At 10:00 a.m. EDT on Feb. 9, 2024, the nine recently launched spot bitcoin exchange-traded funds (ETFs) collectively possess 202,868.61 bitcoin, valued at .56 billion according to current exchange rates. New ETFs Command Over 200,000 Bitcoin In the last 28 days, spot bitcoin ETFs introduced by Blackrock, Fidelity, Ark Invest, Bitwise, Invesco, Vaneck, Valkyrie, Franklin […]
Bitcoin News
Bitcoin Repayments: Mt Gox Starts Verifying Addresses For 200,000 BTC In Payouts
Defunct Japanese-based cryptocurrency exchange, Mt. Gox has taken the next steps toward its Bitcoin distribution process to customers who were previously affected by its 2014 hack attack. The crypto exchange has delivered mass emails to account holders as they confirm wallet addresses for individuals eligible for its repayment process.
Mt. Gox Prepares For Bitcoin Repayments
Recently, Account holders at Mt. Gox reported in a Reddit post that they have been receiving new emails from the crypto exchange regarding an identity verification and confirmation procedure initiated by the exchange.
Mt. Gox disclosed that it has begun confirming wallet addresses from users who had officially owned accounts at the crypto exchange and had successfully completed their identity verification processes. The crypto exchange also revealed that it would be distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part of its repayment process to account holders, with the payout ranging from 142,000 BTC to 200,000 BTC.
Furthermore, Mt. Gox disclosed that the rehabilitation trustee has shared customer details with the custodian to facilitate the account verification process. The crypto exchange warned that customers with disabled or frozen accounts may not be eligible for the fund distribution program.
In September 2023, Mt. Gox declared an extension of its repayment deadline from October 2023 to October 31, 2024, attributing the decision to the need for further discussions to ensure proper disbursement of funds. During December 2023, the crypto exchange encountered a slight hiccup in its payment distribution process after it announced it had unintentionally issued double payments to specific users.
Following the error, Mt Gox urgently requested these users to return the excess funds, warning of potential legal consequences and the possibility of being excluded from the reimbursement plan scheduled later this year.
This year marks nearly a decade since Mt. Gox suffered a hack attack resulting in the loss of a substantial 850,000 Bitcoin. Recent developments in the repayment process bring hope to former customers of the crypto exchange who were adversely affected by the cyber theft.
BTC Faces ,000 Crash If Mt. Gox Customers Commence Bitcoin Sell-Off
About 200,000 BTC presently worth over .7 billion, is expected to spread through multiple wallet addresses owned by Mt.Gox creditors. This raises concerns about the potential impact this Bitcoin distribution could have on the crypto market.
Presently, Mt. Gox’s 200,000 BTC repayment amount surpasses the total value of Microstrategy and El Salvador’s Bitcoin holdings, which are among the largest in the world.
With Bitcoin currently at ,909, if Mt.Gox account holders receive their reimbursements and attempt a sell-off to take their profits, which have grown by a substantial 99,900%, the price of Bitcoin may dip below ,000. This would be a monumental crash for the pioneer cryptocurrency, bringing prices back to half of their present market value.
Cameroonian Fintech Startup Koree Secures $200,000 in Pre-Seed Funding
The Cameroonian fintech startup Koree recently secured 0,000 in pre-seed funding which was led by the co-founder of the Nigerian payments company Duplo. The fintech said it will use the funds raised to launch a marketplace that rewards users for the purchases they make.
Users Rewards
The Cameroonian fintech startup Koree recently announced that it had raised 0,000 in pre-seed funding to expand its merchant network and bolster its customer base. Tunde Akinnuwa, the co-founder of the Nigerian payments company Duplo, led the funding round. Other participants in the round included the Cameroon Angels Network, Catalytic Africa, and Digital Africa.
According to a report, Koree plans to use the funds raised to start a new marketplace that enables users to get rewards for their purchases. Magalie Gauze-Sanga, the founder of the fintech startup, said that users will be able to earn a certain percentage of the amount they have spent across the Koree app’s 14 categories.
“They shop as usual and earn a certain percentage of the amount they have spent. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account,” the founder reportedly said.
