Tag: Bitcoin News

The protocol is facing a temporary setback due to over 300,000 unprocessed transactions. 

The Bitcoin network has recently experienced a significant surge in transaction fees, with costs temporarily spiking to nearly $52 per transaction. 

At the peak, network fees reached 514 sats for high-priority transactions and 513 sats for low-priority ones, with earlier rates climbing to approximately 520 sats per transaction, equating to $50 to $52 per transaction in U.S. dollars. Currently, priority fees have decreased to about $46 per transaction.  

Blockchain reporter Colin Wu noted that the 332,000 unconfirmed transactions may be due to centralized exchange OKX collecting and sorting through wallets. However, this had not been confirmed by the time of publication. 

According to Mempool, the current Bitcoin network fee has soared to 520 sat/vb (~$52), and it is in a congested state. It is suspected that OKX (bc1quh…0r8l2d) is sorting and collecting user wallets. There are more than 330,000 unconfirmed transactions on the Bitcoin network,…

— Wu Blockchain (@WuBlockchain) June 7, 2024

Post-Halving and BTC Miners 

The post-halving season has brought concerns about miner difficulty, elevated network fees, and miner profitability into sharper focus on the Bitcoin network. The block reward reduction from 6.25 bitcoin to 3.125 BTC at the end of April has significantly impacted miner profits.

Interestingly, Bitfarms revealed a 42% decrease in mining revenue for May, marking the first complete month following the most recent halving event. According to the Bitcoin mining company’s end-of-month report, they earned 156 BTC in May, a notable decline from the 269 BTC earned in April. 

The bitcoin mining firm further noted that its Argentina facility experienced unusually low temperatures in May due to some of the most severe weather conditions in 44 years. These poor weather conditions led to the temporary closure of the company’s Rio Cuarto facility for eight days, reducing the overall BTC mined. 

Since the beginning of 2024, bitcoin miners in the U.S. have collectively spent $2.7 billion on electricity despite the escalating difficulty of computing and lower rewards.    

Analyst Paul Hoffman stated, “Bitcoin mining in the U.S. has consumed a staggering 20,822.62 GWh of electricity since the beginning of 2024.” Additionally, he noted that this energy usage could sustain 1.5% of U.S. households for an entire year.   

In April, the average cost to mine one BTC stood at $53,000. However, after the halving event, the cost of mining a single bitcoin has surged, doubling to an average of $110,000. 

The continuous daily inflows of substantial capital from Bitcoin wahles signify a burgeoning interest and investment in the crypto asset.

The recent CryptoQuant report has shed light on an intriguing development in the Bitcoin market. According to their findings, there’s been a notable influx of approximately $1 billion per day from new, significant investors into Bitcoin. Over the past two months, Bitcoin whales have collectively added around 70,000 bitcoins to their portfolios, marking a monthly growth rate of 4.4%. This trend underscores a growing confidence among these investors in the future performance of Bitcoin, suggesting that they anticipate its value to increase over time.

Another report from CryptocurrenciesToWatch (CTW) has drawn attention to the increasing dominance of these large investors, referred to as “whales,” in the Bitcoin market. CTW reported that whales control over 40% of the total Bitcoin supply. This growing influence is evidenced by a consistent trend since mid-March, wherein large investors have been steadily accumulating more Bitcoin.

Signs of Demand Recovery?

Bitcoin whales’ continuous daily inflows of substantial capital into Bitcoin signify a burgeoning interest and investment in the cryptocurrency. This influx of funds bolsters demand and supports the current price levels, potentially driving further upward momentum.

Moreover, the CryptoQuant report indicates a decline in the selling pressure exerted by traders, as evidenced by resetting the unrealized profit ratio to 0%. This suggests a possible equilibrium in the market dynamics, with reduced selling pressure contributing to stability and the potential for upward movement in Bitcoin prices.

In addition to the direct investment in Bitcoin, there has been a notable increase in BTC acquisitions through Spot Bitcoin ETFs in the United States. These investment vehicles have witnessed consistent inflows over the past 18 days, with a total inflow of $218 million recorded on June 6th.

