Bitcoin Magazine

07 May 2023 14:31

🥇 US-Based Bitcoin Focused Startup Fedi Raises $17 Million in Series A Funding Round

Fedi, the U.S.-based fintech which is led by the Nigerian bitcoin advocate Obi Nwosu, said on May 3 that it recently raised $17 million in a Series A funding round. The company said it will use the funds to help it launch what it called the “world’s first federated operating system.” Obi Nwosu said the Fedi Alpha version, which is targeted at the builder community, is set to be rolled out later in May.

The United States-based fintech and bitcoin-focused company Fedi announced on May 3 that it has raised $17 million in a Series A funding round. Ego Death Capital led the round that also saw TBD, Kingsway, Trammell Venture Partners, and Timechain taking part. The latest round brings the total funding raised by Fedi to $21.21 million. According to the statement, Fedi wants the application to allow members of different communities to collaborate and take control of their funds, data and digital lives “while still protecting user privacy and autonomy.” Obi Nwosu, the founder and CEO of Fedi, is quoted in the statement expressing his satisfaction with the makeup investors that have come on board.

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Bitcoin Magazine

04 May 2023 04:23

💰 Bitcoin-based token activity overtakes regular transactions on the network

Bitcoin-based tokens is a largely novel phenomena. First came Ordinals, a project for issuing NFTs on Bitcoin. The principle behind that was then used to create a standard for tokens on Bitcoin called BRC-20. This standard was used to issue tokens like ordi, pepe and meme. Now these tokens are taking off and massively driving up activity on the network.

"BRC-20's novelty lies partly in its perceived security on the Bitcoin blockchain," they added. "Communities form around tokens with shared incentives, and everyone has a fair shot at minting. Despite technical flaws, and the meme-centric nature of it, growth continues, for now." Between April 29 and May 2, transactions involving tokens using the BRC-20 token standard — a standard used for tokens built on Bitcoin — accounted for 42%-54% of all transactions on the Bitcoin blockchain. This excludes bitcoin transactions made on the Lightning network. May 1 saw the largest share of Bitcoin's block space dedicated to BRC-20 tokens at 53.7%, according to crypto koryo's data.

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Bitcoin Magazine

02 May 2023 06:40

📣 Bitcoin Ordinals Minted Hit A New All-time High, Reaching Over 300,000

The number of daily Inscriptions for Bitcoin Ordinals hit a new all-time high, a remarkable achievement while it was still in development. At least, it seems like Bitcoin Ordinals have taken over Web3. Since software programmer Casey Rodarmor unveiled the protocol on January 21, the area has been humming, with some delighted about the new improvement and others swearing off Ordinals completely. At the time of writing, there are over 2,690,204 Ordinals in circulation.

Grayscale indicated in an April 27 Market Byte blog post that Ordinals give two significant advantages to the growth and development of the Bitcoin ecosystem. The first is a significant rise in fees paid to miners since the protocol’s inception in January. Grayscale said that this would assure continuous network security throughout the Bitcoin network’s existence. Ordinals and the velocity of NFT adoption, according to the firm, might also attract new Bitcoin users and spur additional development on the Bitcoin network. According to a frequently used Dune dashboard, Ordinals set a new record on April 30 with over 300,000 daily inscriptions.

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Bitcoin Magazine

30 Apr 2023 04:51

💰 Balaji Srinivasan Explains $1M Bitcoin Bet Rationale, Says Could Take Longer Than 90 Days

Entrepreneur Balaji Srinivasan explained the rationale for his bet that bitcoin (BTC) could reach $1 million in price by June 17 as he spoke remotely by video link at CoinDesk’s Consensus 2023 conference, which is being held in Austin, Texas. Srinivasan, a former chief technology officer of crypto exchange Coinbase (COIN), is credited by many for predicting the effects of COVID-19 earlier than most.

