Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise 5 million in two funding rounds, but it was quickly clear that there was not a case […]
Bitcoin News
SEC Asks Judge to Fine Ripple $2 Billion in XRP Case — Ripple CEO Says ‘There Is Absolutely No Precedent for This’
The U.S. Securities and Exchange Commission (SEC) is seeking nearly billion in fines from Ripple Labs in the ongoing XRP lawsuit. “There is absolutely no precedent for this,” exclaimed Ripple’s CEO regarding the billion fine. “We will continue to expose the SEC for what they are when we respond to this.” SEC Wants […]
Bitcoin News
Beyond Bitcoin ETFs: ‘There Are Other Players Controlling This Market’ – Says Analyst
Recent observations by Eric Balchunas, a senior ETF analyst at Bloomberg, suggest that the movements in Bitcoin’s price are influenced by factors beyond just the flows of spot Bitcoin Exchange Traded Funds (ETFs).
According to Balchunas, who shared his insights on X, “bigger forces at work” shape the largest cryptocurrency’s valuation. This indicates that the correlation between spot ETF flows and Bitcoin’s price action is less direct than some assume.
The ETF Influence And Market Movements
This analysis emerges amid a period of significant financial activity for Grayscale, which has seen substantial outflows, described by Balchunas as experiencing a “second wind” of departures.
Yesterday, Grayscale reported outflows of 1.57 million, marking a notable decrease in its Bitcoin holdings by more than 40% since the inception of spot Bitcoin ETFs on January 11.
This scenario highlights a broader narrative within the cryptocurrency investment sphere, where the relationship between ETF activities and Bitcoin’s market performance is complex and multifaceted.
Interesting is price of bitcoin still went up yesterday and yet it went down second half of last week when Ten saw net inflows = there are other players controlling this market. ETFs def a factor but bigger forces at work here.
— Eric Balchunas (@EricBalchunas) March 21, 2024
Despite the record outflows from Grayscale’s GBTC, Bitcoin’s market behavior has shown resilience. The cryptocurrency recently exceeded the ,000 mark before experiencing a slight retracement, currently trading at a price of ,106.
This movement coincides with comments from Federal Reserve Chair Jerome Powell, which seemingly spurred a rally across various risk assets, including cryptocurrencies.
Powell’s reassurances regarding the outlook on rate cuts prompted a slight recovery in Bitcoin’s price, demonstrating how external economic factors and sentiments can impact cryptocurrency markets. It is worth noting that Bitcoin traded below ,000 before the announcement.
On-Chain Insights And Bitcoin Future Prospects
Further deepening the analysis, Charles Edwards, a crypto analyst, recently suggested that pullbacks are common in Bitcoin’s bull runs, with corrections of around 30% within the realm of possibility.
A normal Bitcoin bullrun pullback is 30%. Back in December, we were already in the longest winning streak in Bitcoin’s history. A 20% pullback here takes us to K. A 30% pullback would be K. These are all levels we should be comfortable expecting as possibilities.
— Charles Edwards (@caprioleio) March 19, 2024
In related news, data from the on-chain analysis platform CryptoQuant has recently indicated a nearly 40% reduction in Bitcoin’s supply on exchanges over the past four years.
This trend points towards a bullish sentiment within the Bitcoin ecosystem, suggesting that investors are inclined to hold onto their assets in anticipation of future value increases.
Moreover, CryptoQuant’s data reveals that Bitcoin’s demand has consistently outstripped its supply since 2020, a trend that supports the asset’s value on the premise that scarcity enhances perceived value.
This dynamic is expected to intensify following the upcoming Bitcoin halving event, which will reduce the miners’ supply by half, potentially leading to further increases in Bitcoin’s price.
Featured image from Unsplash, Chart from TradingView
Bitcoin Millionaires Rise By 246% In 2023, Here’s How Many There Are
Bitcoin’s resurgence in 2023 has created wealth for many crypto investors, as there has been a significant rise in the number of Bitcoin millionaires. These Bitcoin millionaires happen to be wallet addresses whose BTC holdings equal million or above.
