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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
💰 Bitcoin falls below $54k as market sees volatility following jobs data
Bitcoin tumbled below $54,000 on Friday after initially climbing to $57,000 earlier in the day following the release of a key US jobs report. As of press time, the flagship crypto was trading at $54,100 after touching a low of $53,780 and had yet to establish a local bottom for the day, based on CryptoSlate data.
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💰 Low exchange stablecoin ratio hints at strong Bitcoin demand
The exchange stablecoin ratio is a critical barometer of market sentiment, reflecting the balance between stablecoins and Bitcoin held on exchanges. When this ratio plummets, it typically signals increased Bitcoin accumulation, suggesting traders are confident in a price surge. As we see Bitcoin testing the $60,000 resistance, the ratio just hit its lowest point this year.
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🥇 21Shares launches wrapped Bitcoin 21BTC on Ethereum amid WBTC challenges
According to a Sept. 3 statement, 21.co, the parent company of 21Shares, has introduced its Wrapped Bitcoin product (21BTC) on the Ethereum blockchain. The company stated that it was collaborating with Flow Traders, a leading global market maker, to launch a product that would give customers “peace of mind as they explore decentralized applications and new opportunities on the Ethereum blockchain.”
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💰 Bitcoin leads $305 million outflows as strong US economic data hits crypto
Crypto investment products faced significant outflows last week, totaling $305 million, as negative sentiment spread across various providers and regions, according to CoinShares‘ latest weekly report. James Butterfill, CoinShares’ head of research, attributed these outflows to stronger-than-expected US economic data. He noted that this data “diminished the likelihood of a 50-basis point interest rate cut.”
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💰 Bitcoin’s Hash Price Is at All-Time Low
The Bitcoin hash price, a metric measuring miner revenue per terahash or computing power, has fallen to its lowest level ever. According to recent data, this is a sign of upcoming bullish momentum. Woominkyu shared a chart highlighting the relationship between the price of bitcoin and the network’s hash price. The chart showed periods when a drop in hash price corresponded with BTC bottoms; hence, based on historical data, lower hash level periods have occurred simultaneously with BTC price bottoms.
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💰 Solo Bitcoin miner earns $200,000 reward amid growing centralization concerns
A solo Bitcoin miner has independently solved a BTC block to earn a reward of 3.275 BTC, roughly equivalent to $200,000. On Aug. 29, Con Kolivas, a software engineer and administrator of the solo mining pool ckpool, announced on X that the miner had successfully solved the 291st solo block in Bitcoin’s history.
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💰 Bitcoin's Latest Difficulty Rise Challenges Miners Already Facing Revenue Slump
Bitcoin’s difficulty ticked up 2.99% on Wednesday, reaching 89.47 trillion, where it will stay until Sept. 10, 2024. The network’s difficulty metric essentially functions like a self-adjusting thermostat for the Bitcoin network, maintaining a consistent pace of block creation regardless of fluctuations in mining power. Simply put, if hashpower increases and blocks are mined too quickly, the difficulty rises.
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💰 Bitcoin options highlight bullish sentiment towards $90,000 by September
Bitcoin, approximately $3.6 billion of notional value is set to expire, with a total open interest of 60,316 BTC. The put-to-call ratio stands at 0.61, indicating a somewhat bullish sentiment. Specifically, there is 37,477 BTC in call open interest compared to 22,839 BTC in put open interest, with the max pain price positioned at $61,000. This price level, close to Bitcoin’s current trading value of around $60,000, suggests that many traders are positioning for stability or a slight upward movement in the short term.
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🥇 Spot bitcoin ETFs see eighth day of inflows, led by BlackRock's $224 million
Spot bitcoin exchange-traded funds in the U.S. saw $202.51 million in total daily net inflows on Monday, marking their eighth consecutive day of positive flows. The 12 bitcoin funds have drawn in $756 million over the past eight trading days. Monday’s largest net inflows came from BlackRock’s IBIT fund, totaling $224.06 million, its largest daily inflows since July 22, according to data from SoSoValue.
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💰 Bitcoin sees $543 million in inflows after Powell’s dovish remarks
According to CoinShares’ latest weekly fund flow report, crypto investment products saw their largest inflows in five weeks, with $533 million pouring into the sector. James Butterfill, head of research at CoinShares, explained that these inflows followed remarks by US Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium last week.
