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Miners Holding Their Bitcoin Much Tighter Than in January: Glassnode

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Recent analytics data shows that Bitcoin miners have been reluctant to send their BTC to crypto exchanges and volumes have hit a four-month low

The analytics team at the popular data aggregator Glassnode has taken to Twitter to share that Bitcoin miners have been sending much less of the Bitcoin they “mint” to crypto exchanges.

Instead, they are holding their digital gold tight—much tighter than four months ago.

Miners keep accumulating Bitcoin

According to a chart provided by Glassnode, Bitcoin miners’ outflow has hit the lowest level in the past four months—since January—and at the moment totals 49.9 BTC.

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Unlike back in early 2021, miners are now accumulating the flagship digital currency, as other Glassnode data says, which U.Today has looked at previously. The Miners Net Position Change index has been going green at a high pace, meaning that miners have not been selling.

According to the chart posted by the Glassnode team, the highest levels of Bitcoin miners’ outflows were seen at the start of January, but they suddenly dropped later the same month.

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Image via Twitter

Bitcoin unable to rise past $55,000 so far

After dropping from the $64,671 all-time high of April 14, the world’s largest cryptocurrency by market cap, Bitcoin, has been unable to fix above the $55,000 price mark.

On April 26, it plunged below the $48,000 area, went back slightly below $55,000 and has been trading sideways since then, unable to move further North.

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Facebook owns zero Bitcoin, Tesla sells some of its BTC

After Facebook disclosed its Q1 earnings, it turned out that the rumor of the social media giant holding Bitcoin was not true.

Facebook bought zero Bitcoins at an average price of zero USD, as sarcastic comments on Crypto Twitter say.

However, the good news is that Tesla and SpaceX CEO Elon Musk has admitted to being a Bitcoin holder and stated he had not sold any of his BTC.

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Unlike him, Tesla did sell 10 percent of the Bitcoin it bought earlier after it counted the profits from the investment and decided to prove Bitcoin’s liquidity, according to Elon Musk’s explanation to Dave Portnoy in the course of their Twitter debate earlier this week.

Barstool Sports CEO David Portnoy, a proud holder of one Bitcoin, accused Musk of performing a pump-and-dump scheme with Bitcoin.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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