Despite bitcoin holding steady above the ,000 mark on Friday, the leading cryptocurrency is still down 9% from its all-time high (ATH). In comparison, most other cryptocurrencies are much further from their ATHs, with many alternative crypto assets still having a significant journey ahead to reach their former peaks. Bitcoin: 9% Below ATH as Altcoins […]
Bitcoin News
Bitcoin Difficulty and Hashrate Reach Record Highs as Halving Draws Closer
Bitcoin’s network difficulty climbed to an unprecedented peak on April 10, 2024, at block height 838,656, increasing by 3.92% to reach 86.39 trillion. This escalation in difficulty will make it increasingly challenging to mine blocks as the fourth halving event nears, with fewer than 1,250 blocks remaining until block 840,000 is mined. Block 838,656 Marks […]
Bitcoin News
Former FTX Associates Enter Crosshairs, Bitcoin Halving Inches Closer, and More — Week in Review
After the sentencing of Sam Bankman-Fried to nearly 25 years in prison for his role in FTX’s financial mismanagement, attention shifts to his former associates. The cryptocurrency world eyes the upcoming Bitcoin halving, expected between April 18 to April 22, 2024. Blackrock’s Ishares Bitcoin Trust (IBIT) sees its holdings skyrocket past 252,011 BTC. Ethena announces […]
Bitcoin News
Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
The Bitcoin Halving is fast approaching, with less than 2,900 blocks left before miners’ rewards are cut in half. This event, projected to take place sometime in April, is significant as Bitcoin’s price could enjoy a parabolic move to the upside after it takes place.
Bitcoin Halving Set For April 19
Data from Coinwarz shows that the Bitcoin Halving is set to take place on April 19 at Block 840,000. This projection is based on Bitcoin’s current block time average, which means the Halving can come a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.
The next Halving event took place on July 9, 2016, cutting miners’ rewards to 12.5 BTC. The third one happened on May 11, 2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set to be cut in half again, reducing them to 3.125 BTC.
This reward is the amount of BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the crypto community closely monitors it due to the ripple effects it could have on the market. Bitcoin’s supply comes through these miners’ rewards, and a reduction in them usually drives Bitcoin’s value higher.
The Halving has historically always led to a price appreciation for Bitcoin. Ninety days after the first Halving on November 28, 2012, Bitcoin’s price increased to ,000 from at the time of Halving. Subsequently, Bitcoin’s price saw a gain of over 8,000% one year after that Halving.
This parabolic price surge also occurred after the second and third Halving events, with Bitcoin’s price rising from 0 and ,821 (at the time of the Halving) to ,506 and ,612 (90 days after the Halving) in 2016 and 2020 respectively. Bitcoin also gained 284% and 559% one year after the event.
This time isn’t expected to be different as Bitcoin is again predicted to experience a massive move to the upside after April. This bullish sentiment is further strengthened by Bitcoin’s demand, which has continued to skyrocket in the face of a dwindling supply.
At the time of writing, Bitcoin is trading at around ,400, up in the last 24 hours according to data from CoinMarketCap.
Bitcoin Halving Inches Closer With Fewer Than 2,900 Blocks Remaining
The next Bitcoin halving is on the horizon, drawing closer with each passing block and anticipated to take place anywhere between April 18 to April 22, 2024, at the milestone of block 840,000. Following this event, the reward for mining a block will halve from 6.25 bitcoins to 3.125 bitcoins. The following is a thorough […]
Bitcoin News
Bitcoin Technical Analysis: BTC Hits $65K, Edging Closer to Peak Valuation
In a powerful demonstration of resilience, bitcoin’s value climbed past the ,000 mark on March 4, 2024, showcasing a significant upward movement from its 24-hour low of ,769. This climb is supported by a robust trade volume of .41 billion and a market capitalization of .276 trillion, indicating increased trader optimism. Bitcoin The hourly chart […]
Bitcoin News
Bitwise CEO Says Bitcoin At $250,000 Is Closer Than You Think
Hunter Horsley, the Chief Executive Officer (CEO) of crypto index fund manager, Bitwise, has stayed highly optimistic about the Bitcoin bullish outlook, predicting that the cryptocurrency will witness a rise to 0,000 sooner than most think.
BTC’S Road To 0,000
In a recent X (formerly Twitter) post on Wednesday, Horsley made a bold prediction about Bitcoin, foreseeing the cryptocurrency rising to new all-time highs never seen before. The CEO has stated that BTC could reach 0,000, jumping over four times its current price above ,000.
Furthermore, Horsley has expressed his belief that BTC could rival gold in the future. He anticipates that the fast-rising cryptocurrency would “eat into gold’s Total Addressable Market (TAM) faster than people expect.”
