In the first quarter of 2024, approximately .8 billion, or 76% of the decentralized finance yield market, earned an annual percentage yield (APY) of about 5% in very low-risk contracts. Staking played a crucial role in the resurgence of decentralized finance, bolstered by the Ethereum network’s transition to a Proof-of-Stake model. The bridging sector experienced […]
Bitcoin News
Bitcoin Rockets Past $69,000: Over 60k traders Caught In $200 Million Total Liquidations
The cryptocurrency market recently witnessed significant liquidations, totaling over 0 million, as Bitcoin surged past the ,000 mark.
The Bitcoin price surge led to many short positions being liquidated, causing notable financial repercussions across various trading platforms.
Bitcoin’s Sudden Rebound And Liquidations
The data from Coinglass provide a clearer picture of the impact, showing that around 60,388 traders and counting faced losses exceeding 0 million in just 24 hours.
The distribution of these liquidations varied among the major exchanges, with OKX traders experiencing the highest losses at .19 million, narrowly surpassing Binance’s .40 million in liquidations.
Bybit and Huobi also reported significant figures of .98 million and .05 million in liquidations, highlighting the widespread effect of Bitcoin’s unexpected rally.
The resurgence of Bitcoin to over ,000 was particularly noteworthy, given its position below ,000 in the early hours of Monday. While the exact catalyst for this abrupt rise remains uncertain, it puts Bitcoin a few dollars in value away from reclaiming its previous all-time high of ,000.
Analysts and traders are now closely watching the market for signs of Bitcoin’s next move, with speculation about the potential for new record highs in the near term.
Looking Ahead: Bitcoin Bullish Prospects
Crypto analyst Cryptoyoddha has provided an optimistic outlook for Bitcoin’s future, suggesting that the cryptocurrency is on the cusp of entering a new phase of its cycle that could see it reaching unprecedented heights.
According to Cryptoyoddha, Bitcoin’s historical pattern of accumulation, followed by a parabolic surge, sets the stage for what he terms “Cycle IV,” a period that could potentially elevate Bitcoin’s value to 0,000 or more.
According to the analyst, factors such as increased institutional investment, evolving regulatory clarity, and growing public acceptance of digital assets are key drivers of this bullish sentiment.
The real pump will start after the halving next month. pic.twitter.com/eV5FWkzkxX
— Yoddha (@CryptoYoddha) March 23, 2024
Meanwhile, Bernstein analysts Gautam Chhugani and Mahika Sapra recently updated their forecast for Bitcoin’s year-end price, elevating it from an initial ,000 to ,000.
This adjustment was prompted by notable factors such as the robust inflow into Spot Bitcoin ETFs and earnings from mining activities, which have contributed to a more optimistic outlook on Bitcoin’s valuation.
Additionally, they maintained that Bitcoin is on track to reach 0,000 by mid-2025, attributing this anticipated growth to several elements, including the impact of Spot Bitcoin ETFs, which they expect to drive a significant upswing in the cryptocurrency’s price.
Similarly, Standard Chartered has revised its prediction for Bitcoin’s end-of-year value. Moving beyond their original estimate of 0,000, the institution now suggests that Bitcoin could ascend to 0,000 by year’s end, citing the catalytic role of Bitcoin ETFs in fostering their positive outlook on the asset’s future performance.
Featured image from Unsplash, Chart from TradingView
Bitcoin Brief Bounce Back Above $67,000: Triggers Nearly $300 Million In Total Liquidations
The crypto market has recently experienced a wave of liquidations, amounting to nearly 0 million, closely following Bitcoin’s sharp reclaim of the ,000 mark.
This surge in Bitcoin’s value, a stark reversal from its previous downtrend, caught many traders off guard, especially those who had placed bets on the continuation of the market’s decline.
Over 80,000 Traders Faces Liquidation
The data provided by Coinglass sheds light on the magnitude of the liquidations, revealing that approximately 86,047 traders suffered losses exceeding 0 million within a mere 24-hour period.
Major exchanges like Binance, OKX, Bybit, and Huobi were the arenas for these significant financial setbacks, with Binance traders bearing the brunt of the liquidations.
Particularly, Binance recorded 8.7 million in liquidations, while other major platforms such as OKX, Bybit, and Huobi also experienced significant liquidations, amounting to .87 million, .18 million, and .70 million, respectively. Meanwhile, despite also facing liquidations, the smaller exchanges had a comparatively minor impact.
Most affected positions were short trades, reflecting a widespread anticipation of a market downturn that did not materialize as expected. Short positions recorded an estimated 57.55% of the liquidations, equivalent to 4.10 million, from traders betting against the market.
