Tag: Bitcoin News

  • Whales Acquire 3,000 BTC Amid Recent Market Crash

    Whales Acquire 3,000 BTC Amid Recent Market Crash

    While small investors and traders were panicking amid the recent bloodbath in the crypto market, large investors were busy buying the dip, and according to recent data, whales accumulated about 3,000 bitcoins (BTC) worth approximately $198 million during the period.

    Instead of avoiding the market’s volatility, whales seized the opportunity of the price dip to strengthen their bitcoin positions. The acquisition of 3,000 BTC indicates that these investors maintain a bullish outlook regarding the digital asset’s future potential despite the short-term market fluctuations.    

    Hoewever, these whales may be expecting more market crash as the amount of bitcoins acquired is lesser than the 80,000 BTC acquired during the market dip on March 20, according to a tweet on X.

    Commenting on the tweet, some users expressed panic, with one user noting that the recent crash is due to price manipulation and it is far from over. The user expects BTC to crash to $40,000 in the coming days. 

    Whales’ decisions to accumulate more crypto assets during price dips are not uncommon in the market. During bloodbaths, large investors often increase their holdings, seeing them as an opportunity to acquire digital assets at a discounted rate.    

    Due to the size of their trades, whales can create a significant wave in the crypto market.  As such analysts are closely monitoring and observing whale activity, as it often indicates market sentiment and potential price movements in the crypto space.  

  • Hong Kong SFC Approves First Bitcoin ETF

    Hong Kong SFC Approves First Bitcoin ETF

    Hong Kong Securities and Futures Commission (SFC) has sent its approval for the first wave of Asian Bitcoin Spot Exchange-Traded Funds (ETFs) to the applicant companies on Monday. The move puts the city at the forefront of crypto adoption in the Asian financial market. 

    Hong Kong’s decision to greenlight Bitcoin and Ethereum spot ETFs comes three months after the United States approved several Bitcoin spot ETF applications. With Hong Kong joining the US in the spot ETF market, more institutional investors will be able to explore investment opportunities in the crypto industry.

    Hong Kong Receives Approval to Offer Bitcoin and Ether ETFs

    As reported on Monday, China Asset Management, a leading financial company in Hong Kong, revealed that it received direct approval to offer digital asset management services for cryptocurrencies. It now plans to launch bitcoin and ether ETF products to investors. 

    The Hong Kong subsidiaries of other asset management companies, such as Bosera Capital, Hashkey Capital Limited, and Harvest Global Investments, have received in-principle conditional approvals to launch retail and institutional Bitcoin and Ether ETFs in the city.

    Following the approval on Monday, the firms are working to introduce the ETFs by month end. 

    In a strategic move, China Asset Management has partnered with OSL Digital Securities, a licensed virtual asset platform, to be its first digital asset trading and sub-custodian partner. The collaboration strengthens China Asset Management’s position in digital asset management services. 

    If the Hong Kong ETF market grows like that of the U.S. market, the ETF approval will increase Hong Kong’s position as an international focal point for financial investments.

    Bitcoin Reacts 

    Following the Hong Kong approval on Monday, four days before Bitcoin Halving, the leading crypto has risen as the new market week starts with a bullish candle, changing the effects of the announced Israel attack on the digital asset market.  

    At press time, bitcoin’s market capitalization increased by 3%, with the asset trading at $66,500. Many investors remain bullish on bitcoin and other cryptocurrencies, expecting a significant price change after the bitcoin halving event scheduled for 19 April.    

  • Bitcoin Mining Difficulty Hits Record of 86T Before Halving

    Bitcoin Mining Difficulty Hits Record of 86T Before Halving

    Bitcoin’s mining difficulty has reached a new all-time high, hitting a staggering 86 trillion before its fourth halving event. 

    The mining difficulty adjustment, which occurs roughly every two weeks, is a significant mechanism designed to maintain the average block time at around 10 minutes. It progressively adjusts the difficulty of solving a cryptographic puzzle essential to validating transactions and adding new blocks to the blockchain.   

    Bitcoin mining difficulty also quantifies the level of challenge and time required to mine a new block under Bitcoin’s proof-of-work (PoW) consensus mechanism.   In addition, the mining difficulty is influenced by the Bitcoin blockchain’s hash rate, which measures miners’ computational power in producing new BTC.  

