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  • Miami mayor to accept presidential campaign donations in BTC

    Miami mayor to accept presidential campaign donations in BTC

    • Miami Mayor Francis Suarez, a Republican, announced his candidacy for the 2024 presidential election in June.
    • Miami has currently been trending for all the right reasons from Lionel Messi mania to the mayor accepting BTC donations.
    • The mayor has also said that he would ban a central bank digital currency (CBDC).

    Bitcoin-friendly Miami Mayor Francis Suarez has said that he will accept Bitcoin (BTC) donations for his presidential campaign.

    Speaking on a popular media TV outlet, Suarez said:

    “Officially, my campaign is accepting bitcoin,” Suarez explained. “This is a process of developing technologies that will create democratising opportunities for wealth creation and will not be manipulated by a human being’s ulterior motives, political goals, and so on.”

    According to Suarez, supporters can now donate as little as 0.00034BTC, or the equivalent of $1, at his campaign website.

    Suarez’s view on CBDCs

    Suarez, who is known to advocate for Bitcoin, has said that he would ban a central bank digital currency (CBDC).  He said that people do not want the federal government to know where they have their money and how much money they have.

    Suarez launched the MiamiCoin (MIA) in 2021, which he hoped would be used to pay a recurring Bitcoin stimulus (similar to dividends) to Miami citizens.

    The mayor has criticized the current US administration led by Joe Biden. Castigating the government, Suarez said:

    “The biggest mistake that this administration has made is they don’t understand crypto so they have gone to a regulated-by-enforcement mechanism as opposed to set the ground rules. You have to be able to classify certain digital products, you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets.”

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  • BTC Whale moves $37M worth of bitcoins after eleven years of inactivity

    BTC Whale moves $37M worth of bitcoins after eleven years of inactivity

    • There has been an increase in the number of early crypto holders moving tokens to new wallets.
    • The BTC whale moved all their bitcoins to a new wallet.
    • Whales make such moves in preparation for selling or alternative investments.

    Lookonchain has revealed that an early Bitcoin (BTC) holder transferred $37 million worth of bitcoins to new wallets after eleven years of inactivity. The move has ignited speculation about the motive behind this move.

    In the early hours of Wednesday, the Whale, a term used to describe a powerful owner of any financial asset, transferred all of their 1,037.42 bitcoin to a new address, “bc1qtl.” Although involving a staggering BTC amount, the token movement has had very little impact on the market seeing that Bitcoin (BTC) price has barely moved. BTC was trading at $29,192.78, up 0.06% in the past 24 hours.

    It is important to note that the transferred bitcoins were received on April 11, 2012, when the price was $4.92. The 1,037.42 BTC was at the time worth $5,107.

    Why did the Whale transfer the BTC?

    While such large cryptocurrency movements from early participants are mostly uncommon, they could mean the holder is preparing to sell the cryptocurrencies, stake on an exchange, or diversify their holdings for other tokens.

    The move is the most recent in a string of older wallets moving bitcoin (BTC) and ether (ETH) tokens to exchanges this year. At least four wallets transferred millions of dollars worth of bitcoins to exchanges or to other wallets in April.

    A wallet that had acquired over 61,000 ether (ETH) in an ICO eight years ago also transferred the entire sum to a wallet connected to the Kraken cryptocurrency exchange last week. These holdings, which were acquired during the ICO for 31 cents per token, are currently valued at over $116 million.

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  • BTC hovers at $30k amid lowest historical volatility for 2023

    BTC hovers at $30k amid lowest historical volatility for 2023

    • BTC price is near the $30k mark, which bulls may be desperate to protect.
    • Bitcoin’s  historical volatility is at its lowest level in 2023.
    • Short-term bullish target could be above $34k, while major support is near $28.2k.

    Bitcoin’s price remains above $30,000 on Monday, but is seeing “remarkably little volatility.” According to a key technical analysis indicator for this measure, the prices are tightly squeezed to suggest a breakout in either direction could be big.

    Bitcoin price outlook: Bollinger Bands

    According to on-chain data and analytics provider Glassnode, the Bollinger Bands are tightly squeezed and a price range of only 4.2% separates the upper and lower bands. The platform notes that this outlook has Bitcoin at its quietest since early January.

    “The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze. A price range of just 4.2% separates the upper and lower Bollinger bands, making this is the quietest #Bitcoin market since the lull in early January,” Glassnode analysts tweeted, sharing the chart below.

    Bitcoin price Bollinger Bands range. Source: Glassnode on Twitter. 

    In technical analysis, the Bollinger indicator offers a chart outlook where price trends reflect the market’s volatility. Traders use the indicator to identify overbought or oversold market conditions.

    Bitcoin recently broke from above the upper bands and currently fluctuates beneath the middle trendline. Support of the lower Bollinger bands is around the crucial $30k level.