Since its launch in 2022, the Cameroonian fintech startup has reportedly amassed over 13,000 users and processed more than 50,000 transactions. Besides securing capital via the pre-seed round, the fintech startup won the Orange Fab Cameroon 2023 Challenge, which aims to serve as a bridge between startups and Orange’s resource network.
Koree also won the Ecobank Fintech Challenge and has used the prize money to hire key personnel in development and engineering. Meanwhile, Gauze-Sanga revealed that the fintech startup, which already has team members in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, is hoping to open a physical office in Douala.
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Rising Liquidity Will Push Bitcoin To Over $200,000 In Less Than 5 Months: What It Means
According to Dan Tapiero, Managing Partner at 10T Holdings, the Bitcoin and crypto market is on the verge of a major transformation, with the world’s most valuable coin likely to soar to over 0,000 by May 2024. Citing data by Raoul Paul, the CEO of Real Vision, Tapiero suggests that traditional money managers must take notice and prepare for a paradigm shift in the financial landscape.
Bitcoin Could Rally To Over 0,000 In 2024 On Rising Liquidity
Tapiero bases this bullish forecast on the expected BTC liquidity surge in the coming months. Market participants hope the stringent Securities and Exchange Commission (SEC) will approve the first batch of Bitcoin ETFs in the next few trading weeks.
The Bitcoin ETF, set to be issued by some mainstream players in traditional finance, including BlackRock, will provide regulated vehicles through which institutional investors can get exposure to the coin. Based on Tapiero’s analysis, as more and more institutions adopt Bitcoin, its liquidity will increase, boosting prices.
With a Bitcoin ETF on the table, it would also mean the release of institutional-grade Bitcoin trading platforms. This will cement Bitcoin’s position in the industry and its potential role in reshaping finance.
Paul’s monthly GMI data, which tracks the sentiment of institutional investors, as Tapiero mentions, further reinforces the general bullish sentiment across the board. Looking at the GMI total liquidity index, the trend has been rising, suggesting that institutional interest in Bitcoin has also increased.
This trend also indicates that more funds and asset managers are likely allocating more of their portfolios to Bitcoin, expecting to ride the leg up or be on the safe side.
Traditional Fund Managers Watching, BTC Up 64% From September Lows
Looking at Tapiero’s preview, the managing partner thinks rising prices will seriously affect traditional money managers. As such, if Bitcoin rallies to 0,000 on increasing liquidity, in the partner’s assessment, ignoring this asset class could pose a significant career risk.
Notably, Tapeiro opines that managers who fail to embrace the transformative power of Bitcoin may trail. This is because crypto will continue to evolve and find adoption.
As of December 18, Bitcoin is firmly in an uptrend and expanding with rising trading volume. The coin is up 64% from its September 2023 lows. Though there has been a cool-off in the past few trading days, prices are trending above the 20-day moving average.
Accordingly, in the days ahead, how prices pan out will shape the medium term. As it is, the immediate resistance level lies at around ,500. If buyers take charge, the coin may float to ,000. Afterward, it may float to the all-time high of ,000 in the sessions ahead.
Apollo Crypto Predicts Bitcoin Price Of $200,000 This Cycle, Here’s Why
Apollo Crypto, a renowned name in the field of cryptocurrency analysis, has recently released a comprehensive report predicting a significant surge in the Bitcoin price, potentially reaching as high as 0,000 in the current cycle. Authored by Henrik Andersson, the report delves into various factors that could contribute to this remarkable growth.
A pivotal aspect of the report is the anticipated approval of the first spot Bitcoin Exchange-Traded Fund (ETF) in the United States. Eric Balchunas, the senior Bloomberg ETF analyst, is quoted saying, “There is a 90% chance of an approval by January 10, 2024.” This development is seen as a significant driver for Bitcoin’s price increase.
The report elaborates on the interest from prominent asset managers in Bitcoin spot ETFs, asserting, “In our view, it is likely that the SEC won’t give preferential treatment to a single ETF issuer; therefore several of them are likely to get approval at the same time.”
Bitcoin ETF Inflow Estimate And Multiplier Effect
A key element in Apollo Crypto’s analysis is the potential new money inflow into Bitcoin ETFs. The report estimates this by considering the total size of US holdings of equities at .7 trillion.
It assumes that 10% of these investors would allocate 1% to Bitcoin ETFs, leading to an estimated inflow of billion. This number is cross-referenced with the total US ETF market size of .5 trillion, where Bitcoin ETFs are expected to capture 1%, aligning with the billion inflow estimate.
