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Tag: Bitcoin

  • 73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022

    73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022

    Key Takeaways

    • Cryptocurrency industry was valued close to $3 trillion entering 2022, now it is $800 billion 
    • There are 73% less Bitcoin millionaires after 2022
    • Bitcoin has pulled back 75% from its all-time high fo close to $69,000
    • 25% of the bitcoin supply was in a loss entering the year, now it is over 50%
    • Number of investors holding greater than 1 BTC jumped 20% as the hurdle became much more attainable

        

    Once upon a time, the cryptocurrency market was valued at $3 trillion. To be precise, this was in November 2021, when Bitcoin traded at its all-time high of close to $69,000.

    But then along came 2022. Inflation sparked as a result of the COVID money printing, war in Ukraine and supply chain issues, meaning central banks worldwide were forced to hike rates to curtail a spiralling cost-of-living crisis.

    With the cheap liquidity pulled out from under markets, Bitcoin – and crypto as a whole – felt the pinch. We have seen top 10 cryptocurrencies collapse, one of the top exchanges revealed to be a house of cards and numerous other bankruptcies and scandals. 

    The loss has been greater than $2 trillion, with Bitcoin shedding three-quarters of its value as at the time of writing, trading at $16,800.

    Bitcoin millionaires

    Looking at on-chain data from bitinfocharts.com, Bitcoin millionaires have dropped like flies. Entering 2022, there were 90,000 addresses containing over a million dollars worth of Bitcoin. Today, it is 24,000 – that amounts to a fall of 73%.

    “The on-chain data sums up what is glaringly obvious from looking at a Bitcoin price chart – that the party is over and investors are no longer dreaming of retirement off their Bitcoin holdings, in the near future at least! Nearly three-quarters of Bitcoin millionaires losing that status is perhaps the best piece of data of all to summarise how ugly 2022 was for investors” said Max Coupland, Director at CoinJournal. 

    Percent in supply in loss doubles in 2022

    Bitcoin’s returns before 2022 were astonishing. As a result, the bulk of the supply was in profit, with only 25% of the supply loss-making entering the year. By year-end, this had doubled to over 50% – another stunning statistic when considering that Bitcoin was the best-performing asset class in the world over the prior decade. 

    Addresses holding greater than 1 BTC

    On the flipside, with Bitcoin being so cheap compared to last year, the number of addresses containing one Bitcoin or greater – “whole coiners”, as they are known – is at all-time high, even if the dollar value contained in those addresses is way down. 

    Entering 2022, there were over 814,000 addresses holding more than 1 BTC. By the end of the year, this number was over 978,000 – that is a rise of 20%.

    As can be seen when zooming in on 2022 on the below chart, there were significant jumps when Bitcoin plunged off the back of the three major scandals of 2022 – Luna’s death spiral, Celsius’ insolvency and the revelations of fraud at FTX. 

    Dropping sentiment matching falling prices

    Perhaps the biggest problem emerging from 2022 is related to these scandals. The reputation of crypto has taken a hammer blow, most notably with the shocking downfall of FTX and disgraced former CEO Sam Bankman-Fried. 

    According to a CNBC survey as of November 2022, only 8% of Americans now have a positive view of cryptocurrency. 

    Crypto investors have seen similar percentage declines before, of course, only for the market to bounce back. But this time, crypto is fighting against a pullback in the wider economy for the first time in its history. 

    Until now, it had been zero (or negative) interest rates and a warm money printer. Now, we have transitioned to a new environment, and crypto investors are feeling the pain. They will hope that 2023 can bring a return to prominence and start mending the reputation of the wounded asset class. 

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research. 

    Research Methodology

    Address data taken from on-chain. Price data from Yahoo Finance. 

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  • Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

    Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

    • Bitcoin price steadied above $16,800 as US Federal Reserve officials agreed to slow its pace of interest rate hikes.

    • The latest FOMC minutes indicate that US policymakers are focused on controlling the pace of price hikes.

    • Bitcoin could surge past the $17k resistance level soon.