    Last Mining Difficulty Adjustment Before Bitcoin Halving

    The most recent adjustment, which occurred on April 10, saw a 3.4% increase in Bitcoin mining difficulty compared to the previous level of 83 trillion, set on March 28. As the price of Bitcoin remains relatively high, more entities are entering the mining sector, which drives up competition and sets the difficulty to new highs.  

    The latest Bitcoin mining difficulty is likely to be the final one before the halving event. According to BTC.com, the next mining difficulty adjustment will take place in roughly 13 days, around April 24 while the long-awaited fourth Bitcoin halving is expected to occur in eight days on April 19.     

    Bitcoin’s Hash Rate Surges

    Corresponding with the increasing difficulty of Bitcoin mining, the network’s hash rate has also experienced a notable surge. Data from BTC.com indicates that it climbed from approximately 619 exahash per second (EH/s) on March 28 to 696 EH/s on April 10. 

    Galaxy’s mining analysts imply that up to 20% of Bitcoin’s existing hash rate may deactivate following the Bitcoin halving and anticipate that many miners will shut down their mining rigs due to lowered efficiency. 

    The analysts revealed that, at the end of 2023, eight ASIC miner models generated over 70% of the Bitcoin hash rate. 

    Data from BitInfoCharts indicates that the Bitcoin hash rate reached a record peak of 727.9 EH/s on March 24. Analysts speculate that the BTC hash rate may decrease following the upcoming Bitcoin halving in 2024.

  • Metaplanet Allocates $659M in Bitcoin to its Treasury, Share Value Surges 90%

    Metaplanet Allocates $659M in Bitcoin to its Treasury, Share Value Surges 90%

    Metaplanet witnessed its share price soar by nearly 90% in just one day after announcing its decision to invest in bitcoin.

    Japanese firm Metaplanet has announced its decision to allocate a staggering 1 billion yen ($659 million) in Bitcoin to its corporate treasury. The company has witnessed its share price soar by approximately 90% in just one day.  

    Metaplanet Partners with Sora Ventures and others. 

    Various partners and investors, including Sora Ventures, UTXO Management, and Mark Yusko of Morgan Creek Capital, have supported the decision. 

     “This strategic pivot is not just about embracing digital assets but also about pioneering a future where finance meets innovation at its core,” Metaplanet stated on X platform. 

    Interestingly, Metaplanet’s decision marks one of the most significant Bitcoin investments by a non-crypto-centric firm, which shows a major shift in corporate strategies towards digital assets.  

    Metaplanet, previously known as Red Planet, has drifted from its interest in hospitality to becoming a Web3 Innovator.  

    In addition, the firm mentioned that its transition to Bitcoin is a significant milestone in its mission to lead the digital finance era and positions Metaplanet as a pioneer in adopting digital assets in Japan.

    Jason Fang, the founder of Sora Ventures, took to the X platform to share news about the BTC treasury strategy.   

    “Excited to announce that [Sora Ventures] is working with [Metaplanet], a listed company on the Tokyo Stock Exchange to create Asia’s first Microstrategy,” Fang said adding that “The product will enable the Japanese to gain exposure to Bitcoin without paying an unrealized gains tax that could go as high as 55%. It will also enable anyone with an account to Tokyo Stock Exchange to gain exposure to bitcoin without any regulatory risks. I will be joining the board of the listed company.”

    Stock Value Against the U.S. Dollar.

    Furthermore, after Metaplanet revealed its bitcoin (BTC) strategy, its stock value surged by 89.47% against the U.S. dollar. The Japanese enterprise’s market valuation now amounts to 2.18 billion yen ($14.3 million), placing it on the standards of other major players such as MicroStrategy, Mogo Inc., and Tesla. 

    Speaking on the announcement, some analysts have tagged the move as a “savvy strategic decision,” which may inspire other traditional companies to emulate it. 

  • Crypto Market Cap to Double to $5T in 2024: Ripple CEO

    Crypto Market Cap to Double to $5T in 2024: Ripple CEO

    The crypto market cap could expand to $5 trillion this year due to the effects of the halving, demand from the spot Bitcoin ETFs, and favorable regulatory momentum.

    Brad Garlinghouse, the CEO of blockchain solutions provider Ripple Labs, believes the crypto market will double in size by the end of the year.