While certain ETFs experienced fluctuations in daily flows, such as GBTC with a single-day outflow of $37.574 million and IBIT with a single-day inflow of $350 million, the cumulative historical net inflow for IBIT has reached an impressive $17.431 billion. This trend highlights a growing interest among investors in gaining exposure to Bitcoin through ETFs.

As part of its new treasury strategy, Semler Scientific currently holds 828 BTC and plans to invest $150M to buy more. 

Nasdaq-listed medical manufacturer Semler Scientific, which garnered attention last month for adding bitcoin (BTC) to its treasury, has now purchased an additional $17 million worth of the digital asset. The company may also raise $150 million to acquire more.

The firm’s latest Bitcoin purchase was disclosed in an S-3 filing to the United States securities regulator on June 6. Following its initial acquisition of 581 BTC on May 28, the company now holds 828 Bitcoins, valued at over $58.5 million, including fees and expenses.   

“[It underscores] our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash,” the official release stated.    

Semler Intends to Acquire More BTC with $150 Million

The healthcare company noted that it is taking a proactive stance. The firm announced it could raise an additional $150 million through debt securities, with a portion of the proceeds intended to purchase more bitcoin.  

The firm further stated that it intends to use net proceeds from the sale of any securities offered under the prospectus primarily for general corporate purposes, such as purchasing bitcoin.  

“We may offer and sell securities from time to time in one or more offerings, up to an aggregate value of $150,000,000. This prospectus describes the general terms of these securities and the general manner in which these securities will be offered. We will provide the specific terms of these securities in supplement to this prospectus,” the firm wrote.   

Semler’s Bitcoin Investment Strategy 

In a statement on June 6, the firm’s CEO, Doug Murphy-Chutorian, emphasized that Semler’s Bitcoin investment strategy has become a top priority for the company, alongside its healthcare business, providing a clear endorsement of the strategy.  

In its SEC filing, the firm stated that Bitcoin, now Semler’s primary treasury reserve asset, can serve as a “reasonable inflation hedge and a safe haven amid global instability.” 

Meanwhile, Semler Scientific, Inc. develops, manufactures, and markets innovative products and services to combat chronic diseases. Its flagship product, QuantaFlo, is patented and cleared by the U.S. Food and Drug Administration (FDA).

Analysts at the bank think Bitcoin will hit $150,000 if Trump wins the presidential election this year. 

Standard Chartered Bank has predicted that Bitcoin could hit $150,000 if Donald Trump wins the upcoming U.S. presidential election in November this year.   

Standard Chartered analysts believe that a Trump victory could lead to policies favoring crypto assets, particularly bitcoin. Trump’s potential re-election is expected to influence the dollar’s strength, interest rates, and regulatory stances, creating a conducive environment for the growth of digital assets.    

Trump’s Love for Crypto 

Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, noted that Trump has supported cryptocurrencies in his campaign. The former U.S. president has also allowed crypto donations for his campaign.   

“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick said.

Kendrick further noted that Trump is more crypto-friendly than the Biden administration.  

“The Biden administration recently showed pragmatism in approving the spot ether ETFs, but subsequently Biden vetoed efforts to repeal SAB 121. So Trump is still more friendly than Biden,” a Standard Chartered executive said.     

SAB 121 is a Securities and Exchange Commission accounting policy that requires banks to classify digital assets as liabilities on their balance sheets.   

BTC Might Likely Skyrocket 

The head of digital assets stated that bitcoin could reach a new high over the weekend if Friday’s Non-farm payrolls report is favorable. He noted that it would likely open the way for BTC to reach $80,000 by the end of June.   

Kendrick added that BTC could climb to $200,000 by the end of 2025, representing an increase of approximately 180.5% from its current value.    

Recent Bitcoin price predictions have consistently followed a similar pattern, though not necessarily tied to the upcoming election. Last month, renowned crypto analyst Willy Woo observed that “1 month of Bitcoin short position build-up just got liquidated. One more layer to go to short squeeze past all-time highs.”   

Meanwhile, Galaxy Digital CEO Mike Novogratz predicted that BTC could reach $100,000 by the end of the year.   

In addition, Robert Kiyosaki, the author of “Rich Dad Poor Dad” and a known advocate for crypto, anticipates BTC hitting $350,000 by August 25.  

