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  • Bitcoin crosses $51K, S&P 500 sees record close; this EOS and Shiba Inu rival witness investor influx

    Bitcoin crosses $51K, S&P 500 sees record close; this EOS and Shiba Inu rival witness investor influx

    The cryptocurrency market witnessed a significant surge as Bitcoin soared past the $51,000 mark, marking a staggering 19% gain for the week. This bullish momentum rippled across the financial landscape, with the S&P 500 also achieving a record close, breaching the 5,000 mark for the first time in history. 

    Amidst this fervent activity, altcoins such as EOS and Shiba Inu faced stiff competition from a new contender, Rebel Satoshi, signalling a fresh wave of investor interest in the crypto sphere.

    Bitcoin $51k surge as S&P 500 witness record-breaking high

    Bitcoin continues its supreme reign, breaching the $51,000 mark for the first time this year. The bull run shows no signs of stopping and the leading coin is currently trading above the $51,200 range with experts stating that it would surpass the $53,000 resistance barrier in the coming days. 

    This bullish run can be attributed to factors such as growing institutional adoption, anticipation of wider mainstream acceptance, and a potential haven during global economic uncertainties. While some analysts predict a possible correction, Bitcoin’s long-term outlook remains optimistic for many investors searching for top crypto coins.

    The memecoin battleground is heating up! The self-styled “Dogecoin killer,” Shiba Inu has been on a tear, fueled by social media hype and celebrity endorsements. However, Rebel Satoshi has emerged as a new challenger, aiming to become the best memecoin built on the secure Ethereum blockchain. With its presale rounds selling out increasingly rapidly, Rebel Satoshi is attracting significant attention from investors seeking the next big altcoin to buy.

    The crypto market extends far beyond memecoins. Several other altcoins are making waves, offering unique value propositions and attracting investor interest. EOS, known for its scalability and speed, has seen a significant price increase, potentially driven by growing adoption and development activity on its platform.

    Rebel Satoshi: a rising star in the crypto galaxy

    The journey of Rebel Satoshi began with its initial presale rounds, each attracting escalating attention and investment from crypto enthusiasts worldwide. The inaugural Rebels Round 1 saw overwhelming demand, selling out within a mere 10 days, followed closely by the Warriors Round 2, which achieved the same feat in just 15 days. 

    As excitement continued to mount, the Citizens Round 3 garnered robust participation, reaching capacity in 18 days. The momentum culminated in the Monarchs Round 4, which marked a significant milestone by selling out in less than 25 days. Now, with the Recusants Round 5 underway, investors are presented with the final opportunity to secure their stake in this promising venture.

    As the crypto landscape evolves, Rebel Satoshi emerges as a formidable rival to established players. Built on the Ethereum network, one of the most secure blockchains in the crypto space, Rebel Satoshi presents an enticing investment opportunity for those seeking the best cryptocurrency investments available. With its innovative approach and growing community support, Rebel Satoshi is poised to disrupt the market and carve out its niche among the top crypto coins.

    Rebel Satoshi Presale

    With less than 25 million $RBLZ remaining for the current round, time is of the essence for investors looking to capitalize on the Rebel Satoshi phenomenon. As the countdown to the launch on decentralized exchanges (DEX) draws closer, anticipation reaches a fever pitch. 

    The convergence of limited supply and burgeoning demand creates an electrifying atmosphere, presenting a golden opportunity for savvy investors to get in on the ground floor of this groundbreaking project.

    Why invest in Rebel Satoshi?

    Rebel Satoshi offers more than just a chance to ride the crypto wave; it represents a gateway to unparalleled potential and financial freedom. With its robust infrastructure and visionary leadership, Rebel Satoshi is primed to redefine the crypto landscape and unlock new avenues for wealth creation. 

    By investing in Rebel Satoshi, individuals can seize the opportunity to be part of a revolutionary movement shaping the financial future.

    For the latest updates and more information, visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram.

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  • Recently listed Bitcoin Depot reports record revenue for its Q2

    Recently listed Bitcoin Depot reports record revenue for its Q2

    bitcoin depot reports record revenue for q2
    • Bitcoin Depot reports an 18% annualised growth in its Q2 revenue.
    • The Bitcoin ATM operator also updated its full-year guidance today.
    • Bitcoin Depot stock is in the green only marginally on Monday.