In March, he predicted stupendously bullish prospects for bitcoin in response to the devaluing of the U.S. dollar. He said the price could reach $1 million in 90 days after March 17. Relating the chances of bitcoin reaching $1 million to the probability of some sort of Black Swan event in the U.S. economy, Srinivasan said he thinks there's a 10% chance of a very serious issue in months, a 70% chance of one in years, a 19% chance within decades and a 1% chance it takes a century or more. "So, I don't think it's 100%, but the specific number I think is high as I see a lot of fragility in the system."

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Bitcoin Magazine

28 Apr 2023 07:23

💰 Bitcoin’s $30k Surge Sparks $145M Worth Of Liquidations

Bitcoin’s recent rally has caused a lot of buzz in the market. According to data from Coinglass, the rally has resulted in more than $70 million in liquidations for short traders in the last 24 hours, with the overall crypto market seeing about $145 million in liquidation during the same period. The liquidations were mostly from traders who held short positions against BTC and other cryptocurrencies, with 37,332 traders being liquidated.

The most significant liquidation was a $2.2 million BTC-USD short position on ByBit, but other liquidated assets include Ethereum and Arbitrum, with $29.71 million and $4.11 million, respectively. Polygon and Litecoin also recorded liquidations, with $2.31 million and $2.27 million, respectively. Notably, most of the liquidations occurred on Huobi, Binance, and ByBit, which accounted for 73% of the overall liquidations. Of these, 83% were short positions. This indicates that many traders were betting against Bitcoin’s rally and losing out. This has led to speculation that the government may not intervene this time, causing some investors to turn to Bitcoin as a hedge against potential economic turmoil.

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Bitcoin Magazine

27 Apr 2023 04:31

💰 Bitcoin Price May Reach $45,000 By Year-End, Says Matrixport Chief Researcher

Markus Thielen predicts Bitcoin to reach $45k by year-end due to US bond yield and inflation. He advises using a “fair value” roadmap for trading actions. Recently, Markus Thielen, chief researcher at Matrixport, made some bold predictions about the future of Bitcoin. According to Thielen, the price of Bitcoin may reach around $45,000 by the end of this year. Thielen explained that this is due to the US 10-year bond yield trading below 3.50%, which means that inflation will be a big tailwind for risk assets, notably Bitcoin.

Despite recent volatility, Thielen believes that Bitcoin prices are exactly where they should be, based on his CPI/FOMC roadmap that he laid out in early February. He also stated that based on the January Effect, Bitcoin prices could finish the year around $45,000, which seems achievable. Thielen suggested using the predictable path as a roadmap and selling when prices are above the “fair value” level or buying when below. This means that trading actions should be taken every time Bitcoin’s price trades +10% above this level or -10% below it. Therefore, Thielen suggested selling at $30,350 and adding around $25,000. discipline are needed to stick to the data and analysis as the path to $45,000 continues.

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Bitcoin Magazine

25 Apr 2023 04:19

💰 Bitcoin whale rouses after 12 years, moves nearly $11 million in latest awakening

A dormant bitcoin whale address, which hasn't been active for 12 years, transferred nearly $11 million in bitcoin The address in question sent 400 bitcoins in batches of 100 to another address with a cumulative U.S. dollar value of $10.9 million. The transfer transaction fee came to 19 satoshis, or $5.22, according to on-chain data. Today's awoken whale follows a recent trend of long-dormant wallets springing back to life.

The wallet had been dormant since 2011, when it added 900 and then 100 bitcoin worth around $4,300 and $480 at the time, respectively, according to on-chain data via BitInfoCharts. On Thurday, a bitcoin whale address that had been dormant for over nine years transferred 2,071.5 BTC ($60.7 million) out. A day later, another whale awoke after a decade of inactivity, transferring 279 bitcoins — worth $7.8 million — to three fresh addresses. The wake-up isn't limited to Bitcoin, a long-dormant Ethereum address that participated in the blockchain's initial coin offering, or ICO, awoke after over seven years today. The wallet transferred one ether to a new address.