Analysts from Bernstein, a private wealth management firm, also predicted that the digital asset would trade at $150,000.

The U.S. Spot Bitcoin ETF market has a record-breaking 18 consecutive days of inflows for the first time since its approval and launch.

For the first time since U.S. spot Bitcoin Exchange-Traded Funds (ETF) began trading in January, it has concluded 18 consecutive market days on the positive side, with inflows surpassing $3.5 billion. This surge in inflows is a direct result of the increasing demand and price of bitcoin, the digital currency that underpins the ETF market, further solidifying its potential.

U.S Bitcoin ETF Continues Inflow Streak

According to data from Farside, the Bitcoin ETF market has matured significantly to record a massive inflow streak, signaling a knock-up from dormancy and outflows witnessed between April and May.

Blackrock’s ETF, IBIT, has emerged as a key player in the Bitcoin ETF market, significantly contributing to the recent inflow streak. Despite a brief pause in inflows between 13th and 15th May, IBIT made a strong comeback with an impressive inflow of $93.7 million, which rapidly escalated to $290 million within three days. It concluded the market session with its highest inflow of the season, $349.9 million, further solidifying its influence on the market. 

Fidelity’s FBTC has consistently performed in the 18-day inflow streak, recording straight inflows. Despite a slight dip, FBTC closed the market with its lowest inflow of the period, $2.1 million. However, it also marked the highest inflow into a single ETF within the 18 days, a staggering $378.7 million on the fourth day of June, showcasing its resilience and potential. 

Despite charging the highest ETF management fees, Grayscale’s GBTC joined the inflow streak, recording six days of inflows worth about $113 million. However, the ETF witnessed seven days of outflows worth more than $376 million and five days of dormancy.  

Collectively, the Bitcoin ETF market had its highest inflow of the period, $886.6 million, three days ago and has gained $3.873 billion in inflows throughout the 18-day inflow streak.

Bitcoin Exhibits Bullish Momentum Amidst ETF Inflow Streak

Since Bitcoin ETF Approval in January, the market has attracted many investors and extended the product across continents, as Asia and Australia have approved their first Bitcoin ETFs. 

Despite a few bearish weeks after the 2024 Bitcoin halving event, the cryptocurrency has risen significantly. Within the past seven days, the price of bitcoin has jumped from the $67,000 mark to above $71,000 per BTC. With efforts to cross the $72,000 per coin price not yet successful, the market remains bullish as many investors predict a much higher price for the cryptocurrency.

Kiyosaki sees a more than 380% surge in bitcoin price as he predicts $350,000 Per BTC in two months. 

Famous American author and businessman Robert Kiyosaki believes that bitcoin (BTC) will reach an unprecedented high of $350,000 in the next two months. This prediction, backed by his extensive financial knowledge and experience, has led him to advise investors to consider acquiring more bitcoin, ether (ETH), Solana (SOL), and gold to potentially benefit from the upcoming surge in price within the next two months. 

Bitcoin At $350k?

In a recent post on X, Kiyosaki expressed confidence that BTC price will increase significantly within the next two months.

“BITCOIN will be $350,000 by August 25, 2024 is not a lie. It’s a prediction. It’s speculation, it’s an opinion, but it’s not a lie,” he said. 

Kiyosaki is known to be a long-term bitcoin believer. However, in this case, he predicts that such a massive price move will occur quickly. The American author revealed that he is not just predicting; he is also working in accordance with his prediction by acquiring more crypto assets as he watches his prognosis play out.

“I keep buying more Bitcoin, Ethereum, and Solana because quite certain their prices will continue to rise,” he added.

Furthermore, Kiyosaki explained that he believes that bitcoin will make a surge due to incompetent leadership in the United States. 

“What I am confident of is the incompetence of our leaders, President Biden, Treasury Secretary Yellin and Fed Chair Powell. Those three are the 3-Stooges in real life, and I am certain I am very confident about their incompetence,” he said. 