    Data shows BTC price has declined from highs of $30,400 late Sunday, touching intraday lows of $30.079 on Monday morning. Currently at around $30,180, the top cryptocurrency by market cap is down about 0.5%.

    While accumulation around the current prices is staggering, bulls have to hold above this psychological support base. If not, bears could push lower first before a likely short squeeze catapults BTC/USD to potentially news YTD highs of $34k. The key downturn levels to watch in the short term are at $28,200 and $25,600.

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  • Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M

    Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M

    • AltSignals token has raised over $1 million as it nears its target.

    • Bitcoin has held quite steady above $30,000 even as risks in the industry rise.

    Bitcoin price has held steady above the $30k level as the recent momentum wanes. It was trading at the important level of $30,230 on Tuesday, a few points below the year-to-date high of $31,413. Still, it remains about 21% above the lowest level in June and 95% above its 2022 low. At the same time, the first stage of the AltSignals token sale is running out.

    Bitcoin is outperforming stocks

    Bitcoin and many altcoins is outperforming American stocks and other assets this year even as regulatory risks continue. The coin has jumped by more than 80% in 2023, bringing its total market cap to over $587 billion.

    Other financial assets have risen at a slower pace than crypto. For example, while gold price soared to an all-time high this year, it has only jumped by less than 10% this year. American indices like the Nasdaq 100 and S&P 500 have risen by about 15% and 35%, respectively.

    Bitcoin has done well in a show of resilience considering that the crypto industry has gone through hell in the past few months. In May last year, Terra and its ecosystem crashed, leading to the collapse of other companies like Voyager Digital, Three Arrows, and Celsius. 

    In November, the industry experienced the collapse of FTX, a leading exchange that was valued at over $30 billion. Crypto investors lost over $8 billion following the collapse, as we wrote here.

    And this year, the Securities and Exchange Commission (SEC) decided to sue Coinbase and Binance, the two biggest players in the industry. The SEC made several allegations, including accusations that the two were offering unregulated products to American customers.

    Therefore, the performance of Bitcoin is a reflection that cryptocurrencies are extremely resilient. In fact, Jerome Powell, the head of the Federal Reserve believes that Bitcoin has a lot of staying power.

    AltSignals token sale continues

    This resilience explains why several companies have managed to raise millions of dollars this year. Earlier this year, Metacade raised over $16 million from investors. Its developers are building a gaming platform that will compete with the likes of Decentraland and Sandbox.

    AltSignals has raised over $1 million its highly successful token sale. As you can see here, the developers have sold 95.23% of all the available ASI tokens. They have raised over $1.028 million in the first stage of the sale. Each token is going for $0.015 and the developers will boost it by 25% in the next stage of the sale.

    For starters, AltSignals is a company that hopes to use artificial intelligence to disrupt the financial services industry. The developers aim to improve its service by incorporating AI in its existing platform which is already profitable platform.

    After the first phase, the developers will launch the second phase of the token sale. According to its white paper,  the developers will then get to work ahead of the new AI platform launch. They will also list the token in key centralized and decentralized exchanges.

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  • Bitcoin shrimps to fish added 254% of mined BTC last month

    Bitcoin shrimps to fish added 254% of mined BTC last month

    • Bitcoin’s price struggles aside, last month saw more entities with less than 100 BTC buy 2.54X of all coins mined.
    • Glassnode data shows these entities added 2,286 BTC per day.
    • Shrimps increased their BTC holdings by 117% last month, while crabs added 80% and fish bought 57% of mined bitcoin.

    It appears Bitcoin (BTC) wallet addresses with under 100 BTC have used the recent dump in the flagship cryptocurrency’s value to add to their positions.

    According to on-chain data shared by Glassnode, the cohorts from shrimps (less than 1 BTC) to fish (less than 100 BTC), purchased 2.54x of daily mined supply over the past month. With the current daily mined coins at approximately 900, these entities scooped 2,286 BTC per day.

    Shrimps and crabs increase total BTC holdings 117% and 80% respectively

    As can be seen in the chart below, the monthly absorption rates for shrimps, crabs and fish was 117%, 80% and 57% respectively. That’s a massive 254% in terms of the share of mined coins – shrimps, crabs and octopus and fish added to their total holdings last month. With Bitcoin price around $26,300, that’s more than $60 million worth BTC per day.

    Bitcoin monthly distribution rates for shrimps, crabs, octopus and fish. Source: Glassnode

    Shrimps now hold 1.26 million BTC, or 6.6% of the total circulating supply, up from roughly 4.86% a year ago. Crabs account for 2.03 million BTC, which is 10.5% of circulating supply. The cohort’s total holdings have increased from 8.7% from a year ago.

