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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
💰 Bitcoin tumbles as whale sells 3,500 BTC, $310 million liquidated in 24 hours
According to CryptoSlate’s data, Bitcoin’s price has dropped approximately 6% in the past 24 hours, breaking the $58,000 mark to fall to as low as $56,900. Market observers warned that if the heavy selling action continues, this decline could be a precursor to a decline in the flagship digital asset’s price to the low $50,000s. Earlier today, blockchain analyst Lookonchain identified a whale that sold 3,500 BTC for $206 million in five hours through the Binance exchange.
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💰 Bitcoin correlation to S&P 500 goes negative indicating potential bottom
Bitcoin (BTC) has often mirrored the S&P 500 (SPX), with periods of positive correlation in the past five years, notably during the COVID-19 pandemic in 2020 and 2021, where both assets traded nearly 1:1. This trend continued towards the end of 2021 and throughout 2022, as both BTC and the SPX declined in tandem. In the first quarter of 2024, both Bitcoin BTC and SPX experienced significant gains.
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💰 Standard Chartered forecasts bitcoin could hit all-time high in August
Bitcoin's price could hit a new all-time high in August, followed by an increase to $100,000 by the time of the U.S. presidential election in November, according to Standard Chartered. On Tuesday, Standard Chartered Bank's head of forex and digital assets research Geoffrey Kendrick, said, "a fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day."
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💰 Bitcoin set for ‘bullish July’ after June slump, analysts predict
Several market analysts expect Bitcoin to rebound strongly in July after declining by around 7% in June. Last month, BTC faced heavy selling pressure from capitulating Bitcoin miners, who offloaded around $2 billion worth of their holdings due to falling revenue. The consistent selling activities of governments, including those of the United States and Germany, created additional selling pressure.
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💰 Central Bank of Bolivia Unbans Bitcoin From the Nation's Financial Ecosystem
The Central Bank of Bolivia has lifted a blanket ban on using bitcoin and other cryptocurrencies in the national financial system, opening the doors for integrating exchanges and other crypto service providers into its economy. The institution derogated a 2020 resolution prohibiting financial institutions from facilitating crypto-related payments.
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💰 Bitcoin Miner CleanSpark (CLSK) Buys Out GRIID In $155 Million Stock Transaction
CleanSpark (CLSK) – one of the largest publicly traded Bitcoin mining firms – announced on Thursday that it had acquired one of its smaller competitors, GRIID Infrastructure, in an all-stock deal. The merger agreement required CleanSpark to assume all debts and other obligations from GRIID. It also required CleanSpark to provide GRIID with a $5 million working capital loan, and to pay down a bridge loan of $50.9 million to satisfy other obligations from the smaller miner.
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🥇 Bitcoin Miner Marathon Mined $15M Worth Kaspa Tokens to Diversify Revenue
Bitcoin (BTC) miner Marathon Digital (MARA) is now a multi-coin crypto miner, after it started mining layer 1 protocol Kaspa (KAS) to diversify its mining revenue. Kaspa uses a proof-of-work (PoW) consensus mechanism called GHOSTDAG protocol, and unlike bitcoin, it allows multiple blocks to be produced simultaneously. This process helps make transactions faster and provides more block rewards for miners, according to a statement from Marathon.
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💰 Bitcoin’s supply in profit drops to 80% as post-halving effects take hold
Bitcoin’s percentage supply in profit reflects dynamic market conditions. The first chart illustrates historical data from 2013 to 2024, showing periods where over 90% of the supply was in profit, particularly during 2017 and late 2020 to early 2021. This period correlated with significant price rallies, highlighting the cyclical nature of Bitcoin’s market.
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💰 Bitcoin's Double Top Suggests BTC Could Fall to $50K: Analyst
Bitcoin (BTC) has carved out a double-top price pattern, signaling a potential bearish trend change ahead of key data release that could influence the Fed's interest rate path. Bitcoin's price journey has been a rollercoaster this month. After surging to nearly $70,000, approaching the all-time high of March, it has now retreated to $63,000, decoupling from Nasdaq's continued move higher, largely due to faster selling by miners.