The concept of the ‘Bitcoin multiplier’ is also central to the report’s analysis. This refers to the effect of each dollar inflow on Bitcoin’s market cap. The report cites the next BTC halving in April 2024, which will reduce the new supply of BTC, as a factor that could increase the multiplier effect.
Referring to a Bank of America report titled “Bitcoin’s dirty little secrets,” Apollo Crypto notes, “For example, we estimate that a net inflow of just million would result in price appreciation of 1%.” From this, they deduce a 114x multiplier effect as an upper bound but apply a more conservative estimate of 50x for their scenario.
Combining the inflow estimate and the multiplier effect, the report concludes that Bitcoin could reach 0,000 per coin in this cycle:
Putting it all together leads us to believe that we could see billion in inflow to Bitcoin ETFs in the coming cycle. Applying a 50x multiplier effect leads to an increased market cap of .25 trillion in which case we would see Bitcoin trading at 0,000 per coin. We realize this is a bold estimate with a lot of uncertainty.
Flow-On Effect On Ethereum
The report doesn’t stop at Bitcoin. It also analyzes the performance relationship between Bitcoin and Ethereum during the last bull market, using a specified period from September 2020 to November 2021.
During this phase, the report notes, “Bitcoin increased 4.8x while Ethereum increased 9.8x; Ethereum increased twice as much as Bitcoin during this time.” This historical data is crucial as it indicates that Ethereum tends to have a higher beta, or sensitivity, to Bitcoin’s market movements.
Building on this relationship, the report projects that if Bitcoin’s price were to quintuple – as suggested in their forecast from ,000 to 0,000 – then based on the past market behavior, Ethereum could potentially experience a parallel and more pronounced surge.
The report estimates, “If the relationship holds for the coming cycle and Bitcoin increases 5x, then Ethereum would reach ,000.”
At press time, BTC traded at ,371.
Crypto Analyst Predicts Bitcoin 400% Surge To $200,000, Here’s When
Crypto analyst Dave the Wave has shared a bullish prediction for the flagship cryptocurrency, Bitcoin. He believes that the crypto token could rise to as high as 0,000 and even provided a timeframe using technical analysis.
When Bitcoin Will Hit 0,000
In a post shared on his X platform, Dave the Wave shared an accompanying chart that put Bitcoin’s price at 0,000 on December 1, 2025. Alongside this, he made known the fact that BTC’s moving average convergence divergence (MACD) indicator seems very bullish.
The crypto analyst went on to give another scenario on how things could play out in terms of this price projection. According to him, Bitcoin hitting 0,000 could be front-run by a year, meaning that it could happen as soon as December 1, 2024. He noted that this could happen when most people are anticipating this price level.
Dave the Wave had also earlier predicted that Bitcoin could hit a new all-time high before the year ran out. Based on the chart he shared then, he hinted that the BTC price could hit ,000 this year. The crypto analyst doesn’t seem to have given up on that happening, as he recently shared an updated chart suggesting that Bitcoin could still hit that price level before 2024.
BTC Price Above ,000
The flagship cryptocurrency broke above ,000 to so much excitement from the crypto community. Bitcoin is on a run right now and many believe that it is only up from here on. The reason for this rally has so far been attributed partly to an imminent approval of a Spot Bitcoin ETF. Others believe that it is simply because the Bitcoin Halving is around the corner.
Whatever the reason is, what is most obvious is the significant amount of investors trooping into the crypto market right now, with Bitcoin in particular. Two weeks ago, BTC saw inflows totaling US2m, bringing its year-to-date inflows to just over US.5 billion. Liquidity is also flowing into the ecosystem of other tokens like Ethereum, XRP, Solana, Cardano, and BNB.
With Bitcoin above ,000, Dave the Wave seems more optimistic than ever. In one of his most recent X posts, he mentioned that BTC could go “parabolic” if it breaks the upward channel. From the chart he shared, ,000 seems to be the next stop for the flagship cryptocurrency.
At the time of writing, Bitcoin is trading at around ,400, up by over 5% in the last 24 hours according to data from CoinMarketCap.
Solo Bitcoin Miner Snags $200,000 Block Reward, How Did They Do It?
