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Tag: Bitcoin

  • Craig Wright admits forging key documents to claim Satoshi Nakamoto identity

    Craig Wright admits forging key documents to claim Satoshi Nakamoto identity

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    On the fourth day of the COPA v. Craig Wright trial, Wright conceded that many documents he presented to affirm his claim as Satoshi Nakamoto were indeed forged. 

    Highlighting this development, COPA showcased evidence of anachronisms, including fonts that did not exist when the documents were supposedly created, leading Wright to admit their inauthenticity.

    However, Wright shifted blame to several third parties: mistakes by former solicitors, sabotage by ex-employees, hackers compromising his systems, and even the IT environment, which he claimed could autonomously alter documents.

    This casts Wright, who professes to be an information security expert, in an unfortunate light.

    Further complicating his position, Wright could not affirm the authenticity of documents related to the so-called Tulip Trust, previously submitted in the U.S. Kleiman litigation.

    “I have no idea, and I cannot actually vouch for anything being completely real,” Wright said, inadvertently bolstering COPA’s argument. 

    Yesterday, Wright had a surprisingly positive day at the trial, as he caused some concerns for COPA when he comprehensively explained Bitcoin’s network theory and presented a 2008 document citing Bitcoin Cash, which wasn’t launched until 2017.

    However, the court is aware that as an expert computer engineer, Wright has the technical capabilities to alter metadata. The defendant acknowledged showing his university students how to change the metadata of documents. 

    The trial is set to run until mid-March as the crypto community frustratingly waits to see whether the court rules out Wright’s long-winded claim of being Bitcoin’s originator. 


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    Mohammad Shahidullah

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  • Bitcoin Price Targets $55,000 Following Bull Pennant Breakout

    Bitcoin Price Targets $55,000 Following Bull Pennant Breakout

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    The Bitcoin price has experienced a notable increase of over 4% in the last 12 hours, marking a departure from the recent lull. This movement follows a bull pennant breakout, with the price of Bitcoin now aiming for the $55,000 mark.

    The 4-hour (BTC/USD) chart below shows Bitcoin trading at $44,609, having just breached the confines of a bullish pennant pattern—a bullish continuation signal frequently followed by an upward price trajectory.

    BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

    What This Means For Bitcoin Price

    The pennant, which is characterized by converging trend lines following a substantial price move, signifies a pause in trading before the market resumes its prior uptrend. The breakout from the pennant suggests a continuation of the bullish trend with a potential target that is often extrapolated from the length of the prior move, known as the flagpole, which initiated the pennant formation.

    Looking at the moving averages, Bitcoin has displayed a golden cross pattern, with the 20-period EMA (currently at $43,389) ascending above the 50-period EMA (currently at $43,049) and the 100-period EMA (currently at $42,727). This cross underpins the bullish sentiment in the market.

    Volume, a key indicator of the strength behind price movements, has also shown an uptick as the breakout occurred, further validating the bullish scenario.

    The Fibonacci retracement tool, applied from the swing high at $49,092 to the swing low at $38,484, shows Bitcoin’s price breaking above the 0.5 ($43,788) retracement level. The next critical levels to watch are the 0.618 ($45,040) and the 0.786 ($46,822) Fibonacci levels, which may serve as resistances in the short term.

    Beyond that, the full 1.0 extension ($49,092) is on the horizon, with the 1.618 extension ($55,648) aligning closely with the target of $55,000, reinforcing its significance as a potential price objective.

    The RSI, at 73.47, indicates strong buying pressure but also suggests caution as the market approaches overbought conditions. However, it is important to note that Bitcoin price in its strongest moments tends to reach very high levels, exhibiting the massive momentum. Therefore, it is essential for traders to watch for any potential divergence that may signal a weakening of the current momentum.

    In conclusion, Bitcoin’s break above the bullish pennant pattern has set the stage for a possible rally towards the $55,000 mark. The intersection of the golden cross, increased volume, and the Fibonacci extension levels adds credence to the bullish outlook.

    However, traders should remain vigilant of the overbought conditions that could prompt a retest of key support levels. The most crucial support is found at the 0.5 Fibonacci level ($43,788), with further support levels at 0.382 ($42,536) and 0.236 ($40,988). A sustained move below these levels could challenge the bullish thesis and shift focus to the next significant support at $38,484.

    Featured image created with DALL·E, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil

    BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil

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    Arthur Hayes, co-founder of BitMEX and a well-known figure in the crypto community, has made headlines with a bold prediction for Bitcoin (BTC).

    Hayes, recognized for his unique views of the crypto space, shared his thoughts on Bitcoin’s potential trajectory in light of the current financial challenges the New York Community Bank (NYCB) faces.

    NYCB, grappling with significant financial troubles, was reported by Bloomberg as having its credit rating downgraded to “junk” by Moody’s.

    Hayes interprets the bank’s struggle and the broader banking sector’s difficulties as indicators of systemic issues in traditional banking. He posits that these challenges could lead to greater reliance on cryptocurrencies like Bitcoin.

    The Road To $1 Million: A Bitcoin Rally Postulated

    Hayes’s perspective is shaped by the view that the conventional banking model is facing sustainability issues. He argues that to address these challenges, the US Federal Reserve could print more money, leading to a deeper financial crisis.

    In such a scenario, Hayes believes Bitcoin is a viable alternative, offering a degree of insulation from traditional banking sector problems. This outlook is not new to Hayes, who has consistently advocated for Bitcoin as a hedge against the instability of traditional financial systems.

    Delving deeper into his prediction, Arthur Hayes envisions a scenario where Bitcoin could soar to $1 million. This prediction is not unique to Hayes, as other prominent crypto figures, including Samson Mow, CEO of Jan3, share similar views.

    Mow has even recently expressed confidence that Bitcoin could rapidly ascend to $1 million, potentially within days or weeks. However, he acknowledges that the exact starting point for this surge is yet to be determined.

    Hayes’s recent commentary aligns with his previous analyses. In a Medium post, the BitMEX Co-Founder drew parallels between Bitcoin’s performance during the March 2023 banking crisis and its potential future trajectory.

    Hayes suggested that similar to the 40% increase experienced during the previous banking crisis, Bitcoin could witness a significant rally following the current challenges.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Halving Events: Catalysts For Bitcoin’s Value Surge

    The conversation around Bitcoin’s potential price surge is linked to its halving events. Occurring approximately every four years, these events halve the reward for mining new Bitcoin blocks, reducing the rate at which new BTCs are created.