Number Of Bitcoin Millionaires
According to data from BitInfoCharts, there are currently 97,497 Bitcoin millionaires. This represents a significant increase from the beginning of the year when the number of wallet addresses equal to million and above stood at 23,795, according to data from Glassnode.
This development is attributed to the resurgence in Bitcoin’s price this year, with the crypto token seeing over 158% gain year-to-date. At the beginning of the year, Bitcoin’s price stood at just over ,000. However, as the flagship cryptocurrency’s price began to rise, so did its number of millionaires.
Further data from BitInfoCharts breaks down these Bitcoin millionaires into two categories. The number of addresses that are greater than million stands at 90,040, while 7,457 wallet addresses hold million or more.
Meanwhile, other addresses below million have also seen enormous profits. Market intelligence platform Santiment recently reported that 89% of the total Bitcoin supply is in profits. 2024 could be a better year for these addresses, considering that the Bull market is expected to kickstart next year.
In the meantime, some of these Bitcoin millionaires and persons with significant holdings seem to be taking profits. NewsBTC recently reported how Bitcoin whales had sold around 50,000 BTC which equals to about .2 billion.
About Two Weeks To Go For Spot ETFs
One of the biggest moments for Bitcoin and the crypto industry could come as early as January 10. This is around the period when experts are predicting that the Securities and Exchange Commission (SEC) will approve the pending Spot Bitcoin ETFs, and there is optimism in the air as many actions point to an approval happening.
Crypto stakeholders have had their eyes fixed on developments revolving around these Spot Bitcoin ETFs. The reason isn’t farfetched, as these funds could unlock fresh liquidity into the Bitcoin ecosystem. Trading firm QCP Capital had highlighted this as the catalyst to Bitcoin hitting its all-time high (ATH) and possibly new ATHs.
At the same time, people like the former CEO of crypto exchange BitMEX, Arthur Hayes, will be hoping that these ETFs don’t achieve much success as he says they could lead to Bitcoin’s downfall.
At the time of writing, Bitcoin is trading at around ,678.76, down over 1% in the last 24 hours according to data from CoinMarketCap.
Argentina’s President Javier Milei Axes Ministries; ‘There Is No Money’
Javier Milei, the president of Argentina, fulfilled his promise of reducing the number of ministries of the country in one of the first executive orders of his administration. The number of ministries was reduced to nine, as the state needs to cut expenses by making adjustments targeting a reduction of 5% of the gross domestic product (GDP).
Libertarian President Javier Milei Reduces Ministry Number to Nine in Argentina
Javier Milei, now the official president of Argentina, reduced the number of ministries in the country in one of the first executive orders of his administration. The leader, who came to power preaching a policy of cost reduction and extensive state reforms, fulfilled one of the promises of this campaign with this action.
Only nine ministries remain out of the ones in the previous administration. These encompass the following areas: Homeland, Foreign Relations, International Trade and Worship, Defense, Economy, Infrastructure, Justice, Security, and Health and Human Capital. Ministries in the Environment, Tourism, Transportation, Education, Culture, Employment, Public Works, Social Development, and Women’s areas were closed.
In his first speech as president, Milei said he would apply the state reduction policies he announced during his campaign, including a government expenditure cut by 5% of the gross domestic product (GDP). He stated there was no alternative to these policies, saying the state had “no money” left.
Milei declared:
The situation in Argentina is critical and an emergency. We have no alternatives and we don’t have time either. We have no room for sterile discussions.
The government is expected to give more details on these strong cuts and economic measures this week to support Milei’s policies to achieve a fiscal balance goal.
Nonetheless, the process for achieving another of the president’s promises, who had stated he would close the Central Bank of Argentina to dollarize the economy, is still unclear. Santiago Bausili, the newly appointed head of the bank, has stated that the announced closure will be symbolic, explaining the government will work to control the monetary issuance instead.
What do you think about the first actions of Javier Milei as president of Argentina? Tell us in the comments section below.
Why Are Crypto Prices Up? Former SEC Official Says There Are 2 Reasons
The U.S. Securities and Exchange Commission’s former head of internet enforcement believes that there are two reasons why crypto prices are up. The first concerns regulatory oversight of the cryptocurrency industry, while the second revolves around the concept of the greater fool theory. The former SEC official also dismissed the reported 90% likelihood of the SEC approving a bitcoin spot ETF as “absolutely absurd.”
