5% daily drawdown in cascading liquidation event

by CoinNews
written by CoinNews

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