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Tag: Bitcoin

  • Maker (MKR), THORChain (RUNE) skyrocket; Bitcoin takes $27k again

    Maker (MKR), THORChain (RUNE) skyrocket; Bitcoin takes $27k again

    • Maker (MKR) and THORChain (RUNE) prices rose sharply as Bitcoin retested $27k.
    • MKR could spike towards $2k while RUNE eyes buy-side liquidity above $2.01

    The cryptocurrency market flipped higher on Thursday, with gains for Bitcoin (BTC) and most altcoins sending the total market cap up by 3.1% as at the time of writing. BTC traded above $27k again, benefiting from overall positivity in risk asset markets.

    With stocks also edging higher following a retreat for yields and oil, two notable performers in crypto were Maker (MKR) and THORChain (RUNE).

    Maker price breaks to highest level since May 2022

    Maker (MKR) broke higher following this week’s impressive gains, trading to intraday highs of $1,542.90 on Coinbase. Bulls were looking for a fourth consecutive green candle on the daily chart, with 24-hour gains of 6% and weekly uptick of 16%. MKR price has jumped nearly 48% in the past 30 days.

    Amid the gains is a surge in on-chain activity, particularly in active address count that stood at a 10-week high as of Thursday. Interest in MKR could see bulls seek out $2,000 – especially if the overall market picture supports further upside momentum.

    Maker (MKR) price chart. Source: TradingView

    THORChain (RUNE) eyes breakout above $2

    THORChain (RUNE) price is one of outperformers today, with the altcoin’s value breaking beyond $1.9 as buying pressure mounted.

    RUNE got rejected at $1.98 on September 18, eventually slipping to lows of $1.65. Today’s gains sees the cryptocurrency pierce the resistance around $1.74, with the 20-day EMA acting as support near $1.72.

    For RUNE, there could be an urgency among buyers if price breaks above $2.01. If the expected buy-side liquidity plays out, we could see RUNE/USD eye $3.

    THORChain (RUNE) price chart. Source: TradingView

    However, while bulls might eye a fresh break to $3.00, they face tough resistance at this week’s supply wall that’s part of a horizontal hurdle that also thwarted buyers in February. A pullback is therefore likely given potential profit taking, in which case the primary support could be in the region of $1.72 to $1.66.

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  • Here’s what the U.S. government shutdown may mean for Bitcoin

    Here’s what the U.S. government shutdown may mean for Bitcoin

    what us government shutdown means for bitcoin
    • James Butterfill expects Bitcoin to rally if the U.S. government shuts down.
    • BTC has a history of performing quite well in times of uncertainty.
    • The world’s largest cryptocurrency is already up close to 4.0% today.

    Bitcoin will likely rally if the U.S. government does indeed shut down on October 1st, says James Butterfill – the Head of Research at CoinShares.

    Why may BTC rally on shutdown?

    The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. government started sending out notifications to federal employees that a shutdown may be imminent.

    And that rally may extend when the shutdown actually begins, as per CoinShares’ Butterfill.  Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge.

    This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices.

    Bitcoin continues to find a strong support at the $25,000 level.

    U.S. banks still have downside risks

    Note that Bitcoin saw strength when the likes of Silicon Valley and Signature banks collapsed earlier this year. That speaks a lot about its ability to outperform in times of uncertainty.

    And the U.S. financial institutions may not entirely be out of the woods just yet. Martin Gruenberg – Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) recently warned that inflation and higher rates continue to be a significant downside risk for the banking space.

    Another near-term tailwind for BTC could be the approval of a Spot Bitcoin ETF – for which the U.S. lawmakers pushed SEC Chair Gary Gensler just a day earlier (find out more).

    On Thursday, Rob Ginsberg of Wolfe Research also said that Bitcoin was worth investing at its current price.

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  • Bitcoin holds steady as DXY advance hurts stocks

    Bitcoin holds steady as DXY advance hurts stocks

    • Bitcoin rose to $26,820 on Wednesday, trading in the opposite direction to stocks as the Dollar Index hit a 10-month high.
    • An easing for the DXY could see Bitcoin price strengthen above the $26k base.