Stark Explains Why Crypto Prices Are Up
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his view on why the price of bitcoin has rallied in a lengthy post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years.
The former SEC internet enforcement chief detailed:
Crypto prices go up for two reasons: First, because there is no regulatory oversight to prevent market manipulation and second, because people are able to sell hyped, FOMO’d and overpriced crypto to a ‘greater fool,’ whether or not the crypto is overvalued.
He then cautioned that when “there are no greater fools left,” it will all come “crashing down.”
Continuing his criticism of crypto, he claimed: “For crypto: There’s no inherent value. There’s no cash flow. There’s no yield. There’s no employees. There’s no management. There’s no balance sheet. There’s no product. There’s no service. There’s no history of operations. There’s no analytical valuations. There’s no earnings reports. There’s no proven track record of adoption or reliance. There’s no data of any kind except for analytics relating to crypto speculation, which are inherently suspect (e.g. the reported 90% likelihood of the SEC’s approval of a bitcoin spot ETF, which is absolutely absurd).”
Stark’s long-standing skepticism toward bitcoin and cryptocurrency has been unwavering. He recently hailed the settlement between crypto exchange Binance and U.S. authorities, including the Department of Justice (DOJ), as a “huge victory” for the SEC. In August, he predicted exponential shifts in crypto regulations following the upcoming U.S. presidential election. He also holds a dim view of central bank digital currency (CBDC), labeling it “the most ludicrous financial concept in existence.” Earlier this year, he cautioned that the current regulatory crackdown on crypto is just the beginning.
In contrast to Stark’s skepticism, a growing number of investors, including prominent figures and institutions, are embracing cryptocurrency, particularly bitcoin. Software intelligence firm Microstrategy (Nasdaq: MSTR) recently disclosed that its BTC holdings have ballooned to 174,530 bitcoins, generating a staggering .6 billion in profit. Investing legend Paul Tudor Jones has been a vocal proponent of bitcoin, predicting in October that its price will significantly surpass current levels. Renowned billionaire hedge fund manager Stan Druckenmiller acknowledged that he should own bitcoin, despite not currently holding any. Standard Chartered Bank has updated its bitcoin outlook, stating that the price of BTC could reach 0,000 sooner than initially anticipated. Blackrock CEO Larry Fink echoed the growing interest in cryptocurrency, stating in October that he sees global demand and pent-up interest in crypto. The world’s largest asset manager is among the companies that have filed applications with the SEC to launch spot bitcoin ETFs.
What do you think about the explanations by former SEC internet enforcement chief John Reed Stark regarding why crypto prices have surged? Let us know in the comments section below.
Chainlink Declines 6%: Rally Over Or Is There More To Go?
The Chainlink rally has slowed down recently; here’s what the various LINK on-chain metrics look like to see if the surge has hope of a restart.
Chainlink Has Registered Some Drawdown In The Past 24 Hours
Just during the weekend, Chainlink had been floating above the mark, but winds seem to have shifted for the coin in the past couple of days, as it has registered some drawdown.
During the last 24 hours alone, LINK has dropped around 6%, leading to its price slipping below the level. The chart below shows how the cryptocurrency has performed in the past month.
As displayed above, Chainlink had been riding some sharp bullish momentum in this period before this latest plunge, as the asset had more than doubled in value. Despite the decline, LINK is still up over 90% in the past month, which is an impressive return.
Naturally, the investors may be wondering now if the asset has already hit its peak for this rally or if there is more to come shortly. It’s hard to say anything about that, but perhaps on-chain data could provide some hints.
LINK Activity Has Been Relatively High Recently
In a new post on X, the market intelligence platform IntoTheBlock has shared the data of some Chainlink on-chain indicators. First, when the firm made the post, about 56% of the asset’s investors were sitting on some profit.
The cryptocurrency had then been floating at higher levels than currently (although not too high), so more LINK addresses would have entered a state of loss by now.
Generally, investors in profit are more likely to sell at any point, so a large amount of them being in the green could raise the probability of a selloff. Some Chainlink investors are currently harvesting their profits, but the profitability ratio is still not skewed that much towards profits.