    Speaking to CNBC in an interview, Garlinghouse predicted that the crypto market cap could expand to $5 trillion this year due to the effects of the upcoming Bitcoin halving, demand from the spot Bitcoin exchange-traded funds (ETF) market, and positive regulatory momentum in the United States. 

    Crypto Market Cap to $5T in 2024

    The Bitcoin halving, a historically bullish event that would slash block rewards by half, is scheduled to take place in the next 12 days. The event is a mechanism that helps BTC combat inflation, thus increasing its value over time. 

    The first wave of spot Bitcoin ETFs was launched in the U.S. in January, opening doors for traditional finance investors to tap into the potential of the Bitcoin network. Within the past three months, these funds have accumulated thousands of bitcoins worth billions of dollars at a demand rate more than double the supply rate of miners and other market participants.

    Analysts believe demand from the ETFs drove BTC past its former all-time high of $69,000 to $73,700 in March. Although BTC experienced downturns in the past weeks, demand for the ETFs is expected to persist long-term, propelling the digital asset northwards.

    “I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money. You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands,” Garlinghouse said.

    A Positive Regulatory Regime

    Furthermore, the Ripple CEO sees the possibility of favorable crypto regulation in the U.S. by the end of the year. With 2024 being an election year, he is optimistic that the next administration will not follow the steps of the current one, which is known for its hostility toward crypto.

    At the time of writing, the crypto market cap was $2.69 trillion, with BTC accounting for a lion’s share of roughly 49%. A double market size by the end of 2024, driven by these macro factors, would see the figure sit at $5.2 trillion.

  • This is Why Bitcoin Crashed Below $65.5K Today

    This is Why Bitcoin Crashed Below $65.5K Today

    Bitcoin’s sudden decline during the Tuesday morning Asian trading session caused over $465 million in liquidations on multiple centralized crypto exchanges. 

    In the early hours of Tuesday, bitcoin (BTC) witnessed a sharp plunge that sent its price to a level not seen in the past nine days. The digital asset fell by more than 5% from $70,000 to $66,000.

    An analysis from crypto trading firm QCP Capital revealed that the speed of bitcoin’s fall was driven by large liquidations on big centralized exchanges like Binance, which have heavy retail activity. 

    Bitcoin’s Fall to $66K

    QCP Capital said the crypto options market gave an early signal about a sharp downside move, particularly for risk reversals. The plunge caused perpetual funding rates to fall flat from 77%, bringing spot prices back to the $60,000-$72,000 range.

    “BTC broke 70k and traded below 66k. ETH traded to 3320 lows. The move brings spot prices right back into the middle of the 60-72k range. While perp funding has compressed, the rest of the forward curve remains very elevated. Will this be the move that brings the whole curve back down?” QCP Capital speculated.

    Bitcoin’s sudden decline during the Tuesday morning Asian trading session caused over $465 million in liquidations on multiple centralized crypto exchanges. The fall was not peculiar to BTC alone as several altcoins, including ether (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Bitcoin Cash (BCH) also moved southward. Even memecoins were caught in the wave, with Dogecoin (DOGE) and Shiba Inu (SHIB) losing over 5% of their respective values.

    Around $349 million of liquidations came from long positions, while the rest were traced to short traders. Data from CoinGlass showed that out of the 133,000 traders liquidated in the last 24 hours, the largest single liquidation occurred on crypto exchange OKX, an ETH-USD-SWAP valued at $7.48 million.

    Over $460M in Liquidations

    Bitcoin bore the brunt of the liquidations, with long and short traders recording losses of $107 million and $55 million, respectively. Ether followed closely with losses hovering around $85 million and $30 million for long and short positions. DOGE came next, followed by SOL and XRP, with losses totaling $14.5 million, $13 million, and $4.5 million, respectively.

    In other news, crypto investment funds witnessed more than $862 million in inflows last week, erasing a huge portion of the previous week’s outflow of $931 million.

  • Ex-Takeaway Worker Caught With Bitcoin Worth $2.5 Billion

    Ex-Takeaway Worker Caught With Bitcoin Worth $2.5 Billion

    The former restaurant worker in Leeds is the subject of UK’s biggest bitcoin seizure.

    A former Chinese takeaway worker Jian Wen has been caught and convicted of a crime involving money laundering of 61,000 bitcoins worth about £2 billion ($2.53 billion).

