Corporate adoption is in amateur league despite Bitcoin ETFs

Corporations could pave the way toward more mainstream crypto industry trust, according to the co-founder of Trust Square.

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Long-Term Bitcoin Holders Resist Selling Amid Recent Highs What This Signals

As Bitcoin flirts with its previous all-time highs, the celebrated diamond handsa term in crypto parlance denoting long-term holders (LTHs)are demonstrating notable restraint, selling their holdings at a rate notably lower than in previous bull markets. According to a recent analysis by on-chain analytics firm Glassnode, despite the near $70,000 valuation, the selling pressure from [...]

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US Bitcoin Investor Trading Volume Rises, Stage Set For Another Massive Rally?

The crypto market has been thrown into a euphoric state over the last 24 hours as the price of Bitcoin has surged once more. In its latest run, the digital asset was able to retest the $29,000 resistance before being rejected but continues to hold up nicely above $28,000. This time around, dominance from US investors has been on the rise, suggesting that they may be the leaders of this rally. US Bitcoin Trading Volume Rises To 44% The trading volume from US investors fell to a low 29% back in January and the uncertain regulatory headwinds did not much help investor sentiment. However, this has quickly changed with US investors taking advantage of the low prices presented last week when BTC fell below the $25,000 resistance. Related Reading: Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels A report from Kaiko shows that US investor BTC trading volume has risen sharply compared to its January figures to 44% in June. This shift in Bitcoin trading volume suggests that investors are moving back toward BTC and leaving altcoins behind once more. BTC volume on US exchanges rise to 44% | Source: Kaiko This explains the fact that while Bitcoin has been on an impressive rally, altcoins have not seen as much upside. Thus, it is safe to say that most of this rally will likely be focused on BTC, indicating the potential for further upside from here. A move toward BTC compared to altcoins also shows a lower risk appetite among crypto investors. This is because while altcoins provide an opportunity for higher gains, it also comes with a higher risk of losses Hence, making Bitcoin the choice for investors when getting back into the market from a bear, but not wanting to take too many risks. BTC Steadies Above $28,000 Bitcoin bulls have now set their sights on the $30,000 price level after adding $2,000 to the digital asset’s value in the last 48 hours. This recovery signals what could possibly be the start of another 100% run similar to the one that was witnessed in the first quarter of 2023. BTC reclaims $28,000 support | Source: BTCUSD on TradingView.com If this happens, then $40,000 is a conservative stop point for the BTC price. The question then remains if this rally will rub off on altcoins which are still struggling, especially since the majority of the new volume is currently focused on Bitcoin. Related Reading: Crypto Analyst Says Bitcoin Has Already Bottomed, Sets Halving Price Nevertheless, a rise to $40,000 would be a welcome development for the BTC market and could trigger the start of another massive bull rally, a year earlier than expected. At the time of writing, BTC has broken above $28,900, displaying 8.23% gains in the last 24 hours. The cryptocurrency is performing even better on the 7-day chart after rising 11.34% and bringing its total market cap back above $561 billion. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

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U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

Bitcoin prices have been on the rise in the last couple of weeks and the digital asset has been able to return to its November 2022 levels. This has been a much-needed boost for the market during this time, but an unexpected investor group is reportedly driving the price of the cryptocurrency. Bitcoin Surges Are Happening During U.S. Hours In a new Matrixport report that was shared with NewsBTC via email, U.S. institutional investors are driving the recent price increase of bitcoin. The report notes that over the course of January, the digital asset is already up over 40% but more than 35% of those increases have happened during U.S. trading hours. As such, the research report concludes that U.S. investors are driving the price. Related Reading: Money Leaves ADA, SOL To Small Cap Altcoins, Here’s Where It’s Headed Matrixport explains the reasoning behind this by saying that when an asset performs so well during U.S. hours, especially one that trades for 24 hours, it shows that institutional investors are buying the asset. However, when it does well during Asian hours, then it means that Asian retail investors are buying it. BTC moves the most during U.S. trading hours | Source: Matrixport The most significant movements have happened during this time and the trend lines show very strong similarity to Bitcoin’s movements to this point. But even more interesting is the fact that the data shows that U.S.-based investors are responsible for 85% of the total BTC buying that is happening currently. What Is Driving These U.S.-Based Investors? As the Matrixport report notes, U.S.-based investors have been encouraged by the inflation slow-down. It has put individual and institutional investors in positions where they believe they can take more risks. Hence, there is a marked increase in their exposure to risk assets such as bitcoin. BTC price rises over 40% in less than 30 days | Source: BTCUSD on TradingView.com Furthermore, the report points to the possibility of more rallies given the fact that inflation is expected to keep falling. “This could set up the crypto market for a mid-month rally, every month and turn into a trend where we see a strong rally from mid-month onwards with some consolidation towards the end of the month as traders take profit and miners sell calls.” Related Reading: Here’s What Might Have Triggered Ethereum’s Decline Below $1,600 This is also good news for altcoins as Matrixport notes that historically, money flowing into bitcoin will eventually spread out into other digital assets. So this could mean that the market has not seen the last of the altcoin rally once these institutional investors begin spreading out their investments. BTC is currently trading at $22,959 at the time of this writing. The coin is seeing small gains of 0.06% in the last 24 hours but on a seven-day rolling basis, the digital asset is still doing quite well with 9.45% gains. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Forbes, chart from TradingView.com