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Bitcoin Magazine

23 Apr 2023 07:54

🇺🇦 Ukraine To Adopt New Crypto Law Follow The MiCA Regulations

With the European Parliament passing the regulation of the Markets in Crypto-Assets (MiCA), countries in Europe have also begun to plan to introduce new laws to facilitate the adoption of legislation for crypto companies, and Ukraine can be a pioneer in this regard. The bill is the culmination of European officials’ lengthy attempts to implement universal laws and develop standardized norms for crypto assets throughout the EU.

Despite the fact that EU MPs must yet complete legal and linguistic checks on MiCA and publish the bill in the EU journal, several players in the crypto business have responded favorably to the news. Soon after the voting, cryptocurrency exchange Coinbase stated that the decision marked a watershed moment for crypto regulation since the bill would give crypto firms the confidence to invest and expand in the area. Some industry experts have warned in recent months that proper oversight of the crypto company is essential. Changpeng Zhao, CEO of Binance, often known as CZ, hailed the EU’s action in a recent tweet, stating that it provides more consumer protection and promotes asset-class innovation.

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Bitcoin Magazine

21 Apr 2023 05:12

💰 Jack Dorsey’s Block Is Hiring A Bitcoin Wallet Product Designer For 100M Users

According to information on the recruitment website SmartRecruiters page, Jack Dorsey’s payment company Block is recruiting a Bitcoin wallet product designer, which will be the company’s second product designer. In the job description, Block stated that he is building a Bitcoin wallet for “the next 100M Bitcoin users” with the goal of economic empowerment, starting with providing an easy-to-use.

Furthermore, the announcement states that the candidate will be connected to the larger design community from other parts of the company (Square, Cash App, Spiral, and Tidal) to have the opportunity to lean on experienced designers as sounding boards without losing the ability to move quickly and have autonomy. The mining development kit (MDK) is to equip developers with tools that will allow them to unleash the creative and innovative potential of Bitcoin mining gear. It will consist of four components: a hashboard, a controller board, open-source firmware, and reference material. Jack Dorsey also said that his business is thinking of building a proprietary.

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Bitcoin Magazine

19 Apr 2023 04:31

💰 MicroStrategy’s Saylor Integrates Bitcoin Lightning Address Into Corporate Email

Michael Saylor, the outspoken bitcoin proponent and co-founder of business analytics software firm MicroStrategy (MSTR), has integrated Bitcoin’s Lightning Network into his corporate email address. This means anyone can use that email address – saylor@microstrategy.com – to send bitcoin (BTC) to the 58-year-old billionaire. The Lightning Address protocol allows users to send bitcoin over the Lightning Network to a wallet identifier resembling a conventional email address.

The integration uses The Lightning Address protocol, which allows developers to replace a standard Lightning invoice, or payment request, with an internet identifier such as an email address. The Lightning Network is Bitcoin’s layer 2 scaling solution designed to make bitcoin payments cheaper and faster. Saylor, who is reportedly worth around $1.2 billion and whose company has amassed approximately 140,000 BTC (about $4 billion at current prices), has been receiving small bitcoin donations from fans after tweeting about the integration.

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Bitcoin Magazine

17 Apr 2023 12:36

💰 Zebedee Partnership With Bitnob Sees African Gamers Rewarded With BTC

African users of the bitcoin gaming and payments app Zebedee will now be rewarded in the form of satoshis when they play games or when they listen to podcasts. In addition to being able to convert their rewards into local currencies, African users of the Zebedee app can use it to make cross-border payments. While this new feature is currently only open to users from Nigeria, Kenya, and Rwanda, Zebedee revealed in its April 12.

The company’s blog post also sought to explain why Zebedee has chosen to grow its footprint in Africa and why the Bitcoin Lightning network is the ideal network for moving funds across borders. “The integration with Bitnob is Zebedee’s first step into the vast and diverse continent of Africa – but that’s just the beginning. We’re planning to expand our coverage to more countries supported by Bitnob, as well as many others to eventually provide a complete network of entry and exit points to the global economy through the [Bitcoin] Lightning Network,” the blog post explained.