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💰 Robert Kiyosaki Pushes Bitcoin as US Debt Soars to Alarming Levels — Warns of Banking System Failures
Robert Kiyosaki, the author of Rich Dad Poor Dad, has warned that the U.S. is adding a trillion dollars to its debt every 100 days. He advises investing in gold, silver, and bitcoin to safeguard against economic instability. Kiyosaki also points out the dangers of relying on traditional banks, noting that banking panics are often hidden, leaving most people unaware when their bank is insolvent.
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🇸🇻 Arkham Intelligence reports that the wallet that is attributed to the El Salvador government, now holds 5,851 Bitcoin, valued at roughly $356.4 million 🔥
@Cryptocurrency_Inside
💰 Bybit emerges as dominant exchange with $2.5 billion BTC spot volume
Bybit's recent surge to a $2.5 billion spot volume on Aug. 22 has stunned the crypto community, consistently outperforming even the behemoth Binance in daily volumes. This rapid ascent is not just a fluke; it signals a deeper trend reshaping the trading landscape.
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🏦 Coinbase exec confirms talks with Kamala Harris campaign on crypto policy direction
Vice President Kamala Harris‘ team has been reaching out to key players in the crypto industry as part of an effort to mend the strained relationship with the rapidly growing sector, according to Coinbase’s Chief Policy Officer, Faryar Shirzad. In an Aug. 21 post on social media platform X, Shirzad revealed that he has participated in several discussions with the Harris team, covering topics such as fostering innovation, job creation, and consumer protection in the US.
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💰 US spot bitcoin ETFs saw $211 million in outflows, extending streak of negative flows
Spot bitcoin exchange-traded funds in the U.S. saw $211.15 million in net outflows on Thursday, recording their seventh consecutive day of negative flows. Fidelity’s FBTC saw the largest amount of outflows among spot bitcoin ETFs, with $149.49 million, according to data from SoSoValue. Bitwise’s BITB followed with $30 million in net outflows. Both Grayscale’s GBTC and mini trust recorded outflows on Thursday.
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💰 Bitcoin drives Morgan Stanley fund’s strategy with key positions in IBIT and MicroStrategy
According to a recent SEC filing, the Morgan Stanley Institutional Fund, Inc. – Counterpoint Global Portfolio reported total net assets of $10,042,729 as of June 30, 2024. The portfolio holds 216 different investments and has a portfolio turnover rate of 51% for the first half of the year.
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💰 Bitcoin perpetual futures reflect market pessimism as funding rates stay below neutral: K33 Research
The bitcoin perpetual futures market is showing considerable pessimism, with funding rates remaining below neutral for an extended period — similar to the significant price drop the digital asset experienced in November 2022 — according to an analyst. "We’re in the deepest funding rate environment since bitcoin’s 80% drawdown in November 2022," K33 Research analyst Vetle Lunde said.
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💰 QCP Capital highlights ether's 'significant' underperformance compared to bitcoin in August
QCP Capital analysts emphasized ether's significant underperformance relative to bitcoin in August and cautioned that September might bring additional declines. "Bitcoin ended August down 8.6%. We started the month with the 'Bank of Japan crash' and bitcoin was never able to recover above $65,000. Ethereum performance in August was significantly poorer, down 22.2% in August on the back of alleged selling by Jump Trading," QCP Capital analysts said.
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💰 Arthur Hayes Predicts Bitcoin Boom as Central Banks Cut Interest Rates
Bitmex co-founder Arthur Hayes is optimistic about bitcoin’s future, citing recent interest rate cuts by central banks. He believes further rate cuts by the U.S. Federal Reserve, Bank of England, and European Central Bank could expand the money supply and drive inflation. Hayes argues that while inflation may negatively impact some businesses, it would benefit bitcoin due to its fixed supply and deflationary nature.
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🥇 Bitcoin still underperforming stocks since early August deleveraging event: Coinbase
Bitcoin has not performed as well as U.S. stocks and other macro assets over the past few weeks following the widespread deleveraging in early August. On Monday, Aug. 4, the cryptocurrency market shed approximately $367 billion in value within a 24-hour period. This selloff coincided with a broader decline in equities in one of the worst days for risk assets since the "Black Monday" crash of 1987.