Next, IntoTheBlock has talked about the number of transactions on the network.
“The Chainlink network is showing many positive signs in terms of transaction data,” says the intelligence platform. “Notably, we see a healthy increase in the number of transactions.”
The number of transactions is up 436% from the monthly lows, and as is usually the case, the volume has also spiked alongside this rise.
The transaction activity being high suggests there is interest behind the asset, and so, the price action shouldn’t go stale just yet. However, the volatility due to this activity can go either way, as the asset is already witnessing.
A metric that could more solidly point at a direction for the cryptocurrency is the large holder netflow, which keeps track of the net accumulation/distribution behavior over the last month for LINK holders carrying more than 1% of the supply.
As is visible in the chart, the large Chainlink holders have been buying recently, which could potentially be a positive sign for the asset. This doesn’t have to mean that the rally would restart shortly, of course, but it does provide some support for the idea.
This ‘Smart’ Whale Buys ETH Again – Could There Be An Incoming Price Surge?
In the last week, Ethereum (ETH) has attracted many investors’ attention as it gradually approaches the 00 price region. Similar to many assets riding on the Bitcoin-fueled market rally, ETH, also known as Ether, is up by 5.85% in the last seven days, bringing its total price increase in the last four weeks to 15.17%.
Interestingly, a recent whale movement has now added more speculation around ETH, prompting suggestions that the largest altcoin may soon experience a price surge.
‘Smart’ Whale Purchases .94 Million Ether – What Could They Know?
In a Sunday post on X, blockchain analytics platform Lookonchain shared that an ETH whale with the wallet address “0xb15” had just purchased 8,698 ETH, valued at .94 million, from the Binance exchange, depositing 31.8 million USDT in the process.
This transaction has drawn much attention due to the past antecedents of this Ether investor. Popularly known as a “smart” whale, Lookonchain notes that “0xb15” has conducted 8 ETH transactions since February 12, recording a win rate of 87.5% and an aggregate profit of million.
The smart whale bought $ETH again!
The whale deposited 31.8M $USDT to #Binance and withdrew 8,698 $ETH(.94M) 3 hours ago.https://t.co/heBjvbk1Oihttps://t.co/hDNN69qn3h pic.twitter.com/n0SmpqMsVI
— Lookonchain (@lookonchain) November 4, 2023
In particular, this smart whale is known for buying low and selling high. Most recently, they deposited 24,495 ETH ( million) on Binance on November 2, shortly after purchasing 24,548 ETH, valued at .8 million, leading to a profit margin of approximately .47 million.
Following the purchase made by “0xb15” on Sunday, many traders are likely on high alert as it indicates the whale is anticipating a continuous rise in Ether’s price over the next few days.
Looking at Ether’s daily chart, the altcoin is poised to break into the 00 price zone if this buying pressure continues. However, investors should note the token’s Relative Strength Index (RSI) is now at 71.43, indicating it is now in the overbought zone and may experience a trend reversal.
ETH Market Records Largest CEXs Weekly Outflow Since August
In other news, centralized exchanges (CEXs) just recorded an outflow of 0 million worth of Ether in the last seven days, according to data from IntotheBlock. This marks the altcoin’s largest weekly outflow off CEXs since August.
This data only reflects the strong bullish sentiment surrounding the ETH market, as a reduction in the token’s supply on exchanges reflects an increase in purchasing activity by investors.
At the time of writing, Ether is trading at 90.95, with a 2.61% gain in the last day. However, the token’s daily trading volume is down by 11.485 and valued at .02 billion. With a market cap of 7.4 billion, Ethereum remains the second-largest cryptocurrency in the world.
Roblox to End Remote Work Policies; Metaverse and Digital Workspaces ‘Still Not There’
Roblox, a metaverse gaming company, has recently announced the end of its remote work policies, calling all but a few workers to work from its headquarters in San Mateo, California. Roblox founder and CEO David Baszucki stated that the metaverse and digital workspaces were still not as “engaging, collaborative, and productive as physical spaces.”
Roblox Recalls Its Workers to Headquarters, Ends Remote Work Policies
Roblox, a gaming and metaverse company, has recently recalled its workers, requesting they work from its headquarters. The company, which had turned into a remote workforce in March 2020 amid the coronavirus pandemic, has required all but a few of its workers to be present in office on a three-day schedule (Tues.-Thurs.) or take a severance package.