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Bitcoin Magazine

15 Apr 2023 07:02

💰 Bitcoin’s Record-Breaking Run Continues, Reaching $31,000

Bitcoin has finally reached a milestone by crossing $31,000 for the first time in almost one year. Investor sentiment has recovered drastically, and money is pouring back into the industry. The positive momentum has left a bullish aftertaste in the mouth of investors, who are feeling more confident about the future of the market. This is a significant achievement for the digital asset, especially considering the uncertainty and volatility that has plagued the market in recent months.

The price of Bitcoin crossed the $31,000 mark in the early hours of Friday, marking a significant milestone for the digital asset. The last time that Bitcoin was at this price point was back in June 2022, a couple of months before the FTX implosion. The months that followed were challenging for the cryptocurrency market, but the recent recovery has signaled a positive shift in the industry. Bitcoin has had an impressive week, with the digital asset moving above $30,000 and solidifying its rally. In fact, the asset’s price has seen an over 10% increase in the last week alone, pushing its market cap toward $600 billion. This is a remarkable achievement considering that BTC has now risen around 100%.

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Bitcoin Magazine

13 Apr 2023 09:01

🇦🇷 Argentina Approves Groundbreaking Bitcoin Futures Index, Disrupting Traditional Finance

The securities regulator of Argentina has approved a Bitcoin-based futures index that is set to debut on the Matba Rofex exchange, according to a recent announcement on the government website. This news is expected to be widely welcomed, as the Bitcoin futures contract will be the first regulated Bitcoin futures index in Latin America when it begins trading in May, as reported by Bloomberg Law.

The National Commission of Value (CNV), the country’s securities regulator, approved the Bitcoin futures index as part of a strategic innovation agenda that launched in the first quarter of 2022. The innovation agenda aims to create a space for public-private collaboration to develop new and creative products in the capital market. The Bitcoin futures contract will be based on the price of BTC provided by various entities in the nation offering BTC/ARS trading pairs. All trades will be settled in the national fiat currency, with traders required to deposit Argentine pesos through bank transfer. In order for an exchange to provide these contracts.

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Bitcoin Magazine

11 Apr 2023 08:20

💰 Over 50% Of Bitcoin Supply Lying Down For The Last 2 Years

According to Glassnode statistics, more than half of the Bitcoin supply has not moved in the last two years. This implies that many people who purchased coins more than two years ago are still hanging on to them, unable to sell them. The proportion of supply that was active more than two years ago has risen to an all-time high of 53%, demonstrating that Bitcoin investors remain bullish on the asset’s long-term prospects.

Additionally, according to Pomp, an influencer on Twitter, about 29% of all BTC in circulation. From there, we can see that over 2,700,000 Bitcoin has been lost, forgotten, or are in the hands of the world’s most “disciplined investors.”. Besides, BTC’s holdings are decentralized, and regular investors have started to engage in the market. The number of BTC wallet addresses holding more than 100 coins dropped to a three-month low. As the market grows, we may expect to see greater decentralization and equality in BTC ownership, ordinary investors, and even sharks entering the market.

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Bitcoin Magazine

09 Apr 2023 07:23

💰 Bitcoin Addresses Holding Over 100 BTC Reached A 3-Month Low

Bitcoin is currently having struggles in the price zone of competition between buyers and sellers. However, other data show that inflows are showing signs of decentralization. Bitcoin has been on a roll, hitting a high of $29,000 earlier this week. Nevertheless, these were just short-term gains as they fell below $28,000, indicating a pessimistic market attitude. The reason for its recent uptick might be ascribed to the bullish US dollar.

According to Glassnode data, the number of Bitcoin wallet addresses holding more than 100 coins has reached a 3-month low of 15962 addresses. We can see more decentralization and equality in BTC holdings, retail investors, and even sharks starting to enter the market as it flourishes. In addition, for the first time, Open Interest in Bitcoin Options contracts ($10.3 billion) has exceeded Open Interest in Futures contracts ($10 billion). This is the effect of a large call option purchase as investors begin to bet on rising Bitcoin prices. With the massive regulatory uncertainty created by the SEC’s Wells Notice against Coinbase on March 22.