    Meanwhile, the supply held by whale entities continued to decline and stood at 34.4% as of June 2023. This is a decline of 45% since Bitcoin’s first halving in 2012, when whales accounted for 62.7% of total BTC supply. 

    Whales currently hold approximately 6.64 million BTC, down from a peak of 7.8 million BTC in 2016.

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  • Solo Bitcoin miner wins 6.25 BTC block reward

    Solo Bitcoin miner wins 6.25 BTC block reward

    • A solo Bitcoin miner earned the 6.25 BTC block reward after beating the odds to solve block 793607.
    • The miner reportedly used an Antminer S9 with about 17 TH.
    • At today’s Bitcoin mining difficulty and with 17 TH, a solo miner would need an average of 450 years to land a block.

    With Bitcoin price struggling below $26,000, and the wider crypto market impacted by recent regulatory events, there’s has been very little to cheer Bitcoiners.

    But for a solo BTC miner, a lucky break had them strike gold with the winning of a block reward. According to on-chain data, the miner beat staggering odds to mine block 793607 and earn the 6.25 BTC block reward.

    BTC miner with single Antminer S9 hits jackpot

    The solo miner reportedly achieved the once-in-a-life-time feat using a single Antminer S9 and accounted for only 17 terahashes (TH). Their “lottery” win was worth about $160,000 at the time of block reward.

    “Congratulations to miner 151XTfHBfaDqoNWGGeYobNX2YzFFWuB5YD with only ~17TH for solving the 275th block at http://solo.ckpool.org! That is likely a single S9 miner. A miner of this size would only solve a block once every ~450 years on average,” tweeted Con Kolivas, a CGMiner software engineer and the admin of Solo CKPool.  

    It’s not the first time a solo miner has hit such a jackpot, with CKPool apparently seeing seven such instances since January. However, the feat is increasingly difficult as the Bitcoin hashrate and mining difficulty have increased.

    According to data from Blockchain.com, the current Bitcoin mining difficulty is 51.23 trillion hashes. Mining difficulty looks at how difficult it is to mine the next block, that is how many hashes a miner must generate to find and solve a valid block. The current difficulty is at all-time highs and has most blocks solved by major mining pools and companies.

    The difficulty adjusts every 2016 blocks (about two weeks’ time) and can go up or down. The next adjustment expected on June 14 will see the difficulty jump by about 2.92% to 52.73 T.

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  • 68% of Bitcoin supply in loss after BTC price drop

    68% of Bitcoin supply in loss after BTC price drop

    • Bitcoin supply in loss has risen to 68%, with 6.67 million BTC under water water at current spot price.
    • Indeed, on-chain data shows 2.71 million BTC has fallen into loss as Bitcoin price dropped from the $31k local top.
    • With sell-side risk ratio approaching its all-time lows, Glassnode analyst James Check says BTC could see a big move to either side.

    Bitcoin’s price has dropped about 14.6% since rejecting at the local top of $30.9k, and the result has been a sharp rise in the total amount of supply in loss.

    The leading cryptocurrency’s current spot price is around $26.4k, after the week was spent in a tight range below the key resistance level of $27.6k. Although Bitcoin retested levels above $28k multiple times this month, the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower.

    But even as this outlook materializes, about 2.71 million BTC has drifted underwater. The BTC supply in loss, according to data shared by on-chain analytics platform Glassnode, is equivalent to about 14% of the benchmark crypto’s circulating supply.

    “This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase,” Glassnode noted.

    $45k or $20k? Analysts weigh in on BTC price movement

    Earlier this week, Glassnode lead analyst James Check said Bitcoin could see a “big move” in coming weeks amid seller exhaustion. Pointing to on-chain-data, Check explained:

    “Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

    On Wednesday, JPMorgan lead strategist Nikolaos Panigirtzoglou said Bitcoin could rise 25% in the next 12 months. In a note to clients, Panigirtzoglou highlighted the price of gold rallying to a new multi-year high above $2k as the potential lead for BTC to hit $45k.

    According to the analyst, Bitcoin and gold have often traded in sync. Bitcoin’s upcoming halving will also play a role in ticking up prices of the digital asset. Recently, analysts at Standard Chartered predicted a 70% gain for BTC price, outlining the $100k as a target.

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  • SUI price dips below $1, BTC and ETH struggle amid sell-off

    SUI price dips below $1, BTC and ETH struggle amid sell-off

    • Sui (SUI) fell below $1, while Bitcoin and Ethereum dropped below key levels at $26,500 and $1,800 respectively.
    • Altcoins were selling off on Wednesday as the global cryptocurrency market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
    • A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default were likely triggers.

    The price of Sui (SUI) fell below $1 on Wednesday as the broader cryptocurrency market continued to sell-off after recent declines catalysed by macroeconomic news events.

    At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.

    Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current value, its down nearly 55%.

    Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle

    As SUI fell to its lowest price level so far, the sentiment around crypto did not help the global cryptocurrency market cap. According to data from market data aggregator CoinGecko, the total crypto market cap was down 2.6% in the past 24 hours at the time of writing, hovering around $1.15 trillion.

    Crypto markets were also down as Bitcoin (BTC) price retreated towards $26k amid continuing uncertainty in the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.

    Ethereum also struggled to maintain recent upside momentum, with ETH price trading at $1,789 and about 3.3% down in the past 24 hours.

    ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000 respectively. However, a confluence of headwinds, including regulatory uncertainty have catalysed declines that threaten further rot to critical support zones.

    At the moment, another downward trigger is the uncertainty around the US debt ceiling talks and possible default. Stocks were down on Wednesday as a result of investor jitters.

    All the top 10 altcoins were also down, including XRP and Litecoin that have had some upside in recent weeks. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook.

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  • Bitcoin shrimps holdings jump to 1.31 million BTC

    Bitcoin shrimps holdings jump to 1.31 million BTC

    • Bitcoin wallets with less than 1 BTC now hold an all-time high of 1.31 million coins.
    • Shrimps have been adding an average of 26,000 BTC every month, data shows.
    • The growth of the shrimp cohort is a positive development for the Bitcoin network.

    The amount of Bitcoin held by “shrimps” – those wallet entities that currently hold less than 1 BTC) has reached a new all-time high.

    According to data from Glassnode, shrimps have increased their total holdings to 1.31 million BTC. The cohort has witnessed the gradual increase in holdings over the past several months.

    Shrimps grow holdings by +26,000 BTC every month

    Per data Glassnode shared via Twitter, the shrimp cohort has experienced a significant expansion of their holdings in 2023. This followed a similar trend last year, with the buying among this group coming despite the greater volatility that hit the market.

    Specifically, shrimps have added 26,000 or more Bitcoin every month. Since July 2020, only 202 (3.9%) trading days have recorded a larger monthly growth.

    The suggestion from this is that retail investors have been aggressive in accumulating BTC, with the dips seen during the bear market providing investors with an opportunity to buy Bitcoin at low prices.

    The chart below shows the growth in the amount of BTC held by wallet addresses with less than 1 bitcoin. As you can see, the amount held by these entities has increased significantly in June/July 2022 and again in November/December and January 2023.

    Increase in small holders is a positive for the long-term health of Bitcoin’s network as the metric suggests retail investors are confident in the cryptocurrency’s growth and long term potential.

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  • Bad news for BTC if this happens

    Bad news for BTC if this happens

    • Bitcoin price has recovered from its dip to $25,800, with price currently above $27,400.
    • BTC could continue to bounce into the $28,000-$30,000 range as broader market sentiment improves.
    • However, an analyst’s Bitcoin price prediction suggests bad news for BTC if $27,600 becomes new resistance level.

    The price of Bitcoin as of May 15, 2023 9:50 am ET is $27,405, with BTC up 2% in the past 24 hours. 911.81. While Bitcoin could yet break above a key resistance level and target old support above $28,000, a popular crypto analyst says failing to breach the said supply wall could see the digital gold retreat to a closely watched support level.

    Analyst shares Bitcoin price prediction as markets eye new bounce

    The outlook for Bitcoin is however still broadly bullish long term, particularly after the crypto sector navigated the collapse of FTX. The current US regulatory environment remains a key concern for the ecosystem though and this as well as continued correlation with the stock market could prove another wobbly trajectory for crypto prices.

    According to crypto analyst Rekt Capital, Bitcoin price could dip past the largely anticipated buffer zone at $25,000 if current levels don’t hold. 

    Although the stock market looks poised for gains as investors see a debt limit deal and inflation fears across corporate America easing, a flip in sentiment both in the equities and in crypto could send BTC below $25k.

    Rekt thinks the flagship crypto’s price could fall to the $20,000 level. He tweeted early Monday as BTC/USD bounced from lows of $25,800:

    “First, #BTC failed to reclaim the $28800 level on the Weekly (orange). And then $BTC Weekly Closed below $27600, failing to hold it as support (black). Turn $27600 into resistance and this could enable further downside into the low $20,000s.”

    The analyst explained his forecast further in another tweet.

    “The problem with this #BTC bounce is that it is occurring after a Weekly Close below black support. Such a 1W close is setting BTC up for more downside especially if this rebound is a relief rally. Reject at $27570 (black) would likely force more downside,” he noted.

    Below is the analyst’s chart highlighting the price levels, with potential downside wicks beyond the multi-month support line.

    Bitcoin price prediction on the weekly chart. Source: Rekt Capital on Twitter

    On the upside, the key challenge would be around $28,800. Consolidation is likely between $28k and $30k. Above that lies the supply zone near $33,000.

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