David Baszucki, founder and CEO of Roblox, said these new policies will begin being applied by July 2024, when all employees called for relocation will start in-office work. Roblox is giving remote employees until January 16th, 2024, to decide about their future in the company.
About the move, Baszucki stated this was an “extremely difficult decision because where we live is a personal choice and it affects all aspects of our lives,” detailing that Roblox had done everything in its power to “make this process as systematic and fair as possible.”
A Change of Heart
Baszucki explained how the company debated the best way of returning to presential work, as Roblox was “an innovation company and we needed to get back to working in person,” even entertaining the idea of the company supporting a “heavily hybrid remote culture.”
Ultimately, what changed Baszucki’s ideas for the future of Roblox was the first post-quarantine, in-person group meeting, where he found increased productivity levels. Baszucki explained:
Within 45 minutes I came away from three separate conversations with spontaneous to do’s and ideas to put in motion, something that hadn’t happened during the past few years of video meetings.
For Baszucki, while remote meetings, virtual workrooms, and metaverse environments sustained the company during the Covid-19 pandemic, such remote meetings still lag behind conventional in-person meetings where productivity is concerned. Baszucki concluded:
A three-hour Group Review in person is much less exhausting than over video and brainstorming sessions are more fluid and creative.
“While I’m confident we will get to a point where virtual workspaces are as engaging, collaborative, and productive as physical spaces, we aren’t there yet,” he concluded.
What do you think about the end of Roblox’s remote work policies? Tell us in the comments section below.
Analyst Sounds Buy Alarm For Bitcoin, But There Is A Catch
Bitcoin (BTC) soared by over 5% on Tuesday to trade above ,000 for the first time this week. A major contributor to this price rise was an increase in positive sentiment around the token as a result of Franklin Templeton, a .45 trillion asset manager, filing for a spot bitcoin ETF with the US Securities and Exchange Commission (SEC)
However, as the market euphoria dies down, the premier cryptocurrency has experienced some market recorrection, with many investors now speculating on the token’s next movement. On this note, popular crypto analyst Ali Martinez has discovered a buy signal for BTC investors. However, there are certain conditions to be met.
,350 or ,800, How High Can Bitcoin Go?
According to an X post on Tuesday, Ali Martinez states that the TD sequential indicator has produced a buy signal on Bitcoin’s weekly chart. Therefore, BTC could be set for a price rally after losing about 10.85% of its market value in the last 30 days.
#Bitcoin | As we navigate a week with key financial events, it’s crucial to highlight that the TD Sequential indicator has signaled a ‘buy’ on the $BTC weekly chart.
For this to be validated, #BTC needs to close above the week above ,600. If confirmed, targets could be… pic.twitter.com/0S06I5AndB
— Ali (@ali_charts) September 12, 2023
For context, the Tom Denmark (TD) sequential indicator is a technical analysis tool used to identify the exact time of trend exhaustion and price reversal. However, Martinez notes there is a clause to his latest prediction.
In order to confirm the buy signal generated by the TD sequential indicator, Bitcoin must close this week trading above ,600. Upon fulfilling this condition, the analyst predicts that BTC could trade as high as ,350-,800 in the coming weeks.
CPI Report Incoming: What Could This Mean For BTC Market?
In other news, many BTC investors and crypto investors are likely on high alert, waiting for the United States to publish its monthly CPI data report, which is slated for release on Wednesday.
The Consumer Price Index, which measures the percentage change in the price of a basket of goods and services, is a popular indicator of inflation.
Related Reading: Bitcoin Price Signals Another Bearish Formation and Could Revisit K
If the upcoming CPI report presents a rise in inflation for the month of August, it may prompt the US Federal Reserve to hike interest rates, which is popularly known to induce a dip in the demand for risk assets such as Bitcoin and other cryptocurrencies.
At the time of writing, Bitcoin is trading at ,136.30 with price gains of 1.64% in the last seven days, respectively. Meanwhile, the token’s daily trading volume declined 24.19% and is now valued at .83 billion.