    BTC eyes the $17k resistance level

    The United States Federal Reserve recently released minutes from the Federal Open Market Committee for December. Fed members agreed that a restrictive policy stance would need to be maintained for now until the incoming data provided confidence that core inflation was on a sustained downward path back down to 2%.

    This latest cryptocurrency news saw Bitcoin, the world’s leading cryptocurrency by market cap, maintain its price above the $16,800 level over the last 24 hours. It has lost less than 1% of its value, and the price of Bitcoin now stands at $16,834. 

    The broader crypto market is also recovering from its recent slump. At press time, the total cryptocurrency market cap stands at $819 billion, up by less than 1% in the last 24 hours.

    Key levels to watch

    The BTC/USD 4-hour chart is bullish as Bitcoin has held its ground above the 50-day Exponential Moving Average (EMA) at $16,714 over the last few days. 

    The MACD line is above the neutral zone, indicating that the leading cryptocurrency has preserved its downward trend from the standpoint of realised price. The 14-day RSI of 61 also shows that more bulls controlling the market could see BTC enter the overbought region. 

    If the bullish momentum increases, BTC could surge past the first major resistance level at $17,145 over the next few hours. However, Bitcoin could struggle to surpass the second major resistance level at $17,485 in the short term, unless it gains support from the broader crypto market. 

    Where to buy Bitcoin now

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin blockchain saw $8.2 trillion in transfers in 2022

    Bitcoin blockchain saw $8.2 trillion in transfers in 2022

    • CoinMetrics data shows the Bitcoin blockchain registered over $8 trillion worth of transfers in 2022.
    • According to the data, the total amount transferred via the blockchain fell off in the second half of the year.
    • Bitcoin also saw an increase in blockchain size and hashrate, with 16% and 56% annual growth rates respectively.

    Bitcoin continues to fluctuate below $17,000 as the cryptocurrency market enters 2023 on the back of continuing uncertainty after a brutal 2022.

    But while prices fell massively throughout the year to see Bitcoin trade nearly 60% down over the past year, data shows the flagship cryptocurrency still saw decent on-chain value transfer.

    Over $8 trillion transferred via Bitcoin blockchain

    According to data recently shared by crypto and blockchain analytics platform CoinMetrics, 2022 saw over $8.2 trillion worth of value transferred via the Bitcoin blockchain. The transactions amounted to value worth $260,000 per second transferred on the network.

    James Lopp, the co-founder and CTO of crypto custody startup Casa, shared the statistic on Twitter.

    Per the data, the most value was transferred in the first half of the year, with the largest chunk of these seen in March to early May. The bear market and the contagion that followed the demise of Terra Luna and several crypto-focused companies marked the beginning of a downturn that persisted throughout the year.

    Blockchain grew 16%, hashrate 56%

    Meanwhile, the Bitcoin blockchain size increased from 383.3 GB to 446 GB, showing an annual growth rate of roughly 16.4%.

    The network hashrate also increased despite the bear market crash that pushed multiple miners into bankruptcy. Data on total network hashrate growth for 2022 showed a 56% jump, from 175 exahashes per second (EH/s) to 274 EH/s.

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  • Will Bitcoin bounce back? Why 2022’s pain is different to anything previously

    Will Bitcoin bounce back? Why 2022’s pain is different to anything previously

    Key Takeaways

    • Bitcoin has closed the year down 64%, its worst year since 2018
    • This bear market is different, as for the first time ever in Bitcoin’s existence, the wider economy is also pulling back
    • Bitcoin’s correlation with the stock market is extremely high, proving it trades like a high-risk asset
    • Fans will hope this link can be broken, but currently, it presents as a daunting macro climate for Bitcoin and one that has unsurprisingly crushed its price over the last year

    Cryptocurrency investors will be happy to close the book on a dire 2022. 

    Prices across the asset class collapsed, as the world transitioned into a new interest rate paradigm, with the era of low-interest rate, cheap money officially over. Risk assets got crushed, and there are few investments further out on the risk spectrum than crypto. 