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Bitcoin Magazine

06 May 2023 07:41

📣 Block’s Cash App Sees Bitcoin Sales Soar In Q1

Block (previously Square), the digital payments company run by Jack Dorsey, revealed on Thursday a 25% year-over-year rise in Bitcoin sales on Cash App, one of its main products. According to the earnings statement, the business sold $2.2 billion in Bitcoin during the quarter, a 25% rise year over year. According to the Q1 shareholder letter, gross income from Bitcoin sales was $50 million. Block’s gross profit in the first quarter of 2023 was $1.71 billion, although it only generated $50 million from Bitcoin sales.

However, Block’s revenue from Bitcoin sales was insignificant when compared to the company’s total gross profit, which also includes the popular business platform Square. Block’s gross profit in the first quarter of 2023 was $1.71 billion, although it only generated $50 million from Bitcoin sales at the same time, representing a 16% year-over-year gain. Block has made investments in areas outside of its main payments business, most notably Bitcoin. Last month, the company purchased a large volume of semiconductors from IntelI, which it plans to use to accelerate a program to manufacture Bitcoin mining equipment aimed at encouraging new entrants into the industry. In addition, the company is aiming to develop its own chips.

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Bitcoin Magazine

03 May 2023 06:44

💰 Bitcoin spot trading volume plunged more than 65% in April as Binance added back fees

Bitcoin spot trading volume declined sharply last month mainly as crypto exchange behemoth Binance ended its zero-fee program. The volume plunged by over 10 million bitcoin in BTC terms or by $265 billion in USD terms in April, dropping more than 65% from March in BTC terms, on exchanges tracked on The Block's Data Dashboard. The volume dropped as Binance added back fees on bitcoin pairs, according to The Block's data research analyst Rebecca Stevens.

"Binance's move strongly impacts market makers and traders, whose strategies strongly depend on how many basis points they pay for every trade," said Simon Cousaert, director of data at The Block. Binance ended its zero-fee spot trading campaign in March after introducing it last July to celebrate its fifth anniversary. The zero-fee trading was offered for 13 bitcoin pairs, including BTC/USDT, BTC/BUSD and BTC/EUR. It plummeted by $217 billion in USD terms to $102 billion in April from the previous month. As a result, Binance's spot market share slipped below 50% — a level not seen before July 2022 — according to The Block's Data Dashboard. Binance's underperformance also affected overall crypto spot trading volume in April.

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Bitcoin Magazine

01 May 2023 04:05

💰 Bitcoin Whales Quietly Accumulate $1.8 Billion in Crypto in Just 18 Days: Santiment

New data from digital assets analytics firm Santiment reveals that Bitcoin (BTC) whales have accumulated nearly $2 billion worth of the crypto king during its most recent price dip. Santiment says that whales, or investors holding between 100 and 10,000 Bitcoin, have collectively added just over 64,000 BTC worth $1,875,819,869 to their stashes since April 11th. According to IntoTheBlock, crypto exchanges witnessed a significant uptick in BTC deposits.

Earlier this month, two long-dormant BTC whales awoke from years of slumber to shift millions of dollars worth of the top crypto asset by market cap. One Satoshi-era whale that has stayed dormant since 2011 abruptly arose and moved $10 million in BTC. Another previously dormant whale, which had previously transacted in December of 2013, suddenly came to life and transferred over $60 million worth of Bitcoin. “Bitcoin whales have quietly accumulated again since profit taking above $30,000 on April 11th. Since this date, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 BTC have collectively added 64,094 coins back to their bags.

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Bitcoin Magazine

29 Apr 2023 05:20

🇷🇺 Russian Bitcoin Wallet Linked To Security Agencies Leaked Amid Tension Conflict

According to crypto monitoring company Chainalysis, a clandestine Bitcoin enthusiast seems to have turned the tables on the Russian state by unmasking hundreds of wallets presumably controlled by security organizations. The unknown individual used a feature in the Bitcoin blockchain’s transaction documentation to identify 986 wallets controlled by the Foreign Military Intelligence Agency (GRU), Foreign Intelligence Service (SVR), and Federal Security Service (FSB), according to Chainalysis, a company that works closely with the US government.