    Bitcoin (BTC) defied a surge for the Dollar Index (DXY) on Wednesday, spiking to above $26,820 in early US trading hours. The gains for the benchmark cryptocurrency buoyed the altcoin market, with several tokens seeing decent moves to push the total market cap up by about 1.5%.

    But as the DXY, which measures the greenback’s strength against a basket of other major currencies, hit highs of 106.83 for its highest level since November 2022, stocks moved lower. Alongside the dollar’s strength has been rising yields, with the benchmark 10-year US Treasury yield soaring to a 16-year high of 4.64%. The two-year US yield rose to 5.15%

    It’s a scenario that sees the stock market compound weakness seen over the past week, including Tuesday’s Dow slump that was the biggest in a single day since March.

    US dollar index (DXY) chart from TradingView

    BTC price outlook

    The US dollar index’s upside has historically signaled a bearish outlook for stocks and other risk assets, including crypto. Market intelligence platform says the negative correlation between the dollar index and Bitcoin and S&P 500 has particularly been evident since 2021.

    That should be the perspective, though Bitcoin is showing a resilience above $26k. According to crypto investor Scott Melker, Bitcoin’s performance shows it “has its own life.”

    Meanwhile, Santiment analysts say BTC could see a breakout if the DXY begins to cool off.

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  • U.S. lawmakers want SEC to ‘immediately’ approve Bitcoin ETFs

    U.S. lawmakers want SEC to ‘immediately’ approve Bitcoin ETFs

    us lawmakers sec immediately approve spot bitcoin etf
    • Members of the House Financial Services Committee wrote a letter to SEC today.
    • They argued that a Spot Bitcoin ETF is not much different from a Crypto Futures ETF.
    • Bitcoin is still trading around the $26,000 level only at writing on Wednesday.

    All eyes are on Bitcoin today after the U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve applications it has received for a Spot Bitcoin ETF.

    House Reps. wrote a letter to Gary Gensler today

    On Wednesday, four members of the House Financial Services Committee wrote a letter to Gary Gensler in which they argued that a Spot Bitcoin ETF is not particularly different from a Crypto Futures ETF that the regulator has already approved.

    And so, they urged Chair of the SEC in their letter to allow the likes of BlackRock, Fidelity and several others to list a Spot Bitcoin ETF.

    SEC’s current posture is untenable moving forward … there is no reason to continue to deny such applications under inconsistent and discriminatory standards.

    Chair Gary Gensler is scheduled to testify before the U.S. Congress today.

    Grayscale recently secured a victory against the SEC

    Last month, the U.S Court of Appeals for the DC Circuit ruled that the Securities & Exchange Commission did not have an adequate reason to not let Grayscale convert its flagship bitcoin trust into an exchange-traded fund (find out more).

    That ruling, as per the lawmakers, should be sufficient for Chair Gensler to get onboard with a Spot Bitcoin ETF. Their letter also read:

    A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent.

    Members that wrote the letter on Wednesday include Reps. Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres. Bitcoin is still trading around the $26,000 level at writing.

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  • MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    • Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
    • Concerns over the US dollar’s impact on BTC may be overstated by investors.
    • Coinbase holds about 5% of the total bitcoin in circulation.

    MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

    The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

    A boost to Bitcoin price

    Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

    In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

    The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

    The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

    Bitcoin’s resilience

    Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

    The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

    MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

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  • Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase Crypto Exchange Logo And Bitcoin Symbol
    • Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio.
    • The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto.
    • Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X.

    Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset.

    Arkham says Coinbase holds nearly 1 million BTC

    Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto.

    Coinbase is also reportedly home to 36 million deposit and holding addresses for BTC, one of which is a cold wallet with 10,000 BTC. There could be millions of other untagged assets, the intelligence platform noted.

    “Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC. Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled,” Arkham posted on X.

    Other than Bitcoin, the Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), nearly 223 million USD Coin (USDC) and 921,000 BNB (BNB). These assets contribute to Coinbase’s crypto portfolio of over $29 billion, according to data on Arkham as of September 22.

    Arkham’s report comes as Coinbase expanded its services further with a regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to offer services as a crypto exchange and crypto custody wallet provider.

    Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, the Netherlands, Brazil and Canada. The exchange is also battling for regulatory clarity in the US.

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  • Bitcoin miners embrace efficiency and renewable energy

    Bitcoin miners embrace efficiency and renewable energy

    • Bitcoin mining is at the heart of the digital gold rush and it is a critical process that underpins the entire cryptocurrency ecosystem.
    • Bitcoin miners validate transactions, secure the network, and, in the process, earn newly minted Bitcoin.
    • The World Digital Mining Summit (WDMS) stands as a beacon of innovation and collaboration within this dynamic space.

    The recent World Digital Mining Summit (WDMS) witnessed a groundbreaking moment for the Bitcoin mining industry as Bitmain, a prominent player, unveiled its highly anticipated Antminer S21 and S21 Hydro ASIC miners. These state-of-the-art mining machines have set new industry standards for both performance and energy efficiency.

    The Antminer S21 boasts an impressive hashrate of 200 TH/s and an extraordinary efficiency rating of 17.5 J/T (joules per terahash), while the S21 Hydro delivers a remarkable hashrate of 335 TH/s with an efficiency of 16 J/T. These statistics mark a significant departure from the historical norm where most Bitcoin ASICs operated above the 20 J/T threshold.

    What makes these ASIC miners truly revolutionary is their unwavering focus on energy efficiency. In an environment where electricity costs continue to rise, the Antminer S21 series presents a glimpse into the future of Bitcoin mining. It’s a future where miners can optimize their operations for maximum output while consuming minimal energy, reflecting the industry’s commitment to sustainability and cost-effectiveness.

    Efficiency advancements and sustainability:

    One of the key trends that emerged at WDMS was the integration of renewable energy sources into Bitcoin mining operations. This trend is driven by two crucial factors: the relentless increase in electricity costs and the impending Bitcoin supply halving scheduled for April 2024.

    Miners are acutely aware of the need to reduce operational expenses to maintain profitability. Rising electricity costs have prompted them to seek sustainable energy solutions. By incorporating renewable energy sources like solar and hydroelectric power, miners aim to mitigate the impact of escalating energy bills and ensure the long-term viability of their operations.

    Renewable energy integration isn’t just about immediate cost savings; it aligns with a broader commitment to environmental responsibility. In a world increasingly focused on sustainability, miners view renewable energy as a strategic imperative for ensuring profitability and industry longevity.

    Upcoming Bitcoin Halving pose some challenges

    The looming Bitcoin supply halving represents a formidable challenge for miners, as it halves their block reward distribution. To address this challenge, miners have two pivotal choices: increasing their reliance on sustainable energy sources or making efficiency improvements to their ASIC fleets.

    These strategic decisions will determine their ability to adapt to the evolving mining landscape, where efficiency and sustainability are key.

    In conclusion, the WDMS showcased an industry in transition, with Bitcoin miners embracing efficiency-focused innovations and renewable energy integration. This commitment to sustainability and environmental responsibility reflects the industry’s adaptability and resilience. As the Bitcoin mining ecosystem evolves, it does so with a clear focus on efficiency, profitability, and a greener future.

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  • Robert Kiyosaki says Bitcoin is ‘bargain today … but not tomorrow’

    Robert Kiyosaki says Bitcoin is ‘bargain today … but not tomorrow’

    robert kiyosaki bitcoin price forecast
    • World-renowned author Robert Kiyosaki shares his view on Bitcoin.
    • Pseudonymous crypto analyst sees BTC at $100,000 in 2025.
    • Bitcoin slid back under $27,000 after Fed’s rate decision today.

    Bitcoin – the world’s largest cryptocurrency is a “bargain” today, says Robert Kiyosaki – the renowned author of Rich Dad Poor Dad.

    Robert Kiyosaki shares his view on Bitcoin

    The so-called digital gold has not been a lucrative investment over the past two months.

    But the Founder of Rich Global LLC recommends seeing the recent weakness as an opportunity to build a position in the “future” at a discount. His recent tweet reads:

    Gold, silver, bitcoin are bargains today … but not tomorrow. America is broke. Buy GSBC today before stocks, bond, real estate.