    Looking at Bitcoin, the world’s flagship cryptocurrency closed the year at $16,547, compared to the $46,311 it entered the year at. That translates to a fall of 64%. But how bad was the is performance historically, for an asset which is notorious for both explosive gains and bone-chilling losses?

    2022 the second-worst year for Bitcoin

    Looking at annual returns since 2011, the first year when sufficient liquidity and price data were available, shows that Bitcoin’s 64% drop this year was its second-worst number, behind only the 72% drop in 2018. The latter came after a run-up towards $20,000 in late 2017, the first time Bitcoin truly entered mainstream consciousness. 

    Amid this context, the numbers show that 2022 could just be another year, right? Bitcoin has fallen many a time previously, and always rebounded. Unfortunately, there is a catch this time.

    Bitcoin experiencing a recession for first time ever

    Satoshi Nakamoto published the Bitcoin whitepaper in 2008, I the aftermath of the Great Financial Crisis. Engrained in the Genesis Block is a reference to British newspaper the Times: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” 

    Frist trading in 2009, Bitcoin was therefore propelled into this post-crisis environment, a climate of zero (or even negative) interest rates, a warm money printer and explosive returns in risk assets. A quick look at stock market returns since Bitcoin’s launch shows that, until this year, things had been plain sailing.

    And so for the first time in its history, Bitcoin is experiencing a pullback in the wider economy. The money printer has been turned off and interest rates have been hiked, with the Federal Fund rate now 4.25% – 4.5%.

    This is vitally important because despite what some Bitcoin evangelicals may argue, Bitcoin trades as a high-risk asset. The price data simply proves this without a shadow of a doubt, as its correlation with the S&P 500 is sky high – and only rose last year after interest rates began to be hiked in April 2022, as I wrote about in this piece, and shown on the graph below.

    Previous bear markets are not the same

    This is why extrapolation of prior bear market bouncebacks for Bitcoin is naïve. The world is a different place now than at any other time in Bitcoin’s history. The free money up-only market could not persist forever, and now it is time for Bitcoin to show the world what it is made of. 

    Bitcoin is often compared to gold, but the shiny metal has proven over a long sample space that it can be considered a hedge and a reputable store of value through which investors can preserve their wealth. Plotting the returns of gold historically below show clearly that it rises in times of uncertainty. This is the kind of chart that you want to see as we enter a recession. 

    Unfortunately, Bitcoin has to date traded with an uber-high correlation with the stock market. In time, advocates hope that this link will be broken. That is up for debate, but what is for sure right now is that Bitcoin is as far from a “hedge” as it could possibly be. 

    If the Federal Reserve turns dovish and eases off on interest rate hikes, you can be sure that asset prices will jump again – and those further out on the risk spectrum, like tech stocks and Bitcoin, will be among the big winners. 

    In the long-term, the trillion-dollar question is whether this correlation can be broken and whether Bitcoin can achieve the coveted store of value status. 

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  • Jasmy price prediction as Japan’s Bitcoin surges

    Jasmy price prediction as Japan’s Bitcoin surges

    Jasmy price has had one of the best performances in 2022 as investors bought the dip in Japan’s Bitcoin. It has risen in the past five straight days and moved to the highest level since December 11. These gains represent about a 40% increase from the lowest level in 2022, giving it a market cap of over $100 million. 

    Why is Jasmy soaring?

    Jasmy is a relatively small blockchain project that has become popular in Japan. The platform was started by a team of former executives at Sony, one of the leading entertainment companies in the world. The platform was created to provide decentralized data storage solutions to companies and individuals. 

    The creators recognized the importance that data plays in the world today. Indeed, we have seen multi-billion dollar companies like Google and Meta Platforms that make money from selling data to advertisers. Data privacy has also become an important part of the word debate today. 

    Jasmy plays an important part in the democratization of data by combining blockchain and Internet of Things to provide an infrastructure that allows anyone to use data safely and securely. Users can store and control their data, manage and control devices, and provide a safe place to use data in a secure manner. 