    Bitcoin Depot Inc says its revenue jumped 18% to a record $197.5 million in the second quarter. The stock is still only marginally in the green at writing.

    Bitcoin Depot reports a big increase in loss

    Shares of the Bitcoin ATM operator are having a hard time this morning primarily because the Georgia-based company lost $6.1 million in its recently concluded quarter, down an alarming 249% versus last year.

    Its adjusted EBITDA, though, went up 54% to $19.8 million in Q2. Brandon Mintz – the Chief Executive of Bitcoin Depot said today in the press release:

    We’re in position to further strengthen our balance sheet as we execute on our growth strategy … we’re positioned to support mass crypto adoption as the leading Bitcoin ATM network.

    Note that the U.S. firm debuted on Nasdaq only last month on July 3rd.

    Bitcoin Depot’s guidance for the full year

    Bitcoin Depot had $20.5 million worth of total operating expenses in its second quarter – up significantly from $12 million a year ago.

    In Q2, the Nasdaq-listed firm partnered with a bunch of notable names including Stinker Stores, Jacksons Food Store, Gas Express, FastLane etc. According to CEO Mintz:

    We’ve announced multiple partnerships and expanded our BDCheckout program. We look forward to increasing the number of our Bitcoin access points across North America.

    Just days ago, he said the Bitcoin ATM space was ready for consolidation. Bitcoin Depot Inc now forecasts its revenue to grow by 8% to 13% this year on up to 44% increase in adjusted EBITDA.

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  • Bitcoin drops $28.8k amid huge crypto record huge outflows

    Bitcoin drops $28.8k amid huge crypto record huge outflows

    • Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
    • Equities also showed signs of uncertainty with mixed trading recorded.
    • Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.

    Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.

    Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

    While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.

    BTC hovers at key level amid huge outflows

    On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.

    Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.

    Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.

    James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.

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  • Bitcoin network hash rate hit a record high in May

    Bitcoin network hash rate hit a record high in May

    bitcoin network hash rate record high may
    • Bitcoin network activity climbed for the fifth month straight.
    • Mining difficulty and transaction fee also climbed in May.
    • The world’s largest cryptocurrency lost about 8.0% last month.

    Bitcoin may have lost about 8.0% last month on macro uncertainty but the network activity remained incredibly strong.

    JPMorgan analyst expects a slowdown in hash rate

    In May, the daily network hash rate – a closely followed metric that indicates network’s health climbed to a record high. It was the fifth consecutive month of increase for the said indicator.

    Simply put, larger the hash rate, the more secure is the network. Nonetheless, Reginald Smith – a JPMorgan analyst said in a note on Friday:

    Our sense is that network hash rate growth could slow over the coming months (possibly lagging BTC price appreciation) as funding available rack space is hard to come by.

    In terms of market cap, the 13 U.S. listed miners that JPMorgan tracks noted an aggregate increase of 5.0% last month to $6.7 billion.

    Mining difficulty and transaction fee also increased

    Mining difficulty – another metric that typically moves in tandem with the Bitcoin hash rate – also climbed to a record high in May.

    Recent data confirmed the crypto transaction fee to have increased last month as well. JPMorgan’s Smith also said in his research note:

    Transaction fees spiked to over 5 Bitcoin per block mined in early May, which should drive modest C2Q23 earnings upside for the industry at large.

    In recent weeks, though, Bitcoin transaction fees have returned close to its historic average of about 0.5 BTC per block mined. Last week, JPMorgan said Bitcoin should be trading at $45,000.

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  • CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case

    CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case

    • This is the largest fraud case involving Bitcoin that CFTC has cracked so far.
    • The case involved the CEO of Mirror Trading International Proprietary Limited (MTI).
    • Half of the $3.4B will go toward providing restitution to victims of MTI’s fraudulent activities.

    A Texas court has ordered Johannes Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) to pay a $3.4 billion penalty in connection with a large-scale fraud case involving Bitcoin.

    According to the CFTC allegations, Steynberg engaged in an international fraudulent multilevel marketing scheme (MLM) to ask for bitcoins from the public for an unregistered commodity pool operated by the South Africa-based company MTI.