On the flip side, long position holders also faced their share of losses, contributing to nearly 40% of the total liquidations, amounting to 1.07 million.
Bitcoin Recovery And Future Prospects
The sharp recovery of Bitcoin, momentarily reclaiming highs above ,000, has reignited interest in its market behavior and future trajectory.
Despite a 6.6% dip in its market capitalization over the past week, Bitcoin’s value saw a notable 6% increase in the last 24 hours, with its market cap presently sitting above 0 billion. This resurgence in trading activity, with daily volumes climbing from below billion to heights above this mark, signifies renewed investor confidence and heightened trading interest.
Adding to the discourse, cryptocurrency analyst Willy Woo presents an optimistic outlook for Bitcoin, suggesting the possibility of a “double pump” cycle reminiscent of the market patterns observed in 2013.
According to Woo, this pattern could herald two significant price surges for Bitcoin in the coming years, with the first peak anticipated by mid-2024 and a subsequent, more substantial rise in 2025.
While such dual surge scenarios are rare, Woo’s analysis, based on current market conditions and Bitcoin’s growth potential, offers a glimpse into the future of the world’s leading cryptocurrency.
At the rate the #Bitcoin Macro Index is pumping, I wouldn’t be surprised if we get a top by mid-2024, which would hint at a double pump cycle like 2013… a second top in 2025. pic.twitter.com/i2a0V5ytPv
— Willy Woo (@woonomic) March 19, 2024
Featured image from Unsplash, Chart from TradingView
Total ETH Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade
The Ethereum Dencun upgrade is fast approaching and there have already been notable developments leading up to it. Besides the price of ETH rising to new two-year highs, there has been a significant increase in the amount of ETH that has been burned so far.
Over 50,000 ETH Burned
The Ethereum burn, which was brought with the EIP-1559 upgrade, has been ramping up over the past year. The ETH burned from fees on the blockchain quickly crossed the 0 million mark, and has now climbed to a new milestone.
According to Ultrasound Money, a website dedicated to tracking the performance of Ethereum since EIP-1559 was implemented, there have now been over 1.5 million ETH burned. A more accurate figure is 1,502,518.84 ETH at the time of writing, which is more than .6 billion at current prices.
The number of burned ETH has also greatly surpassed that of ETH issued, which means that the network has turned deflationary. Compared to the 1,502,518.84 ETH burned, there have been only 1,089,809.20 ETH issued in the same time period. This shows that the supply has not increased despite the new issuance, and ETH already in circulation is being burned as well.
At the time of the upgrade in 2022, the total Ethereum supply was 120,521,245. However, since then, the burn has been slowly eating into this figure and is currently sitting at 120,108,332 ETH. This means that the ETH supply has reduced by 412,706 ETH worth .55 billion since 2022.
Ethereum Dencun Upgrade Looms On The Horizon
The Ethereum Dencun upgrade is the latest in a long line of upgrades that have taken place in an effort to make it a better network. This upgrade is expected to come with a number of improvements for the network, including boosting its efficiency and capacity.
It was launched on all testnets last week which is expected to be the final phase before the launch. The launch itself has been scheduled to take place less than a week from now on March 13. Once completed, an increase in block space is expected to follow.
Presently, the ETH price is performing quite nicely leading up to the upgrade. It recently touched ,900 for the first time since 2022, and while there has been a slight retracement, the altcoin continues to trend high above ,700 at the time of writing.
BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply
BlackRock, the world’s largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3.
BlackRock Launches IBIT39 Bitcoin ETF In Brazil
Karina Saade, president of BlackRock in Brazil, highlighted the company’s commitment to providing high-quality access vehicles to investors in the digital asset market. She stated:
IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.
Felipe Gonçalves, Superintendent of Interest and Currency Products at B3 discussed the growth of the listed crypto market in Brazil. He noted that the market, which started in 2021, now has 13 ETFs with total assets of R.5 billion, or about 5 million.
While the market experienced fluctuations in its early years, it reached an eye-catching daily trading volume of R million reais (.6 million) by the end of last year, according to local media reports in Brazil.
Gonçalves mentioned that investors in crypto ETFs include institutional investors, such as funds, and individual investors, with a current number of 170,000. Liquidity in the market is provided by non-residents investing in B3 as a whole.
IBIT39 will reportedly have a management fee of 0.25%, with a one-year waiver that reduces the fee to 0.12% once the fund reaches its first billion in assets under management (AUM). The product will be made available to the general public, allowing broader participation in the Bitcoin market.
.5B Net Inflow In Bitcoin ETFs Since Launch In The US
BlackRock’s IBIT (iShares Bitcoin Trust) ETF has emerged as a notable player in the US ETF race, countering a significant outflow from Grayscale’s Bitcoin Trust (GBTC).