A solo Bitcoin miner has struck gold after successfully claiming a 0,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations
Lone Bitcoin Miner Hits Jackpot
On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr. Con Kolivas congratulated a lone Bitcoin miner in an X (formerly Twitter) post for accomplishing a rare milestone by solving the 278th solo block at Solo Ckpool.
The lucky miner used 11 PH/s of hash power to discover block 814,308 and claimed a 0,000 (6.25 BTC) block reward.
“Congratulations to miner 3KCykmdpBpNKTtZJAvp3u2N2EQjGzbUF7c with ~11PH for solving the 278th solo block on solo.ckpool,” Dr. Kolivas stated.
Presently, large-scale mining operations and pools are dominating the Bitcoin mining industry. When blocks are discovered, these mining companies often share the rewards. In contrast, mining pools like Solo Ckpool offer lone miners a higher level of independence allowing them to earn almost all rewards when they discover a block.
This recent solo mining achievement has not been the only accomplishment this year. In August, a solo Bitcoin miner solved block 803,821, claiming 6.25 BTC worth 0,000. Multiple solo miners have also discovered substantial blocks and reaped significant rewards in the last few months.
The lure of solo mining pools is growing as many miners are looking to increase their chances of earning large rewards while reclaiming a sense of independence in the competitive Bitcoin mining market.
BTC Mining Hashrate On The Rise
Bitcoin Hashrate has continued to increase following the recent surge in the value of BTC. Earlier on October 12, the hash rate saw an alarming increase to 456 exahash per second (EH/s). Following this increase, the hash rate stabilized slightly dropping down to 443 EH/s sometime on October 28.
Despite the increased level of mining difficulties, hash rates are rising. Bitcoin hash rate is slightly back up today to 452.63 EH/s with an estimated difficulty adjustment of 12.78% and network difficulty of 62.46T. The average block time for mining is also approximately 8 minutes and 52 seconds.
In the past month, mining hash prices fell to significant lows, depicting the possibility of chain validators experiencing higher mining difficulties and pressure. Now, hash rates are on the rise and Bitcoin miners are taking advantage of these opportunities to increase their earnings.
Israeli Crypto-Based Aid Organization Says Nearly $200,000 Raised for October 7 Terror Victims
Nearly 0,000 has been raised by a non-profit organization launched by members of Israel’s Web3 community. More than 30 Web3 companies have since joined the campaign while the accounting firm KPMG is said to be assisting with fundraising and distribution.
Web3 Companies Join Campaign
Crypto Aid Israel, a non-profit organization launched by influential leaders within the Israeli Web3 community, said nearly 0,000 has been raised as part of the Emergency Relief Initiative. Some of the funds raised have been distributed to organizations leading relief efforts for victims of the Oct. 7 attacks by Hamas.
.@CryptoAidIsrael with almost 0K in Donations as 30+ Global Web3 Companies Join The Initiative
Am Israel Chai
#StandWithIsrael pic.twitter.com/WAU5FpTj5N
— CryptoAidIsrael (@CryptoAidIsrael) October 24, 2023
According to a statement issued by the aid organization, more than 30 Web3 companies have joined the campaign. The accounting firm KMPG is said to be assisting with fundraising and distribution of the funds. The other companies contributing to the campaign include crypto wallet provider Zengo, Fuse, Wonderland and Psagot Equity.
Commenting on his organization’s achievement, Tim Freed, a senior leader within Crypto Aid Israel, said:
We are deeply humbled by the outpouring of support from the global crypto community. Together, we have made significant strides in our mission to assist those affected by the recent wave of Hamas terrorism. The completion of two rounds of aid distribution shows how crypto can be used as a force of good in the world.
Freed added that Crypto Aid Israel remains committed to transparency and is still determined to continue with its objective of assisting those directly affected by the Hamas attacks. Some of the non-government organizations that have already funding from Crypto Aid Israel include the Foundation for Advancing Citizens of Eshkol Regional Council, Zaka, Lev Echad by Or Hanegev veHagalil and Latet.
Although Crypto Aid Israel has committed itself to helping victims of the terror attacks, the organization’s platform has suffered serious phishing attacks. However, according to the statement, after the attackers briefly took the aid organization’s website this interruption was promptly addressed by Crypto Aid Israel’s hosting provider.