    The next Bitcoin halving, scheduled for April this year, will decrease the daily production of Bitcoin from 900 to 450 coins. Historically, these supply reductions have led to significant price movements in Bitcoin’s value, lending credence to predictions of substantial future price increases.

    While enthusiasts like Hayes and Mow are bullish about Bitcoin’s prospects of $1 million, there are voices of caution in the crypto community. Tuur Demeester, another Bitcoin evangelist, has recently expressed skepticism regarding Bitcoin’s ability to reach the $1 million mark by 2028, the next Bitcoin halving after this year.

    In response to a graph shared by investor Fred Krueger, which projected Bitcoin to reach $1 million by 2028, Demeester acknowledged the unpredictable nature of markets and their potential to defy even well-constructed models.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Samuel Edyme

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  • COPA claims visible forgery in Craig Wright’s Bitcoin origin document

    COPA claims visible forgery in Craig Wright’s Bitcoin origin document

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    On the second day of the Craig Wright v. COPA trial, the plaintiff claimed that Wright had forged the date in his infamous “Nakamoto is the Japanese Adam Smith” document.

    This document is pivotal to the case, as Wright showed it in a video back in 2019, where he claimed to be Bitcoin’s originator, Satoshi Nakamoto. The date stamp on the document shows that it was from 2008, before the Bitcoin whitepaper was published. 

    COPA highlighted that the numeral “08” in the document’s date appeared smaller than the “20” and was not aligned properly, suggesting the document might have been altered or forged. Wright acknowledged the visual discrepancies but maintained the document’s authenticity, stating it had been in his possession for a long time and he couldn’t recall its origin.

    Wright also mentioned not personally managing his Twitter account, which had claimed the document was authentic.

    Craig Wright showing the document of how he came up with the name ‘Satoshi’ in 2019 | Source: Modern Consensus

    COPA presented findings from Mr. Madden, an expert who compared the document to versions found in online archives. Madden noted alignment issues and differences in footers compared to those typical of the 2008 period, which Wright disputed by arguing about the variability of database formats.

    Wright rejected the suggestion that COPA’s expert found the original document, saying it was part of the effort to discredit him. He also emphasized that if the document were forged, it would have been done flawlessly, suggesting he wouldn’t make such amateurish mistakes.

    The trial is set to continue with further testimony and cross-examination. The proceedings are expected to last several weeks, with both parties prepared for a lengthy legal battle​. 

    The legal dispute started in 2016 when Dr. Craig Wright, originally an Australian computer scientist, publicly claimed to be Nakamoto and asserted intellectual property rights associated with Bitcoin. Cryptocurrency Open Patent Alliance (COPA) filed a lawsuit against Wright, seeking a court declaration that the Bitcoin whitepaper is public domain material and that no individual has copyright claims over it or the ‘Bitcoin’ name. 

    Major crypto stakeholders formed the COPA to prevent patent aggression and ensure open access to the technology.


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    Mohammad Shahidullah

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  • Here’s How Bitcoin Miners Are Pressuring BTC’s Price: Bitfinex

    Here’s How Bitcoin Miners Are Pressuring BTC’s Price: Bitfinex

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    Analysts at crypto exchange Bitfinex have attributed the plunge in BTC’s price to Bitcoin miners who leveraged the asset’s recent rally to make a profit.

    According to the latest edition of the Bitfinex Alpha report, the BTC reserves of miners have reduced significantly as they have embarked on a selling spree, seeking to provide capital and upgrade infrastructure in preparation for the upcoming Bitcoin halving event.

    Miners on Selling Spree

    Bitfinex said miners used BTC’s run-up to $49,000 following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States as a catalyst to exit or leverage their positions. This was seen in miner BTC reserves dropping shortly after the ETF announcement from the Securities and Exchange Commission (SEC).

    As BTC hovers around $42,800, the Bitcoin Miner Reserve, a metric reflecting the amount of BTC held in wallets associated with miners, has fallen to its lowest point since June 2021. Bitcoin miners’ holdings currently sit at 1.826 million BTC. Since the metric represents the portion of Bitcoin supply that miners are refraining from selling, the decline suggests that they are either offloading their assets or leveraging them to raise capital.

    On-chain data shows that miners sent over $1 billion worth of BTC to exchanges on January 12, the second trading day for the new Bitcoin ETFs, representing a six-year high in miner outflow. Miner wallets also recorded an outward movement of 13,500 BTC on February 1, marking the highest negative outflow since the Bitcoin Miner Reserve was created.

    “With the next Bitcoin halving event expected to take place in April 2024, which will mean that Bitcoin miners will receive 50 percent less revenue for each block they mine going forward, miners seem to be selling their holdings of BTC to finance the purchase of more efficient mining rigs,” Bitfinex said.

    Long-Term Holders Remain Steadfast

    As Bitcoin miners sell their assets to fund operational costs, the majority of long-term holders have remained steadfast and adamant in their positions, reluctant to offload their holdings at current market prices.

    “This trend of holding, especially among long-term investors, reflects a continued belief in the future appreciation of Bitcoin,” the crypto exchange stated.

    However, Bitfinex analysts noticed a slight increase in the spending of older BTC, particularly among holders in the one to two-year category. The exchange said such has historically preceded potential market tops.

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    Mandy Williams

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  • FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?

    FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?

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    The dream of a revived FTX exchange evaporates, triggering a massive sell-off of its native token, FTT. According to Kaiko, on February 5, FTT, the now utility-free currency of the defunct exchange, plummeted over 30% last week, erasing much of its recent gains fueled by speculation of an FTX comeback. 

    FTT price collapse | Source: Kaiko via X

    FTX Won’t Resume Operations

    The worrying drop follows reports that the bankrupt exchange, once led by Sam Bankman-Fried, is unlikely to resume operations. Notably, the news comes despite a glimmer of hope for FTX customers. 

    At a recent court hearing, the exchange’s representatives claimed it expects to repay its users fully. However, repayments would be based on the worth of their assets during FTX’s bankruptcy. 

    It should be noted that by the time FTX went bankrupt in late 2022, crypto assets were at the last phase of a bear market, with prices plunging to multi-month lows. Bitcoin, the world’s largest crypto asset, was trading below $20,000. After FTX collapsed, prices crashed below $16,000 before bouncing back strongly. 

    Following a court hearing in late January, FTX lawyer Andrew Dietderich, in a now-deleted YouTube video, said the exchange wouldn’t be looking to relaunch due to the absence of buyers. For this reason, the exchange is looking at allowing creditors to obtain approvals from investors seeking repayments. 

    Claimants impacted, given the new conditions and trajectory the exchange plans to take, have to provide sufficient proof that they held assets in FTX before it collapsed. 