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💰 Bitcoin Will Soar Thanks to Failing Japanese Banks, Says Arthur Hayes
BitMEX co-founder Arthur Hayes says the Japanese banking system is in dire straits, and that the consequences will only send Bitcoin and crypto markets higher. Much like U.S. banks in March of 2023, Hayes argued on Thursday that Japanese banks will soon need a massive bailout due to the deeply underwater U.S. government bonds on their balance sheet.
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💰 Bitcoin reclaims blockchain dominance post-BTC halving
Bitcoin’s blockchain bandwidth usage has exceeded 90% for the first time since the halving event in April, signaling a substantial rise in network activity. Despite facing an “extended level” of fear, uncertainty and doubt (FUD), Bitcoin adoption, transaction and trading activity remain unfettered. Dune Analytics user Cryptokoryo’s chart portrays the defining moment on June 20, where BTC’s 91.4% dominance superseded 6.8% for Runes, 1.6% for BRC-20 and 0.2% for Ordinals in transactional share.
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🥇 Bitcoin miner OTC selling remains high as reserves drop to multi-year low: CryptoQuant
Bitcoin miner reserves have plummeted to lows not seen since 2021, according to CryptoQuant data. Miner reserves reveal the amount of bitcoin held by affiliated miner wallets, the value indicates the reserve that miners have yet to sell. Data shows that current miner reserves are around 1.82 million bitcoins after starting the year with approximately 1.87 million bitcoins.
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💰 Bitcoin ETFs see $714.4 million outflow over four consecutive trading days
Farside data shows that Bitcoin (BTC) exchange-traded funds (ETFs) experienced another significant outflow on June 18, amounting to $152.4 million. This marks the fourth consecutive trading day of outflows; the record outflow streak is from April 24 to May 2, which spanned seven consecutive trading days. The current sequence has resulted in a cumulative outflow of $714.4 million.
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💰 Bitcoin Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant
Bitcoin (BTC) miners are showing signs of capitulation, an event that is typically tied to a market bottom after the world's largest cryptocurrency endured a 13% plight over the past 30 days. Bitcoin is currently trading at $60,300 after sliding by 3% on Wednesday. This level has acted as a critical support since April, with bitcoin bouncing three times from this region before heading back towards the $70,000 mark.
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💰 CleanSpark mines 445 BTC in June, exceeds 20 EH/s target with Georgia expansion
CleanSpark mined 445 Bitcoin (BTC) in June and grew its hash rate above 20 EH/s on the back of its recent expansion in Georgia. The mining firm’s June performance results, published On July 2, also described an average daily output of 14.83 BTC and a one-day high of 22.41 BTC. CleanSpark recorded an average daily hash rate of 17.85 EH/s during June, and its current hash rate is 20.4 EH/s — surpassing its mid-year target of 20 EH/s.
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💰 Bitfarms reports 21% increase in Bitcoin production amid upgrades and takeover drama
Bitcoin miner Bitfarms reported an increase in Bitcoin production for June following an overall capacity upgrade. According to its latest monthly production report, Bitfarms’s BTC production rose 21% month-on-month to 189 BTC in June, up from the 156 BTC it produced in May. The miner stated that its production was impacted by the curtailment in Argentina and the downtime associated with upgrading its miners in Quebec. However, this was partially offset by a 0.8% decrease in network difficulty compared to May.
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💰 Bitcoin sees all-time-low weekend trading levels following ETF approvals: Kaiko
Bitcoin's reputation, at least in the mainstream, is nearly synonymous with volatility. However, the cryptocurrency's once-wild weekends may be a thing of the past, as in 2024, trading volume on weekends has sunk to its lowest level in bitcoin's history. While in 2019 up to 28% of bitcoin trading volume took place on the weekends, this past year that number has been only 16%, according to a new report from cryptocurrency research firm Kaiko.
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💰 Bitcoin’s price won’t ‘dramatically’ increase from here, says billionaire
Former PayPal CEO Peter Thiel has raised doubts that Bitcoin’s future price can increase “dramatically” from current price levels. The billionaire — who still owns “some” Bitcoin but not as much as he “should have” — isn’t sure where the next batch of buyers will come from now that Bitcoin has had its “ETF edition.” “I'm not sure it's going to go up that dramatically from here. We got the ETF edition and I don't know who else buys it,” Thiel, a founder at the Founders Fund told CNBC on June 28.