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Economist Predicts “Monster” Move for Bitcoin: Is A 6X To $200,000 On The Table?
Macro-economist Henrik Zeberg thinks Bitcoin (BTC) and other risk assets are gearing up for a “monster” move, with the trend still in its early stages. Zeberg’s predictions are based on the BTC/SPX Ratio, an indicator that compares Bitcoin’s performance to the S&P 500 index (SPX).
BTC/SPX Ratio Says There Is A Monster Move Incoming
Despite recent fluctuations and concerns about the crypto market’s sustainability, Zeberg remains bullish on BTC. In the analyst’s view, the BTC/SPX Ratio offers strong evidence that the Bitcoin uptrend is “just starting.” Based on price movements, the current leg down in September could provide opportunities for traders to accumulate.
The BTC/SPX Ratio is an indicator that assesses the relative performance of Bitcoin and the stock market. The ratio is derived from dividing the Bitcoin and S&P 500 index (SPX) spot prices. When it is rising, like it is presently the case, it indicates that Bitcoin is outperforming the stock market. Conversely, a declining ratio suggests that Bitcoin is underperforming. In that case, banking on the stock market could generate better returns than HODLing BTC.
From the chart shared on October 3, Zeberg said a “bull” signal was triggered in February 2023, preceding a substantial rally in Bitcoin’s price. By July 2023, Bitcoin had surged to approximately ,000. While there has been a cooling-off period since then, Bitcoin is trending above February highs at around ,200, confirming the uptrend.
Between April 2019 and May 2021, when a similar bull signal was printed, BTC soared by 6X, while the S&P 500 saw a more modest increase of 41%. Zeberg’s assessment, based on the BTC/SPX Ratio, suggests that Bitcoin–and other risk assets, by extension, can post strong gains in the months ahead.
Will Bitcoin Fly To 0,000 This Bull Run?
Whether this will be printed or not can only be speculated. Looking at the BTC/SPX Ratio, the indicator is lagging and doesn’t precisely capture market peaks or bottoms.
For instance, the last bear signal in May 2021 was months ahead before Bitcoin peaked in November 2021 and fell. Therefore, while the bull signal was recorded in early February 2023, it is unclear whether there will be another leg down before prices rise or bears press on, pushing the coin back to 2022 lows.
If buyers take control and the BTC/SPX Ratio indicator is correct, it is impossible to determine how high BTC will rise at current rates. If the last bull run is anything to go by, BTC may surge by 6X. In that case, BTC may rally and push beyond 0,000 in this bull cycle.
Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000
In his recent interview, Mike McGlone, Bloomberg Intelligence’s Senior Commodity Strategist, predicted Bitcoin’s potential fall amid the ongoing market downturn. However, it wasn’t all gloom from the seasoned analyst, as he also touched upon the longer-term prospects of the flagship cryptocurrency.
Will Bitcoin Touch ,000?
It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin’s volatile nature to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement.
Mike McGlone’s interview was rife with insights into the cryptocurrency market, but one statement stood out: his belief that Bitcoin could plunge to a low of ,000 in the current bear market.
McGlone emphasized that despite the potential for such a drastic drop. Bitcoin remains the world’s top-performing asset. McGlone stated that Bitcoin hasn’t exhibited deflationary characteristics like Treasury bills and gold.
Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve’s ongoing tightening policies, continue to have a pronounced effect on Bitcoin’s price.
Institutional Influence: Not the Immediate Boost Many Anticipate?
Another popular belief within the crypto community is that spot ETF approvals, and an influx of institutional investors would catapult Bitcoin’s price to new heights.
McGlone, however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact Bitcoin’s price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year.
On which spot ETF could potentially make the first move, McGlone’s bet is on BlackRock. Citing the institution’s commanding presence in the market and its reputation as the world’s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space.
McGlone maintained confidence in Bitcoin’s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of 0,000.
Meanwhile, following the announcement of Grayscale’s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of ,974, dropping to ,885 at the time of writing.
Bitcoin’s daily trading volume has also dipped along with its price, dropping from last Thursday’s peak of billion to billion in the past 24 hours. Notably, Bitcoin’s market cap currently sits at 3 billion when writing.
Featured image from Unsplash, Chart from TradingView