BitMEX research data shows that on February 29, 2024, positive flows amounted to million for the day. Notably, BlackRock and GBTC offset each other, experiencing 0 million in opposite directions. The data shows that since the ETFs began trading on January 11, 2024, there has been an impressive net inflow of .5 billion.
The overall holdings of spot funds, which directly hold Bitcoin, stood at 776,464 BTC (equivalent to .7 billion) on Friday morning, according to BitMEX Research. It’s essential to consider that the total BTC supply currently in circulation is 19.64 million, with a maximum limit of 21 million.
With this context, the fact that the ETFs have secured 4% of the total BTC supply is a significant milestone. It demonstrates the growing demand for Bitcoin among investors utilizing these index funds to gain exposure to the cryptocurrency.
BTC continues to consolidate above the ,000 mark, rising 1.3% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Defi’s Total Value Locked Hits $80 Billion in a Dramatic Turnaround Since 2022
Recent data reveals that the total value locked (TVL) in decentralized finance has jumped past the billion milestone, reaching heights not observed since the downfall of Terra’s stablecoin in May 2022. Leading the charge in 2024 by TVL size is Lido’s liquid staking platform, with ether-based liquid staking derivatives (LSDs) securing a dominant position […]
Bitcoin News
New Study Unveils the Total Cost to Attack Bitcoin and Ethereum
A newly published Social Science Research Network (SSRN) paper by Lucas Nuzzi, Kyle Waters, and Matias Andrade introduces a novel approach to calculating the Total Cost to Attack (TCA) Bitcoin and Ethereum. The comprehensive analysis sheds light on the economic barriers to 51% attacks, challenging previous assumptions about blockchain vulnerability. Unveiling the Cost of Compromise: […]
Bitcoin News
9 Newly Launched Bitcoin ETFs Amass 132,170 BTC With Blackrock and Fidelity Commanding 70% of Total Holdings
At 10:30 a.m. Eastern Time (ET) on Friday, Grayscale’s GBTC reported a decrease of 10,871.56 bitcoin from its holdings compared to Thursday. In contrast, since its inception on Jan. 11, 2024, Blackrock’s IBIT has accumulated a total of 49,952.32 bitcoin worth .98 billion.
Grayscale’s GBTC Sees Significant Bitcoin Outflow as Blackrock’s IBIT and Other ETFs Gain Momentum
In the last 24 hours, GBTC has seen another significant outflow of bitcoin, with a tranched of 10,871.56 bitcoin, valued at 9 million, departing from its reserves. As of Thursday, Grayscale’s bitcoin trust held a total of 523,516.43 BTC, but as of today, this amount has decreased to 512,644.87 BTC. This signifies that a substantial sum of 104,435.12 BTC, amounting to .3 billion, has been withdrawn from Grayscale’s trust since Jan. 12, 2024.
Blackrock has experienced yet another boost, with its holdings now reaching 49,952.32 BTC, valued at .98 billion. Since Thursday, Blackrock’s IBIT has seen an increase of 4,284.24 BTC. According to a recent report from Fidelity, its spot bitcoin exchange-traded fund (ETF) FBTC currently possesses 43,855.14 BTC, worth .74 billion. The Ark Invest 21shares ETF’s holdings amount to 13,285 BTC, valued at 9 million, while Bitwise’s BITB now boasts a balance of 12,840.05 BTC.
Vaneck’s HODL ETF maintains its previous count of 2,772.33 BTC as of the latest update. Similarly, Franklin Templeton’s EZBC bitcoin reserve remains at 1,334 BTC, and Invesco’s figure also stays constant at 6,339 BTC, as estimated from BTCO’s assets under management (AUM). Valkyrie’s BRRR ETF has shown an uptick since Thursday, now holding 2,592.75 BTC. Wisdomtree’s BTCW ETF continues to hold 201 BTC, indicating no change in its holdings since yesterday.
This trend indicates that while GBTC saw an exodus of 104,435.12 BTC, valued at .3 billion, the nine newly launched spot bitcoin ETFs have collectively acquired 132,170.59 BTC since they began trading. At current exchange rates, these nine ETFs hold a combined value of .46 billion. Blackrock and Fidelity together represent a significant 70.97% of the nine ETFs’ collective holdings. Furthermore, the total assets of these nine ETFs amount to 25.78% of the size of Grayscale’s GBTC holdings as of Friday.
What do you think about the latest GBTC outflow and the accumulation from other ETFs? Share your thoughts and opinions about this subject in the comments section below.
Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million
In its recently released 2023 review report, Binance, the world’s leading cryptocurrency exchange, showcased significant growth despite facing legal disputes and regulatory scrutiny.
