President Nayib Bukele of El Salvador has indicated that his country’s bitcoin holdings may exceed public estimates. He revealed that El Salvador has been generating bitcoin-related revenue from various sources in addition to the capital gains from bitcoin purchased since its legalization as a legal tender in the country. ‘El Salvador Is Bitcoin Country’ El […]
Bitcoin News
Study: Criminals Target Defi Platforms, Steal More Than $67 Million in February Alone
In February alone, criminals stole digital funds worth over million from decentralized finance (defi) platforms. The latest Immunefi data shows that hacking attacks accounted for more than million, or 97% of the month’s losses. The Ethereum blockchain suffered the most individual attacks, with 12 incidents representing 85.71% of the total losses across targeted […]
Bitcoin News
Bitcoin Extreme Greed At Levels Higher Than Nov. 2021 Peak, Top Signal?
Data shows the Bitcoin sentiment has now reached extreme greed levels higher than even those at the price all-time high (ATH) in November 2021.
Bitcoin Fear & Greed Index Is Deep Inside Extreme Greed Territory Now
The “Fear & Greed Index” is an indicator created by Alternative that keeps track of the general sentiment present among the investors in the Bitcoin and wider cryptocurrency market right now.
The metric represents this average sentiment in the form of a score lying in the zero to hundred range. To calculate this score, the index takes into account the following five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends.
When the indicator shows a value less than 47, it means that the sentiment around the sector is that of fear. On the other hand, the index being above the 53 mark implies the presence of greed among the investors. Naturally, the region between these two territories belongs to the neutral mentality.
Besides these three main sentiments, there are two “extreme” sentiments called extreme fear and extreme greed. The former of these occurs at and below 25, while the latter is 75 and above.
Now, here is what the Bitcoin Fear & Greed Index currently looks like:
As is visible above, the Bitcoin Fear & Greed Index’s current value is 90, which means that the investors are holding a strong sentiment of extreme greed. This latest value is quite the jump from the sentiment from yesterday, when the index was around 82.
The reason behind this sharp increase in the indicator is obviously because of the fact that the cryptocurrency’s price has been pushing towards a new all-time high during its latest rally.
The current level of the Fear & Greed Index isn’t only high compared to the recent trend, but also when considering the historical data. The below chart shows how the metric’s value has fluctuated since its inception back in 2018:
As displayed in the graph, the Bitcoin Fear & Greed Index has now surpassed the level that it assumed during the November 2021 price all-time high, as it stands at values just below those observed between late 2020 and early 2021.
Besides this period, there has only been one other instance in the history of the metric where it has achieved levels higher than now: the rally peak during mid-2019.
Historically, Bitcoin has tended to move against the expectations of the majority, and as this expectation has leaned more towards one side, the probability of such a contrary move taking place has only gone up.
The top in the 2019 rally and November 2021 are just two such examples of this pattern in action. As such, it’s possible that the current extreme levels of the indicator mean that the price is at risk of forming a top right now.
It should be noted, however, that a top doesn’t necessarily have to immediately follow, as during the first half 2021 bull run, the metric was able to maintain at even higher levels for a while, without the rally being compromised.
BTC Price
Bitcoin was on the brink of setting a new all-time high just earlier, but its price has since cooled off towards the ,700 level.
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.
Bitcoin Price Could Hit $250,000 ‘Sooner’ Than Expected, Says Bitwise CEO
The chief executive of Bitwise Asset Management expects the price of bitcoin to hit 0,000 sooner than most people would imagine. Moreover, he believes that bitcoin is going to eat into gold’s total addressable market “faster than people expect.” He opined: “Bitcoin ETFs were bitcoin’s IPO moment. It’s now available to any investor with the […]
Bitcoin News
Future AI Models Will ‘Know Users Better Than They Know Themselves’ – Calanthia Mei
The rapid proliferation of artificial intelligence (AI) models in recent years is contributing to the escalating problem of personal data harvesting, or “grabbing,” by major tech companies, Calanthia Mei, the co-founder of the data marketplace Masa, has argued. Mei, a Web3 builder and investor, asserts that this personal data harvesting frequently occurs without the consent […]
Bitcoin News
Blackrock CEO Larry Fink on Bitcoin: I’m a Big Believer — Its Bigger Than Any Government
Larry Fink, the CEO of Blackrock, the world’s largest asset manager, says he has become “a big believer” in bitcoin, emphasizing that it is “bigger than any government.” Calling the cryptocurrency “digital gold,” the executive stressed: “Unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.” Blackrock’s chief also sees value in having Ethereum exchange-traded funds (ETFs).
Blackrock CEO Larry Fink Is a ‘Big Believer’ in Bitcoin
Larry Fink, the CEO of Blackrock, the world’s largest asset manager, shared his outlook on bitcoin, crypto, and the spot bitcoin exchange-traded fund (ETF) market, in an interview with CNBC and Fox Business Friday. Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), was among the 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) on Wednesday.