The authenticity of the individual’s statements is yet unknown, and the three organizations have yet to reply to the news. If the claims are accurate, it is clear that the individual gained access to at least some of the addresses they allege are possessed by Russia, either via hacking or even an inside operation. These charges, made in the weeks preceding Russia’s unprovoked invasion of Ukraine in February 2022, provided an unexpected crypto edge to a war already filled with interesting occurrences. The Ukrainian government has used cryptocurrencies to raise tens of millions of dollars for military purposes. Curiously, according to Chainalysis, some of the wallets ostensibly owned by Russia have already remitted payments to Ukraine.

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Bitcoin Magazine

27 Apr 2023 18:25

USDFI Revolutionizes DeFi with its ownUniversal Banking Protocol

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Bitcoin Magazine

26 Apr 2023 08:23

💰 'Winter is over' and bitcoin may hit $100,000 next year, says Standard Chartered

The crypto winter is over and Bitcoin could hit $100,000 in 2024, according to Standard Chartered. The recent U.S. banking crisis spurned a price rally in bitcoin and re-established its core use case "as a decentralized, trustless and scarce digital asset," the bank said. It also pointed to the end of the Fed's interest rate hikes, the next halving of bitcoin, and regulatory benefits. The price of bitcoin, while down from recent highs last week, is still hovering around $27,000.

"Troubles faced by stablecoins (competing digital assets) have also helped bitcoin to regain its reputation as 'digital gold'," analysts wrote, noting that Circle's USDC depegged following the revelation it had $3.3 billion held at Silicon Vally Bank. A colleague of Kendrick's at Standard Chartered predicted the price of bitcoin could fall to $5,000 in December. Eric Robertsen, global head of research and strategy, said at the time that gold would return to being the number-one safe haven it once was. Bitcoin benefits from its status as a "safe haven," and it has a perceived relative store of value and a means of remittance, all of which means the bank expects bitcoin's dominance to continue to rise. Its dominance is its market cap relative to the market cap of the rest of the crypto market.

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Bitcoin Magazine

24 Apr 2023 05:47

💰 Telegram Now Allowing Users To Exchange Bitcoin

Telegram users who use the wallet bot were told today of a new feature that allows anybody to buy, withdraw, trade, and perform P2P transactions using Bitcoin (BTC). According to a recent message, users may now do various Bitcoin activities through Telegram’s web interface, while an app-based upgrade is in the works. This step builds on the existing popular crypto services that are now offered via the chat software.

It is worth noting, however, that the Wallet bot and its accompanying services, which enable these functionalities, were built by a third party rather than Telegram itself. Third-party developers use Telegram’s open bot API to construct the Wallet bot and related services. This implies that anybody may use the API to create their own cryptocurrency-related bot with no participation from the app. According to the latest notification from the @wallet account on April 21, users of the @wallet online interface may now access purchase, withdraw, trade, and perform peer-to-peer (P2P) transactions in Bitcoin directly via Telegram’s web interface.

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Bitcoin Magazine

22 Apr 2023 07:06

🥇 Another bitcoin whale awakes, transfers $7.8 million after a decade of dormancy

A bitcoin whale that has been inactive for a decade transferred 279 bitcoins — worth $7.8 million — to three fresh addresses today. The wallet in question received 1,128 bitcoins in October 2012 and May 2013, on-chain analyst account Lookonchain tweeted. The price of bitcoin during those transfers was approximately $12 and $195 per coin, respectively. This latest transfer comes a day after another long-dormant bitcoin whale transferred 2,071.5 BTC.