    The 42-year old lived in a simple flat above a restaurant in Leeds. She got involved in the crime of converting cryptocurrencies to physical properties like houses and pieces of jewelry. 

    Wen’s Suspicious Lifestyle

    According to the Crime Prosecution Service (CPS), Wen moved into a new apartment in 2017, paying £17,000 ($21,500) per month for a six-bedroom house. She claimed to work for a big international Jewelry Company. 

    Wen bought an E-class Mercedes Benz worth £25,000 ($31,660). Further, she moved her son to the UK and enrolled him in Heathside Preparatory School where she pays £6,000 ($7,600) per term. 

    Also in 2017, she tried to acquire some very expensive properties in London including a seven-bedroom mansion in Hampstead worth £23.5 million ($2.98 million). Also a home with a cinema and gym worth £12.5 million ($15.8 million) but she wasn’t as she did not pass money laundering checks. 

    Wen only recorded an income of £5,979 ($7,572) in 2016/2017 but could no longer defend the source of the bitcoins she would use in acquiring the properties. She claimed to have earned such an amount from bitcoin mining but was not believed.

    Her prosecutors have stated that there is no clear evidence linked to the source of the bitcoins but claim that it’s connected to an investment fraud from China which she must have been involved in.  

    Another suspect is believed to be involved in the crime but not yet caught.

    Court Actions

    On Wednesday, Wen was charged by Southwark Crown Court for being part of a money laundering arrangement about 150 bitcoins worth £7.5 million ($9.5 million). The Metropolitan Police has reported that the ongoing investigation of the case has linked Wen to a broader case of fraud involving more than 61,000 bitcoins.

    Chief Crown Prosecutor Andrew Penhale said: “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.” 

    He said that the CPS will work alongside law enforcement agencies to ensure that the fraudsters lose complete access to the seized assets. Also, to make sure that justice is served to anyone caught involved in any form of money laundering through cryptocurrency.

  • MicroStrategy Acquires 9,245 BTC, Now Holds More Than 1% of Bitcoin Total Supply

    MicroStrategy Acquires 9,245 BTC, Now Holds More Than 1% of Bitcoin Total Supply

    MicroStrategy has acquired an additional 9,245 bitcoins for $623 million this afternoon to increase its bitcoin holdings to 214,246 BTCs.

    Just eight days after MicroStrategy purchased its last 12,000 BTCs, MicroStrategy’s executive chairman Michael Saylor, has announced that the company has increased its bitcoin holding by 9,245 BTCs worth $623 million. It was purchased at an average price of $67,382 per BTC. The bitcoin purchase was spread over eight days from March 11 to March 18.

    To complete the bitcoin purchase, MicroStrategy has raised $603.75 million from convertible notes. The notes were sold to persons believed to be qualified buyers. The notes bear 0.875% interest that can be paid in arrears on March 15 and September 15 of each year. The notes will mature by 2031 unless bought back based on agreements. 

    Additionally, the notes can be converted to cash or MicroStrategy shares at a conversion rate of 0.4297 class A MicroStrategy stock per $1,000 principal amount of notes. 

    MicroStrategy Updated Bitcoin Holdings

    Following this purchase, MicroStrategy now has 214,246 bitcoins acquired for $7.53 billion at an average price of $35,160 per BTC. By current bitcoin price at press time, MicroStrategy’s bitcoin is worth $13.7 billion. The company has about $6.2 billion in unrealized profits. 

    Notably, MicroStrategy now holds 1.02% of the total bitcoin supply which is 21 million BTCs. 

    After performing this bitcoin purchase, MicroStrategy ranks #390 in the US list of companies with a $25.50 billion market capitalization and its bitcoin holdings covering more than 50%. Recording a 947.32% increase within the last year.

    Michael Saylor has continued to show complete trust in bitcoin as he keeps acquiring the cryptocurrency despite significant price changes. He is completely bullish on bitcoin which is why he said that “Bitcoin is Enlightenment.”

    Bitcoin Price Updates

    Significantly, bitcoin has moved from $73,700 to around $62,400 within the past six days and is currently trading at $64,000 per BTC. While technical analysts have discovered a support zone at $64,750, the cryptocurrency presses greater force to break the support.    