He then advised investors, saying, “Take care. Buy more Gold, Silver, Bitcoin, Solana, and Ethereum.  Protect yourself from the 3- Stooges.“

Current Bitcoin Price and Predictions

At press time, bitcoin sits above $71,000 per coin and will need to increase by about 380% to hit Kiyosaki’s prediction of $350,000 by 25th August.

While Kiyosaki has predicted bitcoin’s pump to $350,000, many other influential crypto personnel have foretold other significant price increases. Binance CEO Richard Teng predicted bitcoin would rise above $80,000 this year. Bernstein analysts foresee $150,000 per bitcoin before year end, and former CEO of Twitter Jack Dorsey sees bitcoin at $1 million by 2030.

Thailand recently approved its first Spot Bitcoin Exchange-Traded Fund (ETF), joining the global trend of countries offering crypto ETFs.

Thailand has taken a significant step in the global cryptocurrency landscape by becoming the first country in Southeast Asia to approve a Spot Bitcoin Exchange-Traded Fund (ETF). This move aligns Thailand with the growing trend of countries embracing crypto ETFs. 

Thailand Welcomes First Spot Bitcoin ETF

The Thailand Securities and Exchange Commission (SEC) has granted One Asset Management (ONEAM) permission to establish its Bitcoin ETF. However, spot Bitcoin ETFs in the country are not for retail investors, so this investment opportunity is exclusively available to a select group of wealthy and high-net-worth investors and institutions. This move reflects Thailand’s increasing interest in the cryptocurrency market and signals a potential shift in the global financial landscape.

The ONEAM Bitcoin ETF is designed to track the price of Bitcoin by investing in 11 existing funds worldwide. This strategic approach aims to mitigate investment risks by diversifying funds across various crypto sectors, potentially offering significant benefits to investors.

Pote Harinasuta, ONAEM’s Chief Executive, explains why the company focused on bitcoin ETFs:

 “Digital assets are an alternative asset that has low correlation with other financial assets. They are suitable to help investors diversify investment risks. Although the supply of Bitcoin is limited at 21 million, demand is rising as it gains popularity. We see high growth potential for Bitcoin.”

On the other hand, he advises investors to allot only 5% of their portfolio to bitcoin to get 8.9% returns per annum.  “Investing in Bitcoin can offer good returns but comes with high volatility,” he warned.

While ONEAM has received approval to start trading its Spot Bitcoin ETF in Thailand, other financial firms, like MFC Asset Management, await approval from the SEC soon. 

Spot Bitcoin ETF Overview

Following the U.S. Spot Bitcoin ETF approval in January, the cryptocurrency market has gained more popularity, as many investors can now venture into it with greater ease. In the first half of this year several regions have approved their first Bitcoin spot ETFs in their financial markets, with countries like Hong Kong and Australia already trading them. 

According to data from Farside, U.S.-traded spot bitcoin ETFs have ended more than 12 market days with inflows, and the price of bitcoin stood above $70,000 at press time. Since approval in April, Hong Kong ETFs have witnessed 22 market days of Inflows worth more than $70 million. 

The crypto market remains bullish on the introduction of ETFs and the U.S. SEC has approved proposals for Ethereum ETFs, which will begin trading soon.

Despite a 54% decline in overall NFT sales, Bitcoin-based NFTs led in recent sales volume and set new transaction records.

In May, the NFT market experienced a significant drop in sales, with an overall decline of 54%. Despite this downturn, Bitcoin-based NFTs reached a significant milestone. As of June 4, the total all-time sales volume of Bitcoin NFTs exceeded $4 billion, according to CryptoSlam. This figure includes $3.97 billion in genuine sales and $82 million in wash sales.

In the past 30 days, Bitcoin NFTs recorded a sales volume of $171 million, making Bitcoin the leading blockchain for NFT sales volume in that period. Ethereum followed with $159 million, and Solana with $90 million.

Despite leading in recent sales volume, Bitcoin is only the fourth-largest blockchain in overall NFT sales. The Ronin blockchain ranks third with $4.2 billion in total sales. Solana takes second place with $5.5 billion, while Ethereum remains the top blockchain for NFT sales with a staggering $43.8 billion.