Highlighting Bitcoin’s formidable potential in relation to hold, on Wednesday, February 28, Spot Bitcoin ETFs dominated Gold ETFs in the market, with over 8 million flowing into Spot Bitcoin ETFs while gold ETFs experienced outflows of million. These substantial inflows underscore the rising demand and potential superiority of Spot Bitcoin ETFs over gold ETFs.
The Bitwise CEO has also revealed that Spot Bitcoin ETFs were BTC’S Initial Public Offering (IPO) moment. Consequently, these investment assets have enhanced BTC’S accessibility for both institutional and retail investors, increasing its exposure and propelling the market value forward by tenfold.
While Horsley has not provided a specific timeline for his 0,000 Bitcoin prediction, the CEO has maintained a long-term bullish outlook for the cryptocurrency. He has also emphasized the need to invest in BTC, stating that “waiting was costly” and yesterday’s price should serve as a reminder to seize any opportunity to purchase Bitcoin.
Bitcoin Shows No Signs Of Slowing Down
According to Horsley, Bitcoin is showing no signs of stopping its upward momentum anytime soon. The Bitwise CEO has revealed that the price of the cryptocurrency is likely to accelerate rather than slow down.
At the time of writing, BTC is trading at a price of ,142, reflecting a substantial 8.77% increase in just 24 hours. At one point yesterday, the cryptocurrency was trading above ,000. However, after achieving unprecedented gains, Bitcoin has successfully crossed the coveted ,000 price mark and is rapidly approaching its overall all-time high of ,789 in November 2021.
Horsley has disclosed that this rapid rise in Bitcoin’s price is largely attributed to the success of the Spot Bitcoin ETFs. He has highlighted the possibility of the entire United States capital markets investing in Spot Bitcoin ETFs for the first time, providing a massive opportunity to boost Bitcoin’s adoption and increase the value of the cryptocurrency.
Ethereum Inches Closer To $3,000 – Will February Deliver A $4,000 Knockout?
Ethereum (ETH), the global runner-up in the cryptocurrency ring, is making serious moves this week, stepping closer to the coveted ,000 mark. Could this be the opening bell for a February knockout, sending it soaring towards a staggering ,000 finish by month’s end?
Ethereum Staking And ETF Surge: Bullish Momentum
Several factors are fueling this bullish sentiment, starting with the surging popularity of ETH staking. As Ethereum 2.0 gathers momentum, more investors are locking their ETH into staking contracts, earning passive income while reducing the readily available supply in the market. This “induced market scarcity,” as experts call it, creates upward pressure on the price.
The numbers are impressive: a whopping 25% of all circulating ETH, or 30.2 million coins, are now locked in staking contracts. This represents a significant surge of 600,000 ETH deposited between February 1st and 15th. And with an annualized reward rate of 4%, the incentive to join the staking party is only growing stronger.
But staking isn’t the only force propelling ETH forward. The potential approval of an Ethereum Exchange-Traded Fund (ETF) has also injected optimism into the market. Such a product would make it easier for institutional investors to enter the crypto space, potentially leading to significant inflows and price appreciation.
Furthermore, the recent Dencun upgrade on the Sepolia testnet, promising improved network performance and lower transaction costs, has been met with positive reactions from stakeholders. This could attract more developers and users to the Ethereum DeFi ecosystem, boosting its utility and ultimately driving demand for ETH.
Obstacles Ahead: ETH’s Journey Towards ,000
However, the path to ,000 isn’t without its obstacles. A major resistance level looms at ,850, where approximately 1.23 million addresses, holding a combined 578,000 ETH, bought in. These holders might be tempted to take profits as the price approaches their break-even point, creating a temporary hurdle.
Additionally, a price dip below ,500 could trigger panic selling among investors who bought at higher prices. While some experts suggest that such a scenario might be mitigated by “frantic last-minute purchases” to avoid losses, it underscores the inherent volatility of the cryptocurrency market.
IntoTheBlock’s global in/out of the money (GIOM) data further emphasizes this point. This data groups all existing ETH holders based on their historical buy-in prices. According to GIOM, the cluster of holders at the ,850 resistance level represents a potential selling pressure. However, if the bulls can overcome this hurdle, another leg-up towards ,000 and beyond becomes more likely.
Ultimately, while the short-term outlook for ETH seems promising, caution remains key. Investors should carefully consider their own risk tolerance and conduct thorough research before making any investment decisions. As with any market, past performance is not necessarily indicative of future results.
The next few days or weeks will be crucial in determining whether ETH can break through the ,850 resistance and continue its ascent towards ,000 and beyond.