In other Bitcoin-related news, the deadline for Mt. Gox creditors to provide their repayment information passed earlier this month — opening the window for repayments that should be carried out by Oct. 31, 2023. Mt. Gox is set to distribute an unknown portion of the 142,000 BTC ($3.9 billion), 143,000 BCH ($17.9 million) and 69 billion Japanese yen ($523 million) that it holds via payments made in bitcoin, bitcoin cash and fiat. The bitcoin price is currently above $28,100 after declining by more than 2% over the past 24 hours, according to CoinGecko. Updated with additional information about an alleged wallet-draining operation and Mt. Gox repayments.

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Bitcoin Magazine

20 Apr 2023 08:03

📣 Bitcoin financial services company Unchained raising $60 million in ongoing Series B funding

Bitcoin's price may be drifting sideways, but Unchained, a company focused on providing Bitcoin-only financial services, says it is growing and raising $60 million in a Series B funding round. The round's initial close, completed last week, was led by Valor Equity Partners, Unchained said Tuesday. Other investors in the first close include NYDIG, Trammell Venture Partners, Ecliptic Capital and Highland Capital Partners.

Unchained declined to comment on the size of the initial close, but a person with direct knowledge of the matter told The Block that it was worth around $30 million and that a further $20 million has already been committed. Unchained declined to comment on valuation with the latest round. The Series B round, when completed, will bring Unchained's total funding to date to $115 million. The company today also revealed that it has raised $15 million in a Series A extension round led by Ten31, completed last fall. Texas-based company provides retail and institutional clients bitcoin custody, lending and trading services.

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Bitcoin Magazine

18 Apr 2023 05:33

💰 Bitcoin Saw $104 Million Inflows Last Week, Marking 4-Week Run Of Improving Sentiment

According to recent data published by CoinShares, digital asset investment products experienced inflows reaching $114 million last week, with $104 million allocated to Bitcoin. This marks a four-week run of inflows now totaling $345 million, indicating continued improving sentiment for the asset class. These inflows have almost fully corrected the prior six-week outflow run totaling $408 million.

Interestingly, these inflows come at a time of very low volumes in the Bitcoin market, averaging just $5.6 billion per day compared to $12 billion for the full year. Despite the low volume, Bitcoin has been almost the sole focus for investors with inflows of $104 million last week, bringing its total four-week run to $310 million. Investors fearful of the ongoing traditional finance challenges believe this is a flight to safety. However, opinion remains divided, with short Bitcoin seeing inflows totaling $14.6 million last week. In contrast, despite the successful launch of Ethereum’s yield features (Shapella), only $0.3 million of inflows were seen last week. Little activity was observed in altcoins except for Polygon.

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Bitcoin Magazine

16 Apr 2023 09:22

💰 Bitcoin Miner Bitdeer’s Stock Dives 30% On First Day Of Trading

Bitcoin miner Bitdeer listed today on the Nasdaq after several delays. The shares of the miner, under the ticker BTDR, lost almost 30% of their value during the initial trading hours and were trading around $6.81 at the time of publication. However, it is important to note that Bitdeer is one of the largest miners in the world with six mining sites across Washington state, Texas, Tennessee and Norway, with a total energy capacity of 775 megawatts (MW) as of the end of 2022.

The stock was halted shortly after market open several times for volatility, which created further uncertainty in investors. Other crypto mining stocks saw single-digit upticks in their share value at the same time frame, which could indicate that Bitdeer’s poor performance was not an industry-wide issue. Bitdeer’s merger with a special-purpose acquisition vehicle (SPAC), called Blue Safari Group Acquisition Corp, was approved on Tuesday. The Singapore-based firm’s financial performance deteriorated in 2022, in part due to worsening market conditions. The firm reported revenues of $330.3 million and a loss of $62.4 million for 2022, compared with $394.7 million in revenue.

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Bitcoin Magazine

14 Apr 2023 10:38

💰 Texas Senate Passes Bill to Limit Bitcoin Miners' Participation in Demand Response Programs

The Texas Senate passed a bill that will cap how much bitcoin (BTC) miners can participate in demand response programs, under which they get paid to curtail their operations at times of high energy demand. Bill SB 1751 passed the Senate with uninanimously and is now heading to the House. If approved, it will have to be signed into law by Texas Governor Greg Abbott. The bill aims to limit bitcoin miners participating in demand response programs.