    Steynberg who was controlling MTI and the company falsely claimed to trade off-exchange retail forex through a proprietary “bot” or software program between May 2018 and approximately March 2021.

    The final judgment read:

    “Either directly or indirectly, the defendants misappropriated all of the Bitcoin they accepted from pool participants.”

    According to the CFTC Steynberg, individually and as the principal and agent of MTI, accepted at least 29,421 bitcoins, valued at over $1.7 billion at the time. The bitcoin was obtained from at least 23,000 individuals in the US and other countries around the world. The individuals were tricked to participate in the commodity pool although MTI was not registered as a commodity pool operator (CPO), as required by the law.

    Steynberg arrest

    Steynberg was arrested in December 2021 and has been held in Brazil on an Interpol arrest warrant since then.

    Besides the recent charges against him by the CFTC, Steynberg is also permanently banned from registering with the CFTC or trading in any CFTC-regulated markets.

    Restituting MTI’s victims

    Half of the $3.4 billion penalty will go towards providing restitution to the victims of MTI’s fraudulent activities. The other half is a civil penalty, which is the highest civil penalty to be ordered in any CFTC case.

    The CFTC has however conceded that “orders requiring payment of funds to victims may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets.”

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  • Bitcoin shrimps add record BTC to their holdings in November

    Bitcoin shrimps add record BTC to their holdings in November

    • Bitcoin price plummeting after FTX’s implosion in November provided shrimps – people with less than 1 BTC an opportunity to add to their balances at low prices.
    • According to new on-chain data tracking shrimp holdings, the cohort bought 96.2k more BTC in the 30 days after FTX collapsed.
    • The cohort’s holdings saw an all-time balance increase in the month and currently hold roughly 6.3% of bitcoin supply at 1.21 million.

    Despite the continued selling across the crypto market over the past month, Bitcoin ‘shrimps’ – wallets holding less than one BTC – have added massively to their overall balances since the FTX’s implosion.

    According to the latest data compiled by crypto exchange Bitfinex, investors have sold Bitcoin at a loss over the past 30 days as contagion fears and other macro factors combined to sink sentiment. But amid the widespread selling, there has been a significant accumulation drive from both shrimps and ‘crabs’ – wallets with up to 10 bitcoin.

    Analysis of the on-chain balances of these two cohorts suggest that a portion of small retail investors have indeed been unfazed by the negative sentiment and jitters around FTX. Simply, wallets with less than 10 BTC have used the downturn in prices to buy Bitcoin.

    Shrimps added 96.2k BTC since early November

    As some investors panic-sold after the shocking news of FTX’s collapse, a few people took the opportunity to buy low. In November, Bitcoin price fell sharply below $20,000 and went all the way to levels beneath $16,000.

    Weak hands sold as hodlers took advantage. And according to the Bitfinex report, its not just whales who might have seized on the prevailing sell-off. 

    Shrimps buying the dip managed to add more than 96,000 bitcoins to their wallet balances. In fact, data puts it down to 96.2k BTC that shrimps bought since FTX collapsed, with the purchases accounting for an all-time high increase in the cohort’s wallet balances.

    According to the statistic, shrimps now hold more than 1.21 million bitcoins to account for roughly 6.3% of the benchmark cryptocurrency’s circulating supply. 

    As of writing, on-chain data sows the circulating supply of Bitcoin is 19.23 million coins, while addresses richer than $1 stand at nearly 34 million.

    Wallets with less than 10 BTC also buy the dip

    Crab, as noted above, are wallets that hold less than 10 bitcoins. Data by Glassnode shows that this cohort bought 191.6k BTC in the 30 days after FTX’s collapse. The group’ net position change during this period saw total balance also swell at an all-time high increase, with the month higher than in July 2022 when crabs bought 126k BTC following the May/June turmoil.

    So what does this statistics reveal? According to the report, its likely retail investors are breaking from past behaviour of heavily selling during bear cycles.

    Investor bullishness on Bitcoin is thus a mark of the new wave of resilience even as the market stares at potentially more pain with Bitcoin price poised near $17,000.

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