    Jasmy’s platform is made possible by a number of popular technologies. Some of the top components of its technology are the Personal Data Locker, which enables data storage within a peer-to-peer network. It also has a secure knowledge communicator which allows data democratization and smart guardian that allows the registration of devices. 

    It is unclear why Jasmy coin price has done well in the past few days. A likely reason is that the developers are about to make a major announcement such as a partnership with a major company. There is speculation that the network will soon partner with Sony. 

    Jasmy price prediction 

    JASMY chart by TradingView

    The daily chart shows that Jasmy price has been in a strong bullish trend in the past few days. It has risen in the past fou straight days and managed to move above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved slightly below the overbought level. 

    Therefore, as I wrote elsewhere, I suspect that Jasmy will retreat in the coming days as the short squeeze fades. Also, it will decline as some of the current buyers move into a distribution phase. If this happens, the next key level to watch will be at $0.0032.

    How to buy Jasmy

    KuCoin

    Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

    Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

    Users can benefit from a beginner-friendly interface and relatively low fees.


    Buy JASMY with KuCoin today

    Swapzone

    Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


    Buy JASMY with Swapzone today

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  • One of the original Bitcoin core developers losses all his BTC in hack

    One of the original Bitcoin core developers losses all his BTC in hack

    • Bitcoin OG and core developer, Dashjr, claimed virtually all his bitcoins were stolen.
    • The hackers accessed the developer’s PGP key.
    • On November 17, 2022, Dashjr, noted his server had been compromised.

    A Bitcoin OG and one of the original Bitcoin’s core developers, Luke Dashjr, has claimed that he virtually lost all his bitcoins after his Pretty Good Privacy (PGP) keys were compromised on December 31, 2022, just before the new year.

    PGP key is a common security method that uses two keys to gain access to encrypted information.

    In a post on Twitter on January 1, 2023, Dashjr was asking for help from the PSA:

    “PSA: My PGP key is compromised, and at least many of my bitcoins stolen. I have no idea how. Help please.”

    In a follow-up tweet, Dashjr appeared distressed asking why he could not reach anyone from the FBI or IC3 before following it up with a tweet containing a wallet address, which is believed to be one of the Bitcoin wallets where some of the stolen BTC was sent to.

    “What the heck @FBI @ic3  why can’t I reach anyone???

    Although Dashjr did not disclose how many bitcoins were stolen from his wallet, the wallet address that he shared showed four bitcoin transactions on December 31 that totalled to 216.93 BTC.

    Dashjr server compromised in November 2022

    Although the developer said that he had no idea as to how hackers gained access to his PGP key, some community members have drawn a possible connection to an earlier claim that Dashjr had made on November 17, 2022, that his server had been compromised by ““new malware/backdoors on the system.”

    Unfortunately, Dashjr, says that he learnt of the hack after getting emails from Kraken and Coinbase about login attempts.

    The hack also caught the attention of Binance CEO Changpeng Zhao (CZ) who consoled the developer on Twitter saying:

    “Sorry to see you lose so much. Informed our security team to monitor. If it comes our way, we will freeze it. If there is anything else we can help with, please let us know. We deal with these often, and have Law Enforcement (LE) relationships worldwide.”

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  • Bitcoin (BTC) Price Slides as Inflation Is Going Up

    Bitcoin (BTC) Price Slides as Inflation Is Going Up

    Real-world economic performance undeniably impacts global cryptocurrency markets, with Bitcoin (BTC), the biggest crypto asset by market capitalization, proving an excellent guide to the health of the crypto industry. Recent increases in inflation worldwide, but particularly in the US, have seen the value of Bitcoin slide during the second half of 2022 as the global economic crisis takes hold.

    While this isn’t great news for existing investors in the world’s leading cryptocurrencies, such as BTC, excellent investment opportunities in exciting new crypto projects remain. One of the most enticing new crypto projects is Metacade, which saw an enthusiastic uptake during its beta presale stage, raising almost $1 million in just three weeks.