The House vote is expected to be more contentious, in part because bitcoin miners have cranked up their advocacy against the bill. Three lobbying groups including the Texas Blockchain Council, the Chamber of Digital Commerce, and Satoshi Action Fund launched a campaign against the bill on Monday, which they say is "anticompetitive." Bill SB 1751 will likely fail in the House because "the opinions in the House are much more aligned with the positive aspects and the benefits of bitcoin mining," said Fred Thiel, CEO of bitcoin mining firm Marathon Digital Holdings (MARA), which has some of its operations in Texas.

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Bitcoin Magazine

12 Apr 2023 08:25

💰 MicroStrategy's $4 billion bitcoin bet in the green as price hits $30,000

Bitcoin was trading at $30,103 by 4:40 a.m. EST, up 1.6% over the past 10 hours, according to Binance data via TradingView. The cryptocurrency is up 82% year-to-date and recently registered its best quarterly increase in two years. The rise in bitcoin has been linked to the prospect of interest rate increases peaking amid banking stress in the U.S. and across Europe.

The surge in prices has pushed the price of bitcoin above MicroStrategy's average purchase price of $29,803. While that means the company is technically up, it's only by a few hundreds dollars, which is a small buffer. Since the company owns so much bitcoin, if it was sold in a short period of time, it would likely push the price down significantly in the process. This means the company likely wouldn't be able to sell all of its bitcoin for a profit yet if it wanted to. MicroStrategy's bitcoin holdings have been in the red since last June. At the time, the collapse of crypto lender Celsius and the failure of crypto hedge fund.

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Bitcoin Magazine

10 Apr 2023 08:04

💰 The Total Minting Volume Of Bitcoin Ordinals Inscriptions Exceeded 1 Million

Bitcoin Ordinals are the hot new thing in the network. So far this year, the protocol for inscribing digital assets on Bitcoin—similar to NFTs on Ethereum and other blockchain networks—has taken off in a huge manner. Duna Analytics data shows that the cumulative minting volume of Bitcoin Ordinals inscriptions has exceeded 1 million, currently, 1,040,881, and the cumulative fee income has reached $4,758,619. This increase is equivalent to 2364.4% in 30 days.

Bitcoin Ordinals function by linking data (such as photos, text, and so on) to a unit of satoshi, from which an NFT may be formed. Satoshi is the Bitcoin network’s smallest currency. It is used in Bitcoin network transactions and exchanges, as well as a unit of measurement for the value of other currencies on the Bitcoin market. Bitcoin Ordinals-generated NFTs may be purchased, traded, converted, and operated on the Bitcoin network without the requirement for Layer 2 solutions. On February 13, people inundated the network with photographs, video games, and other information, pushing the number of Inscriptions employing Ordinals to 100,000.

Source

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Bitcoin Magazine

08 Apr 2023 07:46

💰 Bitcoin difficulty and hash rate mark all-time highs as miner revenue increases

Bitcoin's mining difficulty — how hard and time-consuming it is to find a suitable hash for each block on the blockchain — increased by 2.23% at block height 784,224 yesterday. The mining difficulty changes roughly every two weeks as the network automatically adjusts to changes in its hash rate. The difficulty changes to ensure that the network keeps processing blocks roughly every 10 minutes, rather than slowing down or increasing over time.

The increase in Bitcoin mining difficulty is the fourth in a row. March 23 saw a more-substantial increase of 7.56%, while the prior two increases went up by 1.16% and 9.95%. This shows that the network has been reacting to gradual increases in hash rate. The latest block difficulty adjustment pushes the difficulty metric to 47.89 trillion — another record high. As a result, it's harder than ever to mine a Bitcoin block. The average hash rate — or computation power — of the entire Bitcoin network is also at a record high of 342.16 EH/s, while average block times — how long it takes miners to verify transactions and produce a block in the blockchain.

Source

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