  • Binance CEO Sees Bitcoin Above 80k by Year-End

    Binance CEO Sees Bitcoin Above 80k by Year-End

    Binance CEO Richard Teng sees BTC crossing the $80,000 mark later this year based on sustained flows into Bitcoin ETFs.

    Richard Teng, the CEO of crypto exchange Binance, has predicted that bitcoin (BTC) will rise above $80,000 before the end of year. 

    Richard Teng’s BTC Predictions

    According to Teng, bitcoin will continue its record-breaking rally above $80,000 as investors pour more money into bitcoin exchange-traded funds (ETFs). 

    At an event yesterday, the CEO said that the approval of bitcoin ETFs in January has drawn many institutional investors into acquiring BTC. This is evident as the bitcoin ETF now ranks as the fourth-best ETF in the world. Moreover, Spot bitcoin ETFs have recorded a massive daily inflow of up to $1.05 billion.

    “There has been relentless inflows into spot bitcoin ETFs since they were approved in January. More endowments and family offices are expected to step up allocations into Bitcoin ETFs in the near term,” Teng said.

    The CEO indicated that he had earlier predicted for bitcoin to end the year close to $80,000. However, with the rapid increase in demand for the cryptocurrency and the upcoming bitcoin halving scheduled for April, which will lead to a decrease in supply, he sees bitcoin rising above $80k before the year ends. 

    Additionally, he noted that this will not be a straightforward uptrend. Rather, the market will be filled with instabilities before attaining that price but the up and down movement will benefit the market.

    Teng also made it clear that these are his personal views on the bitcoin price movement.

    Known Effects of Bitcoin ETFs 

    Following the approval of Spot Bitcoin ETF in January, the price of bitcoin has jumped above its previous all-time high (ATH) of $69,000 to hit a new ATH of around $73,700 last week. 

    Many investors easily acquire bitcoins via ETFs without going through the tedious process of buying the cryptocurrency from various crypto exchanges. Investing through ETFs also saves investors from the risk of wallet hacks.

    As the bitcoin halving approaches, the cryptocurrency remains bullish as many investors who predict new ATHs after halving have continued to acquire more bitcoins before the halving in April. 

  • Here Are The New Bitcoin Support and Resistance Levels to Watch

    Here Are The New Bitcoin Support and Resistance Levels to Watch

    BTC has established a support and resistance range at $64,750 and $70,180.

    Crypto market analysts have identified new support and resistance levels for bitcoin (BTC) following the digital asset’s fall to the $66,000 price range.

    According to a tweet by technical and on-chain analyst Ali, BTC has established a support and resistance range at $64,750 and $70,180.

    Bitcoin’s New Support and Resistance Levels

    Support levels refer to price marks that an asset does not fall below for a period of time, while resistance is the point where an asset’s upward trajectory is disrupted. A support level is usually created by buyers entering the market as an asset slumps to a lower price, while resistance is triggered by high selling pressure.

    Ali explained that bitcoin’s new support range is between $64,750 and $66,700. At this level, 382,000 Bitcoin addresses hold more than 275,000 BTC. The average price of this support level is $65,390. 

    The technical analyst stressed the importance of monitoring this new support level because losing it could shift the market’s focus to the next zone with significant demand between $60,760 and $62,790. This level is safeguarded by 797,500 addresses holding more than 298,000 BTC.

    As for Bitcoin’s resistance level, the zone sits between $70,180 and $71,340, a barrier fortified by 533,300 addresses collectively holding approximately 433,000 BTC.

    BTC Falls 8% Within Hours

    Ali’s analysis comes as BTC loses a substantial portion of the gains it recorded in the past few days. After surpassing $70,000 for the first time last weekend, bitcoin broke through $73,000 earlier this week, almost touching $74,000 on Thursday.

    However, the leading digital asset came crashing on Friday, dragging several altcoins with it. In the last 24 hours, BTC has lost more than 8% of its value, triggering approximately $700 million in liquidations from more than 190,000 traders. The cryptocurrency fell from $73,400 to nearly $66,000 within a few hours.

    Analysts have warned that the asset could decline further to around $64,000, but that remains to be seen. 

    Meanwhile, several altcoins, including ether (ETH), Binance Coin (BNB), and DogeCoin (DOGE), have also lost significant portions of their value.