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💰 Bitcoin put-call ratio turns pessimistic ahead of Friday's quarterly expiry
The put-call ratio for bitcoin option on Deribit leading up to today's expiry has risen to 1.66. A ratio above one means significantly more put options than call options being traded. This indicates that more investors are betting on or hedging against a price decline rather than an increase. Deribit end-of-June options data shows 107,000 bitcoin options are expiring with a max pain point of $61,500 and a notional value of $6.6 billion. As of the time of writing, bitcoin is priced at $61,398, approaching the max-pain point ahead of today's expiry.
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💰 Bitcoin options implied volatility rises sharply on short-dated puts as traders prepare for potential downside swings: analysts
According to the CF Benchmarks' Bitcoin Volatility Index, the implied volatility for both short-dated puts and short-dated calls was approximately the same at the end of May, prior to the recent market downturn, during which bitcoin's price has fallen by over 14% in the past month. However, CF Benchmarks analysts are now observing a significant increase in implied volatility for near-term puts compared to their corresponding calls.
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💰 STHs faced substantial losses as Bitcoin briefly fell below $60k
Over the weekend, Bitcoin saw a dramatic drop below $60,000, sparking over $537 million in realized losses predominantly from short-term holders (STHs). This sell-off highlights the volatility and reactive behavior of these market participants, with $441 million of these losses coming from those who had held BTC for a month or less. As the market turmoil unfolded, key on-chain metrics revealed a steep decline in the percentage of STH supply in profit.
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💰 Congressman introduces bill to enable federal tax payments in Bitcoin
Congressman Matt Gaetz (R-Fla.) introduced legislation on June 25 that would require the IRS to begin accepting federal tax payments in Bitcoin. Gaetz emphasized the potential benefits of this “bold move” and said the bill will ensure that the US remains at the forefront of technological advancement. The bill proposes that taxpayers be allowed to use Bitcoin for federal tax payments, which Gaetz believes would “promote innovation, increase efficiency, and offer more flexibility to American citizens.”
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💰 Bitcoin tumble below $63,000 last week was its second-worst weekly performance of 2024
Bitcoin faced a challenging period last week (June 17-23), marking one of its worst weeks of 2024. According to Glassnode, Bitcoin declined by 5.2% in week 25, making it the second worst-performing week of the year, just behind week 15’s 5.12% drop. The trend continued into week 26, with Bitcoin losing over 1% and dipping below the $63,000 mark.
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💰 Bitcoin Price Prediction: Analyst Defies Bearish Bias, Says Next Impulse Could Target $100K
Bitcoin’s price is currently struggling, but some analysts remain optimistic. It’s safe to say that Bitcoin’s price has seen better days. Just a couple of days ago, it dropped to a low of around $63,400 – a point that was last observed about a month ago. The well-known crypto analyst with 400,000 followers on X took to the social media platform yesterday to share his thoughts on Bitcoin’s price.
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💰 Billionaire Tech CEO Michael Dell Signals Bitcoin Interest Via Michael Saylor Retweet
Michael Dell, CEO of $100-billion-plus market cap Dell Technologies (DELL), showed at least some vague interest in bitcoin , recirculating a BTC-friendly post on X from Bitcoin evangelist Michael Saylor. It started Thursday when Dell posted, "Scarcity creates value." That prompted a reply from Saylor, the executive chairman of MicroStrategy (MSTR), saying, "Bitcoin is Digital Scarcity," which Dell then reposted.
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💰 Bitcoin addresses holding over 1 BTC drop to just above 1 million
Bitcoin addresses holding at least one coin have exhibited a dynamic trend against its price in 2024. As the year began, the number of such addresses hovered around 1.023 million. However, a decline followed, hitting approximately 1.011 million by mid-June. This reduction paralleled a period of relative stability in Bitcoin’s price, which fluctuated around $60,000.
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💰 Bitcoin Sees Selling Pressure From Miners and Long-term Holders Amid Drop to $64K: Bitfinex
Last week marked a notable shift in the dynamics of the crypto market. Bitcoin (BTC) lost over 6% of its value, and U.S. spot Bitcoin exchange-traded funds (ETF) broke their 20-day inflow streak with outflows running into hundreds of millions of dollars. According to the latest Bitfinex Alpha report, bitcoin’s plunge was mainly caused by selling from long-term holders, whales, and miners on exchanges and via over-the-counter transactions.
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