Tag: bitcoin (btc) adoption

Jul 26 2022

Bitcoin’s ‘Kimchi Premium’ Under Scrutiny by S. Korean Authorities in Connection With Illegal Remittances

Summary: South Korean authorities have launched a probe into the Bitcoin 'Kimchi Premium.' The investigations cite that the Kimchi Premium was used to make profits that were transferred abroad through illegal remittances. Authorities in South Korea have launched investigations into the famous Bitcoin 'Kimchi' premium. According to local reports, the Seoul Central District Prosecutor's Office has launched a new probe into the Kimchi...

Jul 20 2022

Bitcoin Could Gain Another 18% After Breaking $24k – BTC Analyst.

Summary: Bitcoin has broken above the 50-day moving average with its push above $24k. BTC could rally another 18% before reaching the next level of significant resistance, around $28k. Capitulation by Bitcoin investors and miners could also be slowing down. Bitcoin has had an eventful first few days of the week, having punched through the $22k resistance level early Monday and breaking the...

Jul 19 2022

Bitcoin May See Another 5 – 6 Months of Downward or Sideways Price Movement – Grayscale Report.

In brief: The team at Grayscale has forecasted that Bitcoin could see another five to six months of downward or sideways price movement. The Grayscale team cites the traditional 4-year Bitcoin and crypto cycle as their basis for the conclusion. The team also highlighted an increase in the number of wallets holding 0.001 - 0.01 BTC, 0.01 - 0.1 BTC, and 0.1 -...

Jul 18 2022

Bitcoin Turns Bullish, Attempts to Reclaim the 200 Week MA Ahead of Inflation Data from EU, UK, Canada, Japan This Week

Summary: Bitcoin has gained value from roughly $21.3k during the weekly close to a local high of $22.5k. Bitcoin is trading directly below the critical 200-week moving average, which has marked market bottoms in past bear markets. BTC gaining in the crypto markets comes at a time when the United States posted its highest inflation in 40 years at 9.1%. New Zealand has...

Jul 17 2022

Central African Republic Greenlights Bitcoin As Reserve Asset

Bitcoin is set to enjoy adoption in the Central African Republic as a reserve asset.

Jul 16 2022

Bitcoin Miners Sold 14.6k BTC in June, a 4x Increment From May and Suggesting Capitulation

Summary: Bitcoin miners sold an estimated 14,600 BTC in June. This amount was a 400% increment from May. Continuous selling of BTC by Bitcoin miners is hinting at capitulation. According to JP Morgan, Bitcoin production cost could have dropped to $13k, signaling possible more pain for BTC in the crypto markets. Bitcoin miners sold almost 25% of their BTC holdings in June at...

Jul 05 2022

Bitcoin Miners Continue Selling to Cover Expenses as Core Scientific Sold 7.2k BTC in June for $167M

Summary: Bitcoin miners are continually selling their BTC to cover operational expenses. Bitcoin mining company, Core Scientific, has announced that it sold 7,202 BTC in June for $167 million. The Core Scientific team further explained the revenue was used for payments for ASIC servers, capital investments in additional data center capacity, and scheduled repayment of debt. The earlier identified trend by JP Morgan...

Jun 25 2022

Bitcoin Selling By Miners Could Continue into Q3 if BTC’s Price Does Not Improve – JP Morgan

Summary: Bitcoin miners needing to sell could weigh down on the price of BTC for some time. According to analysts from JP Morgan, miners offloading Bitcoin to cover costs could continue into the third quarter of 2022 if the value of BTC does not improve. However, selling pressure could reduce, given Bitcoin production costs have dropped from $18k - $20k to $15k due...

Jun 19 2022

Stop Looking at the BTC Chart, Your Bitcoin Investment is Safe and Will Grow After the Bear Market, Says President Bukele

Key takeaways: El Salvador's President Nayib Bukele has advised crypto traders to stop looking at the Bitcoin chart and enjoy life. President Bukele also reassured Bitcoin holders that their investment is safe and its value will immensely grow after the bear market. According to Bitcoin Treasuries, President Bukuele's Bitcoin purchase on behalf of El Salvador is currently at 62.2% in unrealized losses. El...

Bitcoin Under $20k Feels Irrational, Says Gemini Co-Founder Cameron Winklevoss

Summary: Gemini crypto exchange co-founder, Cameron Winklevoss, believes Bitcoin below $20k seems irrational. Mr. Winklevoss also pointed out that Bitcoin's underlying fundamentals, adoption, and infrastructure remain strong. CZ also highlighted fundamentals as being crucial during both bull and bear markets. However, Bitcoin remains in a bear market with room for further losses. The Co-founder of the Gemini Crypto exchange, Cameron Winklevoss, believes that...