    Robert Kiyosaki even called fiat currencies “fake money” this past weekend. Also on Wednesday, Santiment – a crypto analytics platform reported an increase in Bitcoin’s on-chain activity to levels not seen since April.

    What could help propel Bitcoin price?

    Note that there’s a bunch of tailwinds that could catalyse the price of a Bitcoin in the near to medium term – the pending approval of an exchange-traded fund for example.

    And then of course, there’s the halving event scheduled or April or May of 2024. In fact, PlanB – a pseudonymous crypto analyst who also goes by 100trillionUSD reiterated today that BTC could hit $100,000 in about two years.

    He even left the prospect for it to eventually be worth $1.0 million much like what Cathie Wood has forecast multiple times this year.

    Bitcoin is currently trading at $26,900 versus its year-to-date high of $31,500 in mid-July.

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  • Japan’s banking giant Nomura launches Bitcoin adoption fund

    Japan’s banking giant Nomura launches Bitcoin adoption fund

    • Japan’s financial giant Nomura launches Bitcoin adoption fund
    • The Bitcoin Adoption Fund is offered by Laser Digital Asset Management, a subsidiary of $500 billion Nomura.
    • Laser Digital’s new fund offers long-only exposure to Bitcoin (BTC).

    Nomura, a $500 billion Japanese investment banking giant, has launched a new Bitcoin fund for institutional investors.

    The new fund is an offering from Laser Digital Asset Management, a subsidiary of the Japanese financial behemoth and will offer institutions access to investment opportunities across the digital assets space.

    Fund offers long-term exposure to BTC

    Per details in a report by Bitcoin Magazine, the new fund is Laser Digital’s first product in a series of crypto investment solutions lined up for the growing market. Institutional investors will have access to long-only exposure to BTC.

    Sebastian Guglietta, the head of Laser Digital, noted that with technology key to the world’s economic growth, the Bitcoin adoption fund will be a crucial transformational agent for investors. According to him, providing investors with a means to gain long-term exposure to the benchmark cryptocurrency ensures they are able to capture the current macro trend.

    Laser Digital is headquartered in Switzerland and made one of its big forays into crypto via a strategic investment in Ethereum-based DeFi protocol Infinity. As CoinJournal reported, the investment happened in February this year. The company has also acquired regulatory approval as a virtual asset provider from Dubai’s regulatory agency.

    As part of the Bitcoin offering, Laser Digital is collaborating with institutional-focused digital asset custody provider Komainu. The regulated company launched in 2018, founded by Nomura, crypto hardware wallet maker Ledger, and digital assets manager Coinshares.

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  • Bitcoin found support at $25k (again). YTD performance remains impressive.

    Bitcoin found support at $25k (again). YTD performance remains impressive.

    • Bitcoin found support at $25k (again)
    • YTD performance remains impressive
    • A dovish Fed may trigger even more strength

    Cryptocurrency investors may have been disappointed by the lack of volatility during the summer months—after all, Bitcoin, the leading cryptocurrency, only consolidated levels. 

    But one should keep in mind that Bitcoin rallied strongly in 2023. It returned over 61% in the trading year, and the bias remains bullish. 

    The bullish perspective is even more obvious if one looks at the yearly returns of Bitcoin. Since 2010, only in three years did Bitcoin deliver negative returns. 

    Buying the dip seems to have worked every time, even though the dips were quite scary. 

    Will the Fed’s decision boost Bitcoin?

    Tomorrow, the Federal Reserve of the United States (Fed) is expected to hold the funds rate steady. As always, the details in the FOMC Statement and the press conference will move markets. 

    Higher inflation than the Fed’s target was the main cause of rising interest rates. Now that inflation comes down from its highest levels, the Fed may feel comfortable that it will reach the target in a timely manner. 

    Therefore, a dovish Fed would trigger weakness in the US dollar and strength for Bitcoin. 

    The technical picture also favors more Bitcoin strength. The market bounced twice from $25k and now trades above $27k. A dovish Fed would send Bitcoin back to the $30k resistance area with big chances to move even higher. 

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