    What is Metacade?

    Metacade is the world’s first virtual gaming arcade that uses Web3 and blockchain technology to revolutionize the GameFi metaverse industry. The platform will host the broadest range of play-to-earn (P2E) games in the metaverse and offer gamers the same level of fun and social interaction they’d get visiting a real-life video arcade from the comfort of their gaming chair or sofa.

    The P2E element of the community is one of several ways community users benefit from the platform. The other revenue stream initiatives are:

    Compete2Earn – earning by staking tokens and gaining tournament rewards

    Create2Earn – earning by interacting with the community and its members

    Work2Earn – earning through finding new Web3 role on the jobs board, which launches in Q1 2024.

    In addition to the opportunities to earn, Metacade is a platform that allows budding developers to earn their stripes by supporting them to learn game development and has plans to become a self-sufficient and fully-fledged DAO by Q4 2024.

    How Metacade works

    Unlike many GameFi platforms, Metacade has a diverse offering that stretches beyond the P2E element. The native token for the platform is the MCADE coin, and there are several ways Metacade generates revenue.

    Metacade’s revenue-generating features include a range of pay-to-play arcade games, just like gamers would expect to find in a real-world video arcade. There’s also advertising on the platform, entry fees for prize draws and to compete in tournaments, and the launchpad initiative, which allows external companies to release games in Metacade for a price. These revenue streams provide the funds that flow into gamers’ wallets as they earn rewards.

    The number of titles available on Metacade will continue to grow. This growth will be aided from Q3 2023 by the introduction of the Metagrants initiative. Metagrants are a source of funding for developers to build games on the platform. Developers submit gaming proposals to be voted on by MCADE token holders, who determine the community’s favorite ideas. The winning developers will receive funding to help turn their proposals into reality. The first Metagrant-backed games hit the Metacade library in Q1 2024.

    Other features in the pipeline include introducing a jobs board in Q1 2024 to boost the Work2Earn initiative. The board will feature a range of opportunities from internships, short-term gig work, and full-time roles within the GameFi industry with Metacade-approved partners, giving anyone with a genuine interest in working in Web3 development a helping hand to get started in the industry.

    Meanwhile, Metacade’s transition into becoming a DAO begins in Q2 2023, with the process estimated to take 18 months before community members assume all of the critical roles. This autonomy is one of Metacade’s leading lights; it hands control of the platform’s future direction to the most important community members.

    Why could MCADE surge?

    The breadth of Metacade’s plans, found in more detail in their white paper, makes it an exciting prospect for investors hunting for new crypto projects. With many other GameFi developments focusing on a minimal range of options, it’s easy for them to become little more than a fad.

    Metacade’s offering will not fall into that trap. The range of games on offer will continue to increase, providing additional opportunities to earn, whether through competitions, playing, or creating social content to engage with the community. Furthermore, the continual addition of new games means there’s no risk of the platform becoming boring or stale since it will continually reinvent itself with the regular release of new and exciting titles. As a result, Metacade has solid project longevity. 

    Additionally, the community will ultimately have complete autonomy over how Metacade develops. Gamers’ interests will forever be at the heart of the platform’s development, unlike in more traditional gaming, where developers have to balance that with providing a return to shareholders.

    These plans place Metacade at the forefront of the blockchain gaming revolution.

    How to purchase MCADE tokens

    The Metacade beta sale sold out in less than four weeks, making it one of the most attractive new crypto projects currently in its presale stage. The price will increase by more than double as  the ninth and final presale round concludes, raising a total market cap of $28 million.

    Getting on board with Metacade couldn’t be simpler. Tokens can be purchased on Metacade’s website by anyone with a Wallet Connect-supported crypto wallet. 

    You can purchase MCADE with ETH (Ethereum) or USDT (Tether). First, connect your wallet to Metacade’s website to access the DEX, and then accept the option to purchase MCADE with ETH or USDT.

    You can buy BTC at eToro here.