The report highlighted the evolving crypto market, increasing institutional interest, and the company’s commitment to compliance and user experience.
Binance’s 2023 Review
Despite a volatile year for the market, Binance emphasized that digital asset regulation had taken a direction toward greater clarity and harmonization in some regions.
The exchange acknowledged the challenges but noted that Web3 adoption and institutional interest continued to grow steadily, demonstrating the industry’s resilience and long-term potential.
Regarding growth within the company, Binance Square, formerly known as Binance Feed, was introduced as a social platform designed to be the central hub for Web3 content.
According to the report, the platform experienced substantial growth, expanding from 1,200 to 11,000 creators and attracting over 1.6 million active daily users. Binance Square aimed to facilitate conversations and enable users to generate “compelling content,” fostering engagement within the Web3 community.
In October, Binance Futures launched its Copy Trading feature, allowing users to replicate the trading strategies of expert lead traders. This feature provided a monetization avenue for trading experts and added a social aspect to the trading experience of the platform users.
Furthermore, Binance continued its support of fiat currencies, reaching 69 supported fiat currencies with 30 fiat channels available globally.
Binance P2P, the peer-to-peer trading platform, expanded the number of supported payment methods to 970 and fiat currencies to 112. The report highlights that the platform facilitated 18% more trades with 39% more users than the previous year.
The report further noted Binance’s commitment to compliance, with a significant investment of 3 million in its compliance program, a 35% increase from the previous year.
Binance allocated substantial resources to develop in-house compliance tools, including a case management system and an internal transaction monitoring engine.
Is Binance Leading The Way In Crypto Venture Funding?
Per the report, in 2023, Binance focused on enhancing user experience by partnering with localized KYC (know-your-customer) vendors and implementing various electronic ID (eID) solutions globally.
The exchange added support for 298 new ID and proof-of-address documents across 64 countries, streamlining the onboarding process for users.
To make Web3 “more accessible,” the report notes that Binance launched its Web3 Wallet, which aims to provide a “secure” gateway into the world of decentralized finance (DeFi). The platform aimed to address usability barriers and attract new users by offering improved product and user experience across DeFi, blockchain gaming, and SocialFi.
Ultimately, while the crypto venture funding market faced challenges in 2023, Binance Labs emerged as one of the most active participants in the crypto venture capital (VC) space, particularly in the DeFi and Web3 gaming sectors, according to the exchange.
Overall, Binance’s 2023 Review Report highlights the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.
As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to 0. This surge represents a 21% increase over the past seven days.
Featured image from Shutterstock, chart from TradingView.com
Microstrategy Acquires More Bitcoin, Raising Total Holdings to 189,150 BTC
Nasdaq-listed Microstrategy has bought 14,620 more bitcoin for approximately 5.7 million. The latest purchase raised the company’s cryptocurrency holdings to 189,150 bitcoin, acquired for about .9 billion at an average price of ,168 per coin. Microstrategy’s executive chairman, Michael Saylor, believes that spot bitcoin exchange-traded funds (ETFs) “may be the biggest development on Wall Street in the last 30 years.”
Microstrategy Now Holds 189,150 Bitcoin
Software intelligence firm Microstrategy (Nasdaq: MSTR) announced Wednesday that it has acquired more bitcoin. The firm’s executive chairman, Michael Saylor, disclosed on social media platform X Wednesday:
Microstrategy has acquired an additional 14,620 BTC for ~5.7 million at an average price of ,110 per bitcoin. As of 12/26/23, Microstrategy now hodls 189,150 BTC acquired for ~.9 billion at an average price of ,168 per bitcoin.
According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), the additional coins were acquired during the period between Nov. 30 and Dec. 26.
Saylor shared on Dec. 17 that since his company adopted the bitcoin strategy on August 10, 2020, the price of BTC has surged by 253%. In contrast, the S&P 500 saw a modest increase of 40%, and the Nasdaq rose by 35%. Notably, gold remained stagnant in terms of price during this period, while silver experienced a decline of 14%, and bonds plummeted by 18%.
The Microstrategy executive chairman previously explained that his company’s bitcoin strategy “seeks to maximize long-term value” for shareholders. He sees BTC as “a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Moreover, Saylor recently stated that Bitcoin “represents the digital transformation of capital and everyone is beginning to realize that they are underallocated.” He said last week that spot bitcoin exchange-traded funds (ETFs) “may be the biggest development on Wall Street in the last 30 years.” The SEC is currently evaluating 13 spot bitcoin ETF applications and the market expects the securities regulator to approve multiple of them by Jan. 10.
What do you think about Microstrategy buying more bitcoin and now holding 189,150 BTC? Let us know in the comments section below.