Jun 18 2022

Bitcoin Miners Start Selling Their Holdings As a BTC Bottom Proves Elusive

Key takeaways: Bitcoin miners sold 4,411 BTC in May as compared to 1,115 in April. Will Clemente of Blockware Intelligence has identified that Bitcoin miners are going offline as energy costs pressure margins. Veteran Bitcoin analyst, Will Woo, has pointed out that the typical signs of a BTC bottom are yet to show. The current Bitcoin and crypto bear market has led BTC...

Jun 15 2022

Bitcoin Maintains its $20k Support Amidst Anxiety Over the US Fed’s 75 Basis Point Hike

Summary: The US Fed has announced a 75 basis point hike in interest rates. However, such a rate hike was predicted to inspire confidence in investors who now believe the US Federal Reserve is focused on bringing down inflation. Bitcoin has since maintained its $20k support zone amidst anxieties that the 0.75% interest rate increment is the biggest since 1994. Bitcoin's $20k support...

Jun 12 2022

Bitcoin Holders Owning 1+ BTC Hits a New ATH of 851,921 Despite a Retest of sub-$27k Levels

Key takeaways: The number of Bitcoin addresses holding one or more BTC has hit a new all-time high of 851,921. The new milestone is despite Bitcoin's bearish environment and a dip below $27k. Short-term, Bitcoin could rebound to $30k. However, a bottom might not be in, and further losses might be incoming for Bitcoin till it retests the 200-week moving average at around...

Jun 04 2022

Bitcoin ETPs Saw Massive Inflows in May Despite the Crypto Market Selloff Catalyzed by UST’s Depeg Event

Summary: The month of May saw a strong recovery in the inflow of Bitcoin into ETPs, with a total of 9,765 BTC. The flow of BTC into Bitcoin ETPs has also been favorable into June, with the global holdings hitting an all-time high of 205,008 Bitcoin. The Canadian Purpose Bitcoin ETF has led inflows of Bitcoin into ETPs. The month of May 2022...

May 29 2022

Michael Saylor Says He’ll Be Buying Bitcoin at the Top Forever and Whenever He Has Some Spare Cash

Summary: Michael Saylor was on the Tucker Carlson show on Fox News, where he discussed Bitcoin and MicroStrategy's long-term plans for the digital asset. Mr. Saylor reiterated that he would keep buying Bitcoin even if it meant buying at the top. He also explained that he would buy Bitcoin whenever he had some spare cash. Furthermore, according to his analysis, Bitcoin is the...

A Stunning JP Morgan Chart Hints that Bitcoin is Acting A Lot Like Gold

Summary: A chart by the team at JP Morgan Chase superimposes Bitcoin's and Gold's ratios of realized volatilities and hints that BTC is acting a lot like the latter asset. Bitcoin's market cap and that of Gold could eventually equalize as they serve the same purpose. But Bitcoin's volatility hinders its market cap from growing to the level of Gold. Analysts forecast that...

May 28 2022

Galaxy Capital’s Mike Novogratz Believes Bitcoin Will Lead the Next Rally When the US Fed Pauses its Tightening Policy

Summary: Mike Novogratz believes that Bitcoin will lead the next rally when the US Federal reserve pauses its monetary tightening policy. When Bitcoin rallies, good crypto projects will follow suit. According to Mr. Novogratz, the crypto industry will not go away and is currently adjusting to the popping of the asset bubble caused by the US Fed. The currently ongoing crypto market pullback...

May 27 2022

Three Arrows Co-Founder Su Zhu Admits His Bitcoin Supercycle Price Thesis Was Regrettably Wrong

Summary: Su Zhu has admitted via Twitter that his Bitcoin supercycle thesis 'was regrettably wrong.' Mr. Zhu's Bitcoin supercycle thesis had forecasted that BTC could reach $2.5 million if it took a large portion of Gold's market share. The co-founder of Three Arrows Capital, Su Zhu, has admitted via Twitter that his Bitcoin supercycle price thesis was regrettably wrong. In the tweet that...

May 26 2022

Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst

Summary: Bitcoin could be gearing up for a rapid drop to $22k or $20k, where macro support lies. Bitcoin options data shows that traders are loading up on hedges in the event of another leg down. Bitcoin has been struggling to maintain its value above $30k. The weekly Bitcoin chart further points to more weakness that could lead to a meltdown to the...

May 24 2022

Fear in the Bitcoin and Ethereum Derivative Markets Points to More Pain Ahead for 3 to 6 Months – Report

Summary: Bitcoin's value has been declining for a record-breaking eight consecutive weeks. The ongoing pullback has put a notable dent in the entire crypto market performance. Fear in the Bitcoin and Ethereum derivatives markets indicates that downside selling pressure will continue for the next three to six months. However, bear markets eventually usher in bull markets down the road. The crypto markets have...

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