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💰 Cipher Mining Boosts Bitcoin Data Center Portfolio With 300 MW Texas Site Purchase
Cipher Mining Inc. revealed that it has acquired a sprawling 250-acre property in West Texas, which includes a 300-megawatt (MW) data center. The company also highlighted that this location is ideal for high-performance computing (HPC) services.
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🥇 Acre’s yield-bearing stBTC token is now live on Bitcoin scaling network Mezo
Mezo, the yield-bearing Bitcoin Layer 2 being developed by venture studio Thesis, is launching a liquid-staked bitcoin token in what could be a first for the network. Users mint stBTC by depositing either BitGo's wrapped bitcoin (WBTC) or the bitcoin-backed Ethereum token tBTC on Mezo, paying a fee and locking their tokens. These stBTC tokens can then be ported over to the tBTC/stBTC pool on DeFi platform Curve to receive Curve LP tokens.
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💰 Bitwise Bitcoin ETF to acquire the assets from Osprey Bitcoin Trust
Osprey Bitcoin Trust (OBTC) sponsor Osprey Funds has entered an agreement with the Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, in which BITB will acquire all of the OBTC fund's assets. The move comes after Osprey noted that it was considering a potential sale or merger with a bitcoin ETF amid other strategic maneuvers in March of this year. Osprey had until Sept. 1, 2024, to complete the sale or merger, or else it would have liquidated OBTC.
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💰 Bitcoin likely to stay in tight trading range amid market uncertainty: QCP Capital
Optimism for bitcoin has increased since Fed Chair Jerome Powell's Jackson Hole speech last Friday, but derivatives data indicates lingering market hesitation, according to analysts. "While the move higher in the bitcoin price has been decisive since Fed Chair Jerome Powell's speech, the [implied volatilities] are indicating hesitation in the market, as front-end vols have drifted lower," QCP Capital analysts said. They added that bitcoin is likely to continue trading within a tight range of $62,000 to $67,000 in the near term.
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💰 Bitcoin’s Last Difficulty Drop Likely to Be Erased in 3 Days
Bitcoin’s hashrate is on the rise once again, edging closer to the peak levels seen at the end of July. Despite a recent 4.19% dip in difficulty during the last retarget, current projections suggest that this drop might soon be history. On Aug. 28, the difficulty is expected to bounce back, potentially increasing by 4% or more.
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💰 Bitcoin ETFs Soar With $252M Influx, Ether ETFs Experience Another Day of Losses
Spot bitcoin ETFs achieved their highest inflow since late July, with the 12 funds collectively pulling in $252 million on Friday. Leading the charge, Blackrock’s IBIT added $86.83 million to its coffers, bringing its total net inflows since Jan. 11, 2024, to an impressive $20.71 billion. Fidelity’s FBTC followed, gathering $64 million, while Grayscale’s Mini Bitcoin Trust absorbed $50.83 million.
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💰 Bitcoin on-chain and derivatives data suggests market optimism: analyst
The bitcoin price is currently holding above the $60,000 mark amid optimistic on-chain and derivatives market signals. CryptoQuant charts show that bitcoin exchange reserves on centralized exchanges in August have fallen to a multi-year low. Since the end of July, bitcoin supply on exchanges has fallen from over 2.75 million to around 2.67 million — a 3% drop in the past 30 days.
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🥇 Bitcoin addresses holding at least 10 BTC recover from Q1 decline
Bitcoin addresses holding at least 10 BTC have declined in 2024. The number of such addresses began the year at approximately 155,500, with the number falling through the first quarter to hit a low of around 152,600 in late March. This decrease diverged with Bitcoin’s price movements during the same period, reflecting smart money taking profit. However, a reversal occurred in August, with addresses holding over 10 BTC rising back toward 153,500 as Bitcoin’s price stabilized near $60,000.
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💰 Bitcoin’s Market Dominance Grows, Sustained by Long-Term Holder Support
Stablecoins and altcoins are facing steep declines in their dominance, while Bitcoin strengthened its market position. According to Glassnode’s latest report, Bitcoin’s dominance has surged from 38% in November 2022 to a remarkable 56% of the entire digital asset market today. On the other hand, Ethereum, as the second-largest asset in the ecosystem, has experienced a 1.5% decrease in dominance, remaining largely unchanged over the last two years.
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