    This new detail raises concerns for thousands, if not hundreds of thousands, of claimants, who argue that the actual value of their assets lies at the pre-crash level. On average, Bitcoin and top coins were roughly double digits higher than the November 2022 lows.

    FTT Is Free Falling, Reverses November Gains

    For the better part of 2023, FTT prices recovered steadily. To demonstrate, since November 2023, FTT prices have risen by over 300%. The encouraging surge was fueled solely by the possibility of FTX 2.0 launching and implementing a new management model. 

    With that hope fading, FTT appears to be facing a harsh reality check. Questions about its utility are being asked since FTT served as a critical cog in the FTX ecosystem when the exchange operated normally. 

    FTT price trending downward on the daily chart | Source: FTTUSDT on Binance, TradingView
    FTT price trending downward on the daily chart | Source: FTTUSDT on Binance, TradingView

    When writing on February 5, FTT changes hands at around $1.7. Looking at price charts, bears are in control, completely reversing the gains of November 2023. As it is, $0.95 remains to be a key support line. 

    Feature image from iStock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Dalmas Ngetich

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  • Bitcoin reaches highest monthly volume since September 2022

    Bitcoin reaches highest monthly volume since September 2022

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    In January, analysts recorded a record trading volume in the blockchain of the first cryptocurrency; the figure amounted to $1.21 trillion.

    The last time trading volume on the Bitcoin network rose above $1 trillion was only in September 2022, according to The Block. At that time, Bitcoin (BTC) was trading at around $20,000.

    Source: The Block

    According to CoinMarketCap, the first cryptocurrency is trading at $43,089 at the time of writing. Over the past 24 hours, the asset’s price has strengthened by 0.6%. The highest level over the past 24 hours was $43,147 and the lowest was $42,283. Bitcoin’s market capitalization is now $845 billion, with daily trading volume exceeding $15.6 billion.

    Bitcoin reaches highest monthly volume since September 2022 - 2
    Source: CoinMarketCap

    The sharp increase in BTC trading volumes was accompanied by the approval of spot Bitcoin ETFs on Jan. 10 by the Securities and Exchange Commission (SEC). On the first day, the volume of exchange trading in new investment instruments exceeded $4.5 billion, and the price of BTC immediately rose to $48,800.

    Another cryptocurrency that set a record was the surging of Solana (SOL). In January, the volume of transactions on the Solana network was up 30% compared to last month. Thus, the figure almost reached $1 trillion – $951.9 billion. Such a surge in activity has not been observed in the SOL blockchain for nearly two years.

    The growth in transaction volume was primarily due to the excitement around the airdrop from the Jupiter aggregator. In addition, the rise in the value of SOL and the popularity of the new meme coin WEN also affected the indicator.


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    Anna Kharton

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  • Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months

    Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months

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    Bitcoin, the largest crypto asset, is currently at a standstill from the viewpoint of many investors considering current market factors. The crypto mostly traded between $41,000 and $45,500 last week after recovering from a brief dip below $40,000 on January 23. 

    Although the price action has been underwhelming, on-chain data indicates that large holders have been adding more to their wallets, bringing the total number of wallets to the highest it has been in 15 months. At the same time, the holding pattern indicates smaller whales have been adding to their holdings to join the next tier of holders.

    Large Holders Accumulating

    It would seem Bitcoin holders have been making moves to push the cryptocurrency up, as indicated by the increasing number of whale wallets. According to on-chain analytics platform Santiment, the number of Bitcoin addresses holding between 1,000-10,000 BTC, saw an increase of 47 more wallets representing a 2.5% growth, in six days. Consequently, the number of addresses in this tier reached 1,958 on February 1st, its highest point since November 2022.

    Furthermore, Santiment data showed the decline of wallet addresses in the tier below. That is, those holding between 100 and 1,000 BTC. The number of wallets in this range dropped by 154 addresses within the same time period, representing a 1.1% decrease. Consequently, the number of addresses in this tier fell to 13,735 on February 1st, its lowest point since November 2022. 

    Bitcoin currently trading at $43,055 on the daily chart: TradingView.com

    What Does This Say About Bitcoin?

    The accumulation by a vast number of large holders points to continued faith in the crypto despite the current consolidation, but whale accumulation is only one of many market factors that influence the crypto’s price. Bitcoin’s price trajectory might look unclear at the moment, but the macro outlook points to a positive movement on the fundamental side of things. One of these is the recent capital flows of $1.7 billion into Bitcoin spot ETFs in the past 14 days.  

    According to crypto analyst Michaël van de Poppe, Bitcoin’s current consolidation could continue in the coming months before the next halving. The analyst noted a resistance at $48,000, to $50,000, and another correction towards $36,000 to $38,000. 

    In a different perspective, Justin Bennett, another popular crypto analyst on social media, predicted a bearish Bitcoin in the near future. According to him, Tether’s dominance chart suggests a further BTC decline to around $30,000. This price range coincides with analyst PlanB’s absolute Bitcoin price floor of $31,000. 

    Bitcoin is trading at $42,909 at the time of writing.

    Featured image from Adobe Stock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Scott Matherson

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  • What Is Kaspa (KAS) Blockchain?

    What Is Kaspa (KAS) Blockchain?

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    The Kaspa (KAS) blockchain is a decentralized, open-source, and scalable Layer-1 solution often referred to as “Bitcoin 2.0” or “the next Bitcoin.” However, Kaspa is unique in its own way despite functioning very similarly to Bitcoin. Just like Bitcoin, Kaspa is a proof of work (PoW) cryptocurrency, but unlike other traditional blockchains, Kaspa implemented the GHOSTDAG protocol.

    This protocol is unique in the fact that it does not have orphan blocks created in parallel. Rather, it allows them to coexist and orders them in consensus. This makes Kaspa the first of its kind to do this, with the blockDAG (Block Directed Acyclic Graph) protocol being a generalization of Nakamoto’s consensus.

    The Founder And The Team Behind The Kaspa (KAS) Network

    The founder of Kaspa is Yonatan Sompolinsky, a Ph.D. in Computer Science at Havard University and a member of the Maximal extractable value (MEV) research team. He was also in Ethereum’s whitepaper and rumored to be in Ripple’s whitepaper as well.

    Sompolinsky had direct input in creating Ethereum’s technology design, having designed the GHOSTDAG protocol earlier. Interestingly, the founder’s 2013 paper on the GHOSTDAG protocol is cited in Ethereum’s whitepaper.