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Non-whale Bitcoin investors break accumulation record last seen in 2017

Data compiled by CryptoSlate shows that the number of Bitcoin wallets holding 10 to 100 BTC had their supply rise from 2.98  to over 3.26 million coins between 2018 and 2022.

The post Non-whale Bitcoin investors break accumulation record last seen in 2017 appeared first on CryptoSlate.

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In Dubai, Two Individuals Were Imprisoned For Robbing Bitcoin Investors

two thieves tricked an Asian investor and his companion with a false bitcoin plan. The two thieves took nearly $50,000, three phones, and papers from them. The criminal judge ordered the offenders’ deportation after their time. Court also sentenced them to three years behind bars. Dubai’s Crime The attack allegedly occurred in Dubai’s Mankhool neighborhood [...]

The post In Dubai, Two Individuals Were Imprisoned For Robbing Bitcoin Investors appeared first on Coinrevolution.

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Bitcoin Profitability Jumps As Price Adds $1,500 In 24 Hours

  Bitcoin has seen an incredible 24 hours after the price of the digital asset added more than $1,500. This jump in price has come with a number of positive implications, including the profitability for investors who are holding the cryptocurrency. Where less than half of all investors had been in profit when BTC had declined below $19,000, the recent recovery has pushed the percentage upwards once more. 50% Are In Profit According to data from IntoTheBlock, half of all bitcoin investors are currently recording profit at current prices. The 7.7% jump in the digital asset’s price over the last day had seen to it that more investors saw gains on their coins once more. Presently, the percentage of investors who are in the money is at a perfect 50%. Even more interesting is the percentage of investors who are currently in the neutral territory. At 11%, the data shows that a good number of investors had actually purchased their BTC in the $20,000 territory. As for those in loss, it currently sits at 39% of all investors. Related Reading: Bitcoin Detractor Peter Schiff Says It’s Time To Sell BTC, Here’s Why The holder composition by time also held points towards a pattern of long-term holding leading to more profit. A total of 63% have held their coins for a period of more than 1 year, while 32% have held their coins for between 1-12 months.  Now, looking at the market and the prices the cryptocurrency was trading at in the last year, it is obvious that those who bought their coins in the last year are most likely to be at loss, while those who bought over a longer timeframe are more likely to be in profit. Once again reiterating the importance of long-term holding in the crypto market.  BTC recovers close to $21,000 | Source: BTCUSD on TradingView.com But Are Investors Bullish On Bitcoin? With the decline in price from $69,000 to the current level, there has been some panic in the market. This is further escalated by the fact that a lot of investors are moving to sell their coins in order to avoid incurring more losses. One alarming development is the amount of BTC supply that is currently active in the market. Throughout the bull market, the amount of active supply remained low until the downtrend began. This has led to almost 1 million BTC active supply in the market, marking a 22-month high.  Related Reading: Terra Classic Jumps Double-Digits, Is It Time To Buy? The last time such a high supply had been active was back in October 2020. Interestingly though, this was right at the start of the bull market. So it is possible that such a high active supply is may play into the current recovery and push the price higher. This would actually mean that the bottom of the market was reached when it touched $17,600. Added to the accumulation trend that is slowly building it up, it spells a recipe for higher prices. Featured image from NDTV.com, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

