Tag: bitcoin (btc) general news

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 10 2022

Bitcoin Selling by Mt. Gox Creditors Could Dent BTC’s Recovery in the Markets – Report

Summary: Creditors of Mt. Gox could soon get repaid in Bitcoin for their 2014 losses when the exchange was hacked. Mt. Gox's bankruptcy trustee currently holds 141,686 Bitcoin. The distribution and potential selling of the Bitcoin by creditors could slow BTC's recovery in the crypto markets. Creditors of the non-functioning crypto exchange Mt. Gox could soon receive repayments on their Bitcoin held by...

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...

Jul 04 2022

KuCoin CEO Debunks Rumor that the Exchange Has Only 300 Bitcoin, States On-Chain Tools Can’t Track Unlabeled Exchange Wallets

Summary: KuCoin CEO, Johnny Lyu, has debunked another rumor that the exchange only has 300 Bitcoin in its wallets. According to Mr. Lyu, popular tracking tools cannot identify exchange addresses because many are not labeled. He was responding to another tweet that showed that KuCoin had over 16,000 Bitcoin in its wallets. KuCoin CEO, Johnny Lyu, has debunked another rumor that the crypto...

Jul 03 2022

Bitcoin Could Drop Another 20 – 40% On a US Recession – Crypto Analyst

Summary: Timothy Peterson has forecasted that the United States might already be in a recession. If such is the case, the Bitcoin and crypto markets could drop by an additional 20 - 40%. Bitcoin's 2017 all-time high of around $20k continues to be the make-or-break level. Bitcoin and crypto analyst, Timothy Peterson of Cane Island Alternative Advisors, has forecasted that the United States...

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 22 2022

Michael Saylor: Bitcoin is a Lifeboat Tossed on a Stormy Sea, Offering Hope to Anyone Who Needs to Get off a Sinking Ship

Summary: MicroStrategy CEO Michael Saylor has described Bitcoin as a lifeboat tossed on a stormy sea, offering hope t anyone that needs to get off their sinking ship. Mr. Saylor also pointed out that Bitcoin will outlast all of us. He added that Bitcoin is the only asset that allows you to accumulate monthly. Unlike commercial real estate and oil. MicroStrategy CEO, Michael...

Jun 19 2022

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

MicroStrategy CEO: No One Has Ever Lost Money Investing in Bitcoin for Four Years

Key takeaways: Michael Saylor has pointed out that anyone who has held onto Bitcoin for four years has never lost money. Mr. Saylor also explained that MicroStrategy had backtested its Bitcoin strategy against alternatives such as gold and the Nasdaq, and it performed 10x better. He also agreed that now could be the best time to buy Bitcoin if your time horizon is...

Jun 14 2022

Michael Saylor says MicroStrategy’s Bitcoin Strategy Factors in Volatility and its Balance Sheet is Structured to Keep Hodling BTC

Key takeaways: Michael Saylor has explained that MicroStrategy's Bitcoin strategy factors in crypto market volatility. He also added that MicroStrategy's balance sheet is structured so that the company can continue to hold BTC through adversity. Mr. Saylor's comments come in the wake of Bitcoin slipping below the magic $21k price level that has been highlighted as an area for MicroStrategy to receive a...

Arthur Hayes Predicts if Bitcoin Breaks 20K Levels, Massive Sell Pressure Is Expected

Hayes highlights open interest data for BTC and ETH, which are at $20,000 and $1,000. He says the closer the market goes to those strike prices; the more will be sold, leading to a potentially large sell-off. The market crash has had an enormous impact on the growth of the market, with several companies conducting layoffs. BitMEX founder and CEO of 100x Arthur...

Jun 13 2022

MicroStrategy Could be Forced to Add More Bitcoin Collateral for its Loan if BTC Drops Below $21k

Summary: Bitcoin's drop to a local low of $22,600 has rekindled discussions surrounding MicroStrategy's possible margin call on its $205 million loan if Bitcoin drops below $21k. However, MicroStrategy's CFO had in early May clarified that the company was ready to post more Bitcoin collateral for the loan. Michael Saylor had also pointed out that the company could post some other collateral besides...

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 07 2022

MicroStrategy’s Saylor Believes Bitcoin Will Benefit from the Regulatory Clarity Initiated by Senators Lummis and Gillibrand

Summary: MicroStrategy CEO Michael Saylor believes Bitcoin will benefit from the regulatory clarity initiated through the crypto bill by Senators Lummis and Gillibrand. Mr. Saylor says that such regulatory clarity will facilitate and accelerate the participation of traditional institutional investors. The proposed crypto bill sets to streamline hurdles such as stablecoins, taxes, DeFi, DAOs, and the jurisdictions of both the SEC and CFTC....

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