    The development team is made up of very talented individuals such as Cryptography Researcher Elichai Turkel, Doctoral student Shai Wyborski, Developer Ori Newman, Master of Computer Science Michael Sutton, and Developer Mike Zak. They have all contributed to the implementation and ongoing development of the Kaspa blockchain network.

    Differences And Similarities Between Kaspa (KAS) And Bitcoin (BTC)

    At the very base of its technology, Kaspa is very similar to the Bitcoin network in the way it’s structured. Some of these similarities are outlined below:

    • Utility: Bitcoin is a Layer 1 blockchain solution that functions as a store of value, often referred to as digital gold, functioning as a peer-to-peer cryptocurrency. Likewise, Kaspa is a Layer 1 solution purported to be a store of value and functioning as peer-to-peer cash.
    • Limited Total supply: Bitcoin has a maximum total supply of 21 million BTC to be ever mined, meaning new coins can never be created after all of these coins are mined. In a similar fashion, Kaspa has a maximum total supply of 28.7 billion coins, with a little over 22.5 billion in circulation. 
    • Halving Events: Both Kaspa and Bitcoin undergo halving, which slashes the block rewards for miners in half. However, while Bitcoin undergoes a halving event every four years, Kaspa uses a Chromatic Halving Schedule, “meaning that rewards smoothly decrease every month in a quantitative manner that results in a 50% emission reduction per annum,” according to its website. 
    • Decentralization/Proof of work: Both blockchains employ a decentralized proof of work mechanism, meaning that the network is secured by miners who solve complex mathematical equations to mine blocks and confirm transactions. Unfortunately, this also means that both networks are energy-intensive and require a lot of power to run. 

    One major difference between both networks is that Kaspa solves the issue of scalability that continues to plague Bitcoin. This means that while both networks use a proof of work mechanism, Kaspa is able to carry out transactions at a faster rate as well as cheaper fees.

    How Does Kaspa The Blockchain Solve Trilemma Issues?

    The Blockchain Trilemma refers to the three critical aspects of blockchain technology, which are security, scalability, and decentralization. This trilemma continues to plague leading blockchains such as Bitcoin and Ethereum, and they continue to battle these issues. This is because, in order to ensure security and decentralization, something had to give, and in both cases, it was scalability.

    However, Kaspa, on the other hand, is one of the few blockchains to solve the blockchain trilemma, as it is decentralized, scalable, and secured. It solves the blockchain trilemma issues through its integration of proof of work (PoW) and the blockDAG structure.

    Kaspa 2

    Image source

    How Does The Kaspa GhostDAG Protocol Work?

    Most blockchains that digitally process transactions do so in the form of blocks, hence the name blockchain. Kaspa, however, deviates from this because it does not store digital transactions in blocks. Instead, it does so using a complex mathematical structure called a DAG (Directed Acyclic Graph). 

    In a DAG (Directed Acyclic Graph), vertices are present instead of blocks. So, instead of referring to different units as forming blocks, each different vertice forms edges when connected to each other. The blockchain then relies on present transactions to validate and confirm transactions that come after it. 

    Kaspa does not discard previous blocks of information; therefore, it is more secure and scalable. Its mining relies on kHeavyHash, which is a form of optical mining algorithm that is energy efficient and works well with mining equipment such as FPGAs and GPUs.

    Prominent Features Of Kaspa (KAS)

    Efficient Proof of Wook: Kaspa is a one-of-a-kind blockchain that has managed to maintain its Proof of Work mechanism while also solving the blockchain trilemma. To put this in perspective, blockchains such as Ethereum have had to move from Proof of Work (PoW) to Proof of Stake (PoS) in an effort to solve their scalability issues and make them faster. 

    However, since Kaspa already solved the blockchain trilemma, this makes it highly scalable while maintaining a truly decentralized system. Its utilization of the optical-mining-ready kHeavyHash algorithm also helps to ensure the consensus and security of the network.

    Instant Transaction Confirmation: Kaspa was designed to be cheaper and faster than Bitcoin, where full confirmation of a transaction takes an average of 10 seconds, with each transaction visible to the network in one second. This is significant when compared to Bitcoin, which takes an average of 10 minutes to confirm a transaction.

    Security: When it comes to security, Kaspa did not just employ the same security principles and methodology as Bitcoin, it took it a step further as it replaced the SHA-256 PoW encryption with kHeavyHash, while inheriting all the security properties of SHA-256. Thus, its network is still secured by a robust network of decentralized volunteers (miners) who validate and sign transactions just like Bitcoin.

    Cheaper Fees: Not only does the Kaspa Blockchain network confirm transactions fast, but it is also significantly cheaper than Bitcoin. This is because the blockDAG network generates multiple blocks every second for posting transactions to the ledger, whereas Bitcoin generates one block every 10 minutes. Transaction fees on Kaspa cost less than a cent, while transaction fees on Bitcoin cost an average of $4 at the time of this publication.

    Scalability: Kaspa solves scalability issues with its blockDAG network’s ability to generate and confirm multiple blocks per second, as mentioned above. But perhaps the most interesting part of what Kaspa does is that it is able to confirm so many blocks (vertices) per second without altering or giving up its decentralized nature.

    What Is KAS Coin And What Are Its Uses?

    KAS coin is the native token of the Kaspa blockchain, whose main objective is to power the whole network. It is used to pay for transaction fees and other forms of developer’s fees, and it is also used as an incentive to reward miners. Its block rates are rapid and promise swift rewards, as well as offering profitable mining with lower hash rate requirements compared to Bitcoin.

    The Tokenomics of Kaspa (KAS)

    Kaspa’s native cryptocurrency, KAS, has a maximum or total supply of 28.7 billion coins that are not pre-mined. This means all of the tokens in circulation have been free-mined by miners on the blockchain. It has a circulating supply of 22.5 billion at the time of publication, and estimates are that with the current halving model, the last KAS coin will be mined in 2037. 

    The Kaspa network utilizes an open crowdfunding and voting governance model, which means that KAS holders can contribute to the network for development, marketing initiatives, education, etc. 

    This sense of shared responsibility and ownership motivates the community to come together and work toward collective goals. 

    KAS Price History And Progress

    Kaspa launched its mainnet along with its token two years ago, on November 7, 2021. Initially, the price of its native token, KAS, remained stagnant until July 2022, when it pumped from $0.0001840 to $0.0005890. It then traded sideways for months before going on another rally, triggering a 694% increase in price.

    Following this, the KAS price rose to almost $0.01 per coin in just a year after its launch in November 2022. The price dipped a bit and started off trading 2023 with $0.005278 per coin. KAS would then go on to hit a new all-time high of $0.154 in November 2023, exactly two years from the month it launched.