Bitcoin has made its own fair share of millionaires and with the recent bull rally, there is no doubt that this number went up drastically. This has led to a number of issues of investors who have made their money off the digital asset, the main one being taxes. A lot of these millionaires have begun to flee to places with less strict tax laws, as well as better weather conditions. Bitcoin Millionaires Flock To Puerto Rico A recent report from CNBC documents the movements of bitcoin millionaires towards Puerto Rico and its beautiful islands. The subject of the report, 36-year-old crypto entrepreneur and investor David Johnson, outlines why he moved himself and his entire family to the North American country. For the entrepreneur, the tropical paradise was a big push, as well as the tax breaks offered to those who spend at least 183 days on the island. Related Reading | Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments Johnson also noted that the decision to move was also predicated on the fact that his friends had all moved to the same destination. The 36-year-old who lived in New York before the move said there weren’t any of his friends left in what is said to be one of the most expensive cities in the world as they had all moved to Puerto Rico. “That’s where all my friends are. I don’t have one friend left in New York, and maybe the pandemic accelerated this, but every single one of them has moved to Puerto Rico,” Johnson told CNBC. In addition to offering tax breaks to those who spend a significant amount on the island, residents are also allowed to retain their American passports. Locals Not Feeling The Love Puerto Rican locals are not exactly happy about seeing the move to the tropical paradise. This has less to do with the people coming in and more to do with the fact that the locals themselves do not qualify for the tax exemptions that these non-Puerto Ricans enjoy. Residents like Johnson who move in from other American states after making their millions with bitcoin and crypto do not have to pay capital gains on their earnings. However, Puerto Rican citizens are having to pay up to 15% long-term capital gains tax. Related Reading | American Rapper Lil Baby On Holding Bitcoin And Ethereum Over Fiat This disparity between locals and non-locals has obviously now been the source of tension between the two groups. These tax breaks which were meant to bring more jobs and investors into the region are now being utilized by residents who are trying to get out of paying capital gains tax. Additionally, the influx of new wealthy residents is causing property costs to surge. Diaz Fournier of Luxury Collection Real Estate told CNBC that the increased demand has led to prices not seen before. “I’ve been tracking the markets for several years, and I was not expecting this,” Fournier said. “You have properties in Dorado Beach that have been sold for more than $20 million.” BTC falls to $41K | Source: BTCUSD on TradingView.com Featured image from Wallpaper Flare, chart from TradingView.com

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Retail Investors Boost Bitcoin Accumulation By 72% Amid Intense Whale Selling Details

This trading week proved rather turbulent for Bitcoin as the premier cryptocurrency fell to as low as $91,000 on Monday amid concerns of a potential trade war between the US and Canada, Mexico, and China. Though Bitcoin soon made a sharp recovery rising briefly above $102,000, the flagship cryptocurrency currently trades above $96,000 in what appears to be a range-bound market. Meanwhile, blockchain analytics firm Glassnode has provided valuable insights on Bitcoin investor behavior in the last few months. Related Reading: Bitcoins Exchange Reserves PlungeAre We On The Brink Of A Rebound? Bitcoin Retail Investors Stacking 10,627 BTC Daily  In a new X post, Glassnode dived into the recent activity of Bitcoin holders stating that retail investors i.e. address holding 1 BTC, are presently on an accumulation spree stretching to mid-December. Notably, these small investors are purchasing Bitcoin at an accelerated average rate of 10,627 BTC per day, which represents a 72% surge compared to last years daily average of 6,177 BTC. This aggressive buying by retail investors marks a stark contrast to their behavior in November where they opted to take profits as Bitcoin soared past $100,000.  However, their renewed accumulation despite Bitcoins woes since December suggests a strong confidence in the assets long-term profitability.   On the other end, Bitcoin whales i.e. investors holding over 1000 BTC, are offloading their assets at a rather unprecedented rate.  Since November 24, these large investors have been moving Bitcoin to exchanges at an alarming average rate of 32,509 per day, suggesting a potential 9x increase in selling pressure compared to BTC’s yearly average. Generally, a large sell-off by market whales is a bearish signal indicating uncertainty about an asset’s future price.  However, the Bitcoin community remains bullish as a significant portion of the offload by the market whales can be attributed to profit-taking rather than loss of confidence. Furthermore, the recent accumulation surge by retail investors has served as a key absorber of supply, mitigating potential drastic price declines. Albeit, as Bitcoin struggles to find some stability, retail investors must maintain their current demand level which is crucial in sustaining the assets bullish structure. Related Reading: BNB Price Poised to RallyIf It Can Overcome This Hurdle BTC Price Overview  At press time, Bitcoin trades at $96,679 after a 0.84% decline in the past day. This negative performance underlines the asset’s form in the past week in which prices dipped by a cumulative 5.71%. Despite the price decline, trading volume has surged by 17.22%, signaling increased market activity and interest. Bitcoin’s price action indicates consolidation within the $95,000$100,000 range, setting the stage for a potential breakout. To confirm an uptrend, market bulls must drive a rally beyond the critical $105,000 resistance level. Featured image from blockgeni, chart from Tradingview

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Confirmed Bitcoin payments hit yearly low due to holiday illiquidity

Metrics like the number of confirmed payments can be used to gauge investor activity on the Bitcoin network.

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Bitcoin Open Interest Dropped Significantly Investors Cautions Amid US Election Week?

Bitcoin has faced significant volatility and uncertainty as it approaches a pivotal week, with tomorrows U.S. election expected to play a key role in determining its price action. BTC is holding steady above the $68,000 mark, a critical level that has shifted from resistance to a solid demand zone. Analysts see this level as essential [...]

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