Describing bitcoin, Fink shared with Fox Business: “If you’re in a country where you’re fearful of your future, fearful of your government, or you’re frightened that your government is devaluing its currency by too much deficits, you can say this is a great potential long-term store of value. Like I said, it’s like digital gold.” The Blackrock chief added:
It’s an international ledger that’s cross-border. It’s bigger than any government.
In an interview with CNBC, Fink explained why he thinks the price of bitcoin will go up. “I believe it goes up as the world is more frightened. If people have fearful geopolitical risks, they’re fearful of their own risk … And unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.”
Fink admitted that three years ago he was a “naysayer,” noting: “About two years ago, I switched, and I’m actually … in the last few years, I’m a big believer.” Emphasizing that he believes bitcoin is an asset class, Fink explained:
I’m a believer in it because I do believe it is an alternative source for wealth holding.
Commenting on Blackrock offering a spot bitcoin ETF, Fink detailed: “To me what we’re trying to do is offer an instrument that can store wealth.” Regarding whether the SEC will approve spot ethereum ETFs now that it has approved spot bitcoin ETFs, the Blackrock executive stated:
I see value in having an Ethereum ETF.
“If you had a tokenized security and you have a tokenized identity … the moment you buy or sell an instrument, it’s known, it’s on a general ledger that is all created together. You want to talk about issues around money laundering and all that, this eliminates all corruption by having a tokenized system,” Fink concluded.
What do you think about the statements by Blackrock CEO Larry Fink? Let us know in the comments section below.
North Korea-Affiliated Hackers Stole $600 Million in 2023 — Ten Times More Damaging Than Anyone Else
North Korea-affiliated hackers stole digital assets worth 0 million in the past year. According to a TRM Labs report, this figure will likely rise to 0 million if additional attacks which occurred at the tail end of the year are traced to the same hackers. North Korea and its affiliates reportedly now possess a hacking prowess which requires ongoing “vigilance and innovation from business and governments.”
DPRK Hacks Ten Times More Damaging
According to the latest research by the blockchain intelligence firm TRM Labs, North Korea-affiliated hackers stole digital assets worth at least 0 million in 2023. If additional hacks that occurred in the final days of that year are confirmed as North Korean attacks, this figure is likely to rise to 0 million.
TRM Labs’ new report on suspected North Korean hacks acknowledges that the value of digital assets stolen in the past year is 30% lower than the 0 million siphoned in 2022. However, the intelligence firm’s findings suggest that hacks orchestrated by the Democratic People’s Republic of Korea (DPRK) “were on average ten times as damaging as those not linked to North Korea.”
As previously reported by Bitcoin.com News, North Korea, which is under United Nations (UN) sanctions, is accused of using stolen digital assets to fund its suspected nuclear weapons program. Some observers believe that North Korea’s ability to fund its programs using stolen digital assets is helping the country undermine UN sanctions.
Stolen Digital Assets Mostly Swapped With USDT or Tron
Explaining the North Korea-affiliated hackers’ modus operandi, the TRM Labs report said:
“North Korea conducts nearly all of its attacks by compromising private keys and seed phrases, which are critical security elements of digital wallets. Hackers transfer the victims’ digital assets to wallet addresses controlled by North Korean operatives. They are then swapped mostly for USDT or Tron and converted to hard currency using high-volume OTC brokers.”
Meanwhile, the report also highlighted how the DPRK has continued to launder stolen crypto funds even after U.S. authorities have sanctioned the country’s previous go-to crypto mixers. The report ends by acknowledging that North Korea and its affiliates now possess a hacking prowess which requires ongoing “vigilance and innovation from business and governments.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Less Than 15,000 Blocks to Halving: ETF Hopes and Ordinal Inscriptions Serve as Life Preserver for Bitcoin Miners
As of Jan. 9, 2024, fewer than 15,000 blocks remain before the fourth Bitcoin halving event. This milestone will halve the block reward from 6.25 to 3.125 bitcoins per block. Expected to occur in April 2024, this event will render bitcoin increasingly scarce. However, it may exert considerable pressure on miners, seeing their earnings cut by 50% following the halving.
2 Key Trends Buoy Miners Ahead of 2024 Milestone
The Bitcoin halving event is approaching and is estimated to be just over 100 days away, assuming block times maintain their average of ten minutes. Current statistics, as of this writing, indicate that 14,981 blocks remain until the halving.
This upcoming event marks the fourth halving; the first occurred on Nov. 28, 2012, followed by the second on July 9, 2016, and the third on May 11, 2020. Before these halving epochs, especially preceding the 2016 and 2020 events, certain skeptics of bitcoin predicted a ‘mining death spiral’ accompanied by substantial miner capitulation.
In the past, bitcoin detractors have claimed that a mining death spiral could occur post-halving due to reduced block rewards. They argue that this decrease in profitability may lead to miners exiting the network en masse, resulting in a drop in hashing power, slower transaction times, and potential security vulnerabilities, thus destabilizing the entire Bitcoin network.
However, a 2020 research study by Coinshares dismissed these concerns as “highly theoretical edge cases without any historical real-world precedent.” As the 2024 halving nears, these once-prominent theoretical concerns have significantly diminished.