    You can participate in the Metacade pre-sale here.

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  • DOGECOIN now ranks as the second largest POW chain after Bitcoin

    DOGECOIN now ranks as the second largest POW chain after Bitcoin

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  • Alameda wallets sell multiple tokens for Bitcoin

    Alameda wallets sell multiple tokens for Bitcoin

    • Alameda Research addresses sent millions worth of tokens to decentralised exchanges and crypto mixers on Wednesday.
    • According to on-chain data, the tokens were swapped into USDT before being converted into Bitcoin.
    • The Alameda wallets sprung into life a few days after FTX co-founder Sam Bankman-Fried was released on a $250 million bail.

    Crypto wallets linked to Alameda Research, the quant trading arm of collapsed cryptocurrency exchange FTX, were massively active on Wednesday, on-chain data shows.

    The Alameda addresses, as data shared online showed, actively sold several small cap cryptocurrencies, swapping these for Bitcoin and in some cases Ethereum.

    Alameda sells millions worth of tokens

    According to details shared on Twitter by Martin Lee, a data journalist at blockchain analytics platform Nansen, there were multiple odd transactions that seemed to swap tokens in Alameda wallets for Ethereum and Tether stablecoin USDT.

    The funds were then sent to new wallets via decentralised exchanges (DEXs), including ChangeNow and FixedFloat.

    Elsewhere, on-chain data shared by blockchain research firm Arkham Intelligence pointed to Alameda wallets offloading over $1.7 million in various tokens.

    According to the platform, the sales happened on the open market – a scenario that likely was behind the sharp drop in prices for several tokens. The Ethereum-based cryptocurrencies the wallets sold include Ether (ETH), Curve (CRV), USD Coin (USDC), Dai (DAI), and convex (CVX).

    The tokens were sent to two wallets, swapped for USDT and then converted into BTC, blockchain sleuth ZachXBT tweeted on Wednesday.

    The Alameda wallets came alive after weeks of dormancy, with these transactions intensifying as former FTX CEO Sam Bankman-Fried settled at home following released from jail on a $250 million bail. The sale of multiple tokens also coincided with a sharp price decline for Solana (SOL).

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  • Bitcoin holds $16K as markets edged towards 2022 close

    Bitcoin holds $16K as markets edged towards 2022 close

    • Bitcoin was changing hands near $16,600 on Wednesday, about 1% down in the past 24 hours.
    • The cryptocurrency is heading for its worst yearly returns since 2018.
    • Stocks have also hit a brutal patch in 2022, with major US indexes headed for their worst annual returns since 2008.

    Bitcoin remained uncharacteristically uneventful on Wednesday, trading around $16,600 as investors weighed an end to a brutal 2022.

    The benchmark cryptocurrency was just in the red during early afternoon trading (2:10 pm ET) as Wall Street also turned negative amid fading optimism over China’s reopening.

    Markets to end 2022 lower

    In crypto, Bitcoin volatility has been at its 2022 low this week, with the surge towards $17,000 cooling off to leave the cryptocurrency 67% down in the past year.

    In fact, 2022 is shaping as the year with the second-worst returns for BTC since 2010. The digital gold’s performance during this markedly bear year has the asset on track for a worst return since the 73% drawdown in 2018.

    In the 2014 bear market, Bitcoin price fell 58%, with other years with lower returns being +35% in 2015 and +66% in 2021 – indeed Bitcoin is more than 75% down since its all-time high in 2021.

    As Bitcoin struggles to hold onto gains above $16k, the picture across the stock market is similar for the major US indexes. The S&P 500 is down 4.1% this month and over 20% year-to-date, while the Dow and the Nasdaq are -2.5% and -7.1% over the past 30 days respectively.

    The historically bullish season for equities has been largely negative, with ongoing investor jitters around inflation and rate hikes, and the overall outlook for the global economy, adding to the downward pressure that has persisted for most of the year.

    As such, while Bitcoin is set to see its worst yearly performance since 2018, US stocks are poised for their worst annual returns since 2008.

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