    Kaspa (KAS) is up 61,331% since its all-time low of $0.00017105 on May 26, 2022, according to Coingecko. This is significant because the surge to its new all-time highs took place during a bitter bear market, causing the coin to outperform the rest of the crypto market.

    This immense growth in such a short time has led to some of Kaspa’s investors referring to it as ‘Bitcoin 2.0’ or ‘The next Bitcoin.’ Its similarities with Bitcoin have also fueled the belief that it is the next Bitcoin. With a market cap of $2.38 billion, Kaspa is currently the 38th-largest cryptocurrency in the space and the 7th-largest Proof of Work (PoW) blockchain.

    Conclusion

    Kaspa (KAS) solving the blockchain trilemma with the ability to be scalable and still be decentralized gives it an edge over blockchains such as Bitcoin. Its native KAS coin also has important use cases like powering the entire Kaspa blockchain protocol and being used for transaction fees. This ensures that the coin is always in demand as the Kaspa network usage grows.

    Additionally, features like fast transactions, top-notch security due to its encryption with kHeavyHash, and a robust network of decentralized volunteers (miners) who validate and sign transactions make it an appealing choice for investors looking for an alternative to Bitcoin while enjoying the security and decentralization of Bitcoin.

    Featured image from IQ.wiki

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

    How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

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    What are BRC-20 Tokens?

    BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment.

    BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin.

    The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals.

    Differences And Comparison Between BRC-20 And ERC-20

    Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article.

    Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain.

    Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized.

    Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain.

    High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs).

    Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets

    Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do.

    Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations.

    Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity.

    Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens.

    Pros of the BRC-20 Token Standard

    The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides.

    The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges.

    BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens 

    Cons of the BRC-20 Token Standard

    In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues.

    Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves.

    The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities.

    BRC-20 Tokens DEX Exchanges

    This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex.

    How To Install And Set up UniSat Wallet 

    To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser.

    Click the “Create new wallet” button to create your UniSat Wallet.

    Bitcoin Unisat

    Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”.

    Bitcoin BTC-20

    Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok”

    BRC-20

    You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto.

    Unisat

    When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually. 

    Wallet

    When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee.

    Bitcoin

    I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet.

    How To Buy, Sell, and Trade on UniSat 

    To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin.

    Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”.

    BRC-20 DEX

    Click on “UniSat Wallet”, and connect your UniSat Wallet.

    Connect Unisat wallet

    Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat. 

    Bitcoin wallet

    Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”.

    BRC-20

    If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price.

    Trade tokens

    When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy.

    Bitcoin BRC-20

    Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up.

    BTC network

    Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token.

    BRC-20 wallet

    After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”,  click on the inscription you want to sell, and then click on the list.

    Bitcoin

    Click on the plus button, input the exact number you like to sell, and click on “Next”.

    BRC-20

    Click “Next again”.

    Bitcoin

    “Sign and pay”, and “Done”,  your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet.

    Trading tokens

    Use CoinW To Track The Price Of Your BRC-20 Tokens

    CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy.

    Coinw bitcoin

    To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below.

    Charts

    For example, I clicked on ORDI, as you can see in the chart below.

    BRC-20 charts

    Here is another example with RATS, another BRC-20 token on the list.

    Bitcoin

    Conclusion

    In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications. 

    With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole.

    Featured image from IQ.wiki

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts

    Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts

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    Analysts at cryptocurrency exchange Coinbase are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024. This development comes as BTC continues its market recovery, gaining by 3.31% in the last week to trade above $43,000. 

    Downward Pressure On Bitcoin Subsides, Macro Factors To Come Into Play: Analysts

    In the Coinbase weekly report on Friday, the American exchange’s analysts noted that the market factors that induced downward pressure on Bitcoin were being phased out. This claim is backed by the completion of the GBTC’s liquidations by defunct exchange FTX as well as the recovery of certain crypto entities from bankruptcy, indicating a change in the dynamics of the BTC market. 

    Furthermore, the analysts also highlighted the stable performance of the Bitcoin spot ETF market in the last week, marked by average daily net inflows of $200 million and a daily trading volume of $1.35 billion in the last week. However, in the coming weeks, Coinbase market experts have predicted the macroeconomic factors to gain more influence in the crypto market. 

    In particular, the analysts made reference to the US Federal Reserve’s decision to postpone the deliberation on scaling back its quantitative tightening (QT) to the next Federal Open Market Committee (FOMC) meeting in March. Based on this development, they predict the easing cycle will begin on May 1, which typically involves measures such as lowering interest rates to make loans cheaper and stimulate economic activity. In addition, they anticipate the Fed to start halting its balance sheet reductions by June to further support the US economy. 

    Interestingly, they believe the Fed could consider implementing the end of the balance sheet reduction at the same time with rate cuts. Based on the “anodyne” policies policymakers implement in an election year, Coinbase analysts predict the US apex bank will cut interest rates by 100 basis points (bps) – 25bps more than the Fed’s expectation for future rates – which is equivalent to lowering rates by 1%. 

    Generally, a reduction in interest rates is a positive omen for the digital asset ecosystem as it allows investors to pay low borrowing fees, accumulating more funds to invest in risk assets such as crypto tokens. Based on the multiple factors listed above combined with “idiosyncratic” factors, such as the Bitcoin halving, the analysts at Coinbae predict BTC, alongside other tokens, will serve as favorable portfolio additions in Q2 2024. 

    Bitcoin Price Overview

    At the time of writing, Bitcoin trades at $43,077.76 with a 0.20% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 15.45% and is valued at $16.78 billion. With a market cap of $844.85 billion, BTC continues to rank as the largest cryptocurrency in the world.

    BTC trading at $43,048 on the daily chart | Source: BTCUSD chart on Tradingview.com

    Featured image from CNBC, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Semilore Faleti

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  • Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

    Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

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    Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached. 

    Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements. 

    Tether Dominance Signals Concerns For BTC’s Price

    Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range. 

    Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements. 

    Tether’s USDT dominance growth. Source: Justin Bennett on X

    According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark. 

    In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon.

    On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure.

    A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark. 

    The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory.

    Bitcoin Witnesses Stellar Accumulation Trend

    Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors.

    According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years. 

    The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months.

    Bitcoin
    BTC’s Accumulation Trend Score is trending to the upside. Source: Ali Martinez on X

    This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency. 

    Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone. 

    Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest.

    These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment.