Featured image from Adobe Stock, chart from TradingView
Onchain Bitcoin Fees in 2024: A Closer Look at Transaction Costs and Delays
Data gathered over the last 36 days reveals that the Bitcoin network’s average transfer fee has consistently exceeded the .68 mark, while costs for median-sized transactions have not dipped below the .67 threshold. As of Feb. 6, 2024, insights from Bitcoin’s transaction queue highlight a significant backlog of 221,799 transactions awaiting confirmation.
Bitcoin Transfer Fee Insights From the First Five Weeks of 2024
Although network transaction fees in 2024 are still substantial, they haven’t reached the peaks observed in mid-December 2023, the latest data from Tuesday suggests. For example, on Dec. 17, 2023, the peak average transaction fee soared to .67 per BTC transfer. The initial five weeks of 2024 have seen the average fee stabilize at .39 per transaction across all 36 days.
2024’s peak day for Bitcoin’s network transaction fees occurred on Jan. 2, marking the average transfer cost at .32 per transaction. Additionally, data indicates that the lowest average fee in 2024 fell to .68 per transaction on Jan. 28. Average-sized bitcoin fees, determined by dividing the total transaction fees within 24 hours by the transaction count, give an overall sense of cost but may be influenced by significantly high or low fees.
In contrast, median-sized bitcoin fees, identifying the central value in a dataset of daily transaction fees when sorted, provide a more precise gauge of the typical expense for users, bypassing the distortion from outliers. Therefore, while average fees might imply elevated costs due to exceptional values, median fees more accurately reflect the transaction costs most users incur.
For 2024, the average median BTC fee per transaction stands at .02, with Jan. 14 witnessing the highest fee day at .28 per transfer. The day with the lowest median-sized fee was Jan. 27, dropping to .67 per transaction. Currently, the fee rate for high-priority transactions at 9:00 a.m. Eastern Time (ET) on Feb. 6, 2024, is between 18-29 satoshis per virtual byte. According to Mempool.space metrics, the mempool (Bitcoin’s transaction queue) is congested with 221,799 pending transactions.
In the last week, the average transaction fee was roughly .40 per transfer. The week’s highest fee day took place on Saturday, Feb. 3, with an average cost of .86, while the lowest fee day was on Jan. 30, plunging to .27 per transfer.
What do you think about the Bitcoin network’s transaction fees in 2024? Share your thoughts and opinions about this subject in the comments section below.
11 Spot Bitcoin ETFs Inch Closer to Approval — Analyst Says It’s ‘Basically Done’
Eleven spot bitcoin exchange-traded funds (ETFs) are moving closer to approval by the U.S. Securities and Exchange Commission (SEC). Proposed rule changes to list and trade all 11 spot bitcoin ETFs on stock exchanges have been filed with the SEC. “It’s basically done,” an ETF analyst said, adding that the securities regulator is “trying to line everyone up for Jan 11th launch.”
Bitcoin ETF Decisions Loom: Analyst Says ‘It’s Basically Done’
Proposals to list and trade 11 spot bitcoin exchange-traded funds (ETFs) flooded for the U.S. Securities and Exchange Commission (SEC) Friday amid heightened speculation regarding the imminent approval of spot bitcoin ETFs by the securities regulator.
“The [SEC] staff had no additional feedback on the paperwork for several of the firms after the latest amendments,” Bloomberg reported, citing two people familiar with the matter. Form 19b-4 is used to propose rule changes to allow spot bitcoin ETFs to be traded on stock exchanges.
Bloomberg analyst James Seyffart shared a list on X Friday afternoon, revealing that amended 19b-4 forms have been submitted to the SEC for all 11 spot bitcoin ETF applicants. “All 11 of these bitcoin ETF filers are still in the Cointucky Derby,” he wrote.
However, the analyst cautioned: “We’re not over the finish line yet. But we are damn close … We need to see approvals on these amended filings (which should come next week). And then we need the S-1 documents to go effective (which could also happen next week). Then it’s a done deal.”
Commenting on Friday’s development, senior Bloomberg ETF analyst Eric Balchunas opined on X:
It’s basically done. Latest I’m hearing (from multiple sources) that final S-1s are due 8am on Monday as SEC is trying to line everyone up for Jan 11th launch.
“That said, I still want to hear it from the SEC to call it official,” he noted. S-1s are prospectus documents for spot bitcoin ETFs.
The SEC commissioners are expected to vote on the exchange-rule filings next week, Bloomberg reported, citing another person familiar with the process. The publication explained that once the SEC approves the 19b-4 filings and issuers sign off on their final S-1 filings, spot bitcoin ETFs could begin trading as soon as the next business day.
Do you think the SEC will approve all 11 spot bitcoin ETFs next week? Let us know in the comments section below.