Broader NFT Market Faces Challenges

The broader NFT market struggled in May, with a notable decline in sales volumes. According to CryptoSlam, there was a 54% drop in monthly NFT sales from April to May. In April, the market saw over $1 billion in sales, but this number fell to $624 million in May. This decline also impacted Bitcoin NFTs, which saw a 68% drop in sales during the same period.

Despite the challenges, Bitcoin achieved a new record in transaction value on May 28, with transactions worth over $25 billion, the highest in the past year. On that day, about 367,000 BTC were moved on the blockchain, valued at approximately $25.5 billion when Bitcoin’s price was around $69,000.

In summary, while the overall NFT market saw a decline in May, Bitcoin-based NFTs hit a significant milestone with over $4 billion in total sales. Bitcoin also led in sales volume for the past 30 days. However, it remains the fourth-largest blockchain for all-time NFT sales, behind Ethereum, Solana, and Ronin. Despite the recent downturn, Bitcoin set a new record for transaction value, indicating robust activity on the network.

Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k. 

The $70,000 mark remains a significant barrier for Bitcoin, yet recent data indicates that bitcoin is maintaining stability at its current price and may soon embark on another upward movement.  

A recent analysis by IntoTheBlock reveals that BTC has maintained a stable price of around $69,000, which stability is mainly due to a strong demand zone between $66,900 and $68,900. While Ethereum (ETH) experienced a slight increase of 0.5% to reach $3,813, the global crypto market cap saw a rise of 1.2% to approximately $2.56 trillion over the last 24 hours.  

More than two million addresses in this range have accumulated 1.1 million BTC, demonstrating substantial interest and activity among traders.  

According to data, the concentrated buying activity reflects significant interest and engagement among traders, which creates a strong support level, helping bitcoin maintain its current valuation despite market swings. The significant demand zone is a crucial buffer, reflecting trader confidence and investment at these price levels.   

According to an X post, “Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k. In this range, over two million addresses have accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders.”   

Bitcoin’s Bull Run Could Hit $130K-$150K 

General investor sentiment seems bullish, with famous crypto trader Peter Brandt forecasting that bitcoin’s current bull run could hit between $130,000 to $150,000 by late August to September 2025. His prediction is based on historical patterns following previous BTC halving events. Notable developments in the digital asset ecosystem further fuel the bullish momentum.    

Over the past 24 hours, Bitcoin’s market capitalization has climbed to $1.361 trillion. According to CyptocurrenciesToWatch, the 24-hour trading volume is $29.65 billion.   

Despite the multiple ETPs on Cboe Australia that offer exposure to spot  crypto assets, they do not directly hold bitcoin.

Australia-based Investment Asset Management firm Monochrome has commenced trading for its direct spot Bitcoin Exchange-Traded Fund (ETF) – IBTC – on the Cboe Australia exchange. 

Cboe Australia is the innovative securities exchange committed to transforming, improving, and growing Australian investment markets by providing brokers and investors with the most efficient and cost-effective access to local and global investment opportunities. 

Multiple exchange-traded products already enable exposure to Bitcoin in Australia. However, Monochrome Asset Management is the first to secure approval under a new crypto asset licensing category introduced by Australian Financial Services (AFS) licensing rules in 2021. 

Monochrome noted that IBTC’s holdings are stored offline on a device disconnected from the internet, employing a crypto custody solution that complies with “Australian institutional custody regulatory standards.” It allows the ETF to hold bitcoin, a feature not found in other products.

“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” Monochrome revealed in a statement.     

Regulatory Approval 

Following the U.S. approval of spot Bitcoin ETFs in January 2024, regions like Hong Kong and Australia have shown a willingness to embrace these products. By the end of April, Hong Kong had formally approved the first set of crypto-related spot ETFs, marking an achievement for the city in its pursuit to enhance itself as a prominent digital assets center.   

In Australia, firms must first obtain approval from the regulatory authority, the Australian Securities & Investments Commission (ASIC), followed by the exchange listing the product, which in this instance is Cboe Australia. Monochrome had previously secured ASIC’s approval for this product and  in April, the company applied for a spot Bitcoin ETF.

“This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management, said.  

Meanwhile, Yew was previously CEO of Binance’s Australia business, but he left to set up Monochrome in Brisbane in 2021.