    Bitcoin
    The daily chart shows BTC’s sideways price action between $42,900 and $43,000 over the past 24 hours. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • This German Banking Giant Will Offer Crypto Trading Services in 2024: Report

    This German Banking Giant Will Offer Crypto Trading Services in 2024: Report

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    One of the largest banking groups in Germany intends to launch crypto trading services for interested customers this year.

    According to a Bloomberg report, the cooperative financial group, comprising more than 700 local banks, a central bank, specialized service providers, and institutions, plans to enter the project’s pilot phase soon.

    DZ Bank to Lead Crypto Trading Project

    The DZ Bank, a central bank in charge of the project, leads the cooperative financial network. Souad Benkredda, responsible for capital market operations on the central bank board, told Bloomberg that primary banks would soon begin test trading Bitcoin (BTC) and a wide range of other cryptocurrencies with customers.

    “Over the course of the year, we will enter the pilot phase for retail trading of cryptocurrencies with the first cooperative banks…We don’t just want to offer trading of one cryptocurrency, but a variety of cryptocurrencies. This is important to us,” stated Benkredda.

    Initially, DZ Bank was to work with Deutsche WertpapierService Bank AG (DWP Bank), a securities service provider for savings, cooperatives, and private banks, on implementing the new project. However, the deal has been nixed as the former now has a new undisclosed partner.

    An Opportunity For Self Decision Making

    Benkredda explained that the trading services would provide an opportunity for self-decision-making as customers will trade the crypto assets independently, without advice. She revealed that the need for such services among cooperative banks is strong, quoting a study by the Geno Association, which found that every second bank wants to activate the solution for their customers. However, the institutions have to make the decision themselves.

    While the cooperative banks are keen on introducing crypto products to their offerings, the German savings banks have remained more cautious. The committees of the latter have even urged banks in their association to refrain from offering crypto trading services to their customers.

    The latest move by the cooperatives comes about a year after DZ Bank entered a partnership with Swiss firm Metaco and orchestration platform Harmonize to offer digital asset custody services to institutional clients. DZ said the platform for the offering has proven to be a remarkable solution and was selected through an extensive proof-of-concept and diligence process.

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    Mandy Williams

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  • Bitcoin Big Breakout: This Bullish Pattern Signals An Imminent Price Surge

    Bitcoin Big Breakout: This Bullish Pattern Signals An Imminent Price Surge

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    Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. Jake Wujastyk, a prominent market analyst, has particularly pointed out the emergence of an inverse head and shoulders pattern on Bitcoin’s daily candle chart.

    This pattern, coupled with Bitcoin’s closing price above a significant “volume shelf” signals an imminent upward trajectory for Bitcoin.

    Bitcoin Surge On The Horizon

    In technical analysis, an inverse head and shoulders pattern is traditionally interpreted as a bullish signal. It is characterized by two lower peaks (shoulders) on either side of a far-down valley (head). The completion of this pattern occurs when the price breaks above the resistance level, known as the “neckline.”

    In Bitcoin’s case, this neckline also aligns with a ‘volume shelf,’ as Wujastyk indicates, a price level where many contracts have previously been traded, indicating strong support or resistance.

    As Bitcoin’s price currently sits above the critical level of $43,000 up by 4.7% in the past week, it suggests a growing momentum among buyers, hinting at a potential uptrend. At the time of writing, Bitcoin has seen a 2.1% increase in its price over the past 24 hours, reaching $43,144.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    This price movement occurs against a backdrop of fluctuating daily trading volumes, which have decreased from over $25 billion to below $20 billion in a day.

    Notably, this pattern’s emergence is particularly noteworthy as Bitcoin options are set to expire, with 22,000 BTC options nearing their expiry date. These options have a Put Call Ratio of 0.66, a Maxpain point of $42,000, and a notional value of $960 million, as per data from Greekslive.

    For context, the Put Call Ratio is a key indicator in options trading, representing the number of put options relative to call options. A lower ratio suggests a bullish sentiment, as it indicates more call options (bets on the price rising) are being traded compared to put options (bets on the price falling).

    Market Trends And BTC Halving Anticipation

    The broader crypto market, including Ethereum (ETH) options, is also approaching expiration. 230,000 ETH options are set to expire, with a Put Call Ratio of 0.33, a Maxpain point of $2,300, and a notional value of $530 million. These figures suggest a more bullish outlook for Ethereum compared to Bitcoin.

    Furthermore, according to GreekLive, the market has seen subdued activity recently, with both realized volatility (RV) and implied volatility (IV) trending lower for major cryptocurrencies.

    However, introducing Bitcoin spot exchange-traded funds (ETFs) is beginning to attract incremental capital to the crypto market, compensating for the slowdown in grayscale sell-off. Meanwhile, the anticipation around Bitcoin’s halving event, scheduled for April 2024, is creating a buzz in the market.

    A recent survey by Bitget indicates a bullish sentiment among investors regarding the upcoming Bitcoin halving. 84% of respondents globally believe that Bitcoin will exceed its all-time high of $69,000 in the next bull run.

    Predictions for Bitcoin’s price during the halving are varied, with over half expecting it to be between $30,000 and $60,000, while about 30% foresee it is surpassing $60,000.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Samuel Edyme

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  • Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites

    Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites

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    Marathon Digital has finalized a deal with Hut 8 to take over the operational control of Bitcoin mining sites by paying a termination fee of $13.5 million.

    Marathon’s control of the mining sites in Granbury, Texas, and Kearney, Neb., slated for completion by April 30, follows Marathon’s Jan. 16 acquisition of the sites for $178.6 million. Hut 8 has managed operations under a contract inherited from a previous merger, valued at $1.2 million per month.

    The transition aims to enhance Marathon’s operational efficiency and cost-effectiveness in Bitcoin (BTC) mining at these locations.

    “By operating the sites in Granbury and Kearney ourselves, we will be able to fully recognize the operational and economic benefits of owning these assets,” Marathon Digital CEO Fred Thiel said, expressing optimism about leveraging the company’s expertise for greater benefits.

    The agreement to shift control marks a significant step for both firms in optimizing their operations and strategic positioning within the crypto mining sector. On the other side, citizens in Granbury have raised concerns about noise pollution attributed to mining activities, showing the community impact of similar operations.

    Hut 8 President Asher Genoot praised the teams’ dedication at both sites and anticipated a smooth handover. Despite stepping down as the operator, the company will continue to offer managed services and self-mining activities.


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    Bralon Hill

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  • Here Are The Largest Institutional Buyers Of Bitcoin This Week

    Here Are The Largest Institutional Buyers Of Bitcoin This Week

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    The Spot Bitcoin ETFs have lived up to the hype, as these funds have ramped up institutional adoption of the flagship cryptocurrency, Bitcoin. This is further evident in a recent analysis that captured how much Bitcoin BlackRock and other issuers amassed in this week alone. 

    Spot Bitcoin ETF Issuers Purchased Over 19,908 BTC This Week

    Data from the on-chain analytics platform Lookonchain shows that the Spot Bitcoin ETF issuers combined to purchase over 19,908 BTC ($860 million) this week. Meanwhile, it is worth mentioning that Lookonchain’s data didn’t capture WisdomTree’s BTC purchases in its analysis, suggesting that the figure could be way higher when the asset manager’s purchases are also factored in. 

    Further data obtained from Arkham Intelligence provided insights into how much Bitcoin Wisdom Tree obtained for its Bitcoin fund this week. 74 BTC is shown to have gone into the asset manager’s wallet address for its Spot Bitcoin ETF. The addition of these crypto tokens means that all Spot Bitcoin ETF issuers combined to purchase almost 20,000 BTC this week alone. 

    Interestingly, Bitcoin ETFs were recently reported to hold 3.3% of Bitcoin’s circulating supply, underscoring their success since launching. Data from Lookonchain shows that these ETFs currently hold over 657,000 BTC (excluding WisdomTree). 

    Matt Hougan, Bitwise’s Chief Investment Officer (CIO), also revealed how these funds have seen flows of $1.7 billion after their first 14 trading days. This is more impressive as he made a comparison to Gold ETFs, which saw $1.3 billion in a similar time frame. In another X post, he mentioned how these Spot Bitcoin ETFs have taken $700 million in net inflows this week alone.

    BTC price recovers above $43,000 | Source: BTCUSD on Tradingview.com

    BlackRock Finally Trumps Grayscale

    Bloomberg analyst James Seyffart mentioned in an X post that BlackRock’s IBIT looks to have become the first ETF to trade more than Grayscale’s GBTC in a single day. Before now, Grayscale had continued to record the most daily trading volume, although IBIT had come close on a couple of occasions. 

    From the data that Seyffart shared, IBIT looks to have recorded $301 million in trading volume on February 1, while GBTC saw $290 in trading volume. However, he further stated that the total trading on the day “was kind of a dud,” with all Spot Bitcoin ETFs combined recording $924 million in trading volume.

    Institutional Bitcoin buyers

    Interestingly, that happened to be the first day that the daily volume for Spot Bitcoin ETFs was under $1 billion. The Bloomberg analyst didn’t, however, give any opinion as to what could have caused this relatively sub-par performance. 

    Featured image from U.S. Global Investors, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge?

    Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge?

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    According to data shared by renowned crypto analyst Ali, Bitcoin has recently witnessed a significant development in its investment dynamics, marking a notable shift in the crypto market.

    In a post on X published earlier today, Ali disclosed that Bitcoin is experiencing a substantial accumulation streak, which has not been seen in nearly three years.

    According to the analyst, this surge in the Accumulation Trend Score indicates the growing confidence among larger entities in the cryptocurrency market.

    Ali’s shared data further reveals that the Accumulation Trend Score for Bitcoin has consistently hovered near the peak level of 1 over the past four months. This sustained high score signals an active and ongoing accumulation by big investors.

    A Surge In Large-Scale BTC Holdings

    Further complimenting this near 3-year accumulation trend streak, Ali’s recent data revealed that the Bitcoin market has welcomed approximately 67 new “whales.” These entities, each holding over 1,000 BTC, represent a 4.50% increase in this category of investors within two weeks.

    This increase in whale activity coincided with a period where Bitcoin experienced a notable dip, falling below the critical $39,000 threshold. Ali noted: “While some shivered with fear during the recent price correction, Bitcoin whales were accumulating more BTC.”

    This downturn was primarily attributed to a significant outflow from Grayscale, amounting to over $5 billion since the Bitcoin Spot ETF was approved by the US Securities and Exchange Commission (SEC).

    However, as this outflow has cooled off, Bitcoin has shown signs of recovery, trading above the $42,500 mark and registering a 6.1% increase in the past week.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Bitcoin Poised For 40% Surge?

    Shifting the focus to the broader financial landscape, Arthur Hayes, founder of BitMEX, has offered an analysis of current economic conditions and their potential impact on Bitcoin. His commentary is particularly relevant in light of recent challenges faced by New York Community Bancorp (NYCB) and the banking sector.

    The bank’s significant stock decline, driven by unexpected losses and a substantial increase in loan loss reserves, has raised concerns about the stability and exposure of US regional banks, especially in the real estate sector.

    Hayes’s remarks point to a possible near-future scenario where the Federal Reserve might have to intervene by reinstating the Bank Term Funding Program (BTFP) or similar measures to stabilize the banking sector.

    He parallels the current situation and the March 2023 banking crisis, suggesting that similar market turbulence could lead to a brief dip in Bitcoin’s value, followed by a significant rally.

    Hayes postulates that such developments could see Bitcoin, often regarded as a digital gold or safe-haven asset, experience a surge in value similar to the 40% increase witnessed during the previous banking crisis.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Samuel Edyme

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  • Biden Admin Launches “Emergency” Survey Of Bitcoin Miners’ Electricity Usage

    Biden Admin Launches “Emergency” Survey Of Bitcoin Miners’ Electricity Usage

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    The Biden Administration is imposing new reporting requirements on all U.S. cryptocurrency miners to disclose data related to how much electricity they consume.

    The so-called “Emergency Survey” marks another attempt by the U.S. government to curb the negative excesses of Bitcoin mining, which Democrats have widely criticized for polluting the environment.

    The Emergency Bitcoin Mining Survey

    The Energy Information Administration (EIA) will begin its survey next week, questioning mining firms on how many mining facilities they own, where they operate, and whether they interact with cryptocurrencies using a proof of work (POW) or proof of stake (POS) consensus mechanism.

    “We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand,” read a statement from EIA Administrator Joe DeCarolis on Wednesday.

    Miners must submit monthly data and may incur “criminal fines, civil penalties, and other sanctions” by failing to do so.

    According to the EIA’s official filing, the survey request needed to be processed on an emergency basis “because public harm is reasonably likely if normal clearance procedures are followed.”

    As evidence, the EIA cited Bitcoin’s 50% price surge in the last three months as proof that the mining industry could scale drastically in short order.

    “Higher prices incentivize more crypto mining activity, which in turn increases electricity consumption,” the EIA stated.