Up to this point, two key developments have enhanced the earnings of bitcoin miners: the anticipation of a U.S. spot bitcoin exchange-traded fund (ETF) approval and the burgeoning Ordinal inscription trend. Mining revenue saw a substantial rise throughout 2023 and this trend has persisted into the new year.
The positive sentiment surrounding the potential approval of a spot bitcoin ETF has boosted BTC’s value, consequently increasing the network’s hash price. The surge in activity, coupled with the popularity of Ordinal inscription minting, has significantly raised transaction fees. If these trends persist, miners might not experience a significant impact from these changes.
Although current fees are lower than last month, they remain notably higher than the same period last year. The potential approval of an ETF has led crypto enthusiasts to anticipate significant demand for bitcoin from these publicly traded funds, potentially maintaining BTC’s high price for an extended period.
As with previous halvings, the outcome remains uncertain, and bitcoin miners have historically operated under tight conditions. However, major mining operations with substantial capital are scaling up their hashrate significantly by acquiring thousands of advanced mining rigs.
With these more efficient miners and increased hashrate outputs, coupled with the potential price support from an ETF and higher fees due to inscriptions, bitcoin miners are expected to remain resilient, similar to their experience during the past three halving events.
What do you think about the upcoming Bitcoin halving event? Share your thoughts and opinions about this subject in the comments section below.
From Bullish To Bearish, Bitcoin Plunges More Than 6% Amid Matrixport’s Contradictory Reports
Matrixport, a crypto financial services platform, has recently made headlines with the release of two conflicting articles on January 2nd about the future of Bitcoin (BTC). The first publication, radiating optimism, projected that Bitcoin’s price could soar to ,000 in January, spurred by the potential approval of Bitcoin spot exchange-traded funds (ETFs).
This bullish stance was further grounded by disclosing a possible announcement that could happen on January 8th, 9th, or 10th.
Matrixport’s Sudden Shift: A Bullish Sentiment And Then Bearish Counterpoint
Matrixport’s initial bullish report highlighted the transformative impact a Bitcoin spot ETF approval could have on the crypto market. The anticipated approval is seen as a “pivotal” moment that would “legitimize” Bitcoin in the eyes of institutional investors and potentially unlock a significant influx of capital into the crypto market.
This sentiment echoed the growing optimism within the crypto community, with many stakeholders eagerly awaiting regulatory endorsements that could catalyze Bitcoin’s ascent.
However, in a surprising twist, Matrixport released a second article later the same day titled “Why the SEC will REJECT Bitcoin Spot ETFs again.” This piece presented a starkly bearish perspective, contrasting their earlier optimistic forecast.
The article emphasized the political composition of the US Securities and Exchange Commission (SEC), noting that the current Democratic dominance and Chair Gary Gensler’s cautious stance towards crypto might “diminish the likelihood of a spot ETF approval.”
The report argued that such approval would validate Bitcoin as an alternative store of value, a move Gensler “might not be ready to make.”
The firm noted in the bearish article:
An ETF would certainly enable crypto overall to take off, and based on Gensler’s comments in December 2023, he still sees this industry in need of more stringent compliance. From a political perspective, there is no reason to approve a bitcoin spot ETF that would legitimize Bitcoin as an alternative store of value.
Bitcoin Plunge And Crypto Community Reaction
Matrixport’s bearish outlook had immediate repercussions in the crypto market. Bitcoin experienced a notable decline, shedding around 6% of its value and slipping below the ,000 mark.
This downturn wasn’t isolated to Bitcoin alone; Ethereum and other altcoins also saw significant drops, with Solana plummeting by nearly 10%. Data from Coinalyze indicated over 0 million in altcoin liquidations, with long positions bearing the brunt of this market shift.
Largest total market liq event since the uptrend from 25k began in August.
Largest alts liq event in 2 years.
Brought to you by a Matrixport intern. pic.twitter.com/4z71FbkUfB
— Hsaka (@HsakaTrades) January 3, 2024
The publication of these contrasting articles by Matrixport ignited a wave of controversy within the crypto community. Some observers pointed to Matrixport’s founder, Jihan Wu, a prominent Bitcoin Cash supporter, leading to speculations about the firm’s intentions.
This is the guy who founded Matrixport, a supporter of Bitcoin Cash.
If anyone believes anything that Matrixport publishes, I have a bridge to sell to you. pic.twitter.com/cxaxSOcDx7
— James Van Straten (@jimmyvs24) January 3, 2024
This revelation sparked heated discussion, with many saying that Matrixport’s actions were driven by market manipulation motives, especially in light of the market turbulence that followed the viral articles.
Despite the current market condition, as always, some are still bullish, while some even refuse to believe MatrixPort was the cause of this market downturn. Mike Alfred, an investor serving as a board member of BTC miner Iris Energy, already shared his bullish take, noting, “Big money isn’t buying this.”
Top tier Bitcoin miners have shaken off the Matrixport market manipulation and have gone green or moved back towards breakeven. Big money isn’t buying this.
— Mike Alfred (@mikealfred) January 3, 2024
Featured image from Unsplash, Chart from TradingView