    It also cited the major “cold snap” gripping the United States, at the moment, driving up electricity demand and placing more stress on electrical grids. The combined effects of Bitcoin mining and stressed electrical systems “could result in demand peaks that affect system operations and consumer prices,” the agency wrote.

    Addressing Bitcoin’s Energy Concerns

    Regions like Texas have previously worked around this issue by establishing a demand response program with the mining industry. The program requires that miners turn off their machines during high-stress periods for the electrical grid while subsidizing those miners during their off-time.

    Regarding environmental issues, previous surveys and analyses have estimated that Bitcoin’s green energy mix is over 50%, making it one of the most sustainably powered industries on Earth.

    The Biden administration previously tried imposing a 30% tax on Bitcoin miners to discourage environmental harm, but was unsuccessful.

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  • Bitcoin To $5 Million? S2F Model Predicts When This Will Happen

    Bitcoin To $5 Million? S2F Model Predicts When This Will Happen

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    Using historical and future Bitcoin halving events, the Bitcoin Stock to Flow (S2F) live data chart model has pointed toward a BTC surge to unprecedented highs during the 2028 to 2032 halvings. 

    Bitcoin To Hit $5 Million After 2028 Halving

    Crypto analyst Bit Harington recently shared insights in a post on X (formerly Twitter) about the potential surges in the price of Bitcoin during the next halving stages. Using data from the Bitcoin S2F chart, Harington predicted the price of Bitcoin would reach $500,000 by the fourth halving, which is taking place in April. 

    His predictions were based on the distinctive trend observed in BTC’s price, where the first to third halving phases exhibited a consistent 10x price increase for each successive halving. 

    Responding to the post, the creator of the S2F model, Plan B, made a bold prediction, suggesting that the average price of Bitcoin during the 2028 and 2032 halving events could potentially reach an impressive $5 million. 

    The cryptocurrency has consistently experienced bullish rallies following each halving event, from the first Bitcoin halving in November 2012 to the third in May 2020. Due to this, many investors and crypto analysts foresee a similar surge in BTC’s price during 2024 halving. 

    These expectations could be attributed to the events that typically occur during a Bitcoin halving event. In each halving phase, BTC mining rewards are cut in half, and the supply of the token is reduced, thereby inducing scarcity and increasing the token’s value. 

    While these price projections about Bitcoin are made to keep investors alert, it’s important to note that they remain speculations, and models like S2F can be subject to wide margins of error. 

    BTC price struggles to hold $42,000 | Source: BTCUSD on Tradingview.com

    Analyst Reveals Key Factors To Consider In 2024 Halving

    Another crypto analyst, Ali Martinez, has disclosed four crucial factors to keep in mind as the 2024 April Bitcoin halving approaches. Martinez highlighted the significance of the post-halving price corrections in the 2016 and 2020 Bitcoin halving, emphasizing that BTC declined by 30% to 70% within a month after the halving phases. 

    He also mentioned BTC’s post-halving rallies, where the cryptocurrency experienced significant surges to 700%, 2,850%, and 11,000%, respectively, during the 2012, 2016, and 2020 halving events. The crypto analyst delved into bull market durations after each halving, which lasted about a year or more.

    He concluded his analysis by predicting that the next Bitcoin market top would occur around April or October 2025. At the time of writing, the price of BTC was $42,110, according to CoinMarketCap. 

    Featured image from Dall.E, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Best Owie

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  • Bitcoin Set For Weekend Rally Amid New Banking Crisis: Hayes

    Bitcoin Set For Weekend Rally Amid New Banking Crisis: Hayes

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    Arthur Hayes, the founder of BitMEX, has offered an in-depth analysis of the current financial landscape and its potential impact on Bitcoin, especially in light of the recent challenges faced by New York Community Bancorp (NYCB) and the broader banking sector.

    Hayes’s analysis draws on the complex interplay between macroeconomic policies, banking sector health, and the cryptocurrency market. His comments are particularly insightful given the recent developments with NYCB. The bank’s stock plummeted by 46% due to an unexpected loss and a substantial dividend cut, which was primarily attributed to a tenfold increase in loan loss reserves, far exceeding estimates.

    This incident raised red flags about the stability and exposure of US regional banks, particularly in the real estate sector, which is known to be cyclically sensitive and vulnerable to economic downturns. The stock market reacted negatively to these developments, with regional US bank stocks also declining due to NYCB’s performance.

    Weekend Rally Ahead For Bitcoin?

    Hayes explicitly stated, “Jaypow [Jerome Powell] and Bad Burl Yellen [Janet Yellen] will be printing money very soon. NYCB annc a ‘surprise’ loss driven by loan loss reserves rising 10x vs. estimates. Guess the banks ain’t fixed.” This comment underscores the persisting fragility of the banking sector, still reeling from the shocks of the 2023 banking crisis. He added, “10-yr and 2-yr yields plunged, signaling the market expects some sort of renewed bankster bailout to fix the rot.”

    Furthermore, Hayes highlighted the impending conclusion of the Federal Reserve’s Bank Term Funding Program (BTFP), which was introduced in response to the 2023 banking crisis. The BTFP was a critical instrument in providing liquidity to banks, allowing them to use a wider range of collateral for borrowing.

    Hayes anticipates market turbulence leading to the Fed possibly reinstating the BTFP or introducing similar measures. In a recent statement, he noted, “If my forecast is correct, the market will bankrupt a few banks within that period, forcing the Fed into cutting rates and announcing the resumption of the BTFP.” This scenario, he argues, would create a liquidity injection that could buoy cryptocurrencies like Bitcoin​​.

    In his latest post on X, Hayes drew parallels to the cryptocurrency’s performance during the March 2023 banking crisis. He predicts a similar trajectory, suggesting a brief dip followed by a significant rally:

    Expect BTC to swoon a bit, but if NYCB and a few others dump into the weekend, expect a new bailout right quick. Then BTC off to the races just like March ’23 price action. […] I think it might be time to get back on the train fam. Maybe after a few US banks bite the dust this weekend.

    During the March crisis, Bitcoin’s value jumped over 40%, a reaction attributed to its perceived role as a digital gold or a safe-haven asset amid financial instability​​. On a longer time horizon and with the Great Financial Crisis from 2008 in mind, he further argued, “What did the Fed and Treasury do last time US property prices plunged and bankrupted banks globally? Money Printer Go Brrrr. BTC = $1 million. Yachtzee.”

    At press time, BTC traded at $42,232.

    BTC price got rejected at the 0.236 Fib, 1-day chart | Source: BTCUSD on TradingView.com

    Featured image created with